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             A S I A   P A C I F I C      

      Thursday, June 11, 1998, Vol. 1, No. 78

                    Headlines


C H I N A   &   H O N G   K O N G

AWT HOLDINGS: AWT Swamped by Further Creditor Writs
BRECKENRIDGE CORP: Bankruptcy Notice
CA PACIFIC: CA Pacific Clients Learn Fate Today
EASYKNIT INTERNATIONAL: Easyknit Denies Loan Reports
MACMILLAN BLOEDEL: MacMillan Sells Pulp and Paper Unit

PEREGRINE INVESTMENTS: Gauging Peregrine Assets Difficult
SCOTTS HOLDINGS: Feuding Jumabhoystgo Sell Scotts Stake
TUNG MING PRINTING: Winding-up Notice
WHIMSY INTERNATIONAL: Whimsy Clears Slate With $70m


I N D O N E S I A

GARUDA AIRLINES: CEO Claims Airline on Brink of Insolvency
PT INTI INDORAYON: Pulp Maker Halts Operations


J A P A N  

ALL NIPPON AIRWAYS: Pilots Threaten to Resume Strike
AOBA LIFE: Loses 35% Of Its Individual Policies
JAPAN OIL CORP: Minister Orders President to Step Down
KAJIMA CORP: Construction Firm Reports Loss
MITSUBISHI ESTATE: Under Review by Moody's

MITSUI FUDOSAN: Under Review by Moody's
NISSAN MOTOR: Restructuring Hampered by Headquarters Sale
SUMITOMO REALTY: Under Review by Moody's
TOKYO TATEMONO: Under Review by Moody's


K O R E A

DAEHAN LIFE: International Banks Extend US$2b in Loans
DAEWOO HEAVY INDUSTRIES: Daewoo Eyes GM Deal to Cut Debt
DONG AH: Former Chairman Alleged To Have Embezzled
DONGSUH FURNITURE COMPANY: Under Receivership
HANIL BANK: To Attract $640 million in Foreign Capital

HAITAI CONFECTIONARY: Creditors Agree to Revive Firm
SAMSUNG ELECTRONICS: Cuts Semi-Conductor Production


M A L A Y S I A

BESCORP BHD: Applies to Strike Out Winding-up Petitions
GAGASAN ASIA-TIMUR SDN BHD: Winding-up Petition
JANNIK METAL WORKS SDN BHD: Winding-up Petition
LANDMARKS BHD: Sinks Into the Red
QUANTUMNET SDN BHD: Winding-up Petition

RED BOX (MALAYSIA) BHD: Winding-up Petition
SCAN PLUS SDN BHD: Winding-up Petition
SUBANG FOOD CORPORATION SDN BHD: Winding-up Petition
TUTORIAL INSTITUTE SDN BHD: Winding-up Petition
UTUSAN MELAYU (M) BHD: Applies to Strike Out Petition


P H I L I P P I N E S

PHILIPPINE AIRLINES: Strike Ends Northwest Talks


T H A I L A N D

CHAROEN POKPHAND GROUP: Jobs are Safe at 12 subsidiaries
NATIONAL FERTILIZER: 500 Million Baht Assistance


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

AWT HOLDINGS: AWT Swamped by Further Creditor Writs
---------------------------------------------------
Troubled freight forwarding and property firm AWT Holdings
has received writs from various creditors of about $90
million. The revelation comes on the heels of a disclosure
in April that AWT was being pursued in 2 other legal
actions for $45 million and $96.4 million, respectively. Of
the latest claims, $60 million is repayable immediately to
five financial institutions.


BRECKENRIDGE CORP: Bankruptcy Notice
------------------------------------
Re : Robert John Walsh, Judgement Debtor
And Ex-parte : John Robert Lees Morgan James Chubb (being
the joint liquidators of Breckenridge Corporation Limited,
in voluntary liquidation), Judgement Creditor
To : Robert John Walsh of Flat 29B, Block 4, Kornhill, HK

The Creditor demands payment of HK$1,960,000.00 together
with interest thereon at the rate of 13.5% per annum from
7th August 1991 to 18 July 1997 and thereafter at the
judgement rate until payment as being the amount sue on a
final Judgement obtained by them against you in the High
Court dated 18th day of July 1997 under High Court Action
No. A5722 of 1991.


CA PACIFIC: CA Pacific Clients Learn Fate Today
-----------------------------------------------
The Government, the Securities and Futures Commission and
the stock exchange today will announce what is expected to
be Hong Kong's largest compensation package for clients of
a single broker.

The package for CA Pacific is widely believed to total $300
million, though the final amount will hinge on a vote at
today's meeting of the stock exchange council.

Under the package, clients and certain margin-trading
clients should be able to receive a maximum of $150,000
each.

The package is expected to repay in full more than half the
6,000 clients who made claims.

The collapsed group's provisional liquidator said claims
totalled about $500 million.

The Government is also expected to announce today proposed
legislative changes to permit quicker compensation payments
to CA Pacific's clients.

Following the company's collapse, the Government said the
$480 million compensation fund for clients of failed
brokerages would be enlarged to $1.08 billion.

The stock exchange and SFC would each inject up to $300
million.

The CA Pacific compensation model may be adopted for two
more collapsed brokerages: Forluxe Securities and Ming Fung
Group's Chark Fung Securities.

Forluxe had 630 clients whose claims amount to $47 million,
while Chark Fung had 2,000 clients seeking $500 million.


EASYKNIT INTERNATIONAL: Easyknit Denies Loan Reports
----------------------------------------------------
Easyknit International Holdings has denied reports it has
reported all loans and that it has no fund-raising plans.
The company said reports that president Koon Wing-yee had
suggested as such were groundless. It said it was not in
any negotiations or agreements for intended acquisitions or
sales, except for a connected transaction to acquire a
property from Mr. Koon and his wife and another
announcement on May 28 to raise $300 million in a three-
for-two rights issue to use $200 million to repay debt.


MACMILLAN BLOEDEL: MacMillan Sells Pulp and Paper Unit
------------------------------------------------------
According to an article on the Hong Kong Standard of June
10, the above named said it had sold its pulp and paper
unit to a Vancouver, British Columbia based investor group
led by Goepel McDermid for C$840 million, which will result
in a second quarter loss of C$45 million and the company
will use the proceeds to pay down its C$1.8 billion debt
load. The unit being sold, MB Paper, is one of the largest
makers of telephone-directory paper. Its assets include two
mills. with this sale, MacMillan will focus on its lumber
and packaging businesses.


PEREGRINE INVESTMENTS: Gauging Peregrine Assets Difficult
---------------------------------------------------------
Determining the amount of assets that could be recovered
from collapsed Peregrine Investment Holdings is very
difficult because the group is made up of 200 entities, an
executive of provisional liquidators Price Waterhouse said
yesterday.

Partner Colin Bird said a US$1 billion figure that has been
floated might be an over-optimistic assessment of the
amount likely to be recovered.

Price Waterhouse is holding a series of meetings this week
for creditors to decide the course of action for
Peregrine's winding up.

If the SFC does not feel it has the power to investigate
Peregrine, Financial Secretary Sir Donald Tsang Yam-kuen
can appoint an inspector to investigate the firm under
Section 143 of the Companies Ordinance.

The government will only act if there appears to be
circumstances suggesting its business had been conducted
with intent to defraud creditors.


SCOTTS HOLDINGS: Feuding Jumabhoystgo Sell Scotts Stake
-------------------------------------------------------
The SCMP of June 10 reports that after a long legal battle
between Rajabali Jumabhoy, who founded the firm 20 years
ago, and his son Ameerali, a dispute which had caused the
stock exchange to direct the Jumabhoys to hand management
of the firm to independent directors, the Jumabhoy family
has decided to sell the 50.6% controlling stake in the
property and hospitality group.

JP Morgan Securities Asia had been appointed financial
adviser for the sale.

The Sultan of Brunei's Brunei Investment Agency is tipped
as the most likely buyer, while state-owned Pidemco Land
and Hong Kong's Marco Polo Developments are also seen by
analysts as possible contenders.

The decision to sell came when the Singapore stock market
was languishing at a seven year low with Scotts' shares
trading at just 2.5 Singapore cents each at Monday's close,
making the family's stake worth just S$86.9 million.
However, the Scotts' shares rose 10% yesterday after the
Jumabhoy's announcement.


TUNG MING PRINTING: Winding-up Notice
-------------------------------------
In the High Court of the Hong Kong Administrative region
court of first instance companies(winding-up) No. CW 272 of
1988 in the matter of the Companies Ordinance, Chapter 32
and in the matter of Tung Ming Printing & Dyeing
Manufactory Limited.

Notice is hereby given that a petition for the winding-up
of the above named company by the High Court of Hong Kong
was, on the 27th day of April, 1988, presented to the said
Court by Tsang Lai Ping and the petition is heard on 8th of
July, 1998. Other creditors who support or oppose the
making of the order may appear at the time of the hearing.


WHIMSY INTERNATIONAL: Whimsy Clears Slate With $70m
---------------------------------------------------
Indoor amusement centre chain Whimsy Entertainment has
repaid about $70 million in debts recently, according to
executive director Kun Kiu-chung.

The debt repayment put Whimsy in a tight cash-flow position
in the short term, Mr Kun said, but it would be able to
generate cash from its 20 outlets in Hong Kong.

Mr Kun said about six bank creditors had demanded repayment
of debts after the troubles suffered by retailer Yaohan
International Holdings.

Yaohan is Whimsy's second-largest shareholder with 24.47
per cent. Whimsy director Au Chun owns 16.67 per cent
through Ever Send International Culture and the rest is
held by the public.

Whimsy, which has 36 outlets in Hong Kong and the mainland,
plans to expand into computers and education.


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

GARUDA AIRLINES: CEO Claims Airline on Brink of Insolvency
----------------------------------------------------------
Collusion, corruption and nepotism have brought Garuda to
the brink of bankruptcy, according to the airlines CEO.
"I have ordered all Garuda directors to collect all
relevant data, including the losses suffered by Garuda
resulting from those unhealthy practices," President
Director of Garuda, Soepardi told Asia Pulse June 10.

One of the irregular practices is that in 1996 PT Angkasa
Bina Wisesa managed to earn profit totalling about $US1
million but only $US40,000 was given to Garuda.

"This is not fair," he said.

Garuda is now unable to cover its operation costs and to
pay its debts which have fallen due.


PT INTI INDORAYON: Pulp Maker Halts Operations
----------------------------------------------
PT Inti Indorayon Utama, one of Asia's biggest pulp makers
with production facilities in Porsea, North Sumatra,
temporarily stopped its operations on Tuesday following
calls from thousands of demonstrators, according to a
report in Asia Pulse of June 10.

The demonstrators, including university students and
members of Walhi (Forum for the Living Environment),
demanded that the company stop its operations and account
for the environmental damage and pollution it had caused in
North Tapanuli district.

They also accused the company of having damaged Lake Toba.
Following a dialogue between company representatives and
regional environment officials, the company decided to
temporarily halt the company's operations to avoid any
eventualities.

The company has been operating for the past ten years and
is currently employing 30,000 workers who mostly hail from
North Tapanuli and Samosir Island.


=========
J A P A N  
=========

ALL NIPPON AIRWAYS: Pilots Threaten to Resume Strike
----------------------------------------------------
All Nippon Airways Co. (9202 JP ) fell 18 yen to
485. Bloomberg reports pilots of the airline threatened to
resume next Tuesday their strike over a 15 percent pay cut.
The pilots and management of Japan's second-largest airline
are scheduled to hold talks Friday and Monday.


AOBA LIFE: Loses 35% Of Its Individual Policies
-----------------------------------------------
Aoba Life Insurance Co., which took over the business of
the now-defunct Nissan Mutual Life Insurance Co. last
October, lost 35% of its individual insurance and pension
contracts during the second half of the business year ended
March 31, reports Nihon Keizai Shimbun June 9.

During this period, the insurance company lost about
570,000 individual policies due to cancellations. Its total
assets declined to 1.44 trillion yen, slightly less than
70% of the assets it had when it opened.

To stem the drastic losses of contracts, the company has
decided to reduce the amount of money reimbursed to its
customers when policies are canceled. The amount saved
becomes the company's earnings. Through this process, the
insurer generated profit totaling about 100 billion yen
during the past six months. Of this, the firm spent 67
billion yen to pay off part of the losses it assumed from
Nissan, which totaled about 120 billion yen.

With the consent of the Life Insurance Association of
Japan, which owns Aoba, American International Group Inc.
is expected to soon begin a preliminary study for a
possible buyout of the company.


JAPAN OIL CORP: Minister Orders President to Step Down
------------------------------------------------------
International Trade and Industry Minister Mitsuo Horiuchi
Wednesday ordered the president of Japan National Oil
Corporation to step down to take responsibility for the
public corporation's build up of 1.4 trillion yen in bad
loans, ministry sources told Asia Pulse June 10. In
addition to dismissing Kunio Komatsu, the MITI minister
called on the corporation to restructure its affiliated oil
development companies. The corporation has been urged to
consolidate the 112 companies under its umbrella into some
10 entities, including Japan Petroleum Exploration Co,
Indonesia Petroleum Ltd. and Mitsui Oil Exploration Co.

The ministry is considering using additional public funds
to cover losses expected to emerge in the process of
liquidating the debt-ridden firms, the sources said. Losses
stemming from the liquidations are expected to surpass the
combined 1.51 trillion yen the government has so far
allocated to Japan National Oil.


KAJIMA CORP: Construction Firm Reports Loss
-------------------------------------------
Kajima Corp., a major Japanese construction company, has
reported a consolidated loss of 7.60 billion yen (HK$54.4
million) for the year ended March 31, as compared to the
previous year`s net profit of 7.35 billion yen.  Kajima
officials said one of Kajima 's group companies in
Thailand, which engaged in hotel and office building
development, suffered a foreign exchange loss worth 7.7
billion yen and resulting a net loss of about 8 billion yen
for last year.


MITSUBISHI ESTATE: Under Review by Moody's
------------------------------------------
Moody`s Investors Service, Inc. has placed its rating for
four Japanese real estate companies on review for possible
downgrade: Mitsubishi Estate Co., Mitsui Fudosan Co.,
Sumitomo Realty & Development Co., and Tokyo Tatemono Co.
Moody's said the earning of these Japanese companies were
being depressed recent years due to rising cost structures,
declining property prices and limited recovery of local
office rentals.  It is expected that the earnings on the
residential market will also be constrained in the medium
term.  Moody's further explained that the weak banking
sector in Japan will have negative implications on these
companies.


MITSUI FUDOSAN: Under Review by Moody's
---------------------------------------
Moody`s Investors Service, Inc. has placed its rating for
four Japanese real estate companies on review for possible
downgrade: Mitsubishi Estate Co., Mitsui Fudosan Co.,
Sumitomo Realty & Development Co., and Tokyo Tatemono Co.
Moody's said the earning of these Japanese companies were
being depressed recent years due to rising cost structures,
declining property prices and limited recovery of local
office rentals.  It is expected that the earnings on the
residential market will also be constrained in the medium
term.  Moody's further explained that the weak banking
sector in Japan will have negative implications on these
companies.


NISSAN MOTOR: Restructuring Hampered by Headquarters Sale
---------------------------------------------------------
Nissan Motor Co. (7201 JP ) fell 6 yen to 401 after
the Mainichi Shimbun reported that the automaker may have
difficulty selling its headquarters, which was planned as
part of a company restructuring. The company said nothing
has been decided.


SUMITOMO REALTY: Under Review by Moody's
----------------------------------------
Moody`s Investors Service, Inc. has placed its rating for
four Japanese real estate companies on review for possible
downgrade: Mitsubishi Estate Co., Mitsui Fudosan Co.,
Sumitomo Realty & Development Co., and Tokyo Tatemono Co.
Moody's said the earning of these Japanese companies were
being depressed recent years due to rising cost structures,
declining property prices and limited recovery of local
office rentals.  It is expected that the earnings on the
residential market will also be constrained in the medium
term.  Moody's further explained that the weak banking
sector in Japan will have negative implications on these
companies.


TOKYO TATEMONO: Under Review by Moody's
---------------------------------------
Moody`s Investors Service, Inc. has placed its rating for
four Japanese real estate companies on review for possible
downgrade: Mitsubishi Estate Co., Mitsui Fudosan Co.,
Sumitomo Realty & Development Co., and Tokyo Tatemono Co.
Moody's said the earning of these Japanese companies were
being depressed recent years due to rising cost structures,
declining property prices and limited recovery of local
office rentals.  It is expected that the earnings on the
residential market will also be constrained in the medium
term.  Moody's further explained that the weak banking
sector in Japan will have negative implications on these
companies.


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

DAEHAN LIFE: International Banks Extend US$2b in Loans
------------------------------------------------------
In an article about syndicated loans to South Korea's
state-run Export and Import Bank from United States and
European banks, it is reported that Metropolitan Life
Insurance of the US said on Monday that it would buy a 50
per cent stake in Daehan Life Insurance for $1 billion.


DAEWOO HEAVY INDUSTRIES: Daewoo Eyes GM Deal to Cut Debt
--------------------------------------------------------
The SCMP of June 10 covers an article by Bloomberg which
says that Daewoo Heavy Industries, South Korea's second
biggest shipbuilder, is considering selling part of its
vehicle business to General Motors Corp (GM) to help trim
US$6.4 billion of debt.

Daewoo Heavy president Shin Young-kyun said that the two
companies are in talks about a GM investment in either the
compact car or commercial vehicle division.

The two divisions contribute about 27% of Daewoo Heavy's
sales. The entire company has a market value of $1.3
billion. Most of sales come from shipbuilding and making
heavy machinery. An investment by GM could boost the two
fledging vehicle businesses, whose share of Daewoo's
operating profit dipped to a combined 25.5% last year, from
about 36% in 1996. It would also complement a planned
alliance between GM and Daewoo Group.

Mr. Shin said that if joint participation in the minor part
of business proves good for competitiveness, they will
consider ally with others through mergers and acquisitions.
Daewoo group chairman Kim Woo-choony said he expected joint
venture talks between Daewoo Motor and GM to be concluded
by the end of this month.

GM is already talking with Daewoo about buying as much as
50% of Daewoo Motor, the group's flagship vehicle
manufacturer which made 1.25 million units last year,
second in Korea after Hyundai Motor.

For GM, the won's decline and funding problems for Korean
firms present good investment opportunities. Korean
companies have to more than halve their debt-to-equity
ratios to less than two times by the end of next year.
Daewoo Heavy has 8.98 trillion won of debt, 3.2 times its
shareholders' equity. It has also guaranteed 2.2 trillion
won of debt owed by other Daewoo firms, cross guarantees
that must be phased out over the next two years. To meet
targets, Daewoo Heavy estimates it can either repay 3.3
trillion won of debt or sell more than one trillion won
of new shares. The alternative is to repay debt and sell
shares.

Foreign companies have agreed to invest more than $5
billion in Korean manufacturing facilities this year.
Buying into Korean companies may be the only way to enter
the country's shuttered vehicle market.

Daewoo's core shipbuilding arm, which supplied more than
90% of net profit last year, has benefited from the won's
fall, an advantage that is being eroded because of a
weakening yen. Japan and Korea build almost 70% of the
world's cargo ships.


DONG AH: Former Chairman Alleged To Have Embezzled
--------------------------------------------------
Former Dong Ah Group Chairman Choi Won-suk is alleged to
have embezzled money that his company received for
construction of waterways in Libya, according to a report
in the Korea Herald.  The Justice Ministry has banned the
former chairman from leaving Korea for at least six months
while an investigation is carried out on as to how Dong Ah
went insolvent.  

Chairman Choi's travel ban came at the request of the
Financial Supervisory Commission (FSC), the financial
watchdog agency under the direct control of Korea's
President.  The FSC will conduct the an initial
investigation.  Most of the Chairman Choi's funds are
suspected of being hidden in foreign countries.


DONGSUH FURNITURE COMPANY: Under Receivership
---------------------------------------------
Inchon District Court decided to place the Dongsuh
Furniture Company under court receivership. This company
went bankrupt on February 18 of this year. According to the
Korean languae Maeil Kyungje, this decision is based on the
court's view that the company's products are still
competative in the Korean furniture market and the
company's financial structure is salvageable.

The Dongsuh Furniture Company (whose President is Mr. Wee
Sang-kyun) plans to undergo restructuring in order to get
back on sound financial footing.


HANIL BANK: To Attract $640 million in Foreign Capital
------------------------------------------------------
Hanil Bank, the country's fourth largest bank in assets,
announced yesterday that by August it will draw $640
million from overseas.

The bank will raise the fund through overseas asset sales
of $440 million and an additional $200 million in foreign
investment for the bank's recapitalization.

The bank has so far signed a preliminary contract to sell
its U.S. subsidiary, the First State Bank of Southern
California, for $35 million.

Hanil is also nearing the completion of a $200 million deal
with an unnamed U.S. financial institution that is aimed at
building up its capital, the bank's senior officials said
yesterday.

Hanil is one of 12 commercial banks whose self-rescue plans
are now being reviewed by the government. It was placed on
a warning list after marking a BIS (Bank for International
Settlements) ratio of 6.9 percent at the end of last year.

The bank is also the main creditor institution for leading
chaebols, including Samsung, Hanjin, Daesang and Hanhwa
groups.

While officials declined to name the U.S. institution in
question, they did say that Price Waterhouse is negotiating
the recapitalization deal for the bank. They added that the
deal is likely to be struck within this month.

The bank's goal is to pull up its BIS ratio to 11.81
percent by the end of this year.

In a separate movement, Hanil credit officials told
reporters yesterday that the bank's 11 chaebol client
groups are expected to bring in foreign funds through asset
sales, overseas loans and the signing of joint-venture
deals.

The Samsung Group alone is estimated to draw $5 billion,
and the local paper giant Hansol $2.4 billion.


HAITAI CONFECTIONARY: Creditors Agree to Revive Firm
----------------------------------------------------
Over 20 creditors to Haitai Group, consisting of the second
and third financial syndicates such as investment trust
companies, financial agencies and stock companies, had an
executive meeting and insisted on 9th of June that they
should cooporate to revive Haitai Confectionay.

The creditors showed an agreement in supporting the company
by converting its loan to investment. They hoped that they
could sell off the company to foreign companies at the rate
of 51% shares after its revival. To do this, they first
considered merging its three companies: Haitai Industry,
Karubi, and Family.    


SAMSUNG ELECTRONICS: Cuts Semi-Conductor Production
---------------------------------------------------
Following in the footsteps of Hyundai Electronics, Samsung
Electronics announced Monday that it will suspend semi-
conductor production for one week commencing June 13. This  
will mean a drop of 3 million 64MDRAM and 4 million 16MDRAM
chips from the company. A spokesman said that an oversupply
rate of 9.3% was the cause for the halt in production and
that the company is to reduce all forms of chip manufacture  
including SRAM and flash memory.


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

BESCORP BHD: Applies to Strike Out Winding-up Petitions
-------------------------------------------------------
Bescorp Industries Bhd (listed on the KLSE) and its
subsidiary are applying to strike out earlier winding-up
petitions served by Multi-Purpose Bank Bhd.

Multi-Purpose Bank served the petition against Bescorp
Industries in respect of a corporate guarantee for loan
facilities obtained by its wholly-owned subsidiary (Bespile
and Bescorp Construction Sdn Bhd).

Hearing against Bescorp is scheduled on July 17.


GAGASAN ASIA-TIMUR SDN BHD: Winding-up Petition
-----------------------------------------------
Asia Commercial Finance (M) Bhd (petitioner) on 4/3/98
petitioned for the winding-up of Gagasan Asia-Timur Sdn Bhd
(respondent).

Hearing was set on 1/7/98.


JANNIK METAL WORKS SDN BHD: Winding-up Petition
-----------------------------------------------
Tokanathan Raman Trading (petitioner) on 20/4/98 served a
winding-up petition against Jannik Metal Works Sdn Bhd
(respondent).

Hearing was set on 12/8/98.


LANDMARKS BHD: Sinks Into the Red
---------------------------------
Landmarks Bhd (listed in the KLSE) registered a group pre-
tax loss of RM4.6mil for the year ended 31/3/98 against a
profit of RM8.9mil in the previous year.

The loss was mainly due to lower contributions from the
developer subsidiary.


QUANTUMNET SDN BHD: Winding-up Petition
---------------------------------------
Legacy Avenue (M) Sdn Bhd (petitioner) on 22/4/98
petitioned for the winding-up of QuantumNet Sdn Bhd
(respondent).

Hearing was set on 28/8/98.


RED BOX (MALAYSIA) BHD: Winding-up Petition
-------------------------------------------
Malayan Banking Bhd (petitioner) on 18/3/98 petitioned for
the winding-up of  Red Box (Malaysia) Bhd (respondent -
listed in the KLSE).

Hearing was set on 13/8/98.


SCAN PLUS SDN BHD: Winding-up Petition
--------------------------------------
Poh Fook Yuen (petitioner) on 20/4/98 served a petition for
the winding-up of Scan Plus Sdn Bhd.

Hearing was set on 28/7/98.


SUBANG FOOD CORPORATION SDN BHD: Winding-up Petition
----------------------------------------------------
Clearpack (Malaysia) Sdn Bhd(petitioner) on 4/4/98 served a
winding-up petition against Subang Food Corporation Sdn
Bhd(respondent).

Hearing shall be on 19/6/98.


TUTORIAL INSTITUTE SDN BHD: Winding-up Petition
-----------------------------------------------
IOI Properties Bhd (petitioner - listed in the KLSE) on
3/6/98 made a winding-up order against Tutorial Institute
Sdn Bhd (respondent).


UTUSAN MELAYU (M) BHD: Applies to Strike Out Petition
------------------------------------------------------
Utusan Melayu (M) Bhd, listed in the KLSE, is applying to
strike out a winding-up petition brought against its
wholly-owned subsidiary, Utusan Printcorp Sdn Bhd by
Machinery Enterprise (M) Sdn Bhd, over an outstanding sum
of RM23,728.

Utusan is presently corresponding with the solicitor of the
petitioner to make payments.


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

PHILIPPINE AIRLINES: Strike Ends Northwest Talks
------------------------------------------------
Negotiations for a possible Northwest Airlines equity
investment in loss-making Philippine Airlines (PAL)
have been "temporarily terminated" due to a five day-old
pilots' strike here, a senior PAL official told Agence
France Presse Tuesday.

"To put it mildly the partners have not indicated any
further interest," said Manolo Aquino, PAL executive vice
president for administrative services.

He said the US carrier and three other firms which he would
not name had been negotiating with PAL for equity infusions
prior to the strike.

PAL posted its large ever net loss of 8.08 billion pesos
(200 million dollars) in its latest fiscal year to March
31, 1998.


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

CHAROEN POKPHAND GROUP: Jobs are Safe at 12 subsidiaries
--------------------------------------------------------
The 20,000 employees of Charoen Pokphand's 12 subsidiaries
have been assured they will not lose their jobs under the
consolidation of the group's agri-businesses, the Bangkok
Post reports June 10. Employees based on farms and in
offices will be relocated among companies if necessary to
avoid retrenchments, investor relations manager Kitti
Keerathamakul said yesterday.


NATIONAL FERTILIZER: 500 Million Baht Assistance
------------------------------------------------
The Petroleum Authority of Thailand and the Government
Savings Bank will inject 500 million baht into the cash-
strapped National Fertiliser Corp to keep its chemical
fertiliser production in Rayong afloat.

The Bangkok Post quotes NFC vice president Trakul
Chatdarong June 10 that the PTT and GSB, both major
shareholders in NFC, intended to put in 500 million baht,
half of the new capital needed to solve the firm's cash-
flow problems.

The company has faced serious liquidity squeeze after its
creditors, Krung Thai Bank, Siam Commercial bank and
Industrial Finance Corp of Thailand, had stopped their
credit lines to the company. Therefore, NFC has tried to
mobilise new funds by increasing its registered capital.
One of the parties interested in buying new shares is
Thammasek, a Singapore investment fund.

But Mr Trakul stressed that NFC must offer new shares to
existing shareholders before other investors.

Mr Trakul said the capital increase will enable the company
to raise its credit lines from financial institutions'
letters of credit from 1.4 billion baht to 1.7 billion
baht.


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