/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/031217.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, December 17, 2003, Vol. 6, No. 249 Headlines A U S T R A L I A AMP LIMITED: 140,000 Shareholders Take Part in Rights Offer AMP LIMITED: Two Board Members Resign in Wake of Demerger HIH INSURANCE: High-ranking Official Admits Receiving Bribe HIH INSURANCE: Police Nets Bradley Cooper NEW TEL: Liquidator to Exact Payments from Former Directors PARMALAT FINANZIARA: Avoids Default on EUR150 Million Bond WATER WHEEL: Administrator Seeks AU$1.4 Million from Ex-director C H I N A & H O N G K O N G ALLPASS INTERNATIONAL: Winding up Hearing Set February 11 SHEEN MILD: Bank of China Initiates Winding up Proceedings WIN DATA: High Court to Hear Winding up Petition February 4 I N D O N E S I A BANK NEGARA: Board Shakeup Costs 10 Officials Their Positions J A P A N ISUZU MOTORS: Starts Truck Assembly in Ukraine ISUZU MOTORS: U.S. Vehicle Sales off 43.4% in November RESONA HOLDINGS: Studying Turnaround Fund With Nomura SAPPORO BEER: Plans to Restructure Operations SEIYU LIMITED: Opening Wal-Mart-style Store in April K O R E A HYUNDAI ENGINEERING: Creditors to Roll Over Debt LG CARD: Creditors May Seek Takeover M A L A Y S I A FABER GROUP: Bondholders OK's Restructuring Scheme HIAP AIK: Unit Appoint Liquidators JIN LIN: EGM Slated for December 31 KEMAYAN CORPORATION: TCL Files Suit Against Unit NANYANG PRESS: Voluntarily Winding Up Subsidiary NCK CORPORATION: Enters Listing Status Agreement With APB PAN PACIFIC: Issues Default in Debt Payments PERNAS INTERNATIONAL: Extends Restructuring Deal to March 31 TECHNO ASIA: Applies for Restructuring Scheme Extension P H I L I P P I N E S ABS-CBN BROADCASTING: Clarifies Debt Reduction Report NATIONAL POWER: PSALM Mulls Napocor Bond NATIONAL POWER: Files Power Rate Hike Petition to ERC NATIONAL STEEL: Creditors Sticking With Global Talks UNITED COCONUT: Nets Php5.7B Following Government Bailout S I N G A P O R E BLUESTONE CAPITAL: Releases Preferential Dividend Notice CONTIM REALTY: Winding Up Hearing Set For January 16 DOLPHIN 95: Petition to Wind Up Pending HOME DESIGN: Issues Dividend Notice KENLY PLUMBING: Issues Winding Up Order Notice LOTTIR PTE: Issues Debt Claim Notice to Creditors OVERSEA-CHINESE: Dissolves Two Subsidiaries SGK PTE: Creditors Must Submit Claims by January 10 YONGNAM HOLDINGS: Post Changes in Shareholder's Interest T H A I L A N D HEMARAJ LAND: Secures Funding for Condominium Project RAIMON LAND: Sets Date for Exercise of Warrants THAI-GERMAN PRODUCTS: Creditors Overhaul Reorganization Plan TUNTEX (THAILAND): Court Puts Firm Under Rehabilitation - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: 140,000 Shareholders Take Part in Rights Offer ----------------------------------------------------------- AMP Limited said it has received acceptances under its Rights Offer of AU$600 million from nearly 140,000 eligible shareholders. AMP Chief Executive Officer Andrew Mohl said the company is delighted with the high number of shareholders who took up their rights. This follows unprecedented high voting rates and an overwhelming endorsement from shareholders for the demerger proposal last week. The AU$585 million shortfall from the Rights Offer will now be sold into an institutional bookbuild to be held over the next two days (16-17 December). As contemplated in the offer structure, the total size of the bookbuild will be AU$650 million, with the increment over the shortfall amount used to make cash payments to non-participating shareholders. AMP shares will be placed in a trading halt for this period to allow the bookbuild to proceed. The institutional bookbuild will also determine the price that AMP shareholders will pay for their rights entitlements. Rights Offer participants will receive a 10 percent discount to the bookbuild price. Mr. Mohl said the shortfall in the Rights Offer had been anticipated for three reasons: (a) About 80 percent of AMP's retail shareholders received their shares at demutualization and have traditionally not been active investors; (b) A number of overseas shareholders, including institutional investors, were not eligible to participate in the Rights Offer because of regulatory requirements in their own markets; and (c) Rights trading was not possible because the Offer was conditional on the demerger proceeding. The Rights Offer attracted the highest retail shareholder participation of any offer made to AMP shareholders since demutualization. For example, a Share Purchase Plan (SPP) in May 2003 saw around 29,000 retail participants. "This has been the most successful offer we have ever undertaken with our retail shareholders and indicates to us the level of support that exists for a revitalized AMP," Mr. Mohl said. "Overall, given the events of the past year, we are extremely heartened by the level of support we have received from our shareholders, both in the demerger vote and in the Rights Offer. "With the demerger now effective and AMP shares soon to trade independently of the UK operations, we are totally focused on driving our local business hard to improve shareholder returns." The institutional bookbuild will open at 10am on Tuesday 16 December and close at 12 noon 17 December. The bookbuild price and outcome of the Rights Offer will be announced late on the afternoon of 17 December. AMP shares are expected to resume trading on the Australian and New Zealand stock exchanges on 18 December, when they will trade for the first time without an entitlement to HHG. At that time, AMP's share price is likely to be lower than it was on 15 December, because HHG will have been effectively separated from the Group. Mr. Mohl said shareholders who did not participate in the Rights Offer or were ineligible would still benefit, through a cash payment of A8.2 cents per right. Cheques are expected to be sent to shareholders in early January. The proceeds of the fully underwritten Rights Offer will be used to redeem AMP's Reset Preferred Securities (RPS). AMP intends to redeem the RPS for cash because not all of the RPS will be treated as Tier One regulatory capital in the post-demerger AMP. The underwriters and joint lead managers for the Rights Offer are UBS Advisory and Capital Markets Australia Limited and Macquarie Equity Capital Markets Limited. Caliburn is the principal adviser to AMP on the Rights Offer. CONTACT: AMP Limited Level 24, 33 Alfred Street Sydney NSW 2000 Australia ABN 49 079 354 519 Investor Inquiries Mark O'Brien Phone: 61 2 9257 7053 AMP LIMITED: Two Board Members Resign in Wake of Demerger --------------------------------------------------------- Roger Yates and Lord Killearn advised the AMP Board of Directors Wednesday that they were retiring from the Board as a consequence of the demerger, as foreshadowed in AMP's Explanatory Memorandum. AMP's Board will now comprise the Chairman, Peter Willcox, Managing Director and CEO Andrew Mohl and five other Non-Executive Directors: Richard Grellman, Pat Handley, Meredith Hellicar, Peter Mason and Nora Scheinkestel. HIH INSURANCE: High-ranking Official Admits Receiving Bribe ----------------------------------------------------------- William Howard, a former senior executive of the collapsed HIH Insurance group (HIH), has pleaded guilty to two counts of criminal misconduct under Section 184(2)(b) the Corporations Act, brought by the Australian Securities and Investments Commission (ASIC). Mr. Howard appeared before Justice David Kirby in the NSW Supreme Court after making admissions to ASIC in relation to payments made by HIH to Bradley David Cooper and associated companies between December 2000 and March 2001. Mr. Howard admitted dishonestly receiving from Mr. Cooper approximately AU$124,000 in return for facilitating payments by HIH to or in favor of Mr. Cooper or his associated companies. He also admitted facilitating a payment of AU$737,500 to a company associated with Mr. Cooper knowing that the payment obligation had already been discharged. Justice Kirby has reserved his position on sentencing and remanded Mr. Howard on bail until a date to be fixed. In a media conference, ASIC's Chairman David Knott described the conviction of Mr. Howard as "a major breakthrough in ASIC's HIH investigation." HIH INSURANCE: Police Nets Bradley Cooper ----------------------------------------- David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), yesterday announced the arrest of Bradley David Cooper of Balmoral, New South Wales, who faces charges of corruptly offering bribes and obtaining a financial advantage. Mr. Cooper will be charged with six counts under s249B of the NSW Crimes Act. ASIC alleges that Mr. Cooper corruptly gave a cash benefit to William Howard, an officer of HIH, in relation to the processing of various claims. Mr. Cooper will also be charged on four counts of publishing a false or misleading statement with intent to obtain a financial advantage pursuant to s178BB of the NSW Crimes Act. These charges relate to the affairs of HIH. NEW TEL: Liquidator to Exact Payments from Former Directors ----------------------------------------------------------- New Tel liquidator, Phil Carter, will sue former directors of the failed telecom early next year, according to The Age. The PricewaterhouseCoopers executive has been working closely with the Australian Securities and Investments Commission, the corporate watchdog also conducting an informal probe. Mr. Carter has previously accused New Tel of trading while insolvent. He said the legal claims against the directors represented the "vast majority" of the failed company's assets. At least two former execs are currently standing trial: former chief executive Peter Malone and chairman Harry Sorensen. Filed by the Australian Tax Office, the suit seeks the recovery of unpaid taxes stretching back to May last year. The Age says only unsecured creditors remain to be paid. Most of the secured creditors have already been paid using proceeds from the sale of the company's operational assets. According to Mr. Carter, the return for unsecured creditors is now dependent on the legal claims he intends to file soon. Last week, he admitted the return for unsecured creditors "may have been shaded down slightly" to a maximum 30 cents to 40 cents in the dollar, after estimating a payout ratio as high as 50 percent in September this year. He did not rule out the possibility that unsecured creditors would receive nothing in return for debts exceeding AU$34 million. The biggest losers will be Optus and Telstra, which are owed more than AU$10 million each, according to The Age. Mr. Carter is also looking at the possibility of recovering the AU$5 million deposit paid to Digiplus as part of a failed takeover bid in 2002. Another source of cash to help pay unsecured creditors is New Tel's majority stake in Advanced Engine Components, which was handed over to Hong Kong-based LIM Asia Arbitrage Fund just before its demise. Digiplus is believed to have kept at least part of the deposit, which New Tel borrowed from third parties, including LIM, according to the report. Mr. Carter hopes to receive up to AU$15 million as part of legal actions relating to New Tel. This includes recovery of payments made while the company was insolvent, The Age said. PARMALAT FINANZIARA: Avoids Default on EUR150 Million Bond ---------------------------------------------------------- Parmalat Finanziaria beat the odds and delivered the EUR150 million (US$247 million)-bond payment Friday. The payment was due December 8, but was extended until December 15. The successful repayment afforded the company enough time to forge an industrial and financial restructuring plan that could be unveiled next month. The Italian dairy group's narrow escape from default surprised investors. They had been asking how a company with more than 36,000 employees in 29 countries, as well as its purported billions in liquid reserves, could nearly fail to redeem a EUR150 million bond, Associated Press says. Parmalat did not explain further other than to say it is having difficulty accessing EUR500 million from its Cayman Islands investment funds. This made observers doubt whether the group indeed has EUR4.2 billion in liquid reserves as claimed. Parmalat's next financial commitment is a EUR400 million payment to acquire full control of a Brazilian unit by the end of the year. Recently, Australia's National Foods Ltd. has indicated an interest in taking over the local unit of Parmalat Finanziara (PRF.MI). Spokesman Ian Greenshields said National Foods has not made a formal offer yet but has the financial capacity to make a fast acquisition if Parmalat decides it needs cash quickly to help pay its debt burden. UBS is advising National Foods. The local unit of Parmalat was established in 1998 via the AU$436 million purchase of the Queensland-based Paul's milk business. WATER WHEEL: Administrator Seeks AU$1.4 Million from Ex-director ---------------------------------------------------------------- Water Wheel administrator, Nick Brooke, has demanded AU$1.428 million in payment from businessman John Elliott, who served as director of the bankrupt Victorian rice grower. According to The Advertiser, Mr. Brooke demanded the money via a bankruptcy petition filed against Mr. Elliott on December 9. Mr. Brooke said he had initiated the bankruptcy proceedings to try to force Water Wheel to make payment to him as the former administrator of the company. In June this year, Supreme Court Judge, Justice Philip Mandie, found Mr. Elliott, Mr. Plymin and the company's Chairman William Harrison guilty of allowing Water Wheel Holdings to operate while insolvent from September 1999 until its collapse in February 2000. Mr. Elliott has until December 30 to make the payment. ============================== C H I N A & H O N G K O N G ============================== ALLPASS INTERNATIONAL: Winding up Hearing Set February 11 --------------------------------------------------------- The High Court of Hong Kong will hear on February 11, 2004 at 9:30 a.m. the petition seeking the winding up of Allpass International Moving Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong filed the petition on November 28, 2003. Chow, Griffiths & Chan represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Chow, Griffiths & Chan, which holds office at Rooms 1902-04, 19/F., Hang Seng Building, 77 Des Voeux Road Central Hong Kong. SHEEN MILD: Bank of China Initiates Winding up Proceedings ---------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Sheen Mild International Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on November 25, 2003. Messrs. Wat & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Messrs. Wat & Co., which holds office on the 12th Floor, Chuang's Tower, 30&32 Connaught Road Central Hong Kong. WIN DATA: High Court to Hear Winding up Petition February 4 ----------------------------------------------------------- The High Court of Hong Kong will hear on February 4, 2004 at 9:30 a.m. the petition seeking the winding up of Win Data Enterprises Limited. Bank of China (Hong Kong) Limited of 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong filed the petition on November 26, 2003. Gallant Y.T. Ho & Co. represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Gallant Y.T. Ho & Co., which holds office on the 4th Floor, Jardine House, No.1 Connaught Place, Central Hong Kong. ================= I N D O N E S I A ================= BANK NEGARA: Board Shakeup Costs 10 Officials Their Positions ------------------------------------------------------------- A total of 10 new directors were appointed by shareholders at a special meeting Monday to replace the board of Bank Negara Indonesia, Agence France Presse said Tuesday. President Saifuddien Hasan led the list of axed officials. Sigit Pramono, the current president of Bank of Internasional Indonesia, replaced him. The board shakeup was not surprising. State Enterprises Minister Laksamana Sukardi had earlier confirmed the reshuffle, which he said was necessary to mitigate the "really humiliating" position the bank had gotten into. Majority-owned by the government, the bank is estimated to have lost US$200 million from a lending scam discovered late October. The bank claims US$72.15 million had since been recovered. The scandal involved the issuance of letters of credit by institutions in Kenya, Switzerland and the Cook Islands to cover commodity exports from Jakarta-based companies. A Jakarta branch of BNI paid out export credits to the companies although they never made the exports, according to an earlier issue of TCR-Asia Pacific. The scandal has spread to another state Bank Rakyat Indonesia, which recently reported US$34.6 million in dud loans. Mr. Laksamana has called for stricter supervision of state-owned banks. ========= J A P A N ========= ISUZU MOTORS: Starts Truck Assembly in Ukraine ---------------------------------------------- Isuzu Motors Limited will start assembling small and mid-sized trucks in the Ukraine, becoming the first Japanese truck maker to set up a production base in the former Soviet Union, according to Reuters. The restructuring truck maker will first start exporting parts for small and mid-sized trucks to a local bus manufacturer it has ties with as soon as next spring. The trucks will be marketed under the Isuzu brand, and Isuzu expects sales of 1,000 trucks in the first year. Isuzu Motors Ltd. posted a group net profit of 24.9 billion yen (US$228 million) in the first half of this year ended September 30, versus a net loss of 84.2 billion yen a year earlier, as domestic demand to replace trucks surged due to tighter diesel- engine emission controls, TCR-AP reported recently. ISUZU MOTORS: U.S. Vehicle Sales off 43.4% in November ------------------------------------------------------ Following are Isuzu Motors Limited U.S. sales of cars and light trucks in November 2003 versus the same year-earlier month and for the year to date, according to Reuters. Nov 2003 Nov 2002 percent Change All Vehicles 1,801 3,309 -43.4% Domestic Car 0 0 N.A. Domestic Truck 1,795 2,807 -33.5% Import Car 0 0 N.A. Import Truck 6 502 -98.8% Dom+Imp Cars 0 0 N.A. Dom+Imp Trucks 1,801 3,309 -43.4% Domestic Vehicles 1,795 2,807 -33.5% Imported Vehicles 6 502 -98.8% Yr-to-Date Prev Year % Change All Vehicles 28,232 48,749 -41.9% Domestic Car 0 0 N.A. Domestic Truck 26,749 37,510 -28.4% Import Car 0 0 N.A. Import Truck 1,483 11,239 -86.8% Dom+Imp Cars 0 0 N.A. Dom+Imp Trucks 28,232 48,749 -41.9% Domestic Vehicles 26,749 37,510 -28.4% Imported Vehicles 1,483 11,239 -86.8% Percent changes are based on the daily sales rate, and reflect 25 selling days this month vs. 26 in the month last year, and 281 this year to date vs. 282 last year to date Isuzu is 12 percent owned by General Motors Corporation. RESONA HOLDINGS: Studying Turnaround Fund With Nomura ----------------------------------------------------- Resona Holdings Inc. may team up with top brokerage Nomura Holdings Inc. to set up a revival fund this month to help turn around small and medium-size companies, according to Reuters. The plan will focus on reviving troubled borrowers from Resona, Japan's fifth-largest bank. Hungarian-born multi-billionaire and financier Gabor Sandor Acs has approached the Financial Services Agency (FSA) to acquire all of the outstanding shares of troubled Resona Holdings Inc. (RHI), the Troubled Company Reporter-Asia Pacific reported recently. Under the plan proposed by affiliates and participating investors led by Acs, Advanced Capital Services Corporation (ACS) would acquire 100 percent of Resona Holdings, Inc. (RHI) for US$9 billion in PKPI 6 percent redeemable non voting preferred stock payable to FSA. The BOJ would be required to swap an additional US$9 billion in U.S. Treasury Bills for US$9 billion in PKPI stock from ACS under the proposal. SAPPORO BEER: Plans to Restructure Operations --------------------------------------------- Sapporo Beer's Beverage Co. will restructure its operations to reduce costs, according to just-drinks.com. The Company, battling in a sluggish soft drinks market in Japan, hopes to turn its profit around after two years of negative performance. Reports suggest that Sapporo will cease production of glass- bottled drinks at its Kanagawa factory early next year. It plans to farm out production soon afterwards. The Company will continue to make drinks in PET and cans at the site. Sapporo also plans to cut costs at its subcontractor production facilities, and to consolidate its output by product type. SEIYU LIMITED: Opening Wal-Mart-style Store in April ---------------------------------------------------- Japanese retailer Seiyu Limited, an affiliate of U.S. retail titan Wal-Mart, will launch its first one-story large supermarket in April as part of a move to remodel its operations in the style of Wal-Mart, reports Just-food.com. The new supermarket is to be built in the Shizuoka area, southwest of Tokyo, and will offer food, clothing and home supplies at discount prices. According to TCR-AP, Seiyu Limited posted a first half net loss of 8.43 billion yen. The supermarket chain struggles continued during the six-month period, however, with group operating profit plunging 80.4 percent on a year-on-year basis to 2.5 billion yen. ========= K O R E A ========= HYUNDAI ENGINEERING: Creditors to Roll Over Debt ------------------------------------------------ The creditor banks of Hyundai Engineering & Construction Co (HEC) agreed on Monday to roll over the debts of the financially troubled contractor, which amount to 6 trillion won (more than US$5 billion), starting next year, Asia Pulse reports. The debt extension, valid until 2006, applies to loans of 1.72 trillion won (US$1.45 billion) that come due beginning next year and loan guarantees of about 4 trillion won related to construction activities. Creditors will hold a general meeting on December 19, at which they are to approve the debt rescheduling. HEC ran into a serious liquidity problem in 2000 after extending massive subsidies to prop up its weak subsidiaries and loss- making businesses. Huge outstanding debts in Iraq further strained the contractor's finances. LG CARD: Creditors May Seek Takeover ------------------------------------ Four or five creditor banks of LG Card Co. were considering launching a joint bid to acquire the troubled credit card firm, according to Digital Chosun on Tuesday. The creditors include Hana Bank, Woori Finance Holdings Co. and Korea Development Bank. The report declined to reveal the names of the remaining interested parties. Under the plan, the creditors are to convert their recent W1 trillion emergency loan to the card firm into equity, to be followed by another W1 trillion equity investment in the firm to ultimately acquire the Company. Creditors will likely select the potential buyer of LG Card by December 18th. =============== M A L A Y S I A =============== FABER GROUP: Bondholders OK's Restructuring Scheme -------------------------------------------------- On behalf of Faber Group Berhad (FGB), Aseambankers Malaysia Berhad announced that at the Bondholders' meeting of the Company held on 15 December 2003, convened pursuant to the Notice of the Meeting dated 19 November 2003, the Bondholders approved the Proposed Restructuring Scheme as set out in the Information Memorandum to the Bondholders dated 19 November 2003 and as varied by the proposal of certain Bondholders (notification of which was received by FGB on 5 December 2003 and the same was sent by FGB to all the other Bondholders on 5 December 2003). The amended resolution passed is as follows: "SUBJECT TO the approvals of all relevant authorities, including the approvals of the Securities Commission, Kuala Lumpur Stock Exchange and Bank Negara Malaysia (if required) and the shareholders of Faber Group Berhad and the consent of Sheraton Overseas Management Corporation (unless such consent is not required or is waived by a majority of the Bondholders holding 60 percent of the RCSB): (1) THAT approval be and is hereby given for the Proposed Restructuring Scheme of Faber Group Berhad, comprising the following: (a) Proposed Transfer of Assets; (b) Proposed Waiver of Accreted Yield; (c) Proposed Novation of Liability and Issuance of SPVH Bonds; (d) Proposed Issuance of Preference Shares and RULS to SPVH; (e) Proposed Acknowledgement and Settlement of Balance Sum; (f) Proposed Management Arrangement; and (g) Proposed Settlement by SPVH of SPVH Bonds; each as defined and detailed in the Information Memorandum to Bondholders dated 19 November 2003, a copy of which is annexed hereto (the Information Memorandum), upon the terms and conditions as set out therein and as varied by the proposal from Commerce International Merchant Bankers Berhad and Bumiputera Commerce Bank Berhad dated 5 December 2003, a copy of which is annexed hereto, to be effected by the entry by the relevant parties (as specified in the Information Memorandum) of the Restructuring Deed, the Sale and Purchase Agreement, the Novation Agreement, the Management Agreement(s) and the New Trust Deed, as defined in the Information Memorandum, together with all and any other documents necessary to implement, give effect to and complete the Proposed Restructuring Scheme and upon such other terms and conditions as may be agreed upon between Faber Group Berhad and the Bondholders; (2) THAT Universal Trustee (Malaysia) Berhad be and is hereby appointed to act as trustee for the Bondholders of the SPVH Bonds issued by SPVH pursuant to the Proposed Novation of Liability and Issuance of SPVH Bonds; (3) THAT Universal Trustee (Malaysia) Berhad be and is hereby authorized to execute the Restructuring Deed, the Novation Agreement, the New Trust Deed, the discharges of some of the existing securities securing the RCSB and the charges of the new and transferred securities securing the SPVH Bonds as identified in the Information Memorandum and all or any other documentation necessary to give effect to (i) the Proposed Waiver of Accreted Yield, (ii) the Proposed Novation of Liability and Issuance of SPVH Bonds and (iii) the Proposed Settlement by SPVH of SPVH Bonds and to deal with all matters relating thereto and to take all steps and do all acts and things in any manner it may deem necessary or expedient in connection with the above; and (4) THAT Universal Trustee (Malaysia) Berhad be and is hereby authorized to approve and assent to any amendment or modification to the Proposed Restructuring Scheme which is to correct a manifest error or is required by the relevant authorities or is required to comply with the laws of Malaysia or is of a minor or technical nature PROVIDED THAT it is satisfied that the amendment or modification is not materially prejudicial to the rights and interest of the Bondholders and that the rights and interest of the Bondholders are properly safeguarded." HIAP AIK: Unit Appoint Liquidators ---------------------------------- Solid Panel Sdn Bhd (SPSB), a wholly owned subsidiary of Hiap Aik Construction Berhad (Special Administrators Appointed) (HACB), announced that an order was pronounced by the High Court, Malacca on 5 November 2003 for the compulsory winding-up of SPSB under the provision of the Companies Act, 1965 on the petition of SCI Marketing Sdn Bhd and the Official Receiver, Malaysia, has been appointed the Liquidator for the winding-up of SPSB. An Official Receiver's Notice has been received by HACB on 12 December 2003. JIN LIN: EGM Slated for December 31 ----------------------------------- An Extraordinary General Meeting (EGM) of Jin Lin Wood Industries Berhad (JLWIB) will be held at Kapit Room, 1st Floor, Plaza Hotel, No. 116, Taman Sri Dagang, Jalan Abang, Galau, 97000 Bintulu, Sarawak on Wednesday, 31 December 2003 at 3 P.M. or at any adjournment thereof, for the purpose of considering and if thought fit, passing the following resolution: Ordinary Resolution - Proposed renewal of shareholders mandate for JLWIB and its subsidiary companies (the JLWIB Group) to enter into recurrent related party transactions of a revenue or trading nature with related parties (the proposal) "THAT the mandate granted by the Shareholders of the Company on 30 December 2002 pursuant to Paragraph 10.09 of the Listing Requirements of Kuala Lumpur Stock Exchange, authorizing the JLWIB Group to enter into the recurrent related party transactions of a revenue or trading nature with Jin Lin Engineering Works Sdn Bhd and Dachong Hong Sdn Bhd (collectively, "the Mandated Parties) which are necessary for the day-to-day operations of the JLWIB Group as set out in Paragraph 2.4 of the Circular to Shareholders dated 16 December 2003, be and is hereby renewed, provided that:- (i) The transactions are in the ordinary course of business and on normal commercial terms which are not more favorable to the Mandated Parties than those generally available to the public and are not to the detriment of the minority shareholders of the Company; and (ii) The disclosure of the aggregate value of the transactions conducted during a financial year will be disclosed in the annual report for the said financial year based on the following information: i the type of the Recurrent Transactions made, ii the names of the Mandated Parties involved in each type of the Recurrent Transaction made and their relationship with the Company. AND THAT the authority conferred by such renewed mandate shall continue to be in force until: (a) The conclusion of the next annual general meeting (AGM) of the Company following this Extraordinary General Meeting at which the Proposal is approved, at which time it will lapse, unless by a resolution passed at the AGM, the mandate is again renewed; or (b) Revoked or varied by a resolution passed by the Shareholders in general meeting, whichever is the earlier; AND THAT the Directors of the Company be and are hereby authorized to complete and do all acts and things as they may consider expedient or necessary to give effect to the Proposal. Note 1 A member of the Company who is entitled to attend and vote at this Meeting is entitled to appoint a proxy to attend and vote on a show of hands or on a poll in his stead. A proxy need not be a member of the Company. In the case of a corporate member, the instrument appointing a proxy shall be under its Common Seal or under the hand of an officer of the corporation duly authorized in that behalf. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he/she specifies the proportion of his/her holding to be represented by each proxy. The instrument appointing a proxy must be deposited at the Company's Registered Office situated at No. 177, 2nd Floor, Taman Sri Dagang, 97000 Bintulu, Sarawak not less than forty- eight (48) hours before the time appointed for holding the Meeting or at any adjournment thereof. KEMAYAN CORPORATION: TCL Files Suit Against Unit ------------------------------------------------ The Board of Directors of Kemayan Corporation Berhad (KCB) informed the Kuala Lumpur Stock Exchange (KLSE) that Tham Cheng Lock (TCL or the Plaintiff) had on 26 February 1998 served a writ of summons on Puncak Gigih Sdn Bhd (PGSB), a wholly owned subsidiary of the Company and KCB claiming RM10 million, and costs. The claim is in respect of the Sale & Purchase Agreement dated 14 September 1993 entered into by TCL and another with PGSB whereby PGSB agreed to purchase the entire shareholdings in Cityvilla Development Sdn Bhd from TCL for a total consideration of RM30 million, and the Company undertook to pay to TCL and another the balance of purchase price of RM19.3 million if PGSB failed to pay pursuant to the Letter of Undertaking dated 30 May 1995. By a Release of Undertaking dated 2 December 1995, TCL had released and discharged the Company from all liabilities and obligations under the letter of undertaking and confirmed that he shall has no claims against the Company and PGSB in respect of the sum of RM9.3 million. However, TCL alleged that KCB and PGSB still owing him the RM10 million and filed an application for summary judgment in April 1998. The Plaintiff's application for summary judgment had not been heard and has been postponed by the Court of Johor Bahru on many occasions, due to the restraining order granted to the Company and its subsidiaries including PGSB under Section 176 (10) of the Companies Act 1965 from the High Court of Malaya during the period from 12th August 1998 to 4 September 2002. On 9 December 2003, the Assistant Registrar of Johor Bahru Court has allowed TCL's application for summary judgment with cost. The Company and PGSB has instructed their solicitors to file a notice of appeal of the decision of the Assistant Registrar and thereafter to file an application for a Stay of Execution of the order pending the outcome of the appeal. In view of this application, there is no immediate loss as at this stage except for legal fee to be incurred in defending the case. NANYANG PRESS: Voluntarily Winding Up Subsidiary ------------------------------------------------- Nanyang Press Holdings Berhad informed the Exchange that on 12 December 2003, the Company had received from the Registrar of Companies of the British Virgin Islands, a Certificate of Dissolution to certify that all the requirements of the International Business Companies Act, Cap. Nanyang (BVI) Ltd as International Business Company complied with 291 in respect of dissolution and that accordingly the Company was dissolved October 28, 2003. NCK CORPORATION: Enters Listing Status Agreement With APB --------------------------------------------------------- NCK Corporation Bhd (NCK) on 15 December 2003 entered into a Third Supplementary Transfer of Listing Status Agreement (Agreement) with APB Resources Berhad (APB), the shareholders of Amalgamated Metal Corporation Sdn Bhd, Benmarl Sdn Bhd and Prescan Sdn Bhd and/or their nominees, and Danau Restu Sdn Bhd, Rare Prestige Sdn Bhd, TTS Resources Sdn Bhd, Aspirasi Jitu Sdn Bhd and Era Julung Sdn Bhd (collectively known as "Proposers), in conjunction with the Proposed Modifications to the Proposed Restructuring Scheme (Modifications) as announced on 3 November 2003. The other salient terms of the Agreement include the amendments and insertion of new terms to the Second Supplementary Transfer of Listing Status Agreement entered into on 26 June 2002, which are as follows: (i) An additional 9,900,000 APB Shares, shall be issued to facilitate Modifications comprising the following: (a) The proposed acquisition of Epic Constant Sdn Bhd (ECSB) and Konsep Realiti Sdn Bhd (KRSB) by APB for a total consideration of RM8,600,000.00 to be satisfied by the issuance of 8,600,000 new APB Shares; and (b) Due to the delay in the completion of the Proposed Restructuring Scheme from the last extension period to 31 August 2003 granted by the SA, the Proposers are agreeable to issue an additional 1,300,000 new APB Shares to NCK, its assigns and/or creditors' agents. The SA is agreeable to grant the extension period for the implementation of the Proposed Restructuring Scheme to 31 March 2004 pursuant to the workout proposal dated 25 July 2002. In the event, the said additional 1,300,000 APB Shares are not issued for any reason whatsoever, it shall be satisfied by a cash payment of RM1,300,000 by APB or the vendors. (ii) The Put and Call Option entered into between NCK and Yap Kow @ Yap Kim Fah, Lim Hong Liang, Rosley bin Abdul Rahman, Lim Lye Hock, Cheong Boon Yu, Gan Chin Boon and Tan Teng Khuan shall be deemed cancelled and of no further effect whatsoever; (iii) The Proposers shall buy back 6,300,000 APB Shares for a total consideration of RM6,300,000.00 only forthwith upon listing of APB on the Main Board of the Kuala Lumpur Stock Exchange (KLSE) in place of NCK and such event shall not in any case be later than 31st March 2004 or such other extended date to be determined by the SA of NCK at their absolute discretion; and (iv) APB shall use its best endeavor to inform the placees recommended by the Ministry of International Trade and Industry of the Modifications. APB shall further ensure that all legal actions currently filed against APB and Alliance Merchant Bank Berhad vide Suit Nos. D7-22-1628-2003 and D1-22-1787-2003 respectively, by the placees shall be withdrawn and/or settled before the listing of APB on the Main Board of KLSE in place of NCK. Save and except to the extent that the Agreement is varied or modified herein, all other terms and conditions, agreement, stipulations, provisions, powers and meanings as contained in the Supplementary Agreement (entered into on 6 June 2002), the Second Supplementary Agreement (entered into on 26 June 2002) and the Transfer of Listing Status Agreement (entered into on 15 January 2002) shall remain unaffected and remain in full force and effect, which shall for all intents and purpose of construction be read as a single documents. PAN PACIFIC: Issues Default in Debt Payments -------------------------------------------- The Board of Directors of Pan Pacific Asia Berhad (PPAB) announced the Company's default in payment as at 30 November 2003 of PPAB and its subsidiaries in accordance with the Practice Note No. 1/2001. The Company also informed that there are no material changes in PPAB's status of default from the date of the last announcement until 30 November 2003. For a copy of the summary of borrowings in default as at 30 November 2003, go to http://bankrupt.com/misc/ppab121603.xls PERNAS INTERNATIONAL: Extends Restructuring Deal to March 31 ------------------------------------------------------------ Reference is made to the announcements issued on behalf of Pernas International Holdings Berhad (PIHB) on 12 June 2003, 31 October 2003 and 5 November 2003 in relation to the Group's Proposed Restructuring Scheme. Subsequent to the above, Khazanah Nasional Berhad, PIHB, Pernas OUE Sdn Bhd and Arena Target Sdn Bhd have, by way of an exchange of letters, mutually agreed on 11 December 2003 to further extend the period of fulfillment of the conditions precedent of the Restructuring cum Subscription Agreement dated 12 June 2003 from 11 December 2003 to 31 March 2004. TECHNO ASIA: Applies for Restructuring Scheme Extension ------------------------------------------------------- This announcement has been released on behalf of Techno Asia Holdings Bhd (TAHB), of which Yu Neh Huat Bhd (YNHB) has assumed its listing status. YNHB refers to the announcements made on 20 May 2003, 26 May 2003 and 9 June 2003. AmMerchant Bank Berhad (AmMerchant Bank), on behalf of TAHB, wishes to announce that pursuant to Chapter 18 (18.03) of the Securities Commission's (SC) Policies and Guidelines on Issue/Offer of Securities, TAHB had on 15 December 2003, applied for an extension of time of: (i) Up to 30 June 2004 to complete the implementation of the Restructuring Scheme of TAHB especially in relation to the completion of the Disposal of TAHB and the Proposed ESOS; and (ii) Up to 31 December 2004 for TAHB to complete the implementation of the Disposals/Set-Offs especially in relation to the Set-Off and Transfer of MAPSB's Charged and Substitute Assets. In addition, with reference to the announcements made on 3 July 2002, 21 November 2002 and 8 January 2003, AmMerchant Bank on behalf of YNHB, announced that YNHB had also made an application to the Foreign Investment Committee (FIC) for an extension of time of up to 31 December 2004 to meet the 30 percent Bumiputera equity participation as required by the FIC. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Clarifies Debt Reduction Report ----------------------------------------------------- ABS-CBN Broadcasting Corporation clarified the news article entitled: "ABS-CBN to settle P1.9 B in maturing debt next year "published in the December 13, 2003 issue of the Philippine Daily Inquirer, which reported that ABS-CBN Broadcasting Corporation, which has benefited from robust advertising spending this year, is set to retire P1.9 billion worth of maturing debts next year. The move would reduce the Company's debt level to about P4 billion." ABS-CBN Broadcasting Corporation, in its letter dated December 15, 2003 clarified that: ABS-CBN would like to correct that the Company is set to retire P2.1 billion worth of maturing debts next year. This reduces the Company's debt level to P3.7 billion. For more information, go to http://www.pse.org.ph/html/disclosure/pdf/dc2003_3988_ABS.pdf NATIONAL POWER: PSALM Mulls Napocor Bond ---------------------------------------- The Philippines' Power Sector Assets and Liabilities Management Corporation (PSALM) is currently assessing the various debt- raising ideas for National Power Corporation (Napocor) and will submit a recommendation to Napocor's board soon, Dow Jones said on Friday. PSALM is overseeing the privatization of Napocor and is vetting the proposals from investment banks. Investment banks had until December 5 to send refreshed debt funding proposals to Napocor. Napocor didn't request proposals on any specific structure but banks said ideas included a fixed rate dollar- or euro- denominated bond with maturities ranging from five to 20 years. NATIONAL POWER: Files Power Rate Hike Petition to ERC ----------------------------------------------------- The National Power Corporation (Napocor) is filing a new petition with the Energy Regulatory Commission to increase its electricity generation rates under the so-called generation rate adjustment mechanism (GRAM). The move allows it to recover fuel costs and foreign exchange adjustments once every three months. The Philippine Central Bank (Bangko Sentral ng Pilipinas)'s policy-making Monetary Board has approved US$40 million loan to National Power Corporation, TCR-AP reported recently. The Monetary Board gave the go ahead to Napocor's US$40 million 20- year loan from the Japan Bank for International Cooperation. The loan will be used to finance the establishment of the Wholesale Electricity Spot Market. NATIONAL STEEL: Creditors Sticking With Global Talks ---------------------------------------------------- Creditors of National Steel Corporation (NSC) will continue talks with Global Infrastructure Holdings, Inc. despite an offer from rival LNM Group to pay 2 billion pesos up front to acquire the ailing steel firm, Business World reports. Global has made an initial proposal to pay up front 1 billion pesos. Its total offer is estimated at 12 billion pesos. Danilo Concepcion, the government-appointed liquidator for the steel firm said no agreement has been reached with Global as of this time. Among National Steel's creditor banks are Philippine National Bank, Credit Agricole Indosuez, Land Bank of the Philippines, United Overseas Bank (formerly Westmont Bank), Global Bank (formerly Asian Bank Corp.), Bank of Commerce, China Banking Corp., Wise Citco, Equitable PCI Bank, Rizal Commercial Banking Corp., Traders Royal Bank, United Coconut Planters Bank and Export Industry Bank (formerly Urban Bank). UNITED COCONUT: Nets Php5.7B Following Government Bailout --------------------------------------------------------- United Coconut Planters Bank (UCPB) earned 5.7 billion pesos as of August this year following the government's acquisition of the bank's huge idle assets, according to Business World. Without the government's purchase, the bank would have incurred 2 billion pesos in losses for the period. UCPB has yet to release its financial results. The positive bottom line for August was a one-time gain, an improvement that came after the Philippine Deposit Insurance Corporation (PDIC) bought UCPB's 13 billion pesos non-performing loans (NPLs) as part of a 20 billion pesos financial assistance package to boost the bank's health. ================= S I N G A P O R E ================= BLUESTONE CAPITAL: Releases Preferential Dividend Notice -------------------------------------------------------- BlueStone Capital Pte Limited (In Creditors' Voluntary Liquidation) issued a notice of intended preferential dividend as follows: Address of registered office: 3 Phillip Street #18-00 Commerce Point Singapore 048693. Last day for receiving proofs: 26th December 2003. Name of liquidator: Shanker Iyer. Address of liquidator: c/o 3 Phillip Street #18-00 Commerce Point Singapore 048693. Dated this 12th day of December 2003. SHANKER IYER Liquidator. CONTIM REALTY: Winding Up Hearing Set For January 16 ---------------------------------------------------- The petition to wind up Contim Realty Pte Limited is set for hearing before the High Court of the Republic of Singapore on January 16, 2004 at 10 o'clock in the morning. The Bank of China, a creditor, whose address is situated at 4 Battery Road, Bank of China Building, Singapore 049908, filed the petition with the court on December 3, 2003. The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery Road, #15-01 Bank of China Building, Singapore 049908. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs David Siow Chua a notice in writing not later than twelve o'clock noon of the 15th day of January 2004 (the day before the day appointed for the hearing of the Petition). DOLPHIN 95: Petition to Wind Up Pending --------------------------------------- The petition to wind up Dolphin 95 Steakhouse & Restaurant is set for hearing before the High Court of the Republic of Singapore on January 9, 2004 at 10 o'clock in the morning. The United Overseas Bank Limited, a creditor, whose address is situated at 80 Raffles Place, UOB Plaza, Singapore 048624, filed the petition with the court on November 21, 2003. The Petitioner's Solicitors are Messrs Khattar Wong & Partners of 80 Raffles Place, #25-01 UOB Plaza 1, Singapore 048624. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Khattar Wong & Partners a notice in writing not later than twelve o'clock noon of the 8th day of January 2004 (the day before the day appointed for the hearing of the Petition). HOME DESIGN: Issues Dividend Notice ----------------------------------- Home Design Pte Ltd. issued a notice of intended dividend as follows: Address of Registered Office: Formerly of 808 French Road #07- 163 Kitchener Complex Singapore 200808. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 240 of 1996. Last Day for Receiving Proofs: 26th December 2003. Name & Address of Liquidator: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. TOH HWEE LIAN Assistant Official Receiver. KENLY PLUMBING: Issues Winding Up Order Notice ---------------------------------------------- Kenly Plumbing Pte Ltd issued a winding up order notice made the 28th day of November 2003 as follows: 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. Dated the 9th day of December 2003. Messrs PHILIP LOH & CO Solicitors for the Petitioner. LOTTIR PTE: Issues Debt Claim Notice to Creditors ------------------------------------------------- The creditors of Lottir Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 12th day of January 2004 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 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 12th day of December 2003. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. OVERSEA-CHINESE: Dissolves Two Subsidiaries ------------------------------------------- Oversea-Chinese Banking Corporation Limited (OCBC Bank) announced that Asia Commercial Enterprise Pte Ltd (in Members' Voluntary Liquidation), a wholly owned dormant subsidiary of OCBC Bank, is dissolved on 15 December 2003. Asia Commercial Enterprise Pte Ltd ceased to be a wholly owned subsidiary of OCBC Bank with effect from 15 December 2003. Dissolution of KF Limited Oversea-Chinese Banking Corporation Limited (OCBC Bank) wishes to inform that KF Limited (in Members' Voluntary Liquidation), a wholly owned dormant subsidiary of OCBC Bank, is dissolved on 15 December 2003. KF Limited ceased to be a wholly owned subsidiary of OCBC Bank with effect from 15 December 2003. SGK PTE: Creditors Must Submit Claims by January 10 --------------------------------------------------- Notice is hereby given that the creditors of SGK Pte Ltd. (In Members' Voluntary Liquidation), which is being voluntarily wound up, are required, on or before the 10th day of January 2004 to send in their names and addresses, with particulars of their debts and claims, and the names and addresses of their solicitors (if any) to the undersigned, the liquidator of the said Company; and, if so required by notice in writing by the said liquidator, are, personally or by their solicitors, to come in and prove their said 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. TEH KWANG HWEE Liquidator. c/o 2 Mistri Road #12-01 HMC Building Singapore 079624. YONGNAM HOLDINGS: Post Changes in Shareholder's Interest -------------------------------------------------------- Yongnam Holdings Limited posted a notice of changes in Shareholder Seow Soon Hee's interest: Date of notice to company: 15 Dec 2003 Date of change of interest: 15 Dec 2003 Name of registered holder: Seow Soon Hee Circumstance(s) giving rise to the interest: Others Please specify details: Dilution of interest due to issue of new shares by Company Information relating to shares held in the name of the registered holder: - No. of shares which are the subject of the transaction: 0 % of issued share capital: 0 Amount of consideration (excluding brokerage and stamp duties) per share paid or received: S$0.00 No. of shares held before the transaction: 21,758,385 % of issued share capital: 5.04 No. of shares held after the transaction: 21,758,385 % of issued share capital: 4.99 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before the transaction: 0 21,758,385 % of issued share capital: 0 5.04 No. of shares held after the transaction: 0 21,758,385 % of issued share capital: 0 4.99 Total shares: 0 21,758,385 =============== T H A I L A N D =============== HEMARAJ LAND: Secures Funding for Condominium Project ----------------------------------------------------- Hemaraj Land & Development PCL (HEMRAJ.TH), which is listed by the Stock Exchange of Thailand under "Companies under Rehabilitation," has secured a loan to help complete a high-end condominium in Bangkok. According to the Dow Jones, Krung Thai Bank PCL (KTB.TH) granted the THB1.8 billion loan, which will be used to fund the construction of Hemaraj's 219-unit residential condo. Construction of the project started earlier in December and is expected to be completed in mid-2006. Hemaraj will sell the units at around THB90,000 per square meter. RAIMON LAND: Sets Date for Exercise of Warrants ----------------------------------------------- Raimon Land Public Company Limited issued this letter to the Stock Exchange of Thailand: President The Stock Exchange of Thailand 62 Rachadapisek Road, Klongtoey Bangkok 10110 Dear Sir, Subject: Notification of the exercise of warrants (RAIMON-W) No. 4/2003 Raimon Land Public Company Limited (the Company) would like to notify the exercise of warrants procedures No. 4/2546 as follows: (1) Exercise Date is 30 December 2003 from 9:00 hrs. to 16:00 hrs. at the Company address No. 62, The Millenia Tower, 22/F Unit 2201-3, Langsuan Road, Limpini, Pathumwan, Bangkok 10330, Telephone No. 0-2651-9600-4 Fax No.0-2651-9614. (2) The Warrant holders who wish to exercise their right to purchase the Company's ordinary shares shall give notification of such intention within five business days prior to exercise date (the Notification Period). (3) One warrant will be exercisable for 1.03870 new ordinary shares (in case of fraction, those fraction shares will be disregarded) at the exercise price of Baht 0.963 per share. (4) The Warrant holders wishing to exercise shall comply with the condition governing the Subscription From by completing the following actions and submitting the following documents: (a) A Subscription Form which has been accurately and completely filled in; (b) Warrant Certificates or replacement certificates specified by The Stock Exchange of Thailand representing warrants in the amount specified in the Subscription Form and authority for receiving a new warrant certificate (if any); (c) Cheque, banker's draft, bank cheque or bank payment order that can be cashed in the Bangkok Metropolitan area and shall be made payable on the subscription date to "Raimon Land Plc. for Account of Share Subscription." Any such exercise will be deemed to be completed when it is fully paid. If the Company does not obtain payment in full as specified in the Subscription Form executed by the Warrant Holders, the Subscription Form shall be deemed to be cancelled without any exercise. However, the Warrant Holders will be able to exercise his or her right on the next Exercise Date, with the exception of the last Exercise Date. Should the Warrant Holders need more information, please contact Khun Jariya Puckdeewong, or Khun Orapin Duangkaew at telephone no. 0-2651-9600-4 Ext. # 107, 123 or fax no. 0-2651-9614. Please be informed accordingly. Yours faithfully, Nigel John Cornick Chief Executive Officer, Raimon Land Public Company Limited The Stock Exchange of Thailand classifies Raimon Land under "Companies under Rehabilitation." THAI-GERMAN PRODUCTS: Creditors Overhaul Reorganization Plan ------------------------------------------------------------ Thai-German Products issued this update: Subject: The Fourth Progress Report on Improving the Process of Business Reorganization Plan of Thai-German Products Public Company Limited To: President of The Stock Exchange of Thailand References: 1. The Stock Exchange of Thailand's Letter No. Bor Jor 307/2546 Dated 21 April 2003 2. The Third Progress Report on Improving the Process of Business Reorganization Plan of Thai- German Products Public Company Limited Regarding the second of the above references, the Creditor Committee of Thai-German Public Company Limited (TGPRO) had agreed to revise the Business Reorganization Plan (Plan) completely in order for TGPRO's survivorship. Therefore, the Creditor Committee had resolution to adjust interest rate to 3% pa. Interest payment of the third and the fourth quarter of 2003 will be paid within December 2003 and March 2004 respectively. Such resolution had been approved by all Creditors on December 4, 2003 and expected to be approved by the Bankruptcy Court on December 18, 2003. Yours sincerely, Mr. Apinun Ratchatasombat Executive Planner Representation The Stock Exchange of Thailand classifies Thai-German Products PCL under "Companies under Rehabilitation." TUNTEX (THAILAND): Court Puts Firm Under Rehabilitation ------------------------------------------------------- Tuntex Public Company Limited recently issued Bankruptcy proceedings information: Subject: The Central Bankruptcy Court's Order of the Business Rehabilitation and the Progress of the Business Rehabilitation of Tuntex (Thailand) Public Company Limited To: The President of the Stock Exchange of Thailand Tuntex (Thailand) Public Company Limited (the Company) would like to inform that on December 15, 2003 the Central Bankruptcy Court has ordered the business rehabilitation of the Company and the appointment of the Company as planner. Please be informed accordingly and should there be any progress, the Company will promptly inform you. Sincerely yours, Mr. Yang Jin-Tuu Tuntex (Thailand) Public Company Limited The planner of Tuntex (Thailand) Public Company Limited ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Mavy Nineza-Merlin, Ma. Cristina Pernites-Lao, Editors. Copyright 2003. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. 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