/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040130.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, January 30, 2004, Vol. 7, No. 21 Headlines A U S T R A L I A CARTER HOLT: Posts FY03 $NZ656M Net Loss NATIONAL AUSTRALIA: Freeze Bonuses for Executives NATIONAL AUSTRALIA: Axing Jobs May Not Recover Losses SANTOS LIMITED: Unveils FY03 Sales Revenue Results SANTOS LIMITED: Issues Moomba Incident Update VILLAGE ROADSHOWS: Submits Application to Takeovers Panel VILLAGE ROADSHOW: Issues Preference Share Scheme Update C H I N A & H O N G K O N G BONUSTAR INTERNATIONAL: Winding up Hearing February 18 COMPACT CONSTRUCTION: Faces Winding up Petition HANNY HOLDINGS: Issues 21.5 Million New Shares I N D O N E S I A BANK LIPPO: Management May Face Dismissal EXCELCOMINDO PRATAMA: Repays US$293 Million Debt SEMEN GRESIK: 2003 Cement Sales Down on Weak Exports J A P A N JAPAN AIRLINES: Suffers 1H04 US$543M Net Loss KAWASAKIKO CONTAINER: Shipment Firm Enters Bankruptcy KIMMON MANUFACTURING: IRCJ Rescues Gas Meter Maker OSAKA KONGO: Golf Course Starts Rehabilitation Proceedings VICTOR CO.: Cuts Workforce by 12% K O R E A KOOKMIN BANK: Post Changes in Organization Structure LG CARD: LG Group Units to Inject US$170M M A L A Y S I A HAP SENG: Issues Notice of Shares Buy Back OILCORP BERHAD: Post Changes in Director's Shareholding P H I L I P P I N E S MANILA ELECTRIC: Lowers Power Rate to P0.08443 MANILA ELECTRIC: Spanish Fenosa Refuses More Aid MUSIC CORPORATION: SEC OKs Quasi-Reorganization NATIONAL BANK: Starts Roadshow for Php2.2B Notes Issue S I N G A P O R E DOLPHIN 95: Issues Notice of Winding Up Order GOLDEN HOOVER: Creditors Must Submit Claims by February 9 NICO CHEMICAL: Petition to Wind Up Pending PAN ASIA: Releases Winding Up Order Notice * Large Companies with Insolvent Balance Sheets - - - - - - - - ================= A U S T R A L I A ================= CARTER HOLT: Posts FY03 $NZ656M Net Loss ---------------------------------------- Wood producer Carter Holt Harvey booked a net loss of $NZ656 million for 2003 after a massive write down in the value of its forest assets, reports The Age. In December 31, 2003 loss was compared to a $NZ137 million profit in the previous year. The result came after a $NZ918 million charge for restructuring and non-recurring items recorded in the December quarter, which included a write down in forests by $NZ876 million, charges associated with the closure of its Tokoroa saw mill worth $NZ17 million and other items of $NZ25 million. NATIONAL AUSTRALIA: Freeze Bonuses for Executives ------------------------------------------------- According to The Age, share and option bonuses to National Australia Bank (NAB) Chief Executive Frank Cicutto and senior executives Ian Scholes and Chris Lewis has been deferred until investigations of unauthorized foreign currency options trading is completed. NAB's board has also stopped payment of bonus shares and options to chief executive NAB Europe John Stewart, in a bid to halt market talk that senior management may have profited during the currency trading scandal. The bank confirmed that the incentive bonuses in the form of equity set aside and allocated according to future performance were priced in the week of January 16, which coincided with the initial announcement of trading losses and a subsequent fall in share price. NAB spokesman Brandon Phillips said, " The pricing represented a conflict for staff associated with the trading, including head of risk Mr. Lewis and head of corporate and institutional bank Mr. Scholes, were presented as an issue to the bank's risk committee and board the week the shares and options were priced. NAB's disclosure on the bonuses came after it reported a profit of $332 million from the sales of St George Bank, AMP and HHG shares. The gain neutralizes the $252 million post-tax ($360 million pretax) in trading losses and apparently wiped away investors' fears about the effect of the scandal. NAB's share price rallied 95› to $30.40 as Mr. Cicutto declared the bank would return to basic banking and abandon any acquisition ambitions in Australia and Britain. Mr. Cicutto said the $1 billion in capital raised by the share sales would not be spent on acquisitions in Britain. Some analysts said relief motivated the share price rebound, and more issues emerged about the trading losses yesterday that may concern investors in the longer term. The issues emerged in NAB's first briefing of analysts about the trading yesterday, in which Mr. Cicutto left most of the comments to chief financial officer Richard McKinnon. The issues included: (a) Confirmation of unauthorized trading activity before September 30, 2003, which is in direct contradiction to previous NAB statements about the timing of trades but appears to support comments by one of the four suspended traders, David Bullen. (b) A concession that there were weaknesses in the bank's risk management systems that the traders were able to circumvent. (c) Recognition that the bank's method of valuing the currency options portfolio was not as conservative as it should have been. (d) An admission that the bank cannot guarantee fully franked dividends past the 2004 interim payment due in May, due to the losses and the sale of St George shares. (e) Confirmation that the bank will not make public all of the report of the internal review of the trading led by PricewaterhouseCoopers. NATIONAL AUSTRALIA: Axing Jobs May Not Recover Losses ----------------------------------------------------- The management of the National Australia Bank (NAB) has assured their staff that axing jobs will not recover the current loss the bank is experiencing recently. According to The Age, The Finance Sector Union (FSU) spokesman Rod Massen said that while management reported no plans to reduce staff numbers at this stage they could make no promises about what the board might decide in the longer term. PricewaterhouseCoopers (PwC) has been commissioned to conduct a forensic examination of how the losses occurred and who is to blame but management made no promises about what might happen. "They couldn't give us any rock-solid assurances about what the board might do after the PwC audit, although previous cuts in staff numbers are being recognized as having been too deep and (management) don't appear eager to repeat the errors of the past," he said. FSU also sought to discover whether the bank had encouraged risk-taking on the part of its trading staff by offering performance-based bonuses, he said. Mr. Massen said the bank argued that other financial institutions paid their traders extremely generously and the NAB had no alternative than to do likewise. However the National would not say whether this constituted a policy of management encouraging risk-taking. The FSU praised the NAB for selling shares and shelving expansion plans like putting its AMP and St George Bank portfolios on the market ahead of shedding staff. "That's preferable to sacking people," Mr. Massen said. He said NAB chief executive Frank Cicutto intended to address the bank's staff on Thursday and the union would be watching very carefully to see what he intended to do about the currency trading scandal. SANTOS LIMITED: Unveils FY03 Sales Revenue Results -------------------------------------------------- Total sales revenue for Santos Limited for the 12 months to 31 December 2003 was virtually steady at $1,465.0 million reflecting higher average prices across most products, despite the 26% appreciation in the Australian dollar against the US dollar in the twelve months to the end of the December quarter. In its Activities Report for the December 2003 quarter, Santos today announced: - Total full year sales revenue of $1,465.0 million, which was one percent less than the $1,478.4 million in the previous 12 months. December quarter sales revenue was $362.5 million compared with $399.6 million in the previous corresponding quarter - A 15.7% drop to $A41.47 per barrel in the average realized crude oil price for the latest December quarter - down from $A49.17 per barrel in the previous corresponding quarter and due to the exchange rate - Record annual gas and ethane sales revenue of $720.8 million - up 9.3% on the previous year's $659.6 million, including the benefit of continuing high US gas prices - In line with previous guidance to the market by the Company, total 2003 production of 54.2 million barrels of oil equivalent (mmboe) compared with 57.3 mmboe in 2002. December quarter production was 13.0 mmboe compared with 14.4 mmboe in the previous corresponding quarter. Managing Director Mr. John Ellice-Flint commented: "Record gas and ethane revenue for the year was a particularly good result. Otherwise these numbers are in line with expectations." Also during the December quarter, Santos achieved significant progress on its new growth projects, including: - Bayu Undan where significant commissioning milestones were achieved and first production is on track for April this year - Mutineer-Exeter oil field development (Santos 33.4%), which was sanctioned by all joint venturers. Major contracts have now been awarded for the project - In the Casino gas field in the Otway Basin, significant progress was made on the commercialisation of the field - In the John Brookes gas field in the Carnarvon Basin, the Thomas Bright 2 well was drilled, successfully appraising the southern area of the field. Santos Limited is a major Australian oil and gas exploration and production Company with interests in all Australian hydrocarbon provinces. The Santos Group also operates in the USA, Indonesia and PNG. FOR FURTHER INFORMATION PLEASE CONTACT: Media enquiries: Investor enquiries: Kathryn Mitchell Mark Kozned Santos Limited Santos Limited (08) 8218 5260 / 0407 979 982 (08) 8218 5939 / 0407 747 908 SANTOS LIMITED: Issues Moomba Incident Update --------------------------------------------- After the gas release and subsequent fire in the Liquids Recovery Plant (LRP) on 1 January 2004, Santos Limited has been working via a staged process to bring supply of gas back to levels normal for this time of year. Stage 2 of the recovery plan is currently supplying gas at rates of around 200 TJ/d. Stage 3 of the plan, targeting production of 450 TJ/d from field gas, is expected to commence in the second half of February. Progress is being made on a fourth stage, achieving full sales gas production capacity of about 650 TJ/d, and is targeted for completion during the second half of April. Plans for the full reinstatement of natural gas liquids production (Stage 5) are currently being progressed and are expected to be finalized in early February. FOR FURTHER INFORMATION PLEASE CONTACT: Media enquiries: Investor enquiries: Kathryn Mitchell Mark Kozned Santos Limited Santos Limited (08) 8218 5260 / 0407 979 982 (08) 8218 5939 / 0407 747 908 VILLAGE ROADSHOWS: Submits Application to Takeovers Panel --------------------------------------------------------- As advised in its announcement on January 27, 2004, Village Roadshow Limited will continue seeking advice in respect to the voting on resolution 1 put to the General Meeting last Wednesday 21 January 2004 and, in particular, whether or not all votes cast `against' the resolution are to be counted in determining the outcome of the resolution as well as the eligibility of those who cast a vote on the resolution to actually cast their vote. The Company has made an application to the Takeovers Panel. The application relates to compliance with Chapter 6C of the Corporations Act and voting at the Company's meetings held last Wednesday. The shares the subject of the application total 24,074,945 Ordinary Shares and 38,594,271 Preference Shares comprising : - 1,000 Ordinary Shares and 1,000 Preference Shares held by Boswell Filmgesellschaft mbH; - 15,443,174 Ordinary Shares and 34,707,843 Preference Shares held by ANZ Nominees Limited as nominee for a Swiss client, SIS SegaInterSettle AG, which apparently holds on behalf of Schroders and Co, Zurich; - 4,823,854 Ordinary Shares and 3,885,428 Preference Shares held by ANZ Nominees Limited as nominee for the same Swiss client, SIS SegaInterSettle AG, which in this case apparently holds on behalf of Swissfirst Bank, Zurich; and - 3,806,917 Ordinary Shares held by Citicorp Nominees Pty Limited as nominee for GNI Limited of London. The Company will advise further when the proceedings before the Takeovers Panel are complete. For a copy of the press release, go to http://www.villageroadshow.com.au/press_releases/pdf/vrlps%20ii% 20asx%20panel%20270104.pdf VILLAGE ROADSHOW: Issues Preference Share Scheme Update ------------------------------------------------------- Village Roadshow Limited advised on January 23, 2004 that, to give the Company time to determine the outcome of the polls on the resolutions put to the meetings held on January 21, 2004, each of the meetings had been adjourned to 5 P.M. on January 28, 2004 and the polls on the resolutions remained open, a Company statement said. Each of the meetings resumed on 28 January 2004, commencing with the General Meeting at 5 in the afternoon. At the General Meeting, the Chairman declared resolution 2 put to the General Meeting on 21 January 2004 carried and the poll closed with the result of the poll being as stated by the Company in its announcement to the Australian Stock Exchange (ASX) on 27 January 2004, subject to any adjustment arising out of proceedings currently before the Supreme Court of Victoria or the Takeovers Panel. The General Meeting was then adjourned pending the outcomes of those proceedings and their potential relevance in determining the outcome of the poll on resolution 1. The General Meeting has been adjourned to 5pm on Tuesday 10 February 2004 in Minter Ellison's offices at Level 23 in the South Tower, the Rialto, 525 Collins Street, Melbourne 3000. At the Class Meeting held immediately after the adjournment of the General Meeting, the Chairman declared the resolution put to the Class Meeting on 21 January 2004 carried and the poll closed with the result of the poll being as stated by the Company in its announcement to the ASX on 27 January 2004, subject to any adjustment arising out of those proceedings. At the Scheme Meeting held immediately after the adjournment of the Class Meeting, the Chairman declared the resolution put to the Scheme Meeting on 21 January 2004 carried and the poll closed with the result of the poll being as stated by the Company in its announcement to the ASX on 27 January 2004, subject to any adjustment arising out of those proceedings. ============================ C H I N A & H O N G K O N G ============================ BONUSTAR INTERNATIONAL: Winding up Hearing February 18 ------------------------------------------------------ The High Court of Hong Kong will hear on Februry 18, 2004 at 9:30 A.M. the petition seeking the winding up of Bonustar International Limited. Yue Tim Fu of Flat 13B, 13/F., Block 11, Rhythm Garden, 242 Choi Hung Road, San Po Kong, Hong Kong, filed the petition on December 8, 2003. Tam Lee Po Lin, Nina represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tam Lee Po Lin, Nina, which holds office on the 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. COMPACT CONSTRUCTION: Faces Winding up Petition ----------------------------------------------- The High Court of Hong Kong will hear on Februry 25, 2004 at 9:30 A.M. the petition seeking the winding up of Compact Construction Engineering Company Limited. Chan Kam Chuen of Room 708, Heng Shing House, Fu Heng Estate, Tai Po, New Territories, Hong Kong filed the petition on November 12, 2003. Tam Lee Po Lin, Nina represents the petitioner. Creditors and other interested parties are encouraged to attend the hearing. They only need to notify in writing Tam Lee Po Lin, Nina, which holds office on the 34th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai Hong Kong. HANNY HOLDINGS: Issues 21.5 Million New Shares ---------------------------------------------- Hanny Holdings Limited will issue 21.5 million new shares to raise net proceeds of HK$85 million (US$10.9 million), according to Reuters. The new shares would be issued at HK$4 each to its major shareholder, ITC Corporation Ltd , which had agreed to place the same amount of shares at the same price to professional investors. The subscription and placing price represented an eight percent discount to the stock's close of HK$4.35 on Wednesday. Hanny, which is engaged in the manufacture and sale of data storage media and the distribution of computer accessories and electronic products, said it had no specific plan for use of the proceeds. ITC's interest in Hanny would be diluted to 24.5 percent from 27.7 percent while Hutchison Whampoa Ltd., controlled by Asia's richest businessman Li Ka-shing, would see its holding lowered to 5.4 percent from 6.1 percent. ================= I N D O N E S I A ================= BANK LIPPO: Management May Face Dismissal ----------------------------------------- Bank Lippo executives may face dismissal if found guilty of having intentionally concealed the bank's financial situation, the Jakarta Post reported on Thursday, citing the Bank Indonesia (BI) Senior Deputy Governor Anwar Nasution. The management of Bank Negara Indonesia (BNI) was reshuffled late last year, and most of its top officials dismissed after the disclosure of fictitious export credit worth Rp 1.7 trillion (US$141.17 million). Lippo President Joseph Luhukay explained that the contributing factor to the losses was Rp 367 billion in taxes on the bank's unsold foreclosed assets valued at Rp 2.5 trillion. These taxes also shot down the bank's 2003 capital adequacy ratio (CAR) to 17.9 percent from 21.1 percent in 2002. The Indonesian Bank Restructuring Agency (IBRA), which owns a 54.9 percent shares in Lippo, has named a consortium led by Swiss-first Asia Global as the preferred bidder for a 52 percent share of the publicly listed bank. The consortium offered a final price of Rp 591.5 per share. IBRA has been trying to sell its shares in Lippo. EXCELCOMINDO PRATAMA: Repays US$293 Million Debt ------------------------------------------------ According to Reuters, Indonesia's third-largest mobile phone company, PT Excelcomindo Pratama has fully repaid the balance of its $293 million senior secured syndicated debt. A representative from the company said in an interview that, the repayment...was made out of the proceeds from the $350 million bonds issued by the company earlier this month. Sixty percent of the company is owned by Rajawali Group's PT Telekomindo Primabhakti, 23 percent by Verizon Communications of the United States, 13 percent by the Asian Infrastructure Fund and four percent by Japan's Mitsui & Co. On January 16 Excelcom said it had issued $350 million worth of five-year bonds carrying an eight percent coupon rate. Excelcom was established in November 1995, but began commercial operations in October the following year. Nine years later, it had served three million customers. SEMEN GRESIK: 2003 Cement Sales Down on Weak Exports ---------------------------------------------------- PT Semen Gresik said cement sales for 2003 fell 3.2 percent to 14.03 million metric tons due mostly to a drop in exports. Semen Gresik's domestic cement sales were up 0.9 percent at 11.97 million tons, but exports slumped 21 percent to 2.05 million tons. According to Dow Jones, the company refuses to comment on its sales performance. Fifty-one percent of the company is owned by the government and 25.53 percent owned by Mexico's Cemex SA de CV (CX). According to data from Indonesia's cement producers association, national cement sales for 2003 rose 1 percent to 27.47 million tons from 27.19 million a year earlier. ========= J A P A N ========= JAPAN AIRLINES: Suffers 1H04 US$543M Net Loss --------------------------------------------- Japan Airlines group said the rapid spread of bird flu and the return of Severe Acute Respiratory Syndrome (SARS) in the region might have at least a "psychological impact" on its airline business, Business Day reports. Asia's largest carrier suffered a net loss of 57.59 billion yen (US$543 million) in the first half of the year to March 2004 as a result of the SARS and the Iraq war. JAL Group, a holding company formed by a merger in 2002 between Japan Airlines and the smaller Japan Air System, has expected to chalk up a net loss of 65 billion yen in the full year. KAWASAKIKO CONTAINER: Shipment Firm Enters Bankruptcy ----------------------------------------------------- Kawasakiko Container Terminal K.K. has been declared bankrupt, according to Tokyo Shoko Research Limited. The canal and intracoastal freight transportation firm located at Kawasaki- shi, Kanagawa, Japan has 610 million yen in capital against total liabilities of 6.6 billion yen. KIMMON MANUFACTURING: IRCJ Rescues Gas Meter Maker -------------------------------------------------- The Industrial Revitalization Corporation (IRCJ) plans to bail out troubled gas meter maker Kimmon Manufacturing Company, according to Japan Times. The Company hopes to drag itself out of trouble by seeking a 3 billion yen capital injection from the IRCJ, as well as a 10.8 billion yen bailout package from its lenders. Kimmon's sales for fiscal 2002 dropped 6.2 percent from a year before to 51.58 billion yen. OSAKA KONGO: Golf Course Starts Rehabilitation Proceedings ---------------------------------------------------------- Osaka Kongo Seito K.K., which has total liabilities of 8.336 billion yen against a capital of 176 million yen, has applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The golf course is located in Kameoka-shi, Kyoto, Japan. VICTOR CO.: Cuts Workforce by 12% --------------------------------- Victor Co. announced a management scheme covering a three-year period to March 31, 2007, which features a 12 percent cut in the parent Company's workforce and puts top priority on display and optical disk businesses, according to Kyodo News. Victor, a subsidiary of Matsushita Electric Industrial Co, said it plans to cut the workforce at the parent company to 7,000 by the end of fiscal 2006, compared with 7,997 as of March 31, 2003. ========= K O R E A ========= KOOKMIN BANK: Post Changes in Organization Structure ---------------------------------------------------- On January 27, 2003, Kookmin Bank streamlined its organizational structure from existing 13 divisions to 9 groups & 4 divisions and current 66 teams in Headquarter will be reduced to 63 teams. As a result of reorganization, number of Executive Vice Presidents will be reduced from 13 to 9 (6 re-appointed and 3 new). 9 Groups and 4 Divisions 1. Retail Banking Group (including CS/On-line Channel Division) 2. Corporate Banking Group (Corporate Finance Division) 3. Credit Card Group 4. PB/Asset Management Group 5. Trust/NHF Management Group 6. Work-Out & Operations Group 7. IT Services Group 8. Risk Management Group 9. Finance/Strategy/HR Group (HR Division), Treasury Division Executive Vice Presidents Group Name Retail Banking Group Jongkyoo Yoon Former EVP, Corporate Financial/ Strategic Planning Division Corporate Banking Group Junglak Lee* Former Head of Strategic Planning Team Credit Card Group Sangjin Lee* Former Director of Credit Card Division PB/Asset Management Group Yunkeun Jung* Former Director in Dae-gu regional HQ Trust/NHF Management Group Woojung Lee Former EVP, Trust/NHF Management Division Work-Out & Operations Group Sungkyu Lee Former Business Supporting Division IT Services Group Youngil Kim Former Retail Banking Division Risk Management Group Donald H. Mackenzie Risk Management Division Finance/Strategy/HR Group Kisup Shin Risk Management Division * Newly appointed LG CARD: LG Group Units to Inject US$170M ----------------------------------------- LG Group units have decided to inject 170 million dollars into ailing LG Card as part of a bailout package, Channel News Asia reports. LG Petrochemical Co., LG International Corp., LG Engineering and Construction Co. and the unlisted LG Innotek will jointly buy 200 billion won (170 million dollars) of commercial paper (CPs) issued by LG Card by March, the group said. The purchase would bring the amount of funds pumped into LG Card to 600 billion won or 75 percent of the 800 billion won that LG Group promised earlier to contribute to the rescue package. LG Card just managed to escape insolvency earlier this month when 16 creditors endorsed a massive new bailout. State-run Korea Development Bank (KDB) agreed to temporarily take over the company. LG Card was spun off from its parent LG Group on January 15. =============== M A L A Y S I A =============== HAP SENG: Issues Notice of Shares Buy Back ------------------------------------------ Hap Seng Consolidated Berhad announced the following: Description of shares purchased: Ordinary shares of RM1.00 each Total number of shares purchased (units): 10,000 Minimum price paid for each share purchased (RM): 2.700 Maximum price paid for each share purchased (RM): 2.700 Total consideration paid (RM): 27,199.80 Number of shares purchased retained in treasury (units): 10,000 Number of shares purchased which are proposed to be cancelled (units): 0 Cumulative net outstanding treasury shares as at to-date (units): 33,108,200 Adjusted issued capital after cancellation (no. of shares) (units) : 0 OILCORP BERHAD: Post Changes in Director's Shareholding ------------------------------------------------------- Oilcorp Berhad announced that Director Mohamed Hazali Bin Dato' Seri Abu Hassan has intention to deal in shares of the Company which is currently in the closed period pending announcement of its results for the forth quarter ended 31 December 2003. His current shareholdings is as follows: Name of Director: MOHAMED HAZALI BIN DATO' SERI ABU HASSAN Direct Indirect No. of shares % of the Companys' issued and paid-up share capital 3,649,800 2.41 Direct Indirect No. of shares % of the Companys' issued and paid-up share capital 3,835,500 2.53 ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Lowers Power Rate to P0.08443 ---------------------------------------------- Manila Electric Company (Meralco) customers expect a P0.08443 per kilowatt-hour (kwh) reduction in power rates starting next month, according to Asia Pulse. This after the Energy Regulatory Commission (ERC) ordered the reduction in generation charges of Meralco by P0.2143/kwh and denied the utility firm's motion to suspend reduction of transmission charge beginning next month. The P0.2143 approved reduction in generation rates by the ERC was higher than Meralco's proposed P0.1852 kwh. As a result, Meralco's generation charges would be brought down to P3.1886/kwh from the prevailing P3.4029 per kwh. MANILA ELECTRIC: Spanish Fenosa Refuses More Aid ------------------------------------------------ Spanish utility firm Union Fenosa SA will not infuse fresh equity to help solve the financial woes of the Manila Electric Co. (Meralco), Yehey News reports. Union Fenosa Country Manager Emilio Vicens said his company is doing its best to try "to add value" to the Lopez-led utility but will not shell out more money to finance maturing debts, complete the P30-billion customer refund on time and fund capital expenditures. Last week, Meralco successfully rolled over $88 million in debts. Creditors agreed to extend the payment deadline to March. Union Fenosa bought Meralco shares in 1999 at some PhP100 apiece. In Wednesday's trading, Meralco A shares closed at PhP21 while B shares ended 50 centavos lower at PhP33.50. MUSIC CORPORATION: SEC OKs Quasi-Reorganization ----------------------------------------------- The Securities and Exchange Commission (SEC) has approved Music Corporation's quasi-reorganization, AFX Asia reports. The SEC has approved Music's equity restructuring to partially wipe out its deficit of 1.46 billion pesos as of end-2002 against an additional paid-in capital of 867.75 million pesos. It also approved a decrease in the semiconductor firm's authorized capital to 100 million pesos from 500 million, and in par value to 0.20 from 1.00 peso. The SEC thereafter approved an increase in par value back to 1.00 peso from 0.20. Trading in Music shares has been indefinitely suspended since Tuesday at the company's request. NATIONAL BANK: Starts Roadshow for Php2.2B Notes Issue ------------------------------------------------------ Philippine National Bank started on Thursday its domestic road show for up to 2.2 billion pesos of capital notes, Dow Jones reported on Thursday. The notes, which qualify as Tier 2 or supplementary capital, are part of its planned $140 million subordinated note issue approved by the central bank's Monetary Board in October 2003. PNB said the PHP2.2 billion notes, which will mature in January 2015, will be issued in two series - Series A notes can only be issued or transferred to individuals and tax-exempt institutions, while Series B notes are for those who can't purchase the Series A notes. ================= S I N G A P O R E ================= DOLPHIN 95: Issues Notice of Winding Up Order --------------------------------------------- Dolphin 95 Steakhouse & Restaurant Pte Ltd. issued a notice of winding up order made on the 9th day of January 2004. Name and address of Liquidator: Official Receiver, Singapore at 45 Maxwell Road #05-11/#06-11, The URA Centre (East Wing), Singapore 069118. Messrs KHATTAR WONG & PARTNERS Solicitors for the Petitioner. Note: (a) All creditors of the Company should file their proof of debt with the liquidator who will be administering all affairs of the company. (b) All debts due to the Company should be forwarded to the liquidator. GOLDEN HOOVER: Creditors Must Submit Claims by February 9 --------------------------------------------------------- The creditors of Golden Hoover Pte Ltd, which is being wound up by Special Resolutions of members on 5th January 2004, are required on or before 9th February 2004 to send in their names and addresses and the 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 from the said Liquidators, are by their solicitors, or personally, 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. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. NICO CHEMICAL: Petition to Wind Up Pending ------------------------------------------ The petition to wind up Nico Chemical & Trading Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on February 6, 2004 at 10 o'clock in the morning. Petrochem Middle East, a creditor, whose address is situated at 1603 City Tower 2 Sheikh Zayed Road Dubai UAE, filed the petition with the court on January 9, 2004. The Petitioner's Solicitors is Messrs Yap Kim Cheng & Co. of No. 101 Upper Cross Street, #06-07 People's Park Centre, Singapore 058357. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Yap Kim Cheng & Co. a notice in writing not later than twelve o'clock noon of the 5th day of February 2004 (the day before the day appointed for the hearing of the petition). PAN ASIA: Releases Winding Up Order Notice ------------------------------------------ Pan Asia Telecom (S) Pte Ltd issued a notice of winding up order made the 16th day of January 2004. Winding Up Order made the 16th day of January 2004. Name and address of Liquidator: Messrs Chio Lim & Associates 18 Cross Street #08-00 China Square Central Singapore 048423. Messrs LIM & LIM Solicitors for the Petitioners. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Jinan Qingoi Motorcycle Co., Ltd. 600698 (193.08) 113.96 Shenzhen China Bicycles Co., Ltd. 000017 (239.91) 60.39 Shenzhen Great Ocean Shipping Co., Ltd. 200057 (10.87) 11.27 Shenzhen Petrochemical Industry Group Co., Ltd. 000013 (243.36) 89.48 INDONESIA --------- PT Lippo Securities Tbk LPPS (3.62) 14.26 Smart Tbk SMAR (37.38) 398.89 JAPAN --------- Kanebo Limited 3102 (40.44) 5820.67 MALAYSIA -------- CSM Corporation Bhd CSMB (8.40) 41.55 Faber Group Bhd FBMS (7.16) 504.98 Kemayan Corp Bhd KOPS (289.67) 114.38 Panglobal Bhd PGL0 (41.07) 187.79 Promet Bhd PMPT (174.45) 50.49 Saship Holdings SASH (168.68) 136.30 Sri Hartamas Bhd SRIH (118.91) 99.76 Uniphoenix Corporation Bhd UNI (145.25) 33.34 PHILIPPINES ----------- C & P Homes, Inc. CMP (324.94) 2.45 Pilipino Telephone Co PNOTF (356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PCEN (931.65) 7369.85 THAILAND -------- Christiani & Nielsen CNT (24.03) 35.80 (Thai) PCL Datamat PCL DTM (9.53) 13.66 Jutha Maritime PCL JUTHA (3.70) 31.60 National Fertilizer PCL NFC (30.82) 297.40 Nakornthai Strip Mill PCL NSM (654.33) 608.46 Siam Agro-Industry Pineapple And Others PCL SAIC (13.88) 14.02 Siam Gen Factoring TB (35.92) 2.45 Thai Nam Plastic PCL TNPC (2.00) 24.33 Tuntex (Thailand) PCL TUN (26.82) 381.43 Each Friday edition of the Troubled Company Reporter - Asia Pacific contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***