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       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 31, 2003, Vol. 6, No. 150

                         Headlines

A U S T R A L I A

AMP LIMITED: Allots Ordinary Shares at A$4.91/Share
AMP LIMITED: Sells Australian Construction Finance Loans
AMP SHOPPING: S&P Removes Ratings From CreditWatch
COLES MYER: Appoints Joe Barberis as Head Of Fuel, Convenience
NEWMONT YANDAL: Parent Announces Q203 Earnings Conference Call

POWERTEL LIMITED: Panel Receives Third Roslyndale Application
POWERTEL LTD: Releases Third Supplementary Target's Statement


C H I N A   &   H O N G  K O N G

CHINADOTCOM CORPORATION: Reaches Claims Settlement With AOL
CIL HOLDINGS: Appoints Ching Chung as Director
CYBER RICH: Winding Up Hearing Scheduled in August
HENG WAH: Winding Up Petition Set for Hearing
HONGKONG LAND: Results In Line With Expectations, Comments Fitch

TECHCAP HOLDING: Board Meeting Postponed Until Further Notice
UNITED PACIFIC: Operation Loss Swells to HK$17.559M


I N D O N E S I A

ASIA CELLULAR: Danareksa Proposes Debt Rescheduling Plan
PERUSAHAAN GAS: S&P Assigns 'B' Local Currency LT Ratings

* IBRA Starting PPAI 3 by Early August


J A P A N

FUJITSU LIMITED: Unveils 1Q03 Financial Results
HOKUETSU KEIKAKU: Golf Course Enters Rehabilitation
JAPAN AIRLINES: CEO Issues Notice to Shareholders
MATSUSHITA ELECTRIC: Restructures Refrigeration Unit
MATSUSHITA ELECTRIC: Launches Networked Home Appliances System

MITSUBISHI ELECTRIC: Singaporean Unit Enters Liquidation
MITSUBISHI TOKYO: Liquidates U.S. Unit
NEC CORPORATION: Sells 3M Shares in French Firm
NEC CORPORATION: Clarifies "NTC Throws Out NEC Complaint" Report
PHOENIX RESORT: Incurs Y3.5B Loss in 2002

SUMITOMO ELECTRIC: Swings Back to Y2.33B Profit


K O R E A

DAEWOO MOTOR: U.S. Unit Files Lawsuit Against GM
JINRO GROUP: Takes 54% of Korea's Soju Market
SK GLOBAL: Debtors Ask to Maintain Cash Management System
SK GLOBAL: Debtors Ask to Continue Using All Business Forms
SK GLOBAL: Wants More Time to File Schedules and Statements


M A L A Y S I A

ANSON PERDANA: Alternative Regularization Plan Underway
BRIDGECON HOLDINGS: Securities Delisted; PREMIUM Granted Listing
FURQAN BUSINESS: Court Grants Unit Restraining and Stay Order
GADANG HOLDINGS: KLSE Grants ICULS Conversion Listing
GEORGE KENT: All Resolutions Pass at 52nd AGM

HYUNDAI-BERJAYA CORP.: Financial Regularization Completed
LONG HUAT: LSKH Vendors OK SC's Debt Exercise Conditions
RASHID HUSSAIN: ICULS Conversion Granted Listing
SATERAS RESOURCES: Court Grants Three-Month Stay of Proceedings
SOUTHERN PLASTIC: SC OKS Scheme Submission Extension

TA ENTERPRISE: Unit Extends Debt Conversion Date
TAJO BHD: Hires SIBB as Proposed Exemption Independent Adviser
ZAITUN BERHAD: KLSE Delisting Securities Trading by August 11


P H I L I P P I N E S

PHILIPPINE LONG: Moody's Revises Rating Outlook to Positive


S I N G A P O R E

AKSES ENGINEERING: Issues Debt Claim Notice to Creditors
BLUEFRAME SOLUTIONS: Creditors Must Submit Claims by August 25
CLUFF OIL: Creditors to Submit Debt Claims by August 26
DONNINGTON PTE: Appoints Rohan & Hock as Liquidators
G-TECKNOR: Issues Dividend Notice to Creditors

HO YEOW: Winding Up Petition Hearing Set August 15
SUM CHEONG: Schedules Winding Up Hearing August 15
TANG PENG: Issues Winding Up Order Notice


T H A I L A N D

BANGKOK RUBBER: Director Teerachon Manomaiphibul Steps Down
JASMINE INTERNATIONAL: Clarifies Warrant Issuance Rumor
JUTHA MARITIME: Receives Debt Repayment Benefits
PRASIT PATANA: SET Grants Listed Securities
THAI CANE: Audit Committee Members Re-Appointed

     -  -  -  -  -  -  -  -


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


AMP LIMITED: Allots Ordinary Shares at A$4.91/Share
---------------------------------------------------
AMP Limited advised it distributed 6,354 ordinary shares at
A$4.91 per share.

Purpose of the issue: the shares were issued pursuant to the AMP
        International Employee Share Ownership Plan.
Date of Issue: 29/07/2003
Number of shares on issue: 1,523,389,663


AMP LIMITED: Sells Australian Construction Finance Loans
--------------------------------------------------------
AMP Limited agreed Wednesday to sell its remaining Australian
property finance loan portfolio comprising A$232 million of
construction and property investment loans to Suncorp-Metway.
This sale represents the last major portfolio sale in the
banking and finance asset divestment program announced on 14
November 2002.

This agreement follows the sales of:

-the Australian and New Zealand credit card portfolio to
American Express, announced on 23 December 2002;

-AMP's UK banking portfolio to Newcastle Building Society (UK),
announced on 28 March 2003;

-the New Zealand residential mortgage and retail deposit
portfolios to HSBC and the majority of the property finance
portfolio to GE Commercial Finance, both announced on 14 April
2003;

-and the New Zealand rural loan portfolio to Rabobank, announced
on 22 May 2003.

The sale's completion is expected by 1 August 2003, subject to
contractual obligations. The final purchase price will be
dependent on a number of factors, including account balances at
the date of completion, and is expected to be in line with book
value. AMP has been advised on this transaction by Caliburn.


AMP SHOPPING: S&P Removes Ratings From CreditWatch
--------------------------------------------------
Standard & Poor's Ratings Services affirmed Wednesday its 'A/A-
1' corporate credit and guaranteed issue and program ratings on
AMP Shopping Centre Trust (ART), and removed them from
CreditWatch with negative implications, where they were placed
on March 17, 2003. The outlook is now stable.

At the same time, Westfield Trust's (Westfield) 'A/Stable/A-1'
ratings are affirmed, following Westfield's announcement that it
is compulsorily acquiring the remaining units in ART as part of
its takeover of the trust. Westfield's shareholding in ART at
June 14, 2003, was 98.7%.

The ratings on ART now reflect the ratings on Westfield.

"Although ART's outstanding debt issues are not guaranteed by
Westfield, and reside in a subtrust of Westfield, Standard &
Poor's considers the credit quality of debt at both the subtrust
and parent trust level to be equal," said credit analyst Paul
Draffin, associate director within the Corporate &
Infrastructure Ratings group.

Westfield maintains a strong commercial interest in supporting
the ART debt obligations, and significant assets are held at the
ART subtrust level. Furthermore, ART's debt obligations'
refinancing is expected at the Westfield Trust level as they
mature in the next three to five years.

"Rating stability should be underpinned by Westfield's strong
business profile, which supports a financial-policy framework
that is slightly more aggressive than its domestic peer group.
Nevertheless, Westfield will have reduced flexibility to debt-
fund further acquisitions or capital expenditure above its
current program in the next three years," said Mr. Draffin.


COLES MYER: Appoints Joe Barberis as Head Of Fuel, Convenience
--------------------------------------------------------------
Coles Myer Chief Executive Officer John Fletcher announced the
appointment of Joe Barberis as the Managing Director - Fuel and
Convenience.

Mr Fletcher said Mr Barberis would bring extensive experience in
key leadership and strategic development positions in the
petroleum industry. His most recent position was as the
Managing Director - Shell Retail, Oceania.

"Coles Myer is extremely pleased to have leading its Fuel and
Convenience group the person who has lead Shell's Oceania retail
group," Mr Fletcher said.

"Joe brings strong operational, financial and strategic skills
and experience in many aspects of the petroleum industry
accumulated through 20 years with the Shell Group of Companies."

Coles Myer will launch its new fuel discount offer on Monday,
July 28 at more than 150 Coles Express Service Stations across
Victoria.

When fully rolled out it will be Australia's largest and most
convenient discount fuel offer.

Mr Fletcher said the appointment was effective Monday, July 28.
Mr Barberis has held a host of senior positions with Shell in a
career spanning more than 20 years, including Retail Operations
Manager, Shell Australia; Deputy Islands Coordinator, Shell
Pacific Islands; Retail Finance and Planning Manager, Retail
Network Manager and National Retail Sales Manager, Shell Italia.

Mr Barberis was appointed as Managing Director - Shell Retail,
Oceania in 2001. He is also a director of The Shell Company of
Australia Limited.

The Troubled Company Reporter - Asia Pacific reported on June 27
that the Standard & Poor's Ratings Services downgraded its long-
term corporate credit rating on Coles Myer Ltd. (CML), and its
guaranteed issues and programs, to 'BBB' from 'BBB+', and the
rating on its reset preference shares to 'BB+' from 'BBB-'.


NEWMONT YANDAL: Parent Announces Q203 Earnings Conference Call
--------------------------------------------------------------
Newmont Mining Corporation (NYSE: NEM) announced that it will
report second quarter earnings on Thursday, July 31, 2003. There
will be a conference call that day at 1:00 p.m. Eastern Time
(11:00 a.m. Mountain Time). The conference call will be web
cast.

Conference Call Details

   Dial-In Number (630) 395-0078
   Leader Russell Ball
   Password Newmont
   Web Cast Details

URL http://www.newmont.com/en/investor/presentations/index.asp

Replay Details

   Dial-In Number (402) 220-4764

The second quarter earnings release and any other financial and
statistical information about the periods to be presented in the
conference call will be available prior to the conference call
in the Investor Information section of the Company's website,
www.newmont.com. Additionally, the conference call will be
archived for a limited time on the Company's website.

CONTACT INFORMATION: Russell Ball
        Tel: (303) 837-5927
        E-mail: russell_ball@corp.newmont.com


POWERTEL LIMITED: Panel Receives Third Roslyndale Application
-------------------------------------------------------------
The Takeovers Panel advises that it received on Tuesday an
application from the Roslyndale Syndicate (Roslyndale) seeking a
declaration of unacceptable circumstances in relation to the
affairs of PowerTel Limited (PowerTel). The application relates
to the takeover bid announced by TVG Consolidation Holdings SPRL
(TVG) for all of PowerTel's shares.

TVG announced its takeover bid on 10 June 2003. TVG's bid was a
rival proposal to Roslyndale's, but was not approved on 2 July
2003 by PowerTel shareholders under Item 7 of section 611 of the
Corporations Act.

On 25 July 2003, WilTel (PowerTel's major shareholder) made an
offer to PowerTel to forgive subordinated debt of A$16 million
(plus accrued interest) and intercompany debt of $A5.3 million
(plus accrued interest) owed by PowerTel to WilTel in
consideration for a payment of A$10 million by PowerTel to
WilTel.

On 26 July 2003, TVG varied its bid by waiving the condition
that the PowerTel Debt be acquired by TVG on terms set out in
the bidder's statement.

Roslyndale asserts that by waiving the condition TVG has given
WilTel a benefit that is likely to induce WilTel to accept TVG's
offer in breach of section 623 of the Corporations Act (Act).
Roslyndale also asserts that there is an agreement, arrangement
or understanding between TVG, WilTel and/or PowerTel in breach
of section 606 of the Act.

The President of the Panel is in the process of appointing a
Sitting Panel to consider the application.

The Panel has not yet sought the views of the parties affected
by the application and so has not yet formed any views in
relation to it.

CONTACT INFORMATION: George Durbridge,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3553
        george.durbridge@takeovers.gov.au


POWERTEL LTD: Releases Third Supplementary Target's Statement
-------------------------------------------------------------
PowerTel Limited released its Third Supplementary Target's
Statement dated 29 July 2003. A copy of it can be found at
http://bankrupt.com/misc/TCRAP_PWT0731.pdf.

The Third Supplementary Target's Statement has been lodged with
the Australian Securities & Investments Commission and TVG
Consolidation Holdings SPRL on July 29, 2003.

ABOUT POWERTEL

PowerTel is listed on the Australian Stock Exchange under the
PWT symbol. One of its largest shareholders is Williams
Communications who own and operate one of the largest new
generation fibre-optic networks in the U.S (over 45,000
kilometers of cable) and has enormous experience in successfully
building and managing fibre optic networks in the US and Latin
America. Williams Communications are listed on the New York
Stock Exchange.

PowerTel's other significant shareholder, the DownTown Utilities
[DTU] consortium, comprises three Australian utilities companies
- EnergyAustralia, CitiPower and Energex, based in Sydney,
Melbourne and Brisbane respectively. This relationship allowed
PowerTel to deploy their extensive eastern seaboard fibre optic
network via electricity ducting - greatly reducing network build
expenditure and time to market as well as providing PowerTel
with direct access to the market.

PowerTel announced an 87% increase in revenue in the first half
of 2002 from the same period in 2001, and became EBITDA
(earnings before interest, tax, depreciation, and amortization)
positive in June 2002.


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


CHINADOTCOM CORPORATION: Reaches Claims Settlement With AOL
-----------------------------------------------------------
Chinadotcom Corporation announced Monday that chinadotcom
and America Online, Inc. (AOL) have reached a settlement
involving the release of claims between the two companies and
their affiliates. The companies also agreed to cancel AOL's two
warrants to acquire additional shares in chinadotcom and to
enable AOL the ability to dispose of its existing holding of
6,795,200 shares of chinadotcom, if AOL so chooses, in
accordance with Rule 144.  There can be no assurance as to the
effect of such agreement, or as to the effect of any disposition
of shares by AOL, on chinadotcom or its stock price.

According to Wrights Investors Service, the company has paid no
dividend during the last 12 months and has not paid any
dividend during the previous 2 fiscal years.  It has also
reported losses during the previous 12 months.


CIL HOLDINGS: Appoints Ching Chung as Director
----------------------------------------------
The Board of Directors of CIL Holdings Limited announces
that Mr. Ching Chun Chung is appointed as Independent Non-
Executive Director with effect from 28 July 2003.

The Board would like to welcome Mr. CHING to
join the Company.

The Troubled Company Reporter - Asia Pacific on May 22 posted an
update on the Company's Debt Restructuring. For complete text of
update, please click on this link:
http://bankrupt.com/misc/cil_holdings.pdf.


CYBER RICH: Winding Up Hearing Scheduled in August
--------------------------------------------------
The High Court of Hong Kong will hear on August 6, 2003 at 9:30
in the morning the petition seeking the winding up of Cyber Rich
Limited.

Lai Yiu Kwong of Flat H, 4/F., Block 3, Eldo Court, 20 San Tsing
Street, Tuen Mun, New Territories, Hong Kong filed the petition
on June 16, 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.


HENG WAH: Winding Up Petition Set for Hearing
---------------------------------------------
The petition to wind up Heng Wah Decoration Company Limited is
set for hearing before the High Court of Hong Kong on July 30,
2003 at 10:00 in the morning.

The petition was filed with the court on June 6, 2003 by Leung
Wai Tong of Flat 8, 25/F., Block G, Oi Fu Court, Tsz Wan Shan
(Phase III), No. 120 Tsz Wan Shan Road, Kowloon, Hong Kong.


HONGKONG LAND: Results In Line With Expectations, Comments Fitch
----------------------------------------------------------------
Fitch Ratings, the international ratings agency, has commented
that the interim results announced on Tuesday by Hongkong Land
were in line with its expectations and affirms its 'BBB' Senior
Unsecured rating and Negative Outlook.

Hongkong Land confirmed the view expressed by Fitch in its
recent special report on the Hong Kong property sector that the
local office market is experiencing record levels of negative
net demand and that further weakness is expected as new
developments put pressure on values and rents. The agency notes
that Hongkong Land's interim figures (unlike its annual report)
do not indicate rent per square foot for the group's Central
office portfolio and it is not possible to calculate this figure
from the information provided because the figure for rental
income includes retail space. It would be useful if the group
were to disclose this as supplementary information.

However, given the 15% reduction in the value of the total
property portfolio since December 2002 and that retail space has
generally been less badly affected by the market downturn than
has office space, there is clearly a severe and continuing
negative trend for the group's office space rents.

Confirmation of that negative trend may also be inferred from
the sharp drop in 'Creditors and Accruals', as a major component
of this figure will be tenants' deposits: a fall in these would
suggest lower rental income for the next period. The amount for
tenants' deposits is not disaggregated from the umbrella
'Creditors and Accruals' figure at the interim stage; again, it
would be useful if the group were to disclose it as
supplementary information.

Fitch has taken note of the substantial reduction in the interim
dividend payment, which is a positive credit point, as well as
the group's success in letting Chater House (now 79% let). The
group has also had success in selling some of its non-core
infrastructure investments; and Hongkong Land has termed out
still more of its debt, such that the average life of it is now
greater than five years.

However, the direct competition from the nearby Two IFC office
tower (completed after the half-year ended) will exacerbate the
difficulties caused by the already high vacancy levels for
office space in Central and the record levels of negative net
take-up.

Fitch has rescheduled to August the publication of its research
report on Hongkong Land. In the meantime, the agency's recent
report 'Hong Kong Property: An Overview of the Office and
Residential Sectors' is available on the agency's website,
www.fitchratings.com, or from the analysts named below.

CONTACT INFORMATION: Adam Preece
        Tel: +852 2263 9559
        Email: adam.preece@fitchratings.com


TECHCAP HOLDING: Board Meeting Postponed Until Further Notice
-------------------------------------------------------------
Market participants are requested to note that the board meeting
to approve the final results of Techcap Holdings Limited (stock
code: 673) for the year ended 31/3/2003 originally scheduled on
29/7/2003 has been postponed until further notice.

Wrights Investors' Service reports that at the end of 2002,
Techcap Holdings had negative working capital, as current
liabilities were HK$115.65 million while total current assets
were only HK$107.83 million. It also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


UNITED PACIFIC: Operation Loss Swells to HK$17.559M
---------------------------------------------------
United Pacific Industries Limited disclosed a summary of its
financial statement for the year ended date March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001
                              to 31/3/2003       to 31/3/2002
                              Note  ($)          ($)
Turnover                        : 320,800,357        365,896,068
Profit/(Loss) from Operations   : (17,559,653)       (8,136,609)
Finance cost                    : (164,045)          (21,521)
Share of Profit/(Loss) of
  Associates                    : (523,067)          (7,057,780)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : N/A                N/A
Profit/(Loss) after Tax & MI    : (17,815,817)      (14,490,521)
% Change over Last Period       : N/A       %
EPS/(LPS)-Basic (in dollars)    : (0.032)            (0.026)
         -Diluted (in dollars)  : N/A                N/A
Extraordinary (ETD) Gain/(Loss) : N/A                N/A
Profit/(Loss) after ETD Items   : (17,815,817)      (14,490,521)
Final Dividend                  : 4 cents            NIL
  per Share
(Specify if with other          : N/A                N/A
  options)
B/C Dates for
  Final Dividend                : 25/8/2003          to
28/8/2003 bdi.
Payable Date                    : 30/9/2003
B/C Dates for Annual
  General Meeting               : 25/8/2003          to
28/8/2003 bdi.
Other Distribution for          : N/A
  Current Period
B/C Dates for Other
  Distribution                  : N/A

Remarks:

LOSS PER SHARE

   The calculation of loss per share is based on the net loss
for the year of HK$17,815,817 (2002: loss of HK$14,490,521) and
the weighted average of 557,230,778 (2002: 557,538,400) shares
in issue during the year.

   No diluted loss per share has been presented as the exercise
of the Company's outstanding share options would reduce the loss
per share for both years.


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


ASIA CELLULAR: Danareksa Proposes Debt Rescheduling Plan
--------------------------------------------------------
PT Danareksa Sekuritas proposed the rescheduling plan for the
Rp421 billion debt of PT Asia Cellular Satellite (ACeS) that had
been matured on January 15 and July 15 this year, Bisnis
Indonesia reports, citing Evi Firmansyah, a Director of
Danareksa.

"We are dealing with the receivables in ACeS. We have submitted
our proposals to our shareholders, and they are studying the
proposal," Firmansyah said.

The data of Governmental Auditor (BPK) mentioned that ACeS had
got some loan of US$60 million by getting a bridging loan from
the Danareksa. Among the loans were syndicated one (US$26.5
million) Bank Niaga, Bank Danamon, Bank Panin, Bank
International Indonesia and Bank PDFCI. The rest US$33.5 million
were from Danareksa.

Firmansyah added that that it took long time to handle the debt
of ACeS as lots of problem the syndicated banks had to deal
with. "The negotiation takes a long time because we want to get
the best solution. Among other discussion is that we ask eight
years period of rescheduling, while ACeS asks for ten years."

In this regard, however, Danareksa claimed that it was working
hard to resolve the problem.

The Troubled Company Reporter - Asia Pacific reported on April
23, 2003 that Danareksa, which restructured its Freely
Transferable Loan worth US$ 174 million last year, has made
buyback to US$17 million of the total US$ 174 million debt
despite putting US$34 million in division of cash collateral.


PERUSAHAAN GAS: S&P Assigns 'B' Local Currency LT Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday assigned its 'B-
' foreign currency and 'B' local currency long-term ratings to
PT Perusahaan Gas Negara (Persero) (PGN). The outlook is stable.
PGN is an Indonesian government-owned gas utility involved in
the transmission, distribution, and wholesale and retail of gas.

"The ratings are constrained by those on the Republic of
Indonesia (local currency B/Stable/B; foreign currency B-
/Stable/C), reflecting among other things PGN's 100% ownership
by the government and enshrined government policy role. In
addition, all of PGN's existing debt is onlent from the
government and a substantial part of its business is regulated
by a government institution", said Mark Legge, credit analyst at
Standard & Poor's.

PGN's business faces risks from an uncertain regulatory
environment related to its network transportation charges, which
account for about 40% of gross profits. The regulatory framework
has been undergoing changes with the establishment of BPH Migas
as the new independent regulator. As these changes are still
occurring, there is a lack of clarity in regulatory methodology,
and the parameters and time period that the regulation will
cover.

The company's gas sales customer base is concentrated and the
extent of prospective gas demand is uncertain. PGN's customers
are primarily industrial users, whose demand is closely related
to overall economic activity in a nation where the economy
remains fragile. Moreover, as most of its contracts to buy gas
are take-or-pay agreements that are much longer than its gas
sales contracts, the company faces the task of re-signing gas
sales contracts with existing and prospective customers or
risk paying for gas it cannot resell. The underlying risk that
demand will not increase consistently or rapidly is greater at
present for PGN as it expands its networks massively, a project
that will increase debt four times over the next five years.

The company's cash flow coverages are projected to be solid,
with funds from operations projected to exceed 30% of debt in
2003 and 2004. Its financial profile is weakened, however, by
PGN's exposure to interest rate and, to a lesser extent,
exchange rate risk.


* IBRA Starting PPAI 3 by Early August
--------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announces the
commencement of The Investment Assets Sales Phase 3 (PPAI 3) by
early of August 2003, while its transaction is expected to be
completed in October 2003.

PPAI 3 consists of two batches with different sales schedules in
accordance to the settlement of shareholders' agreements.

The first batch of PPAI 3 includes the assets from the frozen
banks (BBO & BBKU) and take-over banks (BTO) and properties. The
final bid is expected by mid-September 2003, while the final bid
of the second batch is expected by end of September 2003.

These assets comprise shares, convertible bond and other of the
companies' liabilities directly or indirectly owned by IBRA. In
this disposal program IBRA also offers property assets

The offered assets in PPAI 3 represents companies that are
mainly operating in line of business of industrial estates and
property, plywood, agribusiness, petrochemicals, trading, tire
industry, textile & garment and financial services.

Some of the assets to be offered in PPAI 3 are:

1. Shares in companies under:

   a. PT. Tunas Sepadan Investama : PT Gajah Tunggal Perkasa Tbk
(tire industry), PT GT Petrochemicals Industries Tbk
(petrochemical).

   b. PT Bentala Kartika Abadi : PT Kuningan Persada (Apartment
Tower and Commercial land bank on Jl. HR Rasuna Said, Jakarta)
and PT Caterison Sukses (Nikko Hotel in Bali).

   c. PT Arya Mustika Mulia Abadi

   d. PT Kiani Wirudha

   e. PT Cakrawala Gita Pratama

   f. PT Hoswarya Persada

   g. PT Holdiko Perkasa

and shares formerly held by the frozen banks, taken-over banks
and re-capitalized banks that represent shares of companies in
financial services, banks and insurance.

Property assets

The implementation of the Investment Assets Sales Program phase
3, is one of IBRA's efforts to meet the target to contribute to
the state budget 2003.

The detail information of the assets offered along with the
sales mechanism and schedule will be announced through public
media and IBRA's website: www.bppn.go.id/. IBRA invites all
interested investors to participate in this assets sales
program. At present, IBRA is preparing to select the financial
and legal advisors that will assist it in this assets sale
program.


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


FUJITSU LIMITED: Unveils 1Q03 Financial Results
-----------------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, reported
consolidated net sales of 938.7 billion yen, approximately
US$7.8 billion, for the first quarter of fiscal year 2003 (April
1 - June 30, 2003), a 4.5 percent decrease from the first
quarter of fiscal 2002. Lower sales of platforms products and
other factors contributed to the overall decline in sales. While
the Company is reaping the benefits of lower fixed costs
stemming from the restructuring initiatives implemented last
year, the impact of lower sales resulted in an operating loss of
37.8 billion yen.

Weakness in the equity market led to higher pension obligation
expenses and damages sustained in an earthquake that occurred
off the coast of Miyagi Prefecture in May resulted in an
extraordinary charge of 4.7 billion yen. These items, however,
were offset by a turnaround in equity in earnings of affiliates
to 1.8 billion yen and a 26.9 billion yen gain on sales of
marketable securities resulting from the sale of a portion of
the Company's shares in Fanuc. The consolidated net loss was
39.8 billion yen, representing a narrowing of the first quarter
loss in the previous year of 56.4 billion yen.

To date, Fujitsu's sales orders are in line with anticipated
levels, and the Company's financial projections for the full
year remain unchanged.


HOKUETSU KEIKAKU: Golf Course Enters Rehabilitation
---------------------------------------------------
Hokuetsu Keikaku, K.K., which has total liabilities of 6.2
billion yen against a capital of 20 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located in Shibata-shi, Niigata,
Japan.


JAPAN AIRLINES: CEO Issues Notice to Shareholders
-------------------------------------------------
Japan Airlines System Corporation President & CEO Isao Kaneko
issued a notice to shareholders regarding an amendment to the
carrier's Articles of Association:

Under the Civil Aeronautics Law of Japan, the voting rights of
non-Japanese investors in Japanese operating air transport
companies is limited to less than one-third of the total voting
rights.

This law applies to Japan Airlines and to Japan Air System,
which are now in the process of integrating under the
supervision of Japan Airlines System Corporation (JALS), the
holding Company established in October 2002. JALS is not an
operating air transport Company and the law did not apply.
However, at the first annual general meeting of shareholders of
JALS held in Tokyo on June 26, it was resolved that should there
be an amendment of the law, we should adjust the Articles of
Association of JALS accordingly.

Subsequently, the partial amendment of the Japanese Civil
Aviation Law relating to foreign investment levels to include
JALS in its scope has taken place and was promulgated on July
18, 2003. The date of formal enforcement of that amendment will
take place on July 28, 2003. The amendment, incorporated as
Article 7 of the Articles of Association of Japan Airlines
System Corporation, shown in full below.

Article 7 (as amended)

If the Company receives from a person in one of the listed
categories below a request for the inclusion of their name and
address in the register of shareholders and the register of
beneficial shareholders and if the acceptance of such a request
causes the total voting rights owned by such person or persons
to represent one-third of the total voting rights of the Company
or more, the Company shall refuse such inclusion.

(1) People without Japanese citizenship
(2) Foreign governments, foreign public organizations or similar
entities
(3) Foreign commercial corporations or other organizations
established under foreign laws and regulations.

This is to inform you of this amendment.

Foreign stockholding ratio of Japan Airlines System Corporation
is 4.5 percent as of the end of March 2003.

Meanwhile, the Japan Times reported that Japan Airlines System
projected in May a group net loss of 43 billion yen and a pretax
loss of 22 billion yen on projected revenues of 2.032 trillion
yen for the current fiscal year through next March 31. At that
time, it forecast a 162 billion yen fall in operating revenues
resulting from the Iraq war and the effects of the severe acute
respiratory syndrome epidemic.


MATSUSHITA ELECTRIC: Restructures Refrigeration Unit
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known for its
"Panasonic" brand products, announced that the Board of
Directors of Matsushita Refrigeration Company (MARCO), a wholly-
owned subsidiary of MEI, resolved to implement business
restructuring initiatives, which will include establishment of
an optimum global manufacturing structure and employee
relocations/early retirement initiatives.

Details of the business restructuring are as follows:

1. Establishment of an optimum global manufacturing structure

Background

A severe management environment has persisted in consumer-use
refrigerators, MARCO's principal product line, due mainly to
intensified competition in global markets, particularly by
Chinese and South Korean manufacturers, and continuing price
declines in the domestic market.

In response to such severe market conditions, MARCO will
strengthen its overseas operations, which are viewed as a
"growth engine," aiming to increase profitability on a global
basis. MARCO will also concentrate management resources into
such areas as HFC-free refrigerators and high value-added
components and devices, while carrying out business
restructuring of its manufacturing locations to achieve an
optimum global manufacturing structure.

Details of Restructuring

1) Integration of refrigerator production

To meet expected increases in demand for the company's popular
HFC-free refrigerators, domestic production of compressor-type
refrigerators will be concentrated into the Kusatsu factory,
where MARCO intends to establish a highly efficient operation.

2) Establishment of a new components and devices division

MARCO will merge its compressor division with its cooling and
heating components division to form a new components and devices
division, with the aim of expanding operations under a unified
strategy on a global basis, particularly in cutting-edge
technology areas such as compressors for HFC-free refrigerators
and vacuum insulation panels. While maintaining its two domestic
factories at Kusatsu and Fujisawa, MARCO will use the advantage
of its established global marketing networks to expand business
in components and devices.

3) Other details of restructuring

Regarding refrigerated food display cases and other food-related
equipment, MARCO will review in-house production from the
perspective of optimum allocation of management resources,
implementing outsourcing and OEM purchasing as deemed necessary,
while placing a higher priority on vending machines and new
product lines.

Implementation period and employee relocation

1) Implementation period

The aforementioned business restructuring will be implemented
from December 2003 through March 2004.

2) Employee relocation

Employees affected by the business restructuring will be
relocated to other divisions within MARCO or to Matsushita Home
Appliances Company (an internal divisional company of MEI).
However, for employees who wish to pursue careers outside of the
Matsushita Group, MARCO will provide support through various
initiatives, including an early retirement program, which is
outlined below.

2. MARCO early retirement program

The early retirement program will provide employees seeking
outside employment with a special retirement allowance, which is
in addition to standard retirement benefits. MARCO will also
offer assistance in the form of job searches and other support
for employees choosing early retirement.

3. Effect of business restructuring on MEI's financial results

The aforementioned business restructuring is not expected to
have any material effect on MEI's consolidated financial results
forecast for the year ending March 31, 2004 (fiscal 2004). MEI
announced its forecast for fiscal 2004 consolidated financial
results on April 28, 2003.

Reference

Outline of MARCO factories in Japan

Fujisawa factory

Location: Fujisawa City, Kanagawa Prefecture
Products: Consumer-use refrigerators
Date of incorporation: December 1961
Number of employees: 320 (as of June 30, 2003)

Other factories

MARCO's factories for refrigerators, vending machines, food-
related equipment and heating and cooling components are located
in Kusatsu, while its compressor factory is located in Fujisawa.


MATSUSHITA ELECTRIC: Launches Networked Home Appliances System
--------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., best known worldwide
for its Panasonic brand of consumer electronics and digital
communications products, announced that it will begin marketing
of Kurashi (Japanese for 'home life') Net, a networked home
appliances/housekeeping system to enhance the users' daily
living. The system, to be marketed from September 1, will enable
the user to control networked home appliances, such as air-
conditioners, refrigerators, washing machines and microwave
ovens, through wireless control from the central terminal, named
"Kurashi Station," or from a mobile phone. The system also
monitors security and other household conditions, alerting the
users by sounding an alarm linked to the "Watchdog Safety
Sensor" in cases of emergency.

The system was made possible through specialized 429-MHz
fractional-power wireless technology in compliance with the
Energy Conservation and Homecare Network (ECHONET) Standard.
ECHONET is a technical specification established by a group of
companies (Sharp, Tokyo Electric Power, Toshiba, Hitachi, MEI
and Mitsubishi Electric serving as core members) seeking to
develop energy-conscious home networking systems. The system
connects home appliances via the Kurashi Station, which controls
the connected appliances. The Kurashi Station can also receive
information services provided over the Internet by MEI.

The ECHONET-compliant wireless technology has made the system
economical and flexible in many ways. Its energy-saving feature
enables operation by batteries, while its compact sensor and
wireless communication units facilitate attachment to a wide
range of equipment. Setup of the system is simple, and the
wireless network's communication range can easily cover a
typical house.

Specifically, the following services will be provided:
(1) Centralized control and monitoring of home appliances,
information download for adding convenient functions to the
appliances, and the "Networked Appliance Service" for remote
control of the appliances through mobile phones;

(2) "Watchdog Service" for setting off an alarm or sending
emergency signals by the watchdog sensor in case of intrusion or
an entrance remaining unlocked;

(3) Transmission of various kinds of useful information (weather
forecasts, news and regional events, etc.) from MEI.

Combinations of the following products can customize the system
configuration:

(1) In-house central control terminal "Kurashi Station";

(2) ECHONET-compliant networked home appliances in four
categories: air-conditioner, refrigerator, washing machine, and
microwave oven;

(3) ECHONET-compliant Watchdog terminals (sensors for security
monitoring, emergency call remote control, setting/release
remote control).

These services will add new value to conventional home
appliances. Operational status of the connected appliances can
be monitored on the Station display, and information such as
suitable timing for changing the filters of air-conditioner
units and refrigerators, equipment malfunction, temperature
settings, and energy consumption can be monitored and used as
guidelines in daily energy conservation.

Users will be able to operate appliances from a remote location
by using a mobile phone, allowing them to perform such
operations as switching on the air-conditioner or washing
machine before returning home and changing preset operating
times. MEI has developed new functions and operating programs
for the system's networked washing machine and microwave oven
that can be downloaded from the Internet.

By integrating the "Watchdog Service" and the information
service, MEI is working to meet the growing demand for
individualized service, remote control of home appliances from
outside locations, and advanced home security. In this way, MEI
is offering new solutions for more comfortable living through
the creation of a networked environment based on the latest
technical innovations.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic, National, Technics, and Quasar brands, is a worldwide
leader in the development and manufacture of electronics
products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the Company recorded consolidated
sales of US$51.7 billion for the fiscal year ended March 31,
2002. In addition to stock exchanges in Tokyo (TSE: 6752) and
elsewhere in Japan, Matsushita's shares are listed on the
Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific,
and Paris stock exchanges. For further information, please visit
the Matsushita Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

Contact:
Matsushita Electric Industrial Co., Ltd.
Akira Kadota, International PR, Tokyo
kadota@hqs.mei.co.jp
Tel: 03-3578-1237 Fax: 03-3437-2776


MITSUBISHI ELECTRIC: Singaporean Unit Enters Liquidation
--------------------------------------------------------
Notice is hereby given that the creditors of Mitsubishi Electric
Singapore Pte. Ltd. (In Members' Voluntary Liquidation), are
required on or before the 25th day of August 2003 to send in
their names and addresses, with particulars of their debts or
claims and the names and addresses of their solicitors (if any)
to the undersigned, the Liquidator of the Company, and, if so
required by notice in writing from the Liquidator, are by their
solicitors, or personally, to come in and prove their debts or
claims at such time and place as shall be specified in such
notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Dated this 25th day of July 2003.
LOKE POH KEUN
Liquidator.
c/o 8 Cross Street #17-00
PWC Building
Singapore 048424.


MITSUBISHI TOKYO: Liquidates U.S. Unit
--------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced that The Bank of Tokyo-Mitsubishi,
Ltd. (BTM), a consolidated subsidiary of MTFG, has decided to
liquidate Dutchess Turnpike Realty Holding Corporation.

Dutchess Turnpike Realty Holding Corporation is a consolidated
subsidiary of BTM`s wholly-owned subsidiary, The Bank of
Tokyo-Mitsubishi Trust Company (BTM Trust).

1.  Outline of Dutchess Turnpike Realty Holding Corporation

(1) Address: 1251 Ave. of the Americas, New York, NY 10020-1104

(2) Managing Director: Patrick Reidy

(3) Capital: US dollars 0

(4) Business: Real Estate Management

2.  Reason for Liquidation

Dutchess Turnpike Realty Holding Corporation is a special
purpose Company established in order to own real estate
collateral of BTM Trust. As the collateral has been disposed of
it has been decided that Dutchess Turnpike Realty Holding
Corporation will be liquidated.

3.  Timing of liquidation

Liquidation is expected by the end of September 2003.

4.  Impact on MTFG's business forecast

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

For further information, please contact:
Seiji Itai
Chief Manager
Corporate Communications Office
Tel.: 81-3-3240-8136


NEC CORPORATION: Sells 3M Shares in French Firm
-----------------------------------------------
NEC Corporation has sold three million shares in French Company
Thomson SA or 1.07 percent of the outstanding shares in June and
ended their operational tie-up in the field of digital appliance
operations, AFX Asia reported Tuesday. A NEC spokesman did not
disclose financial details. The sale was part of the Company's
strategy to reduce assets and to get rid of interest-bearing
debts.


NEC CORPORATION: Clarifies "NTC Throws Out NEC Complaint" Report
----------------------------------------------------------------
This is in reference to the news article entitled "NTC throws
out complaint of NEC vs Digitel" published in the July 24, 2003
issue of the Manila Standard. The article reported that "the
National Telecommunications Commission (NTC) has junked Japan-
based NEC Corporation's plea to prevent Digital
Telecommunications Philippines, Inc. (Digitel) from transferring
its assets to its wireless unit Digitel Mobile Philippines Inc.,
parent of Sun Cellular."

Digital Telecommunications Philippines, Inc. (DGTL), in its
letter dated July 24, 2003, stated that:

"Please be informed that we received a copy of the Order issued
by the NTC dated July 18, 2003 confirming that NTC has indeed
denied the Motion to Intervene filed by NEC Corporation
(Japan)."

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2406_DGTL.pdf


PHOENIX RESORT: Incurs Y3.5B Loss in 2002
-----------------------------------------
Phoenix Resort Co. posted a net loss of 3.5 billion yen in the
year ended in March, bringing its cumulative loss to 9.7 billion
yen, Kyodo News said on Wednesday. The Seagaia resort complex
operator in Miyazaki Prefecture incurred losses in the last two
years, since it was placed under private management.


SUMITOMO ELECTRIC: Swings Back to Y2.33B Profit
-----------------------------------------------
Sumitomo Electric Industries Ltd. posted a group net profit of
2.33 billion yen in the April-June period, versus a loss of 1.89
billion yen a year earlier, according to Kyodo News on Tuesday.
The leading maker of electrical wires and cables attributed the
turnaround to restructuring efforts it has made so far.


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


DAEWOO MOTOR: U.S. Unit Files Lawsuit Against GM
------------------------------------------------
Sheppard, Mullin, Richter & Hampton LLP announced that it has
filed a lawsuit on behalf of Daewoo Motor America, Inc. (DMA),
and its creditors, in the United States Bankruptcy Court in Los
Angeles. The suit names General Motors Corporation and three
affiliates, GM Daewoo Auto & Technology Co. (GM Daewoo), Suzuki
Motor Corp. and American Suzuki Motor Corp. as defendants. The
complaint, filed on July 22, includes claims for fraud, tortuous
interference with contract, unfair competition, unjust
enrichment, aiding and abetting breach of fiduciary duty,
fraudulent transfer and violation of the bankruptcy automatic
stay. Claimed damages to DMA and its creditors are in the
hundreds of millions of dollars.

DMA's lawsuit stems from General Motors' decision to exclude DMA
from its worldwide distribution network for Daewoo vehicles,
which it acquired from the Korean parent of DMA, Daewoo Motor
Co., Ltd., in 2002.  The complaint alleges that General Motors
and its affiliates caused Daewoo Motor Co. to breach its
distribution agreement with DMA, thereby cutting off DMA's
supply of vehicles and, in May 2002, forcing it into Chapter 11
bankruptcy. DMA is continuing to operate while attempting to
emerge from bankruptcy as the U.S. distributor of parts and U.S.
vehicle warranty administrator for previously sold Daewoo badged
vehicles.  On July 23, the bankruptcy court set a hearing date
of October 2 for confirmation of DMA's reorganization plan.

General Motors has announced that its newly formed Korean
affiliate, GM Daewoo, soon plans to export and sell rebadged
Daewoo automobiles in the U.S. under the Chevrolet and Suzuki
brands.  These and other forthcoming Daewoo models were
originally to be distributed under the Daewoo brand in the U.S.
through DMA and its independent network of 500 dealers.  These
vehicles continue to be widely marketed as Daewoo products
throughout most of the rest of the world.

In the lawsuit, DMA is asking the bankruptcy court to restrain
General Motors and its affiliates from importing, advertising,
or selling the respective Daewoo vehicles for which DMA
maintains U.S. distribution rights pending a trial on DMA's
contractual right to distribute those models. The named General
Motors affiliates have announced their intention to soon market
these vehicles in the U.S. as Suzuki "Verona", Suzuki "Forenza",
and Chevrolet "Aveo".

"It is clear that General Motors Corporation is attempting to
profit and capitalize upon the success DMA demonstrated in the
United States selling Daewoo vehicles," said Joseph F. Coyne,
Jr., an attorney representing DMA. "DMA had been recognized as
'America's Fastest Growing Car Company' prior to GM's decision
to exclude DMA from the GM Daewoo worldwide network.  DMA,
however, will not permit others to misappropriate property that
belongs to DMA for the benefit of its creditors."

The creditors include approximately 180,000 owners of Daewoo
automobiles in the U.S., the U.S. Daewoo dealers, numerous fleet
and rental companies and other parties. Many Daewoo dealers have
already filed lawsuits against General Motors.  Most of those
lawsuits are being consolidated for discovery in federal court
in Florida.

Sheppard Mullin has more than 380 attorneys among its eight
offices in Los Angeles, San Francisco, Orange County, San Diego,
Santa Barbara, West Los Angeles, Del Mar Heights, and
Washington, D.C. The full-service firm provides counsel in
Antitrust and Trade Regulation; Business Litigation;
Construction, Environmental, Real Estate and Land Use
Litigation; Corporate; Entertainment and Media; Finance and
Bankruptcy; Financial Institutions; Government Contracts and
Regulated Industries; Healthcare; Intellectual Property;
International; Labor and Employment; Real Estate, Land Use,
Natural Resources and Environment; Tax, Employee Benefits,
Trusts and Estates; and White Collar and Civil Fraud Defense.
The Firm celebrated its 75th anniversary in 2002.


JINRO GROUP: Takes 54% of Korea's Soju Market
---------------------------------------------
Sales of Jinro Limited surged 7.3 percent at 25.82 million boxes
in the first half of this year, versus 24.06 million boxes a
year earlier, the Maeil Business Newspaper reports. The Jinro
Group, which is currently under court management, plans to
expand its market control to 55 percent by the end of this year.
The Company expects total sales to increase by 10 percent on an
annual comparison in 2003.


SK GLOBAL: Debtors Ask to Maintain Cash Management System
---------------------------------------------------------
The Operating Guidelines promulgated by the United States
trustee require that a chapter 11 debtor-in-possession close all
of its bank accounts immediately following the commencement of a
chapter 11 petition.  The chapter 11 debtor is then supposed to
open three post-petition bank accounts: one for general receipts
and disbursements, one for payroll and one for taxes.

CEO Seung Jae Kim says that won't work in SK Global's chapter 11
case.  In the ordinary course of business, SK Global explains,
it uses numerous bank accounts that create a centralized and
integrated cash management system.  The centralized Cash
Management System is designed to efficiently collect, transfer
and disburse funds generated through the Debtor's trading
activities.

SK Global's Cash Management System has six main parts:

      (1) Main Operating Account: The Debtor maintains its main
          operating account at Bank One, N.A. Cash is processed
          through the Main Operating Account into the Debtor's
          payroll and other disbursement accounts. The Main
          Operating Account functions as a concentration
          account for all the Debtor's accounts. All wire
          transfers are sent from the Main Operating Account.
          Balances in the Main Operating Account are deposited
          overnight into an investment account with Bank One and
          invested in U.S. Treasuries and Government Securities.

      (2) Lockbox Accounts: The Debtor also maintains several
          lockbox accounts with Bank One, which are used to
          receive check collection. Balances from the lockbox
          accounts are swept into the Main Operating Account.

      (3) Loan Accounts: The Debtor maintains numerous accounts,
          generally containing only nominal amounts, at various
          banks to process (a) loan borrowing and repayments,
          (b) letter of credit payments, and (c) miscellaneous
          financing transactions.

      (4) Branch Accounts: Each branch location of the Debtor
          maintains an operations account for normal day-to-day
          working capital needs.

      (5) Main Checking Account: The Debtor maintains a "zero
          balance" checking account at LaSalle Bank, N.A. for
          manual check payments. As checks are presented to
          LaSalle by the recipients' banks, the Debtor remits
          the total dollar amount for the checks of that
          particular day to be honored by LaSalle to the
          recipients' banks.

      (6) Short Term Investment Accounts: The Debtor maintains
          two accounts with Bank One Capital Market, which
          contain short-term certificate of deposits and other
          short-term investment-type funds.

Albert Togut, Esq., at Togut, Segal & Segal LLP, explains that
the Debtor's Cash Management System permits the Company to
efficiently and accurately collect, transfer, disburse and
record funds generated through its trading activities. Mr. Togut
notes that the Cash Management System has been in place for a
number of years and constitutes an ordinary course, essential
business practice of the Debtor as a whole.

Mr. Togut relates that the Debtor has relations with hundreds of
entities around the world and receives and disburses money
primarily through the means of electronic fund transfers.
"Forcing the Debtor to open new bank accounts would impose a
significant burden . . . as it strives to reorganize under the
protection of Chapter 11," Mr. Togut argues.

The Cash Management System provides five significant benefits to
the Debtor including, inter alia, the ability to:

      (a) Efficiently collect, control, and disburse funds;

      (b) Create economies of scale in purchasing goods and
          services;

      (c) Invest idle cash to maximize interest income;

      (d) Ensure the maximum availability of funds for various
          corporate purposes; and

      (e) Facilitate the movement of funds while ensuring timely
          and accurate account balance information.

At the First Day Hearing, with the consent of the U.S. Trustee,
Judge Blackshear granted the Debtor's request in all respects.

(SK GLOBAL BANKRUPTCY NEWS, Issue Number 1, July 25, 2003)


SK GLOBAL: Debtors Ask to Continue Using All Business Forms
-----------------------------------------------------------
The United States Trustee requires that a chapter 11 debtor stop
using old business forms (like checks, invoices and stationary)
and reprint new forms that bear a "Debtor-in-Possession" legend.
SK Global asks the Court to waive that requirement in this
chapter 11 proceeding.  SK Global asks the Court to allow it to
use its existing business forms without alteration or change.
The Debtor will, however, immediately start printing a "debtor-
in-possession" notation on all checks issued after the Petition
Date.

"A substantial amount of time and expense would be required to
print new checks and other business forms," Albert Togut, Esq.,
at Togut, Segal & Segal LLP, argues and this waiver's been
granted in many other large chapter 11 cases in the Southern
District of New York.  See In re Joan and David Halpern
incorporated, No. 00-B-10961 (SMB) (Bankr. S.D.N.Y. March 10,
2000); In re Cityscape Fin. Corp., No. 98 B 22569 (ASH) (Bankr.
S.D.N.Y. Oct. 7, 1998); In re Decorative Home Accents, Nos. 97-
B-46389 through 46395 (Bankr. S.D.N.Y. Oct. 1, 1997); In re JPS
Textile Group, No. 97-B-45133 (Bankr. S.D.N.Y. August 1, 1997);
In re Maidenform Worldwide, Inc., No. 97-B-44869 (Bankr.
S.D.N.Y. July 22, 1997); In re MK West Street Co., L.P., No. 96-
B-46656 (Bankr. S.D.N.Y. Dec. 9, 1996); In re Caldor, No. 95-B-
44080 (Bankr. S.D.N.Y. Sept. 18, 1995); In re Bradlees Stores,
Inc., Case No. 95 B 42777 (BRL) (Bankr. S.D.N.Y. June 23, 1995);
In re Simmons Upholstered Furniture, Inc., No. 94-635-HSB
(Bankr. D. Del. June 28, 1994); In re The Ormond Shops, Inc.,
No. 94-324-HSB (Bankr. D. Del. April 5, 1994); In re Memorex
Telex Corp., No. 92-7 (Bankr. D. Del. Jan. 6, 1992); In re
Continental Airlines, Inc., Nos. 90-932 through 980 (Bankr. D.
Del. Dec. 3, 1990).

"Motion granted," Judge Blackshear ruled at the First Day
Hearing, noting that its certainly no secret SK Global's sought
chapter 11 protection.

(SK GLOBAL BANKRUPTCY NEWS, Issue Number 1, July 25, 2003)


SK GLOBAL: Wants More Time to File Schedules and Statements
-----------------------------------------------------------
Sec. 521(1) of the Bankruptcy Code requires all chapter 11
debtors to prepare and deliver to the Court comprehensive
schedules of assets and liabilities and a statement of financial
affairs disclosing a variety of prepetition transactions. Rule
1007 of the Federal Rules of Bankruptcy Procedures requires a
debtor to deliver those documents to the Clerk's office within
15 days following the Petition Date.

SK Global America Inc., says there's no way it can assemble the
volume of data that's required within a two-week period. SK
Global asks the Court to extend the deadline to October 4, 2003.

"During the important initial stages of the Debtor's Chapter 11
case," Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, says,
"the Debtor's staff and its advisors will be expending
substantial time and resources on issues relating to the
Debtor's orderly transition into operating in a Chapter 11 case.
Additionally, the Debtor is dependent upon certain outside
sources for the information needed to complete the Schedules
(i.e., accounts receivable, billing information, etc.). For
these reasons, the Debtor will require additional time to gather
the information required (financial and otherwise) to accurately
prepare the Schedules." (SK Global Bankruptcy News, Issue No. 1;
Bankruptcy Creditors' Service, Inc., 609/392-0900)

(Troubled Company Reporter, Vol. 6. Issue No. 149)


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


ANSON PERDANA: Alternative Regularization Plan Underway
-------------------------------------------------------
The Board of Anson Perdana Berhad wishes to inform that Anson
and its subsidiary companies (Anson Group) have suffered a
deficit in the "adjusted shareholders' equity" on a consolidated
basis of RM17.223 million as at the third financial quarter
ended 31 May 2003. As a result, Anson has triggered one of the
criteria in relation to the financial condition of an affected
listed issuer pursuant to PN4/2001 and accordingly, Anson is
required to comply with the requirements of PN4/2001.

Anson's Obligations

Pursuant to paragraph 8.14 of the Listing Requirement and
PN4/2001, Anson and/or its directors is/are required to:

   i) announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE;

   ii) announce its compliance or failure to comply with a
particular obligation pursuant to the PN4/2001, as and when such
an obligation becomes due;

   iii) submit monthly reports accompanied by statutory
declarations to the Kuala Lumpur Stock Exchange (KLSE) in the
manner prescribed in the PN4/2001;

   iv) announce its plan to regularize its financial condition
within six (6) months from the date of this Announcement
(Requisite Announcement);

   v) submit its plan to regularize its financial condition to
the relevant authorities for approval, including the Securities
Commission (SC), where applicable, within two (2) months from
the date of the Requisite Announcement; and

   vi) obtain all approvals necessary for the implementation of
its plan to regularize its financial condition within four (4)
months from the date of submission of such plan for approvals.

Consequences of Non-compliance

In the event Anson fails to comply with any of the obligations
set out in the PN4/2001, the Company may be regarded as a listed
issuer whose financial condition does not warrant continued
trading and / or listing. However, the Company would be accorded
due process by the KLSE before effecting any suspension and / or
de-listing.

Status of Anson's Plan to Regularize its Financial Condition

The Company had announced on 2 June 2003 that the Company has
not sought an extension of time from the Securities Commission
for implementation of the proposed restructuring scheme due to
unfavorable market conditions, which has adversely affected the
scheme's viability. The Company is currently working on other
alternative plans to regularize its financial condition, and
hopes to make an announcement in due course on a new scheme.


BRIDGECON HOLDINGS: Securities Delisted; PREMIUM Granted Listing
----------------------------------------------------------------
The restructuring scheme of Bridgecon Holdings Berhad (BRIDGE)
leading to the admission of Premium Nutrients Berhad (PREMIUM)
to the Official List of the Kuala Lumpur Stock Exchange in place
of BRIDGE involving the following:

   i. Exchange of shares between the existing shareholders of
BRIDGE and a newly incorporated company, PREMIUM involving the
issuance of 2,000,000 new PREMIUM ordinary shares of RM0.50 each
(PREMIUM Share), on the basis of one (1) new PREMIUM Share for
every 9.975 ordinary shares of RM1.00 each in BRIDGE.

   ii Issuance of 62,000,000 new PREMIUM Shares credited as
fully paid-up, to BRIDGE to be held by creditor's agent for an
behalf of the creditors as part of the settlement of the debts
owing by BRIDGE to the creditors as at 30 June 20001, being the
Cut-Off Date, amounting to RM251,369,290, pursuant to the
workout proposal.

   iii. Acquisition by PREMIUM of the entire issued and paid-up
share capital of Premium Vegetable Oil Berhad (PVOB) comprising
54,862,500 ordinary shares of RM1.00 each from the PVOB Vendors
for a purchase consideration of RM136,500,000 satisfied by the
issuance of 273,000,000 new PREMIUM Shares at an issue price of
RM0.50 each.

   iv. Transfer of the listing status of BRIDGE on the Second
Board of KLSE to PREMIUM whereby BRIDGE will be delisted and
PREMIUM will be listed in place of BRIDGE on the Official List
of KLSE.

   v. Offer for sale of the Offer Shares by the Offerors to the
following:

     a) 3,000,000 PREMIUM Shares to shareholders of BRIDGE.
     b) 5,000,000 PREMIUM Shares to eligible directors,
employees, suppliers, customers and agents of PREMIUM group.

     c) 5,000,000 PREMIUM Shares to Bumiputera investors
approved by Ministry of International Trade and Industry.

     d) 20,000,000 PREMIUM Shares by way of private placements
to identified investors; and

     e) 10,208,000 PREMIUM Shares available for application by
the Malaysian Public.

   vi. Admission to and listing of and quotation for the entire
issued and fully-paid share capital of PREMIUM comprising
337,000,004 PREMIUM Shares on the Second Board of KLSE in place
of BRIDGE.

   vii. Liquidation of BRIDGE and its remaining subsidiary and
associated companies not already in liquidation pursuant to the
workout proposal and in accordance with the voluntary winding-up
provisions under the Companies Act, and the Companies (Winding-
Up) Rules 1972.

Kindly be advised on the following:

   1. PREMIUM's entired issued and paid-up share capital of
RM168,500,002 comprising 337,000,004 ordinary shares of RM0.50
each arising from the aforesaid Restructuring Scheme, will be
admitted to the Official List of the Exchange in place of BRIDGE
which will be delisted, and the listing of and quotation for
these ordinary shares on the Second Board under the "Industrial
Products" sector will be granted with effect from 9:00 a.m.,
Friday, 1 August 2003, on a "Ready" basis pursuant to the Rules
of the Exchange.

   2. The Stock Short Name , Stock Number and ISIN Code of
PREMIUM's ordinary shares are as follows :

                Stock Short Name     Stock Number  ISIN Code
Ordinary shares PREMIUM              9458          MYL9458OO000

Kindly be advised that the ordinary shares PREMIUM are
prescribed securities. Dealings in the ordinary shares of
PREMIUM should be carried out in accordance with the Securities
Industry (Central Depositories) Act, 1991 and the Rules of
Malaysian Central Depository Sdn. Bhd.

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid
ordinary shares of PREMIUM.

   3. The reference price for PREMIUM's ordinary shares is
RM0.50. The trading limit will be 500%.


FURQAN BUSINESS: Court Grants Unit Restraining and Stay Order
-------------------------------------------------------------
Further to the restructuring of Austral Amalgamated Berhad (AAB)
and consolidation of the Furqan Business Organisation Berhad
Group after the transfer listing of AAB, the Board wishes to
announce that a Restraining and Stay Order (RSO) pursuant to
Section 176(10) of the Companies Act, 1965 (the Act) has been
granted by the High Court of Malaya (the Court) to Mandarin
Tours & Travel Sdn. Bhd. (MTT), a 55% owned subsidiary of AAB,
which in turn is a wholly owned subsidiary of FBO on 25 July
2003. MTT obtained the RSO from its solicitors on 29 July 2003.
The RSO shall be applicable and valid for a period commencing
from the date of RSO and expiring on the date, which is the
latest of:

   a. 90 days from the date of the RSO;

   b. the date of the approval of the Proposed Scheme of
Arrangement (Proposed Scheme) by the Court; and

   c. such further period expiring on such later date as may be
extended by the Court; and

   d. the RSO shall be effective from the date the order granted
by the Court and valid according to the abovementioned meanings
notwithstanding any provisions in any laws or in any decisions
of the Court and will bind any party or person(s) involved with
any of the parties, notwithstanding that the involved person(s)
is not party to the proceeding or in any other related
proceedings or has no knowledge of this proceeding or any other
related proceedings.

Details of the events leading to the grant of the court order

Pursuant to the restructuring of AAB, only MTT's debts owing to
a financial institution, of which a corporate guarantee was
given by AAB in its favor, was fully addressed. All other MTT
debts, which are unsecured, including but not limited to, debts
owing to its trade creditors, subsidiary, associated companies
and its holding company (thereafter collectively referred as
"the Scheme Creditors"), were not settled under AAB's group-wide
debt reorganization.

Hence, MTT has formulated a proposed scheme for the
consideration of its Scheme Creditors. However, there are legal
proceedings instituted against MTT and to preserve public
interest, there is a need to restrain all legal proceedings
while the proposed scheme are being finalized. As such, it was
deemed necessary to apply for RSO under Section 176 of the Act.

Financial and operational impact on the Group

FBO does not expect the RSO to have any material financial
and/or operational impact on FBO Group.

Details of the proposed scheme

Subject to the consent of the creditors and any necessary
modifications to comply with regulatory and legal requirements,
the proposed scheme would be forwarded to all creditors of MTT
for their approval upon the finalization of the terms.


GADANG HOLDINGS: KLSE Grants ICULS Conversion Listing
-----------------------------------------------------
Kindly be advised that Gadang Holdings Bhd's additional 558,000
new ordinary shares of RM1.00 each issued as follows:

   (i) 333,000 new ordinary shares arising from the Conversion
of RM333,000 Nominal Value of 3% Irredeemable Convertible
Unsecured Loan Stocks 2002/2007 into 333,000 New Ordinary
Shares; and

   (ii) 225,000 new ordinary shares issued pursuant to
Employees' Share Option Scheme.

will be granted listing and quotation with effect from 9:00
a.m., Thursday, 31 July 2003.

Wrights Investors' Service reports that as of May 2002, the
company's long-term debt was RM33.39 million and total
liabilities were Rm176.16 million. The long-term debt to equity
ratio of the company is 1.08. It also reported that Company
booked losses during the previous 12 months and has not paid any
dividend during the previous 3 fiscal years.


GEORGE KENT: All Resolutions Pass at 52nd AGM
---------------------------------------------
George Kent (Malaysia) Berhad is pleased to inform that at the
Fifty-Second Annual General Meeting (AGM) held on 29 July 2003,
shareholders in attendance have unanimously approved all the
resolutions transacted under ordinary business and special
business as set out in the notice of the AGM. Click
http://bankrupt.com/misc/TCRAP_George0710.docto see said
Notice.

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Company has received the approval of the
Securities Commission via its letter dated 26 June 2003 for an
extension of time up to 31 December 2003 to implement the
Corporate Exercises.


HYUNDAI-BERJAYA CORP.: Financial Regularization Completed
---------------------------------------------------------
The Board of Directors of Hyundai-Berjaya Corporation Berhad
(formerly known as Transwater Corporation Berhad) wishes to
inform that the Kuala Lumpur Stock Exchange via its letter dated
28 July 2003 has classified the Company from Practice Note
4/2001 Condition sector to the Trading/Services sector with
effect from 9:0 a.m. 29 July 2003 as the Company has regularized
its financial condition.

However, the securities of the Company, which is currently under
trading suspension, will remain suspended until further notice.


LONG HUAT: LSKH Vendors OK SC's Debt Exercise Conditions
--------------------------------------------------------
Long Huat Group Berhad refers to the announcement made on 22
July 2003 on the Proposed Restructuring Scheme and the verbal
query from the Kuala Lumpur Stock Exchange on 25 July 2003.

On behalf of the Board of Directors of LHGB, Southern Investment
Bank Berhad wishes to announce that the LHGB Board and the Lee
Swee Kiat Holdings Sdn Bhd (LSKH) vendors (LSKH Vendors),
namely, Lee Swee Kiat & Sons Sdn Bhd (LSKS) and East Malaysia
Growth Corporation Sdn Bhd (EMGC) accepts all the conditions
imposed by the Securities Commission via its letter dated 14
July 2003 which was received on 18 July 2003, subject to the
finalization of the amount due to the preferential/essential
creditors of LHGB following the proof of debt exercise being
carried out.


RASHID HUSSAIN: ICULS Conversion Granted Listing
------------------------------------------------
Kindly be advised that Rashid Hussain Berhad's additional
576,866 new ordinary shares of RM1.00 each arising from the
Conversion of RM651,860 Nominal Value of Irredeemable
Convertible Unsecured Loan Stocks-B Into 576,866 New Ordinary
Shares will be granted listing and quotation with effect from
9:00 a.m., Friday, 1 August 2003.

COMPANY PROFILE

The Company (RHB) is principally an investment holding company
and its major subsidiaries are involved in commercial banking,
merchant banking, offshore banking, finance company business,
offshore trust services, general insurance, leasing, unit trust
management, property investment and management and the
securities and asset management business. Commercial banking,
however, contributes the major portion of the Group's revenue.
Between 1996 and 1999, the Group undertook several mergers and
acquisitions, which involved the acquisition of Kwong Yik Bank
Bhd and Sime Bank Berhad.

On 23 April 2001, RHB announced that it has received approvals
from the Minister of Finance via Bank Negara Malaysia (BNM) to
enter into negotiations with UBG Banking Group Berhad (UBG) for
the purpose of merging the RHB and UBG banking groups.
Negotiations are on-going.

With respect to the proposed group restructuring scheme
announced in September 2000, RHB is reviewing the proposal as
part of the proposed merger between the RHB and UBG banking
groups.

CONTACT INFORMATION: 9th Floor RHB 1
                     424 Jalan Tun Razak
                     50400 Kuala Lumpur
                     PO Box 12699, 50786 Kuala Lumpur
                     Tel : 03-9852233
                     Fax : 03-9855522


SATERAS RESOURCES: Court Grants Three-Month Stay of Proceedings
---------------------------------------------------------------
Further to the announcements made on 14th July 2003 in relation
to the Winding-Up of Cosmopac Sdn Bhd, a wholly owned subsidiary
of Sateras Resources (Malaysia) Berhad.

The Board of Directors of the Company wishes to announce that
the Learned Judge has on 29th July 2003 granted a stay of all
proceedings for a period of 3 months and has further ordered
Cosmopac Sdn Bhd to pay the sum of RM378,670.50 as cost to the
Official Receiver within two weeks from the date hereof.


SOUTHERN PLASTIC: SC OKS Scheme Submission Extension
----------------------------------------------------
Southern Plastic Holdings Berhad announced that the Securities
Commission, through its letter dated 28 July 2003, has approved
the Company's application for extension of time to submit all
the required relevant information/document/explanation in
connection with the Proposed Restructuring Scheme before 4
August 2003.

The Troubled Company Reporter - Asia Pacific reported on May
that Southern Plastic and the Group are still in default of
payments towards their bank borrowings from certain financial
institutions. This was a result of the respective banks' actions
in freezing the bank borrowing facilities of the Group and the
Company in view of the Company's proposal of an informal
restructuring scheme.


TA ENTERPRISE: Unit Extends Debt Conversion Date
------------------------------------------------
Further to the earlier announcements in relation to the
Supplemental Debt Restructuring Agreement signed with Idris
Hydraulic (Malaysia) Berhad.

The Board of Directors of TA Enterprise Berhad (TAE) wishes to
announce that on 29 July 2003, TA First Credit Sdn Bhd (TAFC), a
wholly owned subsidiary of TAE had agreed to extend the Debt
Conversion Date, that is the date the scheme liabilities are
expected to be fully addressed, from 30 June 2003 to 30 November
2003 (Extended Debt Conversion Date) provided however that the
cash amount that is due to TAFC from the Proposed Share
Subscription by Dato'Che Mohd Annuar bin Che Mohd Senawi,
amounting to RM37.7 million shall be paid on or before 30
September 2003.

Meanwhile, the balance of RM4.3 million cash proceeds due to
TAFC shall only be paid on or before the Extended Debt
Conversion Date.

For details on the Supplemental Debt Restructuring Agreement,
refer to the Troubled Company Reporter - Asia Pacific Monday,
June 30 2003, Vol. 6, No. 127 issue.


TAJO BHD: Hires SIBB as Proposed Exemption Independent Adviser
--------------------------------------------------------------
Reference is made to Tajo Berhad's announcements dated 10 June
2002 and 31 December 2002. In the announcement dated 31 December
2002, it was announced that the Securities Commission (SC) had
approved the Proposed Restructuring Exercise of Tajo subject to
certain conditions being fulfilled.

As part of the SC's approval for the Proposed Restructuring
Exercise, the SC had approved the application from MAA Holdings
Berhad, Malaysian Assurance Alliance Berhad and MAA Credit Sdn
Bhd (MAAH Group) for an exemption from the obligation to
undertake a mandatory offer for the remaining voting shares in
Mithril Berhad (Mithril) not already held by them upon
completion of the Proposed Restructuring Exercise under Practice
Note 2.9.3 of the Malaysia Code on Take-Overs and Merger 1998
(Code), subject, inter-alia to the following condition imposed
by SC being met:

   (i) MAAH Group is required to obtain the approval from the
shareholders of Tajo/Mithril under the "white-wash" procedure as
stated under Paragraph 5(b)(i)-(iv), Practice Note 2.9.1 of the
Code pursuant to the exercise of the warrants held by them
(Proposed Exemption). The shareholders approval, if obtained, is
valid for the duration of the warrants.

In this regard, the independent directors of Tajo had appointed
Southern Investment Bank Berhad (SIBB) as the Independent
Adviser for the Proposed Exemption.


ZAITUN BERHAD: KLSE Delisting Securities Trading by August 11
-------------------------------------------------------------
The Board of Directors wish to inform that Zaitun Berhad has
received a letter from the Kuala Lumpur Stock Exchange (the
Exchange) on 25 July 2003 informing the decision of the Exchange
in respect of de-listing procedures commenced against Zaitun
Berhad (the Company).

The Exchange informed that after having consider all the facts
and circumstances of the matter and upon consultation with the
Securities Commission, the Exchange in exercising its power
under paragraph 16.17 of the Exchange's Listing Requirements,
has decided to de-list the securities of the Company from the
Official List of the Exchange.

In arriving at the decision to de-list, the Committee of the
Exchange had regard to all the issues including, in particular
the following factors:

   a) ZAITUN has not as at 20 June 2003 made its Requisite
Announcement;

   b) Since the First Announcement on 26 February 2001, as at 31
December 2002, ZAITUN has been given a total of 22 months to
obtain all regulatory approvals necessary for the implementation
of its regularization plans;

   c) The three major lawsuits for the total claims exceeding
RM250 million in which ZAITUN is the plaintiff and the
development in one of the legal suits whereby ZAITUN had
obtained a judgment for an approximate sum of RM46,469,476.89 on
12 June 2003. However, recovery of the judgment sum has not
taken place;

   d) All PN4 Companies are required to regularize their
financial condition within the prescribed time frames. The
outcome of the legal suits cannot justify non-regularization of
its financial condition;

   e) The steps taken by ZAITUN since its First Announcement on
26 February 2001 to regularize its financial condition including
the proposed restructuring scheme as announced by ZAITUN on 17
June 2003;

   f) ZAITUN has failed to obtain all regulatory approvals
necessary for the implementation of its regularization plans by
31 December 2002 and the Exchange beyond 31 December 2002 has
granted no further extension of time to ZAITUN;

   g) The requirement for companies to have an adequate level of
financial condition serves to ensure that companies listed on
the Official List are of minimum quality. Companies that have a
minimum level of financial condition serve to preserve and
sustain market integrity and investors' confidence; and

   h) In the opinion of the KLSE, adequate time and opportunity
has been accorded to ZAITUN to regularize its financial
condition.

Accordingly, the securities of the Company will be removed from
the Official List of the Exchange at 9:00am on Monday, 11 August
2003.

The Company is not satisfied with the decision of the Committee
of the Exchange to disallow Zaitun's appeal against the de-
listing of the securities of the Company from the Exchange
especially with regard to the factors (c), (d) and (e) as
mentioned in the Exchange letter dated 25 July 2003. The Company
is of view that the drastic action taken (de-listing) by the
Exchange is not in the interest of 9,965 public shareholders of
the company as at 15 May 2002 and the creditors of Zaitun Group.
The Company shall seek redress.

The securities of the Company may remain be deposited with the
Malaysian Central Depository Sdn Bhd (MCDnot withstanding the
de-listing of the securities of the Company from the Official
List of the Exchange. It also not mandatory for the securities
of the Company to be withdrawn from MCD.

Shareholder of the Company if so wish may withdraw their
securities from MCD after the securities of the Company were de-
listed from the Official List of the Exchange by submitting the
necessary application forms for withdrawal in accordance with
the procedures prescribed by MCD.

Shareholders of the Company can contact any Member Company of
the Exchange and/or MCD's helpline at 03-20717711 or 03-20717723
for information on the withdrawal procedures.


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


PHILIPPINE LONG: Moody's Revises Rating Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service has changed Philippine Long Distance
Telephone Company (PLDT) outlook to positive from stable. At the
same time, Moody's affirmed PLDT's senior unsecured rating of
Ba3 and its preferred stock rating of B2. The revised outlook is
based on continued improvements in: (1) the operating
performance of SMART, the wholly owned cellular subsidiary of
the Company; and (2) the financial and debt maturity profile of
PLDT with on-going Free Cash Flow expected to help repay debt
maturities in the coming years.

Moody's says that the ratings reflect PLDT's position as a
leading integrated telecommunications provider in the
Philippines with significant market share and strong EBITDA
margins. It also reflects PLDT's improving financial profile on
the back of a strengthening operating performance facilitating
debt reduction, and relatively lower capital expenditure
spending as a result of the completion of its infrastructure
build-out.

However, the ratings also reflect concerns over PLDT's high
gearing level, exposure to Peso/USD exchange rate movements, and
exposure to potential adverse political and regulatory
developments in Philippines that could affect the revenue and
competitive position of the Company.

The strong operating performance is mainly driven by Smart,
PLDT's operating performance in fixed line remaining flat. The
growth in consolidated EBITDA by 12 percent to P25.3Bn in first
half 2003 mainly stemmed from the strong growth in Smart, driven
by an increased subscriber base. PLDT continued to generate
positive free cash flow (P10.3Bn in 1H 2003) and has reduced a
total of US$165m (P8.7Bn) debt in 1H 2003 thanks to improving
operating cash flows and reduced capex. PLDT has largely
completed the upgrade to both its fixed line and cellular
networks with on-going capex now more a function of expected
growth in usage.

The positive outlook reflects that the ratings could be upgraded
in the next 12-18 months if (1) PLDT demonstrates its ability to
achieve projected results; (2) PLDT continues its efforts in
debt reduction; (3) the Company resolves uncertainty surrounding
a potential IPO of Smart in 2004 and future capital management
and dividend strategies post 2005 or Moody's determines that
such uncertainties are deemed to be manageable given increasing
financial flexibility at the rating level; and (4) current
political uncertainties in the Philippines do not impact on the
operating or financial profile of PLDT.

Philippine Long Distance Telephone Company, based in Manila,
Philippines, is the principal supplier of telecommunications
services in that country.

DebtTraders reports that Philippine Long Distance and Telephone
Co.'s 11.375 percent convertible bond due in 2012 (CSM06SGN1)
trades between 110 and 112.5. For real-time bond pricing, go
to http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


AKSES ENGINEERING: Issues Debt Claim Notice to Creditors
--------------------------------------------------------
Notice is hereby given that the creditors of Akses Engineering
Pte Ltd (In Members' Voluntary Liquidation), whose debts or
claims have not already been admitted, are required on or before
26th August 2003 to submit particulars of their debts or claims
and any security held by them to the liquidator.

This should be done by delivering or sending through the post to
liquidator CARMEN ROSITA JANSEN, c/o 6 Shenton Way, #32-00 DBS
Building Tower Two, Singapore 068809, a formal Proof of Debt in
accordance with Form 77 containing the creditor's respective
debts or claims.

If a creditor fails to comply with this notice the creditor will
be excluded from the benefit of any distribution made before its
debts or claims are proved or its priority is established and
from objecting to the distribution.


BLUEFRAME SOLUTIONS: Creditors Must Submit Claims by August 25
--------------------------------------------------------------
Notice is hereby given that the creditors of Blueframe Solutions
Pte Ltd (In Members' Voluntary Liquidation), which is being
wound up voluntarily are required on or before the 25th day of
August 2003 to send in their names and addresses and particulars
of their debts or claims, and the names and addresses of their
solicitors (if any) to the undersigned, the Liquidators of the
said Company and, if so required by notice in writing by the
said Liquidators are, by their solicitors or personally, to come
in and prove their debts or claims at such time and place as
shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

Dated this 25th day of July 2003.
CHEE YOH CHUANG
LEOW QUEK SHIONG
Liquidators.
c/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423.


CLUFF OIL: Creditors to Submit Debt Claims by August 26
-------------------------------------------------------
Notice is hereby given that the creditors of Cluff Oil
(Singapore) Ltd. (In Members' Voluntary Liquidation), whose
debts or claims have not already been admitted, are required on
or before 26th August 2003 to submit particulars of their debts
or claims and any security held by them to the liquidator.

This should be done by delivering or sending through the post to
liquidator LIM SAY WAN, c/o 6 Shenton Way, #32-00 DBS Building
Tower Two, Singapore 068809, a formal Proof of Debt in
accordance with Form 77 containing their respective debts or
claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.


DONNINGTON PTE: Appoints Rohan & Hock as Liquidators
----------------------------------------------------
At an Extraordinary General Meeting (EGM) of the members of
Donnington Pte Ltd (In Members' Voluntary Liquidation) duly
convened and held at 10 Anson Road, #29-08 International Plaza,
Singapore 079903 on 18th July 2003 at 10.00 A.M., the following
Special Resolutions were duly passed:

SPECIAL RESOLUTION

1. That the Company be wound up voluntarily and that Mr Rohan
Kamis and Mr Tan Tuan Hock of c/o 78 Shenton Way #26-02,
Singapore 079120 be and are hereby appointed as liquidators of
the Company for the purpose of such winding up.

2. That the said liquidators be and are hereby authorized to
exercise any of the powers given by section 272 (1) (b), (c),
(d) and (e) of the Companies Act (Chapter 50).

3. That any part of all of the surplus assets whatsoever
remaining in the Company after satisfaction of all debts and
liabilities shall be distributed in cash or in specie to the
members of the Company.

Dated: 25th July 2003.
CHONG MING KWAI
Director.


G-TECKNOR: Issues Dividend Notice to Creditors
----------------------------------------------
Chee Yoh Chuang, liquidator of G-Tecknor Technical Pte Ltd. (In
Creditors' Voluntary Liquidation), issued a notice to creditors
of intention to declare dividend. Creditors are mentioned in the
statement of affairs, but have not yet proved their debt. If
creditors do not prove their debt by the 11th day of August
2003, they will be excluded from this dividend.

CHEE YOH CHUANG
Liquidator.
c/o Chio Lim & Associates
18 Cross Street #08-01
Marsh & McLennan Centre
Singapore 048423.


HO YEOW: Winding Up Petition Hearing Set August 15
--------------------------------------------------
Notice is hereby given that a Petition for the winding up of Ho
Yeow Koon And Sons Private Limited (RC No. 196200105D) by the
High Court was on the 21st day of July 2003 presented by Ho Kian
Cheong (NRIC No. 0105230/F), of 15 Cluny Hill, Singapore 259673,
a contributory and that the Petition is directed to be heard
before the Court sitting at Singapore at 10.00 o'clock in the
forenoon on the 15th day of August 2003; and any creditor or
contributory of the Company desiring to support or oppose the
making of an Order on the Petition may appear at the time of
hearing by themselves or their Counsel for that purpose; and a
copy of the Petition will be furnished to any creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is 15 Cluny Hill, Singapore 259673.
The Petitioner's solicitors are Messrs Rajah & Tann of No. 4
Battery Road, #15-01 Bank of China Building, Singapore 049908.
Dated this 28th day of July 2003.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of No. 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
(if any) and must be served, or, if posted must be sent by post
in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 14th August 2003 (the day
before the day appointed for the hearing of the Petition).


KOO HENG: Issues Petition to Wind Up Firm
-----------------------------------------
Notice is hereby given that a petition for the winding up of Koo
Heng Goldsmith & Jewellery (Pte) Limited (RC No. 197000259D) by
the High Court was on the 16th day of July 2003 presented by
BANK OF CHINA (RC No. F00753/W), a bank incorporated in the
People's Republic of China and having its registered office at 4
Battery Road, Bank of China Building, Singapore 049908, a
creditor and that the Petition is directed to be heard before
the Court sitting at Singapore at 10.00 o'clock in the forenoon
on the 8th day of August 2003; and any creditor or contributory
of the Company desiring to support or oppose the making of an
Order on the Petition may appear at the time of hearing by
themselves or their Counsel for that purpose; and a copy of the
Petition will be furnished to any creditor or contributory of
the Company requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore 049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-00 Bank of China Building, Singapore 049908.

Dated this 18th day of July 2003.
Messrs RAJAH & TANN
Solicitors for the Petitioner.

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-00 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
(if any) and must be served, or, if posted must be sent by post
in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 7th August 2003 (the day
before the day appointed for the hearing of the Petition).


SHIPPING COMPANY: Creditors to Submit Debt Claims August 26
-----------------------------------------------------------
Notice is hereby given that the creditors of Shipping Company Of
9/12 - 1994 LP Pte Ltd (In Members' Voluntary Liquidation),
whose debts or claims have not already been admitted, are
required on or before 26th August 2003 to submit particulars of
their debts or claims and any security held by them to the
liquidator.

This should be done by delivering or sending mail to liquidator
Lim Say Wan C/O 6 Shenton Way, #32-00 DBS Building Tower Two,
Singapore 068809, a formal Proof of Debt in accordance with Form
77 containing their respective debts or claims.

In default of complying with this notice they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.


SUM CHEONG: Schedules Winding Up Hearing August 15
--------------------------------------------------
Notice is hereby given that a petition for the winding up of Sum
Cheong Piling Pte Ltd (RC No. 196500206Z) by the High Court was
on the 18th of July 2003 presented by ALMECH HARDWARE
ENGINEERING PTE LTD, (RC No. 197800591Z), a creditor, of 8
Pioneer Sector 2, Singapore 628370, and that the said Petition
is directed to be heard before the Court sitting at the High
Court in Singapore at 10.00 A.M. on the 15th day of August 2003
and any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the said Company requiring the
copy of the Petition by the undersigned on payment of the
regulated charge for the same.

The Petitioners' address is 8 Pioneer Sector 2, Singapore
628370.

The Petitioners' solicitors are Messrs Mallal & Namazie of 50
Robinson Road, MNB Building #12-00, Singapore 068882.

Dated this 23rd day of July 2003.
MALLAL & NAMAZIE
Solicitors for the Petitioners.

Any person who intends to appear on the hearing of the said
Petition must serve on or send by post to the abovenamed
Solicitors for the Petitioners, Messrs Mallal & Namazie of 50
Robinson Road, MNB Building #12-00, Singapore 068882, notice in
writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person, firm, or
his or their Solicitor (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
above named not later than twelve o'clock noon of the 14th day
of August 2003 (the day before the day appointed for the hearing
of the Petition).


TANG PENG: Issues Winding Up Order Notice
-----------------------------------------
The Insolvency & Public Trustee's Office issued a notice for the
winding up order of Tan Peng Construction (Private) Limited (RC
No. 1971019921D) made on July 11, 2003.

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.


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


BANGKOK RUBBER: Director Teerachon Manomaiphibul Steps Down
-----------------------------------------------------------
B.R.C. Planner Company Limited, as the Plan Administrator to
rehabilitate the business of Bangkok Rubber Public Company
Limited, informed that Mr. Teerachon Manomaiphibul would resign
from his position as Director of the Company and submitted a
written notice on 11 November 2002.

As Bangkok Rubber Public Company Limited is in a process of
Business Rehabilitation Plan, the Bankruptcy Act B.E. 1940
provides authorization for the administrator to amend or alter
the regulations of the company's memorandum as prescribed in the
plan only and can not register the alteration of directors.

Consequently, the court has given a permission to the Plan's
Administrator to bring the resignation of Mr. Teerachon
Manomaiphibul to the registrar of Public Company Limited,
Department of Trade Development, Ministry of Commerce in order
to register the alteration  of a director.


JASMINE INTERNATIONAL: Clarifies Warrant Issuance Rumor
-------------------------------------------------------
Chaengwatana Planner Co., Ltd., as the Planner of Jasmine
International Public Company Limited, would like to clarify the
rumor on warrant issuance to the existing shareholders of
JASMIN. The Company informed that according to the
rehabilitation plan (the Plan), which was approved by the
Statutory Creditors' Meeting, there will be warrant issuance to
the existing shareholders.  However it depends on the
consideration of the Central Bankruptcy Court, which was
scheduled to render the Plan approval order on 7 August 2003.

In case the Central Bankruptcy Court considers approving the
Plan, the Planner will further proceed the mentioned Plan.


JUTHA MARITIME: Receives Debt Repayment Benefits
------------------------------------------------
Jutha Maritime Public Company Limited refers to the
Restructuring Agreement with Export-Import Bank of Thailand, The
Industrial Finance Corporation of Thailand, Siam Commercial Bank
PCL and Bankthai PCL.

The company advised that it is granted with the following
benefits which enhances its ability for debts repayment:

   - extension of loan repayment period to 7 years more,
   - decrease of loan interest rates
   - freeze on interest margin payment and
   - partial payment of interest

As a consequence, the company can reduce much of its interest
expenses and enjoy better cash inflow. This debt restructuring
agreement will enhance its ability to continue and the company
can ultimately improve its performance gradually.


PRASIT PATANA: SET Grants Listed Securities
-------------------------------------------
Starting from 31 July 2003, the Stock Exchange of Thailand (SET)
allowed the securities of Prasit Patana Public Company Limited
(PYT) to be listed on the SET after finishing capital increase
procedures.

However, PYT is a listed company under REHABCO sector and is in
the rehabilitation process, therefore, the SET has still
suspended trading all securities of PYT until the causes of
delisting are eliminated. Anyway, the company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.

   Name        : PYT
   Issued and Paid up Capital
     Old  : 866,023,760 Baht (Common Stock  86,602,376 shares)
     New  : 4,330,118,800 Baht (Common Stock 433,011,880 shares)
   Par Value   : 10 Baht
   Allocate to : Creditors of PYT,Phyathai 2 Hospital Co.,Ltd
                 and Phyathai 3 Hospital Co.,Ltd for debt/equity
                 conversion 26 persons 346,409,504 shares
   Ratio       : -
   Price Per Share: 1.51 Baht
   Payment date   : -


THAI CANE: Audit Committee Members Re-Appointed
-----------------------------------------------
The Board of Directors' Meeting No. 7/2003 of Thai Cane Paper
Public Company Limited held on July 28, 2003 resolved to approve
the re-appointment of Audit Committee with 2 years term for
holding office.  Members of Audit Committee are:

   1.  Mr. Sobhon Dhammapalo as Chairman of the Audit Committee
   2.  Pol. Maj. Urai See-Urai as Audit Committee Member
   3.  Ms. Raveewal Phinyopanakul as Audit Committee Member

Early this month, the Troubled Company Reporter - Asia Pacific
reported that the Extraordinary Board of Directors' Meeting
1/2003 resolved to approve the Company to refinance its debts
and to repay debts under the Restructuring Agreement with Thai
Asset Management Corporation and Ploy Asset Management Co., Ltd.
in the total amount of Bt3,054 million.


                         *********





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

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