/raid1/www/Hosts/bankrupt/TCRAP_Public/030718.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, July 18, 2003, Vol. 6, No. 141

                         Headlines

A U S T R A L I A

BRAZIN LIMITED: Closing 17 "Marginal" Stores to Stem Losses
QANTAS AIRWAYS: Expected to Unveil Restructuring Plan Next Month
SONS OF GWALIA: Production for Latest Quarter Exceeds Forecast


C H I N A   &   H O N G  K O N G

CHINA SPECIALISED: Cancels Expansion Project as Cash Dwindles
EURO-ASIA AGRICULTURAL: Deloitte Named Provisional Liquidator
SHANGHAI MERCHANTS: Embezzled Funds Now Total HK$69 Million
WAH HIP: Court to Consider Appointment of Receiver Next Week
WONG PING: Proofs of Claim Must be in July 26, Says Receiver


J A P A N

FURUKAWA CO.: Moody's Reviews Ba3 Rating
JAPAN AIRLINES: Schedules Extra Tokyo-Hong Kong Flights
MAZDA MOTOR: Releases Limited Edition Premacy Models
MONEX INC.: Online Brokerage Marks First Profit
RESONA HOLDINGS: Tohmatsu & Co. May Replace Auditor


K O R E A

DAEWOO MOTOR: Daewoo Incheon Rehires 416 Workers
JINRO LTD.: Workers Fret Over Future
KOOKMIN BANK: Changes Merger Schedule With KCC
SK GLOBAL: SK Corp. Minor Shareholders Support Sovereign


M A L A Y S I A

FCW HOLDINGS: Striking Off Dormant Units
KUMPULAN JAYA: Winding Up Petition Hearing Set November 20
LEADER UNIVERSAL: Unit Ceases Operation July 16
TIMBERMASTER INDUSTRIES: Creditors Extend Cut-off to December 31


P H I L I P P I N E S

BANK OF QUEZON: PDIC to Move for Liquidation of Assets
BAUAN RURAL: Posts Key Dates Related to Insurance Claims
CEBU PRIVATE: Lawyers Ask Court to Enjoin Shutdown
MANILA ELECTRIC: Power Firms Reach P20-B Settlement
MANILA ELECTRIC: Seeks 6-Month Debt Extension

MIRANT PHILIPPINES: Local Unit Excluded from Chapter 11 Filing
NATIONAL BANK: Denies 5-month Net Profit of P67M
SAN JOSE: PDIC Issues Final Notice to Creditors
UNIWIDE HOLDINGS: Signs Deal to Repay BPI Loan
UNITED COCONUT: Projects Profits in Three Years


S I N G A P O R E

CHARTERED SEMICONDUCTOR: 2Q03 Loss Likely To Widen
VAN DER HORST: Trades Again as Interra After 3 1/2 Years


T H A I L A N D

THAI PETROCHEMICAL: Finding New Credit New Team's Top Priority
VINYTHAI PCL: To Declare First-ever Dividend this Year

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BRAZIN LIMITED: Closing 17 "Marginal" Stores to Stem Losses
-----------------------------------------------------------
Brazin Ltd., the struggling clothing and CD retailer, says the
rationalization of its business will continue, but it will
include the closure of 17 under-performing Sanity stores.

According to The Advertiser, the closure will happen within the
next six months.  It is unclear how many of the 49 Sanity music
outlets in Queensland would be affected by the decision, which
will see full-time staff offered jobs at remaining shops.  The
rationalization will also extend to U.K. operations, the paper
said.

Analysts told The Advertiser the move to shut "marginal" stores
in Australia's largest music chain of nearly 300 outlets had
more to do with poor locations than with declining CD sales, as
detailed in an Australian Record Industry Association report
released Wednesday.  ARIA's study confirmed anecdotal eviance of
a sharp rise in file sharing and illegal copying of discs, with
nearly 11 percent of all music acquired illicitly.  About 3.6
million Australians have illegally burnt a music CD in the past
six months while 3.4 million illegally downloaded music files
from the Internet, ARIA research found.

"Brazin acknowledged in February that sales at Sanity in the
December half-year were a 'disappointing' $150 million, down
from $161 million a year earlier," The Advertiser said.   This
trend has forced the Sydney-based firm to broaden its offerings
to include DVDs and other entertainment.

Duncan Gordon, an analyst with Baker Young Stockbrokers, told
The Advertiser the Sanity restructure signaled an attempt at
taking "a less scattergun approach" to locating stores.

"They're admitting to the market that there have been some
deficiencies about those stores and where they've been located,"
Mr. Gordon told the paper.  He predicted that the share price,
which closed yesterday 3› lower at 66›, would "remain in the
doldrums" until the results of the realignment become clear.


QANTAS AIRWAYS: Expected to Unveil Restructuring Plan Next Month
----------------------------------------------------------------
Analysts warned Wednesday Qantas Airways may have plunged deep
into the red in the six months to June 30, as SARS and the Iraq
war took a bigger-than-expected toll.

According to West Australia, market observers believe the
carrier will unveil a second-half net loss of about $34 million,
compared with forecasts just two months ago of a profit of up to
$25 million.  Analysts told the paper this will leave Qantas
with a full year profit of just $317 million, compared to the
record $352.5 million for the six months to December 31 and the
$422 million of the previous year.

Just this May, Qantas warned its full-year profit would be 20 to
30 percent below market expectations, prompting analysts to cut
their forecasts to about $350 million.  But some have since said
the airline would do better, with revised forecasts as high as
$380 million.

Apart from the possible profit warning, analysts also expect the
troubled airline to announce a major restructuring in a bid to
cut costs in response to increasingly fierce competition on both
domestic and overseas routes.

"But others argue chief executive Geoff Dixon may hold off on
any major restructuring until the Australian Competition and
Consumer Commission and the NZ Consumer Commission announce
their decision on the planned equity tie up between Qantas and
Air NZ at the end of September," the West Australian said.

The company's next profit advisory is scheduled next month.


SONS OF GWALIA: Production for Latest Quarter Exceeds Forecast
--------------------------------------------------------------
Sons of Gwalia Ltd. on Wednesday announced its results for the
quarter ended 30 June 2003.  The Company said that it had
achieved record gold production for the quarter of 168,960
ounces. This was achieved on strong production from its three
regional gold centers.  The Company's cash costs of production
also reduced during the quarter to $409 per ounce.

All gold was delivered at an average price of $617 an ounce
which was well in excess of the average spot price for the
quarter and provided a cash margin of $208 after operating
costs.  Gold production for the full year was 577,702 ounces at
an average cash cost of $454 per ounce and an average realized
delivery price of $602 per ounce.

GOLD PRODUCTON OF APPROXIMATELY 500,000 OUNCES FORECAST FOR THE
2003/2004 FINANCIAL YEAR

The Company said that its forecast gold production for the
2003/2004 year was approximately 500,000 - 510,000 ounces. This
would comprise production from its regional centers as follows:

           Southern Cross     175,000 ounces
           Laverton           175,000 ounces
           Leonora            155,000 ounces
           Total              505,000 ounces

Gold production forecasts for the ensuing years will be issued
towards the end of August when the Company has completed the
technical and economic evaluation of its Tarmoola gold mine
north of Leonora.

ENCOURAGING DRILLING RESULTS AT THE CANYON GRANITES PROJECT AT
THE TARMOOLA MINE

The Company said that it had received encouraging results from
the drilling program to test the potential for economic granite
hosted mineralization at Tarmoola.

A significant number of positive intersections had been
recovered within broader zones of low grade granite. Better
results received from the program to date include:

          11 metres @ 5.3 g/t gold
          18 metres @ 2.6 g/t gold
           3 metres @ 28 g/t gold
           5 metres @ 64.2 g/t gold
           4 metres @ 17.5 g/t gold
           2 metres @ 47.1 g/t gold

These excellent results were recovered within large envelopes of
lower grade mineralization and the target for the program is
large tonnages of ore at similar grades to current mining, but
at low strip ratios.

RECORD TANTALUM PRODUCTION AND SALES FOR THE YEAR

The Company said that tantalum production and sales for the year
were both at record levels and that tantalum inventories had
also been reduced to very low levels at the end of the financial
year.

Full year sales amounted to 2,140,693 lbs.

The reduction of inventories across the broader tantalum supply
chain continued in the quarter with eviance of improvement in
the global electronics industry, particularly in the Asia-
Pacific region. Spot sales at moderate levels are still being
reported at prices reflecting current market conditions although
the Company said there was some eviance of tightening supply.

SUBSTANTIAL IMPROVEMENT IN THE STRUCTURE AND MARK TO MARKET
VAUES OF THE COMPANY'S GOLD AND FOREIGN EXCHANGE HEDGE BOOKS

During the quarter and the financial year, the Company
substantially improved its gold and foreign exchange hedge books
due to a combination of delivering into existing positions and
ongoing re-structuring of both the gold and foreign exchange
hedge books.

The Company said that, as at the end of the financial year, the
combined indicative mark to market of these positions has
reduced significantly compared to the previous financial year.

SUMMARY

The Executive Chairman of Sons of Gwalia, Peter Lalor, said:
"The 2002/2003 financial year has been a difficult one for the
Company. However, a great deal of effort has gone into
stabilising and re-structuring many of the issues which have
confronted the Company over the last year. Improvements in a
number of key financial areas and the ongoing re-structuring and
improvements in the Gold Division are all positive features of
the last two quarters.  The challenge for the Company is to
continue and carry out these improvements into the
2003/2004 financial year."


For more information please contact:

Peter Lalor (Executive Chairman)
David Paull (General Manager, Business Development & Marketing)
Stephen Thomas (Manager, Investor Relations)
Homepage: http://www.sog.com.au
Tel: (618) 9263 5555
Fax: (618) 9481 1271


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C H I N A   &   H O N G  K O N G
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CHINA SPECIALISED: Cancels Expansion Project as Cash Dwindles
-------------------------------------------------------------
China Specialised Fibre Holdings admits it is considering
scrapping a previously announced expansion of its facilities for
the production of spandex and ultra-fine pre-oriented yarn due
to shortage of funds.

In a statement to the Hong Kong stock exchange, the company said
it has already cancelled the purchase and installation contracts
with machine suppliers worth 329 million yuan (HK$309 million).
The company added it is not sure whether or not the project
would be eventually scaled down, delayed or terminated.

According to The Standard, among the suppliers affected by the
contract cancellation were Dupont Chemical Engineering (Asia)
and Fujian Jima Fibre Technology Engineering.  Dupont, however,
has confiscated 10 million yuan of the 138 million yuan deposit,
and refunded 128 million yuan to the company, it said.  This
development, said the paper, would likely delay and halve the
production capacity for the spandex production line from an
original planned 2,000 tonnes.  Similarly, the production line
for the ultra-fine POY project will be halved, while
commencement of operation would be delayed.

"Its planned 5,000 tonne-a-year production facility for island
staple will be scrapped completely.  The total refunds, in cash
and properties, will have 'material impact on the group's annual
results.'  The company will delay the release of its final
results for 2002 to an unspecified date," The Standard said.

First-half net income of the group fell 8 percent to 66.6
million yuan, according to the paper, compared with 72.5 million
yuan a year earlier.  Net current liabilities stood at 306.6
million yuan at the end of June last year, compared with current
assets of 163 million yuan.  To improve its balance sheet, China
Specialised Fibre also drew up a restructuring agreement for a
188 million yuan loan that was overdue.

"Under the deal, chairman and chief executive officer Chen
Shunli agreed to sell 25 percent of the company to Gansu San
Zhou Industrial Holdings, which will extend the loan period by
another six months.  In return, Gansu will acquire the stake
with a hotel property it owns in Lanzhou city.  The stake sale
will cut Mr. Chen's shareholding in China Specialised Fibre from
63 percent to 38 percent, with Gansu San Zhou becoming the
company's second largest shareholder," the paper said.


EURO-ASIA AGRICULTURAL: Deloitte Named Provisional Liquidator
-------------------------------------------------------------
The High Court of Hong Kong has appointed Deloitte Touche
Tohmatsu provisional liquidator of troubled flower and property
company, Euro-Asia Agricultural (Holdings), The Standard said
yesterday.

The appointment came after creditor Chiyu Banking Corporation
filed Wednesday a petition to wind up the firm, in addition to
seeking payment for some HK$30 million in loans.  The bank said
the provisional appointment of Deloitte was meant to protect
Euro-Asia's assets.  The Standard, however, reported that some
of the firm's mainland creditors have already begun claiming the
firm's assets.

"We don't want to speculate how much we could recover from the
company.  The provisional liquidator is expected to take action
to protect our interest," Chiyu Deputy General Manager Michael
Chan told The Standard in an interview.

The bank said it had already made full provision for the HK$30
million loan, but the same could not be said of another
creditor, Germany's Hamburgische Landesbank.  The German bank
similarly granted the company a HK$30 million loan to Euro-Asia.
The original deadline for repayment of both loans was November 1
last year.  But Euro-Asia defaulted after a whistleblower raised
serious doubts about its operations, a move which quickly
resulted in a major reduction in cash flow, the paper said.

An official with Hamburgische Landesbank in Hong Kong told The
Standard it had yet to decide whether to take action against
Euro-Asia: "We have referred the case to our legal adviser and
we don't have any further comments at present."

Observers told The Standard Euro-Asia's creditors in Hong Kong
were unlikely to recoup much.  Euro-Asia, which raised some
HK$592 million through a listing in 2001, had total assets of
952.98 million yuan (HK$898.37 million) at the end of June 2002,
including 397.77 million yuan in cash.  They, however, believe
Chiyu has a higher chance of recovering its money given its
mainland background and connections.  Chiyu Bank is 70.49
percent owned by mainland-backed BOC Hong Kong (Holdings).

Meanwhile, according to the paper, disgraced Euro-Asia Chairman
Yang Bin was sentenced on Monday to 18 years in jail for
commercial crimes.


SHANGHAI MERCHANTS: Embezzled Funds Now Total HK$69 Million
------------------------------------------------------------
Receivers of Shanghai Merchants Holdings Ltd. announced earlier
this week they have discovered yet another questionable money
transfer executed by the former executives now facing corruption
charges.

Alan Tang Chung-wah and Alison Wong Lee Fung-ying of Grant
Thornton, according to Dow Jones, recently uncovered a HK$35.1
million transaction executed via three money transfers between
February and April.  This adds to the previously flagged US$4.5
million that was taken from the Shanghai Merchants' bank
accounts on or about May 21.

The receivers said the total amount of funds siphoned by
embattled tycoon, Chau Ching-ngai, and his wife and business
partner, Mo Yuk-ping, while at the helm of the company, now
total HK$69.9 million.

Mr. Chau, who has a 75% stake in developer Shanghai Land
Holdings Ltd. (H.SLD), is currently under investigation in China
for corruption.   Trading in shares of Shanghai Merchants and
Shanghai Land were suspended at the beginning of June following
news reports of Mr. Chau's troubles, Dow Jones said.


WAH HIP: Court to Consider Appointment of Receiver Next Week
------------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations of
the first meeting of creditors held on May 6, 2003 and the first
meeting of contributories and the adjourned first meeting of
contributories held on May 6, 2003 and May 20, 2003
respectively, deciding the differences and making such order of
appointments as the court may think fit.

Date and Time of Hearing: July 24, 2003, Thursday at 9:30 a.m.

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

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

By E.T. O'Connell
Official Receiver and Provisional Liquidator


WONG PING: Proofs of Claim Must be in July 26, Says Receiver
------------------------------------------------------------
Creditors of Wong Ping Choi have until July 26, 2003 to prove
their debt or forfeit the dividend the company intends to
declare, Official Receiver & Trustee E.T. O'Connell announced
recently.


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FURUKAWA CO.: Moody's Reviews Ba3 Rating
----------------------------------------
Moody's Investors Service has placed Furukawa Co., Ltd.'s
(Furukawa) Ba3 senior unsecured long-term debt rating under
review for possible downgrade. The rating action reflects
Moody's growing concern that Furukawa's profitability and
financial profile may remain under pressure, mainly due to
ongoing operational problems at Port Kembla Copper, Pty. Ltd.
(PKC), its Australian copper smelting and refining facility.

The recovery in Furukawa's operating performance has been
delayed as a result of significant losses at its metals
division, as PKC continues to face operational difficulties. In
addition, while the current restructuring measures have
contributed to restoring the profitability of the Company's
machinery division, Moody's still has some concerns over
earnings stability in this area, given the weak state of
domestic demand and severe competition on overseas markets.

In the review process, Moody's will assess Furukawa's ability to
manage and stabilize PKC's operations, the sustainability of its
other business segments, and the effect of its current
restructuring measures. Furukawa Co., Ltd., headquartered in
Tokyo, is one of Japan's leading manufacturers of metal products
and construction and mining machinery.


JAPAN AIRLINES: Schedules Extra Tokyo-Hong Kong Flights
-------------------------------------------------------
Japan Airlines Co. (JAL), a Japan Airlines System Corporation
group Company, will increase the number of flights on its Tokyo-
Hong Kong route for the rest of July and August due to an
unexpectedly strong rebound in demand for travel to the area,
the Nihon Keizai Shimbun and Nikkei reported Thursday. JAL used
to operate four round-trip flights a day between Tokyo and Hong
Kong, but in mid-April reduced the number of daily flights to
just one due to the outbreak of severe acute respiratory
syndrome (SARS).

Earlier this week, Standard & Poor's Ratings Services affirmed
its 'BB' ratings on Japan Airlines System Corp. (JALS) and Japan
Airlines Co. Ltd. (JAL). The ratings were removed from
CreditWatch, where they were placed on March 19, 2003, amid
concerns over the earnings impact from the war in Iraq and the
outbreak of severe acute respiratory syndrome (SARS). The
outlooks on the ratings are negative.


MAZDA MOTOR: Releases Limited Edition Premacy Models
----------------------------------------------------
Mazda Motor Corporation has released limited edition aero models
of its popular Premacy compact wagon. The SPORT-f, with a choice
of either 2.0-liter or 1.8-liter engine, and the 1.8-liter G-f
build on the strengths of the Premacy line, which is known for
its functional, spacious interior and compact body. Boasting a
host of additional equipment, the affordably priced new models
go on sale today at Mazda, Mazda Anfini and Mazda Autozam
dealerships throughout Japan.

The SPORT-f, with either 2.0-liter or 1.8-liter engine, gains
sporty enhancements including a stylish black interior and aero
parts, while the 5-seater 1.8-liter G-f receives a range of
additional equipment as standard. Priced the same or even less
than their respective base models, these limited edition
vehicles represent excellent value for money.

Enhancements and additional equipment

- 2.0-liter SPORT-f (base model: 2.0-liter SPORT)
CD player included as standard. Priced at 150,000 yen less than
the base model.

(However, discharge headlamp and fog lamp included in the base
model do not come as standard and tire size is changed from 17
inch to 16 inch.)

- 1.8-liter SPORT-f (base: model: 1.8-liter G)
Aero parts, black interior, white instrument cluster, silver
clear center panel side and power window switch panel and CD
player are all standard equipment.
Even with these additional features, the 7-seater model costs
the same as the base model.

- 1.8-liter G-f (base model: 1.8-liter C)

Standard equipment includes auto air conditioning, CD player,
water-repellant mirrors and side windows, colored side moldings
and door mirror covers, folding table, and folding driver's seat
armrest. Even with all this extra equipment, there is no price
increase from the base model.

Value for money price (Excluding Tax)

- 2.0L SPORT-f (FWD/7-seater): 84,000 yen
- 1.8L SPORT-f (FWD/7-seater): 209,000 yen
- 1.8L SPORT-f (4WD/7-seater): 209,000 yen
- 1.8L SPORT-f (FWD/5-seater): 209,000 yen
- 1.8L G-f (FWD/5-seater): 100,000 yen

A DVD navigation system and back monitor (for all models), high
intensity discharge (HID) headlamps (SPORT-f only) and aluminum
wheels (1.8-liter SPORT-f only) are available as factory-
installed options. Furthermore, with the addition of Snow Flake
White Pearl Mica (SPORT-f only) customers are given a choice of
seven body colors.

Sales volume for these models is limited to 2,700 units.

Manufacturer's Suggested Retail Prices (Excluding Tax)  (Unit:
1,000 yen)
Grade                 Engine        Drive  Seats    Transmission
Retail price

2.0-liter SPORT-f     I4 2.0L DOHC  FWD     7     4EC-AT  1,948
1.8-liter SPORT-f     I4 1.8L DOHC  FWD     7             1,758
                                    4WD                   1,958
1.8-liter SPORT-f     I4 1.8L DOHC  FWD     5             1,698
1.8-liter G-f         I4 1.8L DOHC  FWD     5             1,598

-Add 30,000 yen for Snow Flake White Pearl Mica.
- 1.8-liter SPORT-f (5-seater) will be manufactured from August.

About Mazda Motor Corporation

Mazda Motor Corporation was established in 1920 and is one of
Japan's leading automobile manufacturers. With its headquarters
in Hiroshima, Mazda has two plants in Japan and manufacturing
and assembly operations in sixteen other countries. Mazda cars
and trucks are sold in more than one hundred and thirty
countries. Ford Motor and Mazda agreed to collaborate in 1979,
Ford Motor Company started investing in Mazda and increased its
shareholding to 33.39% as of March 31, 1999. For further
information, please visit the Mazda Motor Corporation home page
at: www.mazda.com/flash.html

Mazda Motor Corporation wants to revive sales in the United
States, boost market share in Japan and in Europe, and double
its dealership network in China, TCR-AP reported recently,
quoting Senior Managing Executive of Marketing and Sales Stephen
Odell.

According to Wright Investor's Service, at the end of 2003,
Mazda Motor had negative working capital, as current liabilities
were 910.67 billion yen while total current assets were only
745.75 billion yen.

Contact:
Mazda Motor Corporation
Mr K. Yoshitake
yoshitake.k@tky.mazda.co.jp
03-3508-5022


MONEX INC.: Online Brokerage Marks First Profit
-----------------------------------------------
Monex Inc., Japan's second-biggest online brokerage by the
number of accounts, reported its first-ever net profit of 37
million yen for the April-June period, according to Reuters. The
Company suffered a 349 million yen parent net loss in the same
period a year ago and a 677 million yen loss the previous
quarter. The company attributed the turnaround to a rise in the
stock market in the reporting period and a resultant surge in
brokerage commission income.


RESONA HOLDINGS: Tohmatsu & Co. May Replace Auditor
---------------------------------------------------
Shin Nihon could soon become another casualty of the Resona
Holdings Inc. scandal and be replaced by Tohmatsu as the
troubled Japanese banking group's auditor, according to Lafferty
Online. During its annual general meeting on 27 June, Resona
Holdings appointed Tohmatsu & Co. to finalize its reassessment
of the assets at Resona Bank and other group banks. Clearly,
Tohmatsu will be hoping that the contract will be a prelude to
it being appointed as Resona's regular auditor.


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DAEWOO MOTOR: Daewoo Incheon Rehires 416 Workers
------------------------------------------------
Daewoo Incheon Motor Co., which produces cars for General Motors
under contract, will rehire 416 workers who were laid off in
February 2001 when Daewoo Motor Co. went bankrupt, reports the
Korea Times. The Company was set up by Daewoo Motor creditors to
operate the Bupyong plant, the automaker's oldest and biggest
manufacturing site. GM excluded the plant from the agreement
that created GM-Daewoo Auto & Technology last October, but
agreed to purchase its output for the next six years.

The return of the laid-off workers is part of Daewoo Incheon's
move to prepare for partial two-shift operations. Daewoo Incheon
also said it will rehire 200 more workers during the third
quarter of next year.


JINRO LTD.: Workers Fret Over Future
------------------------------------
Jinro Inc. employees are anxious about losing their jobs after
the firm's placement under court receivership two months ago,
JoongAng Daily reports. South Korea's largest liquor maker,
posted operating profits of 59.3 billion won (US$50 million) for
the first six months of the year, topping its target of 50
billion won.

The local distillery said there are two ways to revive Jinro,
which carries an estimated 2 trillion won in debt and has 76.7
billion won in capitalization. One way is to let the firm
succeed on its own. The other is through a merger or an
acquisition. Lee Won, Jinro's new manager, said Jinro could
survive on its own if it were able to shed some of its debts. I
would like to attract foreign investment, Mr. Lee said.

Goldman Sachs, which holds about 5 percent of Jinro debt, is
reportedly moving to improve relations with the new Jinro
management, business associates said.


KOOKMIN BANK: Changes Merger Schedule With KCC
----------------------------------------------
On July 9, 2003, Kookmin Bank (KB) released this information
with regard to the contemplated merger (the Merger) with Kookmin
Credit Card (KCC), which was announced on May 30, 2003.
Followings are the details.

1. Expected date of KB board of Directors approval on the
Merger: July 23, 2003

2. Submission of dissenting creditors objection: July 25, 2003 -
August 24, 2003

1. Expected date of approval of shareholders meeting of KCC:
September 5, 2003

2. Record date of shareholders: July 24, 2003

3. Appraisal right exercise period: September 8, 2003 -
September 17, 2003

4. Submission of dissenting shareholders objection: August 22,
2003- September 4, 20035. Submission of dissenting creditors
objection: September 8, 2003- September 17, 2003

The Financial Supervisory Service (FSS) is investigating a stock
option exercised by Kookmin Bank President Kim Jung-tae, the
Troubled Company Reporter-Asia Pacific reported recently. The
probe follows a check up by the Board of Audit and Inspection of
Korea (BAI), which criticized Kim for enjoying capital gains
from exercising dubious stock options. On July 4, the BAI asked
the FSS to reprimand the Kookmin President for reaping 11
billion won from the transaction in 2002. It indicated that Kim
used internal information in exercising his stock options.

DebtTraders reports that Kookmin Bank Ltd.'s 7550% floating rate
note due in 2006, rates between 98 and 99. For real-time bond
pricing go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


SK GLOBAL: SK Corp. Minor Shareholders Support Sovereign
--------------------------------------------------------
An association of SK Corporation's individual shareholders would
support Sovereign Asset Management in case the Monaco-based
investment fund seeks to replace the Company's management to
block the firm's help for its troubled trading affiliate, SK
Global, Asia Pulse reports.

"We'll seek a managerial shift in alliance with Sovereign and
other major shareholders if and when SK Corp. enforces its
programs, including a 850-billion-won debt for equity swap, to
rescue SK Global," the association said. The individual
shareholders said they are currently contacting Oh Ho-keun,
Chairman of Lazard Asia, and an advisor to Sovereign, to discuss
the issue.

Sovereign, which holds a 14.99 per cent stake in SK Corp., will
be given rights to muster an emergency shareholders' meeting at
the end of September under the current stock exchange law, which
allows such rights six months after purchase of shares.
Sovereign began purchasing SK Corp. shares in March, about two
months shy of getting the rights.

SK Global's liabilities total 9.5 trillion won (US$8.07
billion), with its debts to foreign creditors, including
obligations owed by the Company's foreign subsidiaries to
domestic creditors, amounting to around 2 trillion won.


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M A L A Y S I A
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FCW HOLDINGS: Striking Off Dormant Units
----------------------------------------
On July 7, 2003, the Companies Commission of Malaysia gave
notification that at the expiration of three (3) months from
June 12, 2003, the following dormant wholly-owned subsidiaries
of FCW Holdings Berhad will be struck off the register and
dissolved accordingly:

a) Sun Moon Star (M) Sdn Bhd (Company No. 195859-X)
b) Indah Nominees Sdn Bhd (Company No. 117187-M)
c) FT Cellular Systems Sdn Bhd (Company No. 187323-H)


KUMPULAN JAYA: Winding Up Petition Hearing Set November 20
----------------------------------------------------------
Harrisons Holdings (Malaysia) Berhad announced that Kumpulan
Jaya Pemasaran Sdn Bhd (KJP), a wholly owned subsidiary of
Harrisons Trading Peninsular Sdn Bhd (HTP), had on 16 July 2003
received a duly sealed copy of a Winding-up Petition filed by
the Company's wholly owned subsidiary, HTP for advances made to
KJP. The Winding-up Petition was filed to ensure an equitable
and fair payment to all unsecured creditors of KJP.

The hearing of the Winding-up Petition is scheduled for 20
November 2003.

This announcement is dated 16th day of July 2003.


LEADER UNIVERSAL: Unit Ceases Operation July 16
-----------------------------------------------
The Board of Directors of Leader Universal Holdings Berhad
(LEADER) announced that Leader-GoldStar Electronic Wire Sdn Bhd
(LGEW), a 51 percent owned subsidiary of LEADER has ceased its
business operations with effect from 16 July 2003.

DETAILS OF LGEW

LGEW was incorporated on 12 May 1983 under the name "Leader Foil
Industry Sdn Bhd" which was subsequently changed to "Leader
Electronic Wire Sdn Bhd" in 1988. In 1992 following the
inception of the joint venture undertaking between LEADER and
GoldStar Cable Co., Ltd, (now known as LG Cable Ltd.) the name
was changed to LGEW to better reflect its joint venture status.

The authorized share capital of LGEW is RM10,000,000.00 divided
into 10,000,000 ordinary shares of RM1.00 each and the issued
and paid-up capital is RM4,421,569.00 divided into 4,421,569
ordinary shares of RM1.00 each.

The principal activity of LGEW was that of manufacture and sale
of switchboard cables, coaxial cables and various electronic
wires.

FINANCIAL EFFECT OF CESSATION

The contribution from LGEW is only 1.67 percent of the Group's
sales revenue for the financial year ended 31 December 2002 and
hence the cessation of the business operations of LGEW will not
have any significant impact on the Group's revenue.

LGEW has been incurring losses since 1999. However, as a result
of the cessation exercise, the Group expects to incur losses of
approximately RM4 million comprising mainly staff retrenchment
costs, the write off and/or write down of assets and inventories
to realizable values.

RATIONAL FOR THE CESSATION

The Management and Board of Directors of LGEW have reviewed the
feasibility of continuing with LGEW's business operations. After
considering the continued losses, the Board of Directors of LGEW
is of the opinion that the cessation is in the best interest of
LGEW and of the Group.

DIRECTORS' INTEREST IN THE CESSATION

None of the Directors or major shareholders of LEADER and/or any
persons connected with them have any interest, direct or
indirect in the cessation of business operations of LGEW.


TIMBERMASTER INDUSTRIES: Creditors Extend Cut-off to December 31
----------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcements dated 20 September 2002,
30 September 2002 and 10 December 2002.

Pursuant to Clause 3.1 of the Master Agreement dated 18
September 2002, the Special Administrators (SA) had agreed to
extend the Conditions Cut-Off Date from 31 December 2002 to 31
December 2003.

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, TCR-AP reported recently.

The Company has experienced 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.


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


BANK OF QUEZON: PDIC to Move for Liquidation of Assets
------------------------------------------------------
The Philippine Deposit Insurance Corporation, as Liquidator of
the Rural Bank of Quezon (Bukidnon), Inc. will submit on July
25, 2003 at 8:30 A.M. to the Liquidation Court (Regional Trial
Court of Malaybalay City, Branch 10, (Sp. Proc. No. 1764) the
Motion for Approval of Partial Project of Distribution of
Assets.


BAUAN RURAL: Posts Key Dates Related to Insurance Claims
--------------------------------------------------------
Starting July 1, 2003, the Philippine Deposit Insurance
Corporation (PDIC) thru its duly authorized representatives
shall receive claims for insured deposits maintained with the
closed Bauan Rural Bank (Batangas), Inc.

Depositors are requested to proceed directly to the premises of
the said closed bank from July 1 to July 24, 2003, Mondays thru
Fridays, during office hours, where PDIC representatives are
stationed to accept claims and entertain queries of depositors.

After the said dates, all depositors can file their claims
personally at the PDIC office from Monday to Friday, 8:00 a.m.
to 5:00 p.m., or by mail addressed to:

The Manager

Claims Processing Department
Philippine Deposit Insurance Corporation
2228 Chino Roces Avenue, 1231 Makati City

Depositors are advised to present the following requirements to
our representatives when filing their claims:

a. Original evidence of deposit such as Savings Passbook and/or
Certificate of Time Deposits, Bank Statement and Unused checks;
and

b. Latest identification document (ID) bearing the depositor's
signature

Our representatives in the course of their processing of claims
filed may require other documents.

Pursuant to the provisions of R.A. 3591, as amended, the
prescriptive date (last day) for filing of claims for insured
deposits in the closed Bauan Rural Bank (Batangas), Inc. is on
November 2, 2004.   After November 2, 2004, PDIC as insurer
shall no longer accept any claim for insured deposits maintained
with the said closed bank.


CEBU PRIVATE: Lawyers Ask Court to Enjoin Shutdown
--------------------------------------------------
Lawyers Fritz V. Quinanola and Kit S. Enriquez are asking the
Regional Trial Court (RTC) to stop the Cebu Private Power
Corporation (CCPC) from suspending operations and abide by its
15-year contract with Metro Cebu's power distributor, Sun Star
Cebu reported Thursday. The lawyers, who filed the case in their
capacity as consumers, said ceasing CPPC's operations would
"gravely prejudice public interest and welfare."

CPPC, an independent power producer, started supplying power to
the Visayan Electric Co. (VECO) in 1997. After incurring huge
losses the past several months, CPPC informed VECO that it
planned to suspend operations by June 15. It puts off the
suspension to July 25, following requests from the Department of
Energy and various business groups in Cebu.

Veco is serving the cities of Cebu, Mandaue and Lapu-Lapu, and
the municipalities of Liloan, Consolacion, Naga, Minglanilla and
San Fernando.


MANILA ELECTRIC: Power Firms Reach P20-B Settlement
---------------------------------------------------
The Manila Electric Co. (Meralco) has agreed to pay state-owned
National Power Corporation (Napocor) about 20 billion pesos
(US$373 million) to settle a supply dispute, Bloomberg said
Thursday. Under the agreement, which requires regulatory
approval, Meralco will pass on the charge to consumers. Still,
retail prices will fall because the agreement allows Meralco to
source cheaper power from its own generating units, Company
President Jesus Francisco said in a phone interview.

The payment, which will start this year and end in 2009, is the
difference between a 27 billion pesos claim by Napocor and a 7
billion pesos counter demand by Meralco, Francisco said. Napocor
claimed compensation because Meralco has been buying less power
than agreed since last year and plans to purchase less than
contracted through next year.


MANILA ELECTRIC: Seeks 6-Month Debt Extension
---------------------------------------------
The Manila Electric Co. (Meralco) is seeking the consent of its
creditors to extend further the payment of its maturing 5.5
billion pesos short-term debts by another 180 days, according to
the Philippine Star. Meralco's P5.5 billion short-term debts it
owes BPI, Equitable PCI and Banco de Oro had already been
restructured for 90 days from April 21 to July 21 of this year.

This means that Meralco will have to convince its creditors to
lengthen the three-month reprieve before the July 21 expiration,
although the Company needs to come up with a scheme that would
restructure these loans into longer-term maturities. The P5.5
billion short-term debts are part of Meralco's total P11 billion
loans maturing this year.

Citibank and BPI, the financial advisors of Meralco for the
comprehensive liabilities management plan (CLMP), are arranging
a revised loan restructuring scheme that will keep the viability
of Meralco and at the same time, enable it to maintain its good
relationship with its lenders.


MIRANT PHILIPPINES: Local Unit Excluded from Chapter 11 Filing
--------------------------------------------------------------
Mirant announced Tuesday that its subsidiary, Mirant
Philippines, has been excluded from Mirant's filing of voluntary
petitions for reorganization under Chapter 11 of the U. S.
Bankruptcy Code. In addition, Mirant's generation businesses in
the Curacao and Trinidad, and integrated utilities in the
Bahamas and Jamaica, are excluded from the filing.

Mirant Philippines credit remains unchanged, it continues to
function as a separate business unit, generate and deliver
electricity, meet all contractual obligations to its customers,
and support community development programs. All day-to-day
operations continue as usual.

Mirant owns a 100 per cent interest in Mirant Philippines, the
largest private producer of electricity in the Philippines.

Mirant (NYSE: MIR) is a competitive energy Company that produces
and sells electricity in North America, the Caribbean, and the
Philippines. Mirant owns or controls more than 22,000 megawatts
of electric generating capacity globally. We operate an
integrated asset management and energy marketing organization
from our headquarters in Atlanta.

For further information please contact: James Peters,
678-579-5266, or David Payne, 678-579-6065, both for Mirant.

CONTACT: James Peters 678-579-5266
David Payne 678-579-6065


NATIONAL BANK: Denies 5-month Net Profit of P67M
------------------------------------------------
Philippine National Bank (PNB) denied it booked a net profit of
67 million pesos in the five months to May, as claimed by a bank
source, AFX Asia reports. The bank posted a net profit of 7.1M
pesos in May alone, the source earlier said, without providing
comparative figures.

PNB, which has been undergoing rehabilitation under a program
approved last year by major shareholders, posted a net profit of
53M pesos in the first quarter to March, a turnaround from a net
loss of 783M in the year-earlier period. The government and
Lucio Tan each own 45 percent of PNB.


SAN JOSE: PDIC Issues Final Notice to Creditors
-----------------------------------------------
The Philippine Deposit Insurance Corporation has determined that
it is in the best interest of the creditors that the affairs of
San Jose Rural Bank, Nueva Ecija, Inc. are settled and/or its
funds and assets be distributed in accordance with the legal
priority.

Hence, Notice is hereby given to all depositors, creditors and
those who may have claims against the liquidation estate of San
Jose Rural Bank, Nueva Ecija, Inc. to file their claims with the
Regional Trial Court, Branch 135, of Makati City under Sp. Proc.
No. M-5308, and/or with the Deputy Liquidator of San Jose Rural
Bank, Nueva Ecija, Inc.  and/or directly with the Philippine
Deposit Insurance Corporation, at 2228 Chino Roces Avenue,
Makati City, within fifteen (15) days from date of the second
publication of this Notice; Failure to do so shall constitute a
bar of such claim.


UNIWIDE HOLDINGS: Signs Deal to Repay BPI Loan
----------------------------------------------
Uniwide Holdings Inc. said the Uniwide Group has signed a
Memorandum of Agreement (MOA) with Bank of the Philippines
Islands (BPI) to use two of its properties in metropolitan
Manila as payment for a loan, AFX Asia reports. The properties
in Avenida and Libis are sites of Uniwide stores, which the
Company said earlier will be closed by June 30, after which
there will be nine stores left.

The Securities and Exchange Commission had placed the Uniwide
Group of Companies under receivership and declared it to be in a
state of suspension of payments. In June 1999, the Uniwide Group
filed a petition with the SEC to suspend payment due to
liquidity problems attributable to persistent losses.


UNITED COCONUT: Projects Profits in Three Years
-----------------------------------------------
The United Coconut Planters Bank (UCPB) aims to return to
profitability in less than three years with the solid backing of
the national government, the Malaya Newspaper reports. UCPB
President-designate Jose Querubin said the 20 billion pesos
rehabilitation package would help put back the bank into a sound
financial footing.

The Sadiganbayan ruled last week that the contested shares of
UCPB belong to the national government, as funds used to buy the
shares were taxes collected from coconut farmers.


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


CHARTERED SEMICONDUCTOR: 2Q03 Loss Likely To Widen
--------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. is likely to see
second quarter net losses widen on year when it reports April-
June earnings Friday morning in Singapore, Dow Jones reports,
citing unnamed analysts.

According to a Dow Jones Newswires poll of six analysts, the
government-linked chipmaker is expected to post a loss of
US$95.5 million versus a US$90.7 million loss a year ago and a
US$75.5 million loss in the previous quarter. The poll's
forecast for US$124.4 million in second quarter revenue is
slightly lower than the US$127.5 million a year ago, but an
improvement on the first quarter's US$103.8 million.


VAN DER HORST: Trades Again as Interra After 3 1/2 Years
--------------------------------------------------------
Infrastructure and engineering group Van der Horst (VDH)
yesterday re-listed in Singapore as Interra Resources after an
absence of 3 1/2 years, the Straits Times reports. VDH saw its
shares trade as high as S$10 at one point. But it went into
judicial management in January 2000 after it shocked investors
with S$222-million loss in 1998.

After 3 1/2 years, its judicial managers have finally arranged a
capital restructuring whereby the assets of a Company called
Goldwater have been injected into VDH. Goldwater owns rights to
operate two of the largest oil fields in Mynanmar - Yenangyaung
and Chauk - from which oil is being extracted. The restructuring
also saw 95 million new shares placed out to new investors.


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


THAI PETROCHEMICAL: Finding New Credit New Team's Top Priority
--------------------------------------------------------------
The new debt plan administrators of Thai Petrochemical Industry
Plc will begin negotiating as soon as possible the re-opening of
the US$80 million credit line for the company, Bangkok Post
learned yesterday.

According to the report, this credit line was suspended in April
after the Central Bankruptcy Court appointed TPI founder,
Prachai Leophairattana, as the company's interim rehabilitation
plan administrator.  General Mongkol Ampornpisit, chairman of
the new group of administrators, wants the reinstatement of this
credit facility the first objective of his team.

During Mr. Prachai's official turnover of power Wednesday,
General Mongkol said his team would draft terms for finding a
new financial adviser to carry out TPI's debt restructuring.
The adviser would then be required to come up with a revised
debt-restructuring plan within 90 days.

Mr. Prachai, meanwhile, advised the new plan administrators, to
prioritize the procurement of letters of credit for the purchase
of raw materials.  He said under his leadership over the last
two months, TPI had managed to cut production costs by 100
million baht.  Currently, he said, TPI's production was 200,000
barrels a day, near its full capacity of 215,000 barrels and
much higher than the 95,000 barrels produced when Effective
Planners was in charge.

"I have asked the new plan administrator to operate the firm
efficiently and to maintain its competitive advantage," Mr.
Prachai told Bangkok Post after emerging from a 90-minute
meeting with the new planning team.


VINYTHAI PCL: To Declare First-ever Dividend this Year
------------------------------------------------------
PVC-maker Vinythai PCL, which has not declared a dividend since
opening business in 1992, will ask shareholders to approve
during the next meeting a proposal to wipe out retained losses
to pave the way for its first-ever dividend payout, Dow Jones
said.

"The company will use its existing share premium and transfer
part of its paid-up capital to clear its 4.75 billion baht
($1=THB41.645) in retained losses.  Under the plan, the
company's par value will be cut to THB6 from THB10 per share,"
the paper said.

The second largest maker of polyvinyl chloride, Vinythai is 46%
owned by Solvay, a Belgian conglomerate; and 30% by Charoen
Pokphand Group Co. (H.CPH), Thailand's largest agriculture and
telecommunication conglomerate.  Several minority shareholders
own the rest.

The shareholders meet to vote on this proposal on September 4,
the report said.


                         *********


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

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

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

This material is copyrighted and any commercial use, resale or
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