/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040227.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, February 27, 2004, Vol. 7, No. 41 Headlines A U S T R A L I A AMP LIMITED: Sells Interest in Novus Petroleum MAYNE GROUP: Swings to AU$48.7 Million Net Profit NATIONAL AUSTRALIA: Cooperates in U.S. SEC Probe NATIONAL AUSTRALIA: ATO Disallows AU$307 Mln Interest Deductions TRANSURBAN GROUP: Free Cash flow Balloons to AU$60.4 Million C H I N A & H O N G K O N G CATCHY ENTERTAINMENT: Court Sets Winding up Hearing March 24 FORT ART: Faces Winding up Petition KEEN SOURCE: Winding up Hearing Slated for March 31 LILY ROYCE: Bank of China Initiates Winding up Petition VIRGINIA HOLDINGS: Faces Winding up Petition I N D O N E S I A BANK LIPPO: IBRA Completes Sale of Government's Majority Stake J A P A N KANEBO LIMITED: Creditors Urge IRCJ to Buy Loans at 'Fair Value' KANEBO LIMITED: Govt Aid Depends on Viability of Turnaround Plan K.K. JEI: Lending Firm Files for Bankruptcy MITSUBISHI MOTORS: Global Production Slips 14% in January SHINYO KANKYO: Real Estate Firm Enters Bankruptcy SUZUNUI KANKO: Golf Course Succumbs to Bankruptcy K O R E A HYUNDAI CORPORATION: 2003 Net Loss Balloons as Sales Drop 48% SK NETWORKS: Winding up U.S. Operations SK CORPORATION: January Petroleum, Lubricant Sales Down SSANGYONG MOTOR: Union Now Objects Sale to Chinese Investor M A L A Y S I A EPE POWER: Posts Latest Restructuring Developments HOTLINE FURNITURE: Court Approves Scheme of Arrangement I-BERHAD: Seeks Renewal of Authority to Buy back Shares PWE INDUSTRIES: Deadline for Rehab Plan Approval Extended SIN HENG: Securities Commission Affirms Valuation of Properties P H I L I P P I N E S FORTUNE CEMENT: Merges with Premier Cement GLOBAL STEELWORKS: Seeks Tariff Shield from Government PHILIPPINE AIRLINES: Warns of Swindling Syndicate PHILIPPINE AIRLINES: Confident of Breaking even in First Half PHILIPPINE REALTY: Court Endorses PCI Bank Debt Pact S I N G A P O R E DOUBLECLICK PTE: Creditors Must Submit Claims by March 22 HORIZON KNOWLEDGE: Winding up Petition Hearing Set March 5 ECOZONE PTE: Files for Liquidation SEATOWN CORPORATION: Judicial Management Extended to April 30 SMF CONSULTANTS: Files for Voluntary Winding up SOPHISTRONIC PTE: Creditors Have Until March 20 to File Claims T H A I L A N D EMC PUBLIC: Issues New Share Certificates THAI PETROCHEMICAL: Ferrier Takes Exception to 'False Claims' TPI POLENE: Pays US$180 Million Debt * Large Companies with Insolvent Balance Sheets - - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Sells Interest in Novus Petroleum ---------------------------------------------- Pursuant to Section 671B of the Australian Corporations Law, AMP Limited hereby advises of a change in its relevant interest in Novus Petroleum Limited. Gavin Young Manager, Corporate Actions BNP Paribas Securities Services Tel: 61 2 9222 0045 For more information, click http://bankrupt.com/misc/amplimited022604.pdf MAYNE GROUP: Swings to AU$48.7 Million Net Profit ------------------------------------------------- Mayne Group Limited announced results for the half year to December 31, 2003 and reported improvements in net profit after tax, earnings before interest and tax (EBIT), operating cash flow and earnings per share. Mayne Group Managing Director and Chief Executive Officer Stuart James said the company had been able to continue its reshaping program while maintaining the performance of the underlying businesses. The company reported a net profit after tax of $48.7 million, up from a $57.7 million loss in the first half last year. Overall EBIT was up 17% to $108.6 million compared to the prior corresponding period, while EBIT from continuing businesses rose from $67.1 million to $70.9 million. The company also announced an unfranked interim dividend of 4.5 cents, compared to an unfranked dividend of 4.0 cents for the same period last year. "Mayne has progressed steadily, enabling the business to meet our expectations for the first six months of this financial year while we are also continuing to reshape the company to focus on our higher return businesses," Mr. James said. "The international pharmaceutical business has been developed by acquisitions and product development, and our position in the diagnostic services field has been consolidated in both Pathology and Imaging," he said. "The acquisitions of the paclitaxel assets in North America were finalized in December, and in February the company signed a collaboration arrangement with Ivax Corporation that may result in our entry to the European paclitaxel market earlier than we had anticipated. The agreement with Ivax will leverage our resources in active pharmaceutical ingredient processing, product manufacturing and sales. "In order to meet our long term manufacturing needs $60 million is to be invested in the Mulgrave and Aguadilla facilities. Together with our product development and product acquisition programs this will allow us to access markets having a total value of US$7.8 billion, compared to US$3.8 billion at the same time in 2001. "The Pharmaceuticals result was as expected due to the previously advised weaker product pipeline this financial year and the impact of the rising Australian dollar on our offshore sales. If the average foreign exchange rates for the prior corresponding period were used, the Pharmaceuticals EBIT would have been $4 million higher. "In Europe revenue was up 21% on the prior corresponding period (it would have been 32% using the average foreign exchange rates from the prior corresponding period). The Americas revenue result was 17% lower than the same half last year (4% higher than the prior corresponding period before foreign exchange impact), however it saw significant price erosion in pamidronate and other mature products. Asia Pacific's result was up 21% on last year's first half revenue (23% higher than the prior corresponding period before foreign exchange impact) and sales in Asia have risen again with the SARS outbreak subsiding. "In both diagnostic businesses we have settled in new acquisitions and continued organic growth. Future growth will come from operational improvements that will make us more competitive and raise earnings margins. "Pathology operations in each state once again increased market share, growing above market rates, and the QML and Gippsland Pathology Service acquisitions continue to perform well. NSW has also finished with another pleasing result showing fundamental operational improvement. "Diagnostic Imaging grew its underlying revenue above market rates after instituting a fee increase. There has been very little growth in examinations across the market, which combined with a variety of cost pressures, has seen margins remain static. "Consumer Products had its sales rebound better than expected after the Pan recall, and Mayne has just regained the leading market share across the combined retail sales channels. The EBIT result also benefited from good cost management and productivity improvements. "There are still discussions occurring on the possible sale of Pharmacy Services which we are expecting to resolve shortly. This will remove the air of uncertainty in the pharmacy market and should help to alleviate the pressure on margins. There are a number of plans in place to further develop this business after a good revenue performance in the period under review and we will only contemplate a sale if it generates more value than continuing to operate it. "The turnaround of the Hospitals business continued, which allowed Mayne to secure a sale price of $813 million." Earnings from Mayne's former Hospitals business have been treated as discontinued earnings. In regard to outlook, Mr. James said Mayne's focus is to continue building its pharmaceuticals and diagnostic businesses. Other businesses are expected to continue a steady improvement over the first half. Overall adverse foreign exchange impacts are likely to offset the Pharmaceuticals volume increases, resulting in a second half performance similar to the first half. Media enquiries: Rob Tassie Phone: 03 9868 0886 Mobile: 0411 126 455 Investor enquiries: Larry Hamson Phone: 03 9868 0380 Mobile: 0411 126 455 NATIONAL AUSTRALIA: Cooperates in U.S. SEC Probe ------------------------------------------------ The National Australia Bank (NAB) has received a voluntary information request from the United States Securities and Exchange Commission (SEC), as part of an investigation into certain Australian registrants and public accounting firms. The document request covers the National Group and subsidiaries and includes issues relating to audit independence. In addition, the National has been asked for information about the accounting and internal controls of the National and its subsidiaries for the last three financial years, including the foreign currency options trading matter and HomeSide. The bank is fully co- operating with the SEC request. The SEC request in relation to audit independence issues follows an internal review by the National that confirmed five seconded employees of the company's auditor, KPMG, had provided certain non-audit services to the bank in Australia at different times between 2000 and 2003 thereby raising concerns about compliance with U.S. regulations. These services were immediately discontinued. The National has been advised that the services by KPMG employees were not in breach of independence regulations in Australia, New Zealand or the United Kingdom. The Institute of Chartered Accountants in Australia (ICAA) has also advised KPMG that the services it provided did not impair their independence under Australian Professional Standards. U.S. SEC rules differ to the requirements in Australia, New Zealand and the United Kingdom. Chief Financial Officer Richard McKinnon said this matter had been brought to the attention of the Board Audit Committee, and subsequently discussed with Australian and US regulators. "KPMG brought this matter to the attention of the National," Mr. McKinnon said. "We acted quickly to review the matter and provide the conclusions of our review to the SEC for consideration. "KPMG has confirmed their independence under Australian requirements for the purposes of our Australian accounts and we do not believe that the provision of these services will disqualify KPMG from acting as the National's external auditor for the purpose of its US filings." Mr. McKinnon said the National's annual 20-F filing in the U.S. was largely complete but that some matters remained to be finalized. "As soon as these matters are finalized, we will lodge our annual 20-F filing with the SEC in the U.S.," Mr. McKinnon said. "We will lodge by the statutory deadline of 31 March 2004." For additional information, contact: Brandon Phillips Callum Davidson Manager Manager Corporate Relations Investor Relations Phone: 03 8641 3857 Phone: 03 8641 4964 Mobile: 0419 369 058 Mobile: 0411 117 984 Web site: http://www.nabgroup.com NATIONAL AUSTRALIA: ATO Disallows AU$307 Mln Interest Deductions ---------------------------------------------------------------- National Australia Bank (NAB) has received amended assessments from the Australian Tax Office (ATO) that seek to disallow interest deductions on the National's ExCaps securities for the tax years 1997-2000. In a disclosure to the Australian Stock Exchange, the ATO assessments are for $157 million of primary tax and interest and penalties of $150 million (after tax)-- a total of $307 million (after tax). The ATO is also considering its position in respect of interest deductions claimed by the National on its ExCap securities for 2001-2003. The amount of primary tax relating to these interest deductions is approximately $135 million. If the ATO issues amended assessments in respect of these years it is possible that penalties and interest would also apply. The National's Chief Financial Officer Richard McKinnon said the National would dispute the assessments, which were issued just days before the six-year statutory time limit expires, and lodge objections with the ATO. "The National has, amongst other things, obtained a legal opinion from two senior Queen's Counsel," he said. "We will challenge the amended assessments and any additional assessments." The ATO has also provided the National with a position paper in which it proposes to challenge interest deductions claimed by the National in respect of the National's trust units exchangeable for preference shares (TrUEPrS) capital raising. The National has provided a detailed response to the ATO on this matter. It has also obtained a legal opinion from its external advisers, including senior Queen's Counsel. The ATO is considering the National's response. The amount of primary tax, which relates to interest deductions in respect of the TrUEPrS capital raising for 1999-2003 is approximately $101 million. Should the ATO issue amended assessments in respect to the TrUEPrS capital raising, it is possible that penalties and interest will apply. Mr. McKinnon said the External Affairs/Customs Automated Permit System (ExCaps) is similar to debt instruments issued by other financial institutions in Australia and overseas and was issued in 1997 as part of the National's capital management program. "The National is confident that its position in relation to the application of the taxation law is correct, and we intend to review future developments, and given the position currently adopted by the ATO, we will adopt a conservative approach with respect to interest deductions for future years," Mr. McKinnon said. "From 2004, until the dispute is resolved, we will not claim a deduction for the interest payments on the funds borrowed in connection with the ExCaps but will lodge an objection against the assessments based on our income tax return. This will protect our rights in relation to the deductibility of future interest payments pending resolution of the dispute. Based on an A$/US$ exchange rate of 78 cents this will reduce after tax profits by approximately $30 million per annum." For more information contact: Brandon Philips Group Manager Corporate Relations Phone: 03 8641 3857 Mobile: 0419 369 058 Callum Davidson Group Manager Investor Relations Phone: 03 8641 4964 Mobile: 0411 117 984 Web site: http://www.nabgroup.com TRANSURBAN GROUP: Free Cash flow Balloons to AU$60.4 Million ------------------------------------------------------------ Transurban Group released a very positive interim result for the fiscal year 2004 and announced a 20 percent increase in distributions to 12 cents per stapled security. The distributions are 100 percent tax deferred. The distribution will be funded by the continued success of Transurban's cornerstone asset, Melbourne's CityLink. Transurban's operating activities generated free cash flow of $60.4 million for the period, up from $48.2 million in the prior corresponding period. Transurban reported a net loss of $34.6 million, compared to a loss of $44.6 million for the prior corresponding period. The result is expected for companies like Transurban. Large infrastructure projects record accounting losses in the early years due to non-cash expenses such as depreciation. Transurban Managing Director Kim Edwards said it is important to look at the underlying cash flow position as a barometer of the performance of companies like Transurban. "Transurban's operating activities generated a 25 percent increase in free cash flow above the prior corresponding period," Mr. Edwards said, adding, "This is great news for security holders because it means we can offer growing distributions." Transurban reported these key achievements: -- Increased distribution of 12 cents per stapled security; -- Tolling revenue up by 9.5 percent; -- CityLink traffic up 5.4 percent; -- $6.0 million received from further settlement with TOJV, relating to residual construction defects; -- $4.6 million received from the Westlink M7 GATe supply contract; and -- Agreement reached with the Development Allowance Authority to extend the term of the Infrastructure Borrowing Facilities from December 2004 to April 2007, generating additional interest cost savings of approximately $116 million. ============================== C H I N A & H O N G K O N G ============================== CATCHY ENTERTAINMENT: Court Sets Winding up Hearing March 24 ------------------------------------------------------------ The petition to wind up Catchy Entertainment Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. Famour Legend Limited, whose registered office is situated at 18th Floor, Futura Plaza, 111-113 How Ming Street, Kwun Tong, Hong Kong, filed the petition on January 27, 2004. The Petitioners' solicitors are F. Zimmern & Co. of Suites 1501- 3, 15th Floor, Gloucester Tower, The Landmark, Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to F. Zimmern & Co. a notice in writing not later than twelve o'clock noon of the 23rd day of March 2004 (the day before the petition hearing). FORT ART: Faces Winding up Petition ----------------------------------- The petition to wind up Fort Art International Investment Limited is set for hearing before the High Court of Hong Kong on March 24, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 26, 2004. The Petitioners' solicitors are Tsang, Chan & Wong of 16th Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Solicitors Tsang, Chan & Wong a notice in writing not later than twelve o'clock noon of the 23rd day of March 2004 (the day before the petition hearing). KEEN SOURCE: Winding up Hearing Slated for March 31 --------------------------------------------------- The petition to wind up Keen Source International Limited is set for hearing before the High Court of Hong Kong on March 31, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 28, 2004. The Petitioners' solicitors are Messrs. Tsang, Chan & Wong of 16th Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Messrs. Tsang, Chan & Wong a notice in writing not later than twelve o'clock noon of the 30th day of March 2004 (the day before the petition hearing). LILY ROYCE: Bank of China Initiates Winding up Petition ------------------------------------------------------- The petition to wind up Lily Royce Manufacturing Company Limited is set for hearing before the High Court of Hong Kong on March 17, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 13, 2004. The Petitioners' solicitors are Messrs. Tsang, Chan & Wong of 16th Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve on or send by post to Messrs. Tsang, Chan & Wong a notice in writing not later than twelve o'clock noon of the 16th day of March 2004 (the day before the petition hearing). VIRGINIA HOLDINGS: Faces Winding up Petition -------------------------------------------- The petition to wind up Virginia Holdings Limited is set for hearing before the High Court of Hong Kong on March 3, 2004 at 9:30 in the morning. The Bank of China (Hong Kong) Limited, whose registered office is situated at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition on January 29, 2004. The Petitioners' solicitors are Messrs. Ford, Kwan & Company of Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street, Central, Hong Kong. Any person who intends to appear at the hearing of the petition must serve or send by post to Messrs. Ford, Kwan & Company a notice in writing not later than twelve o'clock noon of the 30th day of March 2004 (the day before the petition hearing). ================= I N D O N E S I A ================= BANK LIPPO: IBRA Completes Sale of Government's Majority Stake -------------------------------------------------------------- The Swissasia Global consortium has completed the acquisition of a 52.05 percent stake in Bank Lippo from the Indonesian Bank Restructuring Agency (IBRA), AFP Online said. The consortium comprises of Swissfirst Bank AG, Swissfront (Lie) Opportunities, VP Ventures Ltd., Matrix Capital Partners and Ferrel Opportunities Capital. "The board of Swissasia Global is pleased to announce that it has officially completed the acquisition from the Indonesian government of a controlling share in Bank Lippo valued at 143 million dollars," Swissasia Global said in a statement Wednesday. "Yes, we have closed the transaction. We have received 1.205 trillion rupiah ($143 million) from it," IBRA Deputy Chairman I Nyoman confirmed when asked by reporters. The deal had been delayed by a week, as Swissasia Global was unable to secure approval from the central bank. ========= J A P A N ========= KANEBO LIMITED: Creditors Urge IRCJ to Buy Loans at 'Fair Value' ---------------------------------------------------------------- Shigemitsu Miki, Chairman of the Japanese Bankers Association, on Tuesday urged the government-backed Industrial Revitalization Corporation of Japan (IRCJ) to buy creditors' loans to ailing cosmetics maker Kanebo Limited at a fairly assessed value instead of their book value, according to Japan Kyodo News. Mr. Miki wants the IRCJ to assess the Company's assets and implement transactions based on a fair value. KANEBO LIMITED: Govt Aid Depends on Viability of Turnaround Plan ---------------------------------------------------------------- The Industrial Revitalization Corporation of Japan (IRCJ) is positive about providing support to revive cosmetics maker, Kanebo Limited, Japan Times reported on Thursday, citing IRCJ President Atsushi Saito. But Mr. Saito said the IRCJ couldn't decide whether to support Kanebo until it analyzes the company's revival plan and assets. Mr. Saito did not say when the IRCJ would decide. The entity has taken between one and three months in previous cases. Kanebo's revival plan calls for spinning off its cosmetics operations into a new company. K.K. JEI: Lending Firm Files for Bankruptcy ------------------------------------------- K.K. Jei Bee Pee Finance Service has been declared bankrupt, according to Teikoku Databank America. The lending firm, which is located at Minato-ku, Tokyo, Japan, has total liabilities of US$506.68 million. MITSUBISHI MOTORS: Global Production Slips 14% in January --------------------------------------------------------- Mitsubishi Motors Corporation (MMC) on Tuesday announced its production, domestic sales, and export results for January 2004. The company said its global production for the month decreased 14.1 percent year-on-year to 114,536 units. Production in Japan slipped 4 percent to 60,060 units while production of commercial vehicles, in particular the Minicab Van, continued to grow 16.4 percent year-on-year. Offshore production slipped 23 percent to 54,476 units on the back of slower production in the U.S. and Europe. In contrast, production in China surged 67 percent on year. By region, Asia posted a 16.4 percent drop to 36,244; North America declined 27.7 percent to 12,422 units; and Europe dropped 54.8 percent year-on-year to 3,152 units, mainly attributable to the company ending production of the Carisma in December ahead of starting production of the new European Colt at its NedCar plant in the Netherlands. Sales in Japan for the month were down for the first time in three months at 19,601 units or -17.2 percent on year. MMC's share of the domestic market was 4.8 percent, down from 6.2 percent last January. Total exports from Japan slipped 18.6 percent to 27,208 units. By region, exports to Asia rose 19.3 percent to 4,915 units; North America declined 77.6 percent to 2,915 units; and European exports jumped 99.6 percent to 9,631 units. SHINYO KANKYO: Real Estate Firm Enters Bankruptcy ------------------------------------------------- Shinyo Kankyo Kaihatsu K.K. has filed for bankruptcy proceedings, according to Teikoku Databank America. The real estate firm, which is located at Shinjuku-ku, Tokyo, Japan, has total liabilities of US$651.67 million. SUZUNUI KANKO: Golf Course Succumbs to Bankruptcy ------------------------------------------------- Teikoku Databank America announced Tuesday that Suzunui Kanko K.K. has filed for bankruptcy proceedings. The golf course management firm, which is located at Kuji-gun, Ibaraki, Japan, has total liabilities of US$147.50 million. ========= K O R E A ========= HYUNDAI CORPORATION: 2003 Net Loss Balloons as Sales Drop 48% ------------------------------------------------------------- Hyundai Corporation said its annual sales last year plummeted 48.2 percent from the previous year to 1.31 trillion won (US$1.12 billion). The Company's ordinary loss grew 273.4 percent to 224.1 billion won, while its net loss snowballed 131.6 percent to 208.1 billion won. SK NETWORKS: Winding up U.S. Operations --------------------------------------- The SK Global America Debtor's Vista Grain trading unit was established in 1993 and operates from an office located in Houston, Texas. Most of Vista Grain's inventory is sold directly to the United States Government through the United States Department of Agriculture. SK Global America, formerly named SK Global Co., is a unit of South Korea's troubled SK Networks Co. Vista Grain relies heavily on the availability of working capital to support its purchase of inventory and to cover positional hedges. But the Debtor determined that it is no longer in a position to meet the enormous working capital requirements of the Vista Grain unit and has concluded that it is in its best interest to wind down the Vista Grain unit operations. Accordingly, the Debtor has decided not to purchase additional grain or other commercial products for the Vista Grain unit after December 31, 2003, and will begin the process of winding down its operations. The Essential Vista Employees The Vista Grain unit employs four employees, the Essential Vista Employees, all of whom have many years of experience in trading and marketing grain: (1) Guy Brady, Jr., (2) Wayne See, (3) Howard Stone, and (4) Rhonda Oden Each of the Essential Vista Employees is party to a prepetition employment agreement with the Debtor. All of the Prepetition Agreements are scheduled to terminate by their terms on December 31, 2003, unless otherwise renewed by the parties. In furtherance of the Debtor's decision to wind down the Vista Grain unit, the Essential Vista Employees will seek to dispose the Vista Grain assets and trade out of its existing inventories, hedges, sales and purchase obligations, with the intent of maximizing and preserving asset value for the Debtor's estate. Vista Grain's inventory is valued at $8,000,000. Due to their extensive knowledge, experience and expertise with Vista Grain's operations, the Essential Vista Employees are vital to the wind-down and disposition of Vista Grain's assets for maximum value. The Essential Vista Employees will provide efficiencies and essential logistics that are required to dispose and transport Vista Grain's inventory at the lowest cost. Moreover, the payment process on many of the U.S. Government programs are very complicated and the Essential Vista Employees are very familiar with the programs and will be able to avoid nonpayment or discounts that may arise because of execution errors. In addition to the disposition of inventory, the continued services of the Essential Vista Employees are required for the collection of outstanding accounts receivable. The Debtor's books reflect Vista Grain accounts receivable of $30,000,000. The Debtor asks the Court's approval to pay a success fee, severance, and an annual profit-sharing bonus to the Essential Vista Employees. The Debtor intends to pay the Success Fee, Severance, and the Profit-Sharing Bonus to the Essential Vista Employees because these employees have been, and remain, critical to the Debtor's ability to achieve maximum value for the Vista Grain inventory, receivables and other assets. Each of the Essential Vista Employees has agreed to enter into: (1) an Employment Retention and Release Agreement; (2) a Success Fee Agreement; and (3) a Severance Agreement. The Debtor said that aggregate payments to the Essential Vista Employees will be $2,500,000, which includes the Success Fee amounting to $1,900,000, Severance equal to $475,000, and Profit-Sharing Bonuses of $110,000. As consideration for the payment of the Success Fee, the Severance, and the Profit-Sharing Bonuses, each of Essential Vista Employee will work for the Debtor through April 30, 2004, and will release the Debtor and waive any claim they may have against the Debtor and its estate, including any claim the Essential Vista Employee may have under his or her Prepetition Agreement. * * * Judge Blackshear authorizes the Debtor to pay the Success Fee, Severance and the Profit-Sharing Bonus to the Essential Vista Employees, in accordance with the Agreements, as revised. However, to receive payment of the Success Fee, Severance and the Profit Sharing Bonus, the Court orders that the Essential Vista Employees affirm in writing -- in form and substance acceptable to the Debtor -- that they waive and release any and all claims they possesses against the Debtor and the Debtor's estate. Beginning February 4, 2004, the Debtor will maintain all cash receipts from the Vista Grain operations in a segregated debtor- in-possession account at Wachovia Bank. (SK Global Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945- 7000) SK CORPORATION: January Petroleum, Lubricant Sales Down ------------------------------------------------------- SK Corporation announced that its production sales for January 2004 are as follows: (1) Petroleum: Sales volume decreased slightly due to decreased sales volume of diesel, however, unit price rose by 8.4% because of strong crude oil price and product prices. (2) Petrochemical: Sales volume and amount increased by 6% and 7% respectively from increased sales volume of aromatic products, strong raw material cost and tightened supply-demand situation. (3) Lubricant: Sales volume and amount decreased by 4% and 7% due to decreased sales volume in the domestic market. * * * Sovereign Asset Management Fund, the second largest shareholder of SK Corporation, demanded Tuesday the resignation of SK Corp. Chairman Chey Tae-won to help improve the Company's governance structure, TCR-Asia Pacific said. Sovereign holds a 14.99 percent stake in SK Corporation, the nation's top refiner and the virtual holding company of SK Group. For inquiries, contact the Investor Relations team by Phone: 822-2121-5451-6 SSANGYONG MOTOR: Union Now Objects Sale to Chinese Investor ----------------------------------------------------------- Labor union members at Ssangyong Motor Co. are now opposed to the proposed sale of the automaker to petrochemical company, China National Bluestar Group Corporation, according Asia Pulse. The union cited bad faith on the part of creditors for its abrupt reversal. =============== M A L A Y S I A =============== EPE POWER: Posts Latest Restructuring Developments -------------------------------------------------- On behalf of EPE Power Corporation Berhad, Commerce International Merchant Bankers Berhad announces the completion of these restructuring steps: (i) EPE's capital reduction and consolidation, involving the cancellation of RM0.50 of the par value of each ordinary share of RM1.00 in EPE (EPE Share) and the subsequent consolidation of every two (2) ordinary shares of RM0.50 each in EPE into one (1) EPE Share; (ii) Acquisition by EPE of 4,000,000 ordinary shares of RM1.00 each in Powertron Resources Sdn Bhd (PRSB) and RM 11,600,000 nominal value convertible unsecured loan stocks (CULS) in PRSB representing 40% equity interest and 40% of the outstanding nominal value CULS respectively in PRSB from Ranhill Berhad (Ranhill) for a total consideration of RM 51,000,000 satisfied by the issuance of 51,000,000 new EPE Shares to Ranhill; and (iii) Acquisition by EPE of 2,940,000 ordinary shares of RM1.00 each in Penjanaan EPE-TIME Sdn Bhd (PET) representing 60% equity interest in PET from Ranhill for a consideration of RM3,350,000 satisfied by the issuance of 3,350,000 new EPE Shares to Ranhill. The Proposed EPE Restructuring Scheme is still pending the completion of the: (1) Proposed Debt Restructuring; and (2) Proposed Rights Issue. (Collectively known as "the Proposed EPE Restructuring Scheme) - Proposed Capital Reduction - Proposed Acquisitions - Proposed Debt Restructuring - Proposed Rights Issue - Proposed Increase In Authorized Share Capital This Kuala Lumpur Stock Exchange (KLSE) announcement is dated February 25, 2004. HOTLINE FURNITURE: Court Approves Scheme of Arrangement ------------------------------------------------------- Further to the announcement dated February 9, 2004, Public Merchant Bank Berhad, on behalf of Hotline Furniture Berhad (HFB), announces that HFB had on February 24, 2004 obtained an order from the High Court of Malaya (Court Order) sanctioning the Proposed Scheme of Arrangement in respect of the Proposed Share Exchange. Upon extraction of the Court Order, an office copy of the Court Order will be lodged with the Companies Commission of Malaysia and upon so lodged, the Court Order shall take effect. I-BERHAD: Seeks Renewal of Authority to Buy back Shares ------------------------------------------------------- The Board of Directors of I-Berhad proposes to seek the approval of its shareholders for the proposed renewal of authority for the Company to purchase its own shares. The authority granted by shareholders to the Company to purchase its own shares at the Thirty-Sixth Annual General Meeting held on May 27, 2003 shall, subject to renewal, expire at the conclusion of the forthcoming Annual General Meeting. A Circular to shareholders containing the details of the above proposal will be dispatched to shareholders together with the Company's 2003 Annual Report in due course. PWE INDUSTRIES: Deadline for Rehab Plan Approval Extended --------------------------------------------------------- PM Securities Sdn Bhd refers to the requisite announcement dated July 16, 2003 and the subsequent announcements dated October 10, 2003, January 20, 2004 and February 16, 2004 in relation to the Proposed Corporate Restructuring of PWE Industries Berhad (PWE). On behalf of the Board of Directors of PWE, PM Securities Sdn Bhd announced that the Malaysia Securities Exchange Berhad (MSEB) had, vide its letter dated February 24, 2004, approved the Company's application for an extension of time of two (2) months from February 14, 2004 to April 14, 2004 to obtain the approvals of the relevant regulatory authorities, namely the Securities Commission and Foreign Investment Committee for the Proposed Corporate Restructuring of PWE, pursuant to the requirements of MSEB under Paragraph 6.1(c) of Practice Note No. 10/2001 of the Listing Requirements of MSEB. This KLSE announcement is dated February 25, 2004. Copy to: Securities Commission Attn: Mr. Wong Wing Seong SIN HENG: Securities Commission Affirms Valuation of Properties --------------------------------------------------------------- On behalf of the Special Administrators (SA) of Sin Heng Chan (Malaya) Berhad (SHCM), Southern Investment Bank Berhad (SIBB) announced that the Securities Commission (SC) had vide its letter dated February 19, 2004, which was received by SIBB on February 24, 2004, and approved: (i) The valuation for the properties bearing Lot No. PT 21476 and PT 21475 (Jalan Kuching Properties), prepared by Messrs Raine & Horne International Zaki + Partners Sdn Bhd as submitted in the valuation report dated 9 September 2003; and (ii) The Company's application for the non-compliance with the SC's Guidelines on Asset Valuations in relation to the valuation report on the Jalan Kuching Properties. This KLSE announcement is dated 25 February 2004. ===================== P H I L I P P I N E S ===================== FORTUNE CEMENT: Merges with Premier Cement ------------------------------------------ The Philippine Stock Exchange (PSE) advised of the following events that transpired at the Special Meeting of the Stockholders of the Fortune Cement Corporation held on February 26, 2004: Subject to the approval of the appropriate regulatory agencies, stockholders owning or representing at least two-thirds (2/3) of the outstanding capital stock of Fortune Cement Corporation approved the merger of the Company with its wholly owned subsidiary, Premier Cement Corporation, for a bona fide business purpose where the Company will be the surviving corporation. The merger will simplify the legal structure and promote significant cost efficiency improvements, such as use of substantial spare equipment and machinery by the Company, single statutory audit and reportorial requirements. The merger will not involve the issuance of shares of the Company. Bi Yong S. Chungunco Corporate Secretary GLOBAL STEELWORKS: Seeks Tariff Shield from Government ------------------------------------------------------ Global Steelworks International Inc. (GSII), formerly known as National Steel Corporation and now a unit of Ispat Limited of India, is asking the government for a higher tariff shield as well as relief from high power costs, reports the Philippine Daily Inquirer in its Tuesday edition. GSII President Sushant C. Das said the steel firm is asking for a 15-percent tariff protection for all products it will produce to be able to compete with imports. A three-percent tariff is imposed on imports of hot-rolled and cold-rolled steel coils, and the duty on tin plates is zero. The plant is expected to reach full capacity of 30,000 tons a month in the next three months, he said. PHILIPPINE AIRLINES: Warns of Swindling Syndicate ------------------------------------------------- Philippine Airlines (PAL) recently warned the public and its suppliers in particular to be wary of a group of swindlers posing as PAL officers in an attempt to purchase high-value items from commercial establishments. Recently, the group tried to dupe two electronics suppliers, one located at the SM Megamall in Mandaluyong City and the other in Malate, Manila, into delivering high-end digital cameras and laptop computers allegedly "ordered" by PAL. Both attempts were foiled by PAL's security unit, in coordination with the Philippine National Police and the mall's security services. The gang's modus operandi involves an initial telephone call to the supplier by a man with an elderly, Chinese-accented voice. He identifies himself as either George King, alleged to be PAL's vice president for purchasing, or Joeffrey Foronda, the supposed purchasing manager. Both Misters King and Foronda are indeed PAL officers, but neither holds the position titles the caller attributes to them. Once the items have been ordered, the group then issues spurious PAL documents such as purchase orders, check vouchers and checks to cover the purchase. The drivers then pick up the items from rental-car firms, whose services have been contracted legally and are unaware of their client's sinister motives. According to the drivers, the person they always dealt with is a woman between 35 to 40 years old, standing about 5 feet 2 inches, with shoulder-length hair and brown complexion. Instead of collecting the items herself, the suspect always instructs the driver to do it and then meet her at a designated place to turn over the goods. All transactions conducted by the fake Mr. King or Mr. Foronda are done via telephone number 818-5112, which when reached always emits a fax tone, or cellular phone number 0926-2687133, which is a prepaid line. PAL is warning commercial establishments against entertaining calls fitting this pattern and asks them to immediately report such incidents to PAL Security at telephone numbers 852-6058 and 852-5891. PHILIPPINE AIRLINES: Confident of Breaking even in First Half ------------------------------------------------------------- Philippine Airlines, Inc. (PAL) expects to break even in fiscal year 2003 ending in March as people put off traveling because of the Iraq war and the deadly flu-like severe acute respiratory syndrome (SARS) virus, according to Business World on Thursday. However, President and Chief Operating Officer Avelino L. Zapanta said he remains bullish for fiscal 2004 minus any unforeseen event. PAL losses reached PhP1.6 billion during the March-November period last year but it recovered PhP1 billion in December and January when Filipinos started heading home for the Christmas holidays. PHILIPPINE REALTY: Court Endorses PCI Bank Debt Pact ---------------------------------------------------- The Quezon City Regional Trial Court (QCRTC) Branch 93 has approved the Philippine Realty & Holdings Corporation (Philrealty)'s debt settlement agreement with Equitable PCI Bank Inc. through a property-for-debt swap arrangement involving 50.6 million pesos worth of condominium units, reports the Manila Times on Thursday. "The court has approved the Company's debt settlement deal with Equitable PCI Bank which calls for dacion en pago (payment in kind) of condominium units worth PHP50.6 million," it said in a disclosure to the Philippine Stock Exchange. ================= S I N G A P O R E ================= DOUBLECLICK PTE: Creditors Must Submit Claims by March 22 --------------------------------------------------------- The creditors of Doubleclick Advertising (S) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up by Special Resolutions of members on February 19, 2004, are required on or before March 22, 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), the Liquidators of the said Company. The creditors are advised to 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. The Singapore Government Gazette announcement is dated February 20, 2004. CHIA SOO HIEN NG GEOK MUI Liquidators. c/o BDO International 5 Shenton Way #07-00 UIC Building Singapore 068808. HORIZON KNOWLEDGE: Winding up Petition Hearing Set March 5 ---------------------------------------------------------- The petition to wind up Horizon Knowledge Solution Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on March 5, 2004 at 10 o'clock in the morning. Fabulous Printers Pte Ltd., a creditor, whose address is located at Block 16, Kallang Place #01-35, Singapore 339156, filed the petition with the court on February 11, 2004. The Petitioner's solicitors' are Messrs Chan Jer Hiang & Co of 48-A Temple Street, Singapore 058593. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs Chan Jer Hiang & Co. a notice in writing not later than twelve o'clock noon of the 4th day of March 2004 (the day before the day appointed for the hearing of the petition). The Singapore Government Gazette announcement is dated February 20, 2004. ECOZONE PTE: Files for Liquidation ---------------------------------- Ecozone Pte Ltd issued a notice of winding up order made on the 20th day of February 2004. Name and Address of Liquidator: The Official Receiver The Insolvency Service Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. The Singapore Government Gazette announcement is dated February 25, 2004. YEO WEE KIONG LAW CORPORATION Solicitors for the Petitioner. SEATOWN CORPORATION: Judicial Management Extended to April 30 ------------------------------------------------------------- Further to the announcement issued by the Board of Directors of Seatown Corporation Ltd. on February 10, 2003, the High Court of Singapore had made the following orders: (i) The Judicial Management of Seatown Construction Pte Ltd and appointment of Goh Ngiap Suan of M/s Goh Ngiap Suan & Co as the Judicial Manager be extended to 30 April 2004. (ii) The Judicial Manager of Seatown Construction Pte Ltd be at liberty to convene a meeting/meetings of its creditors no later than 15 March 2004, at a location to be named and a time to be determined to consider and to seek the approval of the creditors to the proposed scheme of arrangement herein with or without modifications pursuant to Section 227X and Section 210 of the Companies Act. SMF CONSULTANTS: Files for Voluntary Winding up ----------------------------------------------- SMF Consultants Pte Ltd. issued a notice of winding up order made on the 13th day of February 2004. Name and Address of Liquidator: The Official Receiver The Insolvency Service Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. The Singapore Government Gazette announcement is dated February 20, 2004. Messrs GUAN TECK & LIM Solicitors for the Petitioners. SOPHISTRONIC PTE: Creditors Have Until March 20 to File Claims -------------------------------------------------------------- The creditors of Sophistronic (Singapore) Pte Ltd (In Members' Voluntary Liquidation) which is being wound up voluntarily, are required on or before March 20, 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 under mentioned liquidator at c/o 30 Robinson Road, #04-01 Robinson Towers, Singapore 048546 and if so required are to come in and prove their debts or claims as shall be specified or in default will be excluded from the benefit of any distribution made before such proof. This notice was taken from the Singapore Government Gazette. Dated this 20th day of February 2004. WONG JOO WAN Liquidator =============== T H A I L A N D =============== EMC PUBLIC: Issues New Share Certificates ----------------------------------------- The EMC Public Company Limited have already registered the capital decreased from 592,789,770.00 Baht to 59,278,977.00 Baht by reducing the Par value from 10.00 Baht to Par value 1.00 Baht with the Ministry of Commerce on January 5, 2004. The Thailand Securities Depository Co., Ltd. (TSD), as the registrar of EMC Public Company Limited has already issued new share certificate dated January 5, 2004. Therefore, the share certificate dated before January 5, 2004 will be cancelled beginning from February 23, 2004 onwards. Shareholders can request to renew the share certificates by either one of the following procedures: (1) Directly contacting TSD; (2) Requesting TSD to submit the new share certificates by mail, or (3) Appointing a power of attorney to contact TSD for receiving the new share certificates beginning February 16, 2004 onwards to the following address: Renewal of share certificates 62 The Stock Exchange of Thailand Building, (Beside Queen Sirikit National convention Centre) 4th Floor Rajadapisek Road, Klongtoey, Bangkok 10110 Thailand Any additional enquiries, please contact TSD Call Center 0-2229-2888 E-mail: contact.tsd@set.or.th Web site: http://www.tsd.co.th THAI PETROCHEMICAL: Ferrier Takes Exception to 'False Claims' ------------------------------------------------------------- Ferrier Hodgson/Effective Planners Limited (EPL) cried foul Thursday over the allegations made by Thai Petrochemical Industry PCL on its Web site. EPL, which acted as TPI's plan administrator until April 2003, rebutted TPI's accusation that it had acted irresponsibly during its tenure. Peter Gothard, the EPL partner who personally oversaw TPI's rehabilitation plan, called the company statement "misleading" and "defamatory." He added the statement posted on the Web site no longer reflects the company's official view, citing a memo [see http://bankrupt.com/misc/tpi_memo.jpg]from the new plan administrator, which purportedly orders its removal from the site. In a strongly worded statement, TPI criticized the write-downs made by EPL during its watch as plan administrator. "The EPL wrote-down shareholders equity by writing down value of assets, swapping accrued interest (from 1998 to 2000) to equity (5,849 million shares or 75% stake) at hefty discount, charging sky-high restructuring fees and making net operating losses (caused by their inexperience in running fully integrated petrochemical complex)," the statement partly reads. The company also slammed the THB2,192 million restructuring fees collected by the planner while the company posted operating losses of THB23,576 million. Also criticized were the equities issued to creditors at a discount of THB71,819 million. Mr. Gothard denied EPL had acted irresponsibly. In a letter to TCR-Asia Pacific, he said: "At all times Effective Planners acted in a professional and responsible manner and the allegations... are false and misleading and unfair." "[T]he adjustments made to TPI's financial statements by Effective Planners as its court appointed Plan Administrator were necessary to bring the accounts into line with accepted accounting standards and to ensure that the accounts presented a true and fair view of the TPI Group's financial position," he said, adding, "all adjustments were made to the satisfaction of the Group's independent auditors." As for the write-down of the shareholders equity, he said: "[All these] were made in accordance with the Rehabilitation Plan approved by the Thai Bankruptcy Court. The suggestion... that such adjustments were somehow improper [is] therefore entirely false. On the contrary, these transactions were of direct benefit to TPI's financial position." "The allegations regarding TPI's trading performance are also false. During the Plan Administration period, TPI's losses were contained and significant progress was made in turning around the Group's operations under difficult market conditions," he added. For more information, contact Peter Gothard by Phone: +813 5532 7272 or John Stokes & Master, lawyer of TPI's new plan administrator, by Phone: +662 638 0880. A copy of TPI's statement is available here http://bankrupt.com/misc/thaipetrochemical022304.pdf TPI POLENE: Pays US$180 Million Debt ------------------------------------ Indebted Thai cement maker, TPI Polene PCL, deposited $180 million with the Bankruptcy Court as debt repayment, according to Dow Jones on Thursday, citing TPI CEO Prachai Leophairatana. The company owes creditors a principal of $950 million and $150 million in accrued interest. Under the debt plan, the company is required to make a debt payment of $180 million, originally due in 2001, to repay part of its $950 million in principal debt at a discount. The payment follows TPI Polene's recent capital increase of 11.10 billion baht via a share offering. Mr. Prachai said that the Company is still in talks with state-owned Krung Thai Bank PCL to issue baht-denominated debt worth more than $500 million to refinance the remaining debt. TPI Polene, as well as many other Thai companies, was severely hurt by the financial crisis in 1997-1998. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------- ------ ------------ ------- CHINA & HONG KONG ----------------- Guangdong Sunrise Holdings Co., Ltd. 000030 (184.24) 23.04 Guangdong Sunrise Holdings-B Co., Ltd. 200030 (-184.24) 23.04 Guangdong Sunrise Holdings-A Co., Ltd. 30 (-184.24) 23.04 Jinan Qingoi Motorcycle Co., Ltd. 600698 (193.08) 113.96 Jinan Qingoi Motorcycle-A Co., Ltd. 600698 (-193.08) 113.96 Jinan Qingoi Motorcycle-B Co., Ltd. 900946 (-193.08) 113.96 Shenzhen China Bicycles Co., Ltd. 000017 (239.91) 60.39 Shenzhen China Bicycles-B Co., Ltd. 200017 (-239.91) 60.39 Shenzhen China Bicycles-A Co., Ltd. 17 (-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 Shenzhen Petrochemical Industry Group Co., Ltd.-B 200013 (-243.36) 89.48 Shenzhen Petrochemical Industry Group Co., Ltd.-A 13 (-243.36) 89.48 INDONESIA --------- PT Lippo Securities Tbk LPPS (-3.62) 14.26 Smart Tbk SMAR (-37.38) 398.89 JAPAN --------- Cats Incorporated 9786 (26.33) 175.35 Kanebo Limited 3102 (40.44) 5820.67 Prime Systems 4830 (-100.79) 130.2 MALAYSIA -------- CSM Corporation Bhd CSMB (8.40) 41.55 CSM Corporation Bhd CSM (-8.40) 41.55 Faber Group Bhd FBMS (7.16) 504.98 Faber Group Bhd FAB (-7.16) 504.98 Fountain View de Development Bhd FVD (-57.42) 27.74 Kemayan Corp Bhd KOPS (289.67) 114.38 Kemayan Corp Bhd KOP (-289.67) 114.38 Panglobal Bhd PGL0 (-41.07) 187.79 Platation and Development Bhd PD (-57.2) 27.74 Promet Bhd PMPT (174.45) 50.49 Promet Bhd PROM (-174.45) 50.49 Sri Hartamas Bhd SRIH (-118.91) 99.76 Sri Hartamas Bhd SHB (-118.91) 99.76 Uniphoenix Corporation Bhd UNI (-145.25) 33.34 Uniphoenix Corporation Bhd UCB (-145.25) 33.34 PHILIPPINES ----------- C & P Homes, Inc. CMP (324.94) 2.45 Pilipino Telephone Co PNOTF (356.17) 122.97 Pilipino Telephone Co PLTL (-356.17) 122.97 SINGAPORE --------- Pacific Century Regional Developments Ltd PCEN (-931.65) 7369.85 Pacific Century Regional Developments Ltd PAC (-931.65) 7369.85 THAILAND -------- Christiani & Nielsen CNT (-24.03) 35.80 (Thai) PCL Christiani & Nielsen CNT/F (-24.03) 35.80 (Thai) PCL-F Datamat PCL DTM (-9.53) 13.66 Datamat PCL-F DTM/F (-9.53) 13.66 Jutha Maritime PCL JUTHA (-3.70) 31.60 Jutha Maritime-F PCL JUTHA/F (-3.70) 31.60 National Fertilizer PCL NFC (-30.82) 297.40 National Fertilizer PCL-F NFC/F (-30.82) 297.40 Nakornthai Strip Mill PCL NSM (654.33) 608.46 Nakornthai Strip Mill PCL-F NSM/F (-654.33) 608.46 Siam Agro-Industry Pineapple And Others PCL SAIC (-13.88) 14.02 Siam Agro-Industry Pineapple And Others PCL-F SAICO/F (-13.88) 14.02 Siam Gen Factoring TB (35.92) 2.45 Siam Gen Factoring SGF (1.56) 35.92 Siam Gen Factoring-F SGF/F (1.56) 35.92 Thai Nam Plastic PCL TNPC (-2.00) 24.33 Thai Nam Plastic-F TNPC/F (-2.00) 24.33 Thai Wah Public Company Limited TWC (-61.48) 155.47 Thai Wah Public Company Limited-F TWC/F (-61.48) 155.47 Tuntex (Thailand) PCL TUNTEX (-26.82) 381.43 Tuntex (Thailand) PCL-F TUNTEX/F (-26.82) 381.43 ********* 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. Larri Nil Veloso, 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 ***