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/raid1/www/Hosts/bankrupt/TCRAP_Public/980629.MBXT 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 Monday, June 29, 1998, Vol. 1, No. 90 Headlines C H I N A & H O N G K O N G ACEWOOD INVESTMENTS LIMITED: Winding-up Petition CENTURY TECH: Creditors' Meeting, Liquidators Appointed CHINA VENTURETECH: Closure Raises Worries for Trusts FOAM AND GENERAL SUPPLIERS LIMITED: Notice for Creditors GIORDANO INTERNATIONAL: Warns of Poor Earnings HUI HON FOUNDATIONS LIMITED: Winding-up Petition KPS VIDEO EXPRESS: KPS Should be Forced to Open Books NA NA FASHION COMPANY LIMITED: Winding-up Petition OAKEY TRADING LTD: Meeting of Creditors PACIFIC PLYWOOD: Hit by Outstanding Debt PEREGRINE GROUP: Peregrine Liquidators' Bill in Dock SEOUL (ASIA) FINANCE LIMITED: Notice for Creditors SHINEFAIR LIMITED: Winding-up Petition J A P A N DAIMARU: To Liquidate Subsidiaries In Hong Kong, France JAPAN AIR: Proposes 3% Pay Cut To Union LONG TERM CREDIT: Japanese Banks Plan Merger MITSUBISHI HEAVY: Moody's Downgrades Mitsubishi Heavy YAMAICHI SECURITIES: Shareholders Deny Approval for Plan K O R E A HALLA PULP: Company's Creditor Reconciliation Finalized HANBO IRON: Government Speeds Up Hanbo Steel Disposal HANIL GROUP: To Sell Off Four Subsidiaries HYUNDAI ELECTRONICS: Cancels Deal With Adaptec JINRO-COORS: Coors Offer for Korean Venture Called Low KIA MOTORS: Ford May Write Off Kia Motors Investment POHANG IRON AND STEEL: Pohang Suspends Expansion M A L A Y S I A ALPINE DEVELOPMENT (M) SDN BHD: Winding-up Petition HOLDSON ENTERPRISE SDN BHD: Voluntary Winding-up ITD CORPORATION SDN BHD: Winding-up Petition INSTANGREEN CORP: Major Shareholder Proposes New Directors LE-BEH APPAREL SDN BHD: Voluntary Winding-up MWE HOLDINGS BHD: Sells Stake in US Casino MACROFARM (MALAYSIA) SDN BHD: Winding-up Petition ROEBUCK DEVELOPMENT SDN BHD: Winding-up Petition SHIPPING DEVELOPMENT ENTERPRISES: Voluntary Winding-up SILVERMINE VALLEY SDN BHD: Winding-up Petition STAR ART (M) SDN BHD: Winding-up Petition SUNGEI WAY HOLDINGS BHD: Cost-Cutting Measures SYSTEM KENDERAAN JOHOL-TAMPIN: Winding-up Petition UMW HOLDINGS BHD: Affected by Poor Car Demand WORKSPACE SYSTEMS SDN BHD: Winding-up Petition P H I L I P P I N E S FORTUNE VENTURES: Housing Developer Seeks Debt Relief PHILIPPINE AIRLINES: Hearing in California for PAL Case T H A I L A N D SIAM AGRO-INDUSTRY: SET Extends Deadline for Plan ================================= C H I N A & H O N G K O N G ================================= ACEWOOD INVESTMENTS LIMITED: Winding-up Petition ------------------------------------------------ A notice in the SCMP of June 26 says that a petition was presented to the High Court on April 21 by the Commissioner of Inland Revenue for the winding up of the above named company, and that the petition was directed to be heard before the court at 9:30 am on July 8. CENTURY TECH: Creditors' Meeting, Liquidators Appointed ------------------------------------------------------- A meeting of the creditors of Century Technology Limited will be held on Jul 13, 1998. Joint and Several Provisional Liquidatiors : Steven Todd Krause and Geoffrey Alan Bourne Date of Appointment : Jun 18, 1998 CHINA VENTURETECH: Closure Raises Worries for Trusts ---------------------------------------------------- According to the SCMP of June 26, a newspaper said yesterday the closure of China Venturetech Investment Corporation under the order of the People's Bank on Monday would not affect the operation of one of its most profitable arms. The China Daily quoted the Scitech Group president as saying the company was an independent legal entity and not reliant on China Venturetech Investment Corp, which lent Scitech start-up capital. An arm of the Ministry of Science and Technology, Venturetech owns 60 per cent of Scitech and holds large indirect stakes in Hong Kong-listed First Shanghai Investment, China Asset (Holdings) and Shenyin Wanguo (HK). Its closure has raised concerns over the legal status of PRC trust and investment companies, highlighting the need for a legal framework to govern the sector more effectively. According to the Hong Kong Standard, Venturetech was the third largest investment company that Beijing has shut down in the past few years following the closure of China Agribusiness Development Trust and Investment last year and Zhongyin Trust and Investment in 1996. China Daily quoted Scitech Group president as saying Venturetech's 60 per cent stake in Scitech would be transferred to new investors but he did not know who would be taking over. It said the stake was estimated to cost 600 million yuan. China Scitech International Trust and Investment holds 15 per cent of the equity in Scitech while Hong Kong Seaflight Trading has the remaining 25 per cent. The central bank has sent a clearing team to the company and the new boss will not be decided until the clearing work is completed. FOAM AND GENERAL SUPPLIERS LIMITED: Notice for Creditors -------------------------------------------------------- A notice in the SCMP of June 26 says that creditors of Foam and General Suppliers Limited, which is being voluntarily wound up, are required to send in their claims on or before July 17. GIORDANO INTERNATIONAL: Warns of Poor Earnings ---------------------------------------------- According to the SCMP, Fashion retailer Giordano International has warned of a further decline in attributable profit this year as turnover since January has been disappointing, according to executive director Jimmy Chan Kui-tim. Turnover slipped at least 20 per cent in the first five months this year as the Hong Kong retail market declined, he said. Attributable profit after a $116.16 million exceptional loss plunged almost 74 per cent to $67.97 million last year. Operating profit dropped about 42 per cent to $55.86 million last year. HUI HON FOUNDATIONS LIMITED: Winding-up Petition ------------------------------------------------ A notice in the SCMP of June 26 says that a petition was presented to the High Court by Everbest Shipping & Transportation Limited on June 5, and that the petition was directed to be heard before the court at 11:00 am on July 15. KPS VIDEO EXPRESS: KPS Should be Forced to Open Books ----------------------------------------------------- According to the SCMP of June 26, it has been voiced that troubled companies such as KPS Video Express should open their books to the Consumer Council. The video rental company has been criticised for ditching its pre-paid coupon system by the end of July. The Hong Kong Standard says that a legislator said that coupon holders may have to seek legal action and promised to study the feasibility of legislation controlling similar businesses when the forthcoming legislative council meeting. NA NA FASHION COMPANY LIMITED: Winding-up Petition -------------------------------------------------- A notice on the SCMP of June 26 says that a petition was presented to the High Court on April 27 by Harbour Anchor Products Limited, and that the petition was directed to be heard before the court at 9:30 am on July 8. OAKEY TRADING LTD: Meeting of Creditors --------------------------------------- A meeting of the creditors of Oakey Trading Limited will be held on Jul 6, 1998. PACIFIC PLYWOOD: Hit by Outstanding Debt ---------------------------------------- Wood products manufacturer Pacific Plywood Holdings is encountering difficulties in recovering some of its outstanding debts. The firm said yesterday its bills and accounts receivable as at the end of last year hit US$22.1 million (HK$172 million). Its profit margin could fall to about 20% this year from about 25 to 30 % last year. The company is likely to see its sales in China plunge 50% this year and 30% in Japan due to falling demand and prices, an executive said. That could wipe about US$47 million off the company's revenue, which reached US$143 million for the year ended 31 December. PEREGRINE GROUP: Peregrine Liquidators' Bill in Dock ---------------------------------------------------- According to the SCMP of June 26, Mrs Justice Doreen Le Pichon refused to accept the charges of Price Waterhouse and its legal advisers unless the provisional liquidators could prove the work was reasonable and necessary. The aggregate amount of fees and disbursements for which approval is sought in the Peregrine case is of the order of $76 million, for a period of 63 days, which lapsed between the provisional liquidation and the winding-up orders. The fees charged by Price Waterhouse after write-offs and reductions were $37.8 million. Its legal advisers, Deacons, had fees of $21.5 million and Clifford Chance charges of $16.9 million. Mrs Justice Le Pichon ordered that only one third of the $76 million be paid. If the liquidators wished to receive the full amount claimed, they would have to provide further evidence to justify it. She took action to secure a better deal for creditors of insolvent companies by setting new guidelines that will need to be met in order to justify such bills in future. She ruled that liquidators and other office holders must keep proper records and give full details of why work was done to justify any claim for remuneration. She said a working party report on the subject of high costs generated by insolvencies is soon to be released in England and it might contain recommendations Hong Kong could adopt. SEOUL (ASIA) FINANCE LIMITED: Notice for Creditors -------------------------------------------------- A notice on the SCMP of June 26 says that creditors of Seoul (Asia) Finance Limited, in members' voluntary liquidation, are required to send in their claims on or before July 17. SHINEFAIR LIMITED: Winding-up Petition -------------------------------------- A notice in the SCMP of June 26 says that a petition was presented to the High Court on June 10 by Wealth Bridge Trading Company Limited for the winding up Shinefair Limited, and that the petition was directed to be heard before the court at 11:00 am on July 15. ========= J A P A N ========= DAIMARU: To Liquidate Subsidiaries In Hong Kong, France ------------------------------------------------------- Dow Jones reports Daimaru Inc. (8234), a major Japanese department store, said Thursday it will liquidate its subsidiaries in Hong Kong and France and will pull out of its department store joint venture in Thailand, as part of its efforts to restructure its group operations. Daimaru said the planned liquidation and withdrawal will cause a special loss of about 14 billion yen for this fiscal year ending Feb. 28, 1999. But proceeds from sales of real estate assets and securities holdings will offset the loss, making it unnecessary to revise its prior forecast for unconsolidated net profit and dividend payout, the company said. It continues to predict a net profit of 1.6 billion yen, with dividend payment of 5.00 yen per share for the current fiscal term. Daimaru will incur 6-billion yen extraordinary loss from the withdrawal from its department store joint venture called Thai Daimaru Co. with local Thai partners. Daimaru will sell its entire stake, which accounts for a 26% equity in the venture, to Premier Group, a local business group. JAPAN AIR: Proposes 3% Pay Cut To Union --------------------------------------- The Nihon Keizai reports Japan Air System Co. (9203) proposed to its union Thursday a 3% cut in monthly salaries for non-managerial workers starting from October. If accepted by the union, the cut will affect about 4,900 workers and amount to about 40,000 yen a month for crew members and just above 10,000 yen for ground workers. In January, Japan's third largest airline proposed the switch to a new wage scale in July, involving a review of the existing system which guarantees monthly wages for flight time of 65 hours, regardless of actual hours flown. The airline has already slashed its executive wages by up to 20% and its managers' wages by 3-5%. LONG TERM CREDIT: Japanese Banks Plan Merger -------------------------------------------- The Associated Press reports Sumitomo Trust is planning a merger with Japan's troubled Long- Term Credit Bank, which has been foundering under huge problem loans, Japanese media reported today. The Long-Term Credit Bank, the 22nd largest bank in the world according to Forbes magazine, had become the focus of investors' concern at a time when Japan's banks are struggling to get out from under a mountain of bad debt. Shares in the LTCB plummeted Thursday as executives spelled out a drastic restructuring plan and hinted at a possible merger. Trading in shares for both Sumitomo Trust and LTCB were suspended on the Tokyo Stock Exchange after the reports emerged. Agence France-Presse says LTCB promises to close a third of its overseas operations, cut bonuses for executives, halt retirement pay for some top officials, and slash jobs. The bank's president Katsunobu Ohnogi told a tense annual shareholders meeting yesterday LTCB was working to cut overall costs by 93 billion yen. MITSUBISHI HEAVY: Moody's Downgrades Mitsubishi Heavy ----------------------------------------------------- According to a report in the Asian Wall Street Journal, Moody's Investors Services Inc. downgraded the senior unsecured debt ratings of Mitsubishi Heavy Industries Ltd. from AA-3 to A-1. It also reduced the senior unsecured shelf registration rating from a preliminary AA-3 to a preliminary A-1. The report also stated that the ratings outlook remains negative. Mitsubishi Heavy Industries Ltd. has a leading position in the Japanese market for electric power-generation systems. However, the gradual deregulation of the industry and the resulting declines in capital investments by Japanese electric power companies have lead to a drop in demand and price for electric power-generation systems in the past several years. YAMAICHI SECURITIES: Shareholders Deny Approval for Plan -------------------------------------------------------- Kyodo News reports Yamaichi Securities Co. failed Friday to get its shareholders' approval for a planned motion to dissolve the company, which ceased operating March 31, Yamaichi officials said. The company could not propose the motion to dissolve the entity at the shareholders' meeting because the combined shareholdings of the 928 shareholders present failed to exceed 50% of outstanding shares with voting rights, as required by law. ========= K O R E A ========= HALLA PULP: Company's Creditor Reconciliation Finalized ------------------------------------------------------- The Kwangju District Court announced in the Korean language Maeil Kyungje that Halla Pulp Company's creditor reconciliation was finalized by the court's decision on June 20, 1998. The company's address is 1705 Yongdang-ri, Samho-myun, Youngam-gun, Chollanam-do and the president is Mr. Han Sang-rang. HANBO IRON: Government Speeds Up Hanbo Steel Disposal ----------------------------------------------------- A report in the Korea Herald says that Hanbo Iron and Steel Company is expected to be put up for bidding on the international market in September. In the event that the steel maker is not sold in the September tender, then the government will seek ways to dispose of the firm by splitting it in several sectors, including factories, facilities, and real estate. Hanbo at one point produced 3 million tons of steel products per year, but the company collapsed in February, 1997 on bank debts estimated at $6 billion. HANIL GROUP: To Sell Off Four Subsidiaries ------------------------------------------ The Korea Economic Weekly reports the Hanil Group unveiled its restructuring programs to sell all subsidiaries except for two flagship units -- Hanil Synthetic Fiber Co. and Kukje Corp.-- to foreign investors by the year 2000. The chairman of the Hanil Group said that the sell-off is expected to create about $600 million in fresh funds for the group crippled by huge debts. In addition to the organizational reforms, the chairman intends to donate his personal assets of 46.5 billion won ($31 million) to help the company repay the debts as early as possible. The two remaining subsidiaries, Hanil Synthetic Fiber and Kukje will also be merged into a single unit, with its interests focused on acrylic fibers, fashion, sports brands, construction and trade. Hanil Synthetic Fiber and Kukje reported losses of 80 billion won and 40 billion won, respectively, for the 1997 fiscal year ending on December 31. HYUNDAI ELECTRONICS: Cancels Deal With Adaptec ---------------------------------------------- The Associated Press reports Hyundai Electronics Industries has canceled a $774 million deal to sell its American computer chip plant to Adaptec Inc., the South Korean company said today. The cancellation came after the FTC opposed the deal on grounds it might create a market monopoly, Hyundai officials said. In February, Hyundai agreed to sell its Symbios Logic Corp. unit, a maker of computer storage devices, to Silicon Valley's Adaptec. Symbios competes in some of its products with Adaptec. Hyundai said it would continue to look for ways to sell Symbios. JINRO-COORS: Coors Offer for Korean Venture Called Low ------------------------------------------------------ Banks that are creditors of Jinro-Coors Brewing Co. in South Korea said Coors Brewing Co.'s offer to invest $100 million in the financially troubled Korean brewing venture is too low, according to the Denver Post. News reports from Seoul said Coors coupled its offer of $100 million with a demand that creditors write off more than half of Jinro- Coors' $470 million in debt and turn the rest into equity in the venture. Coors Brewing was once a partner in Jinro-Coors, whose parent company is now bankrupt. A Coors spokeswoman said the Colorado brewer has "an offer on the table that we think is reflective of the business going forward." KIA MOTORS: Ford May Write Off Kia Motors Investment ---------------------------------------------------- An article in the SCMP of June 26 says that Ford may be forced to write off much of its 12-year investment in Kia Motors as the South Korean Government prepares to clean up the insolvent vehicle manufacturer for an international sale. Ford bought 10 per cent of Kia in 1986 for $30 million and now owns about 9.4 per cent of the company. Ford's Mazda affiliate owns 7 per cent of Kia. Resolving Kia's future is central to Korea's efforts to overcome its biggest financial crisis in four decades. The company's US$10 billion collapse a year ago disrupted the banking system and helped spark foreign currency turmoil that left the country almost broke. In December, Korea turned to the International Monetary Fund for a record $60 billion bailout. Yesterday, Ford carried out a final assessment of the ailing vehicle producer as Korean economic leaders decided that Kia would be put on auction as early as the end of August. Before that occurs, Kia must reduce all or most of its capital to pare its debt, making Kia shares almost worthless. The auction schedule will be published by the middle of next month. Kia would sell about one trillion won of new shares in the auction. The capital reduction is necessary as Kia has more than a trillion won more debt than assets. A government official said Ford would have the option of buying new shares at the auction if it wanted to maintain its investment in Kia. Ford has declined to comment on assertions by Kia that it wants to form a consortium with other companies to acquire a controlling stake. Ford has proposed increasing its stake to between 49 per cent and 51 per cent through the proposed consortium. A 37-member Ford delegation was in Korea to visit the company and is studying product controls at Kia and its affiliate Asia Motors. Ford's inspection of the company reflected its determination to acquire Kia by forging an international consortium, which sparked a takeover battle with other Korean car makers. Kia managers have favored Ford to turn their tattered business around. POHANG IRON AND STEEL: Pohang Suspends Expansion ------------------------------------------------ A news summary in the SCMP of June 26 says that South Korea's state-run Pohang Iron and Steel said yesterday it would indefinitely suspend US$118 million worth of PRC projects because of financing difficulties and sluggish demand. A Pohang spokesman said the PRC had been importing less sheet steel since it began its own capacity in 1996. =============== M A L A Y S I A =============== ALPINE DEVELOPMENT (M) SDN BHD: Winding-up Petition --------------------------------------------------- Ooi Hang Hooi (petitioner) on 30/4/98 petitioned for the winding-up of Alpine Development (M) Sdn Bhd (respondent). The petition is directed to be heard on 14/8/98. HOLDSON ENTERPRISE SDN BHD: Voluntary Winding-up ------------------------------------------------ The members of Holdson Enterprise Sdn Bhd on 8/6/98 resolved to wind-up the company voluntarily. ITD CORPORATION SDN BHD: Winding-up Petition -------------------------------------------- Perwira Affin Bank Bhd (Petitioner) on 24/4/98 petitioned for the winding-up of ITD Corporation Sdn Bhd (respondent). The petition is directed to be heard on 23/9/98. INSTANGREEN CORP: Major Shareholder Proposes New Directors ---------------------------------------------------------- MBf Nominess (2nd largest shareholder with 16% interest), a major shareholder of Instangreen Corp Bhd (listed in the KLSE) has filed a notice of requisition proposing the election of 3 new directors at the company's AGM at the end of the month. Instagreen suffered a pre-tax loss of RM44.2mil on a turnover of RM41.1mil for the year 1997. The group attributed the loss to provisions for doubtful debts, high interest charges, suspended golf course projects and tight liquidity in the property market. The trading of shares in Instangreen was suspended on June 10 following a winding-up petition against it from Classic Best Sdn Bhd. The Petition arose from a trade debt of RM568,007 owed by Instangreen's subsidiary, Maju Kepunyaan, for the supply of ready-mixed concrete. Instangreen plans to apply for the petition to be struck off. LE-BEH APPAREL SDN BHD: Voluntary Winding-up -------------------------------------------- The members of Le-Beh Apparel Sdn Bhd on 8/6/98 resolved to wind-up the company voluntarily. MWE HOLDINGS BHD: Sells Stake in US Casino ------------------------------------------ MWE Holdings Bhd (listed in KLSE), divested its interest in a joint-venture casino in Kansas, USA, to strengthen its domestic operations. The group expects to maintain its profits for the current year. MWE made RM24.8mil in pre-tax profits for 1997. MACROFARM (MALAYSIA) SDN BHD: Winding-up Petition ------------------------------------------------- Dow Corning Singapore Pte Ltd (petitioner) on 25/5/98 petitioned for the winding-up of Macrofarm (Malaysia) Sdn Bhd. The petition is directed to be heard on 25/9/98. ROEBUCK DEVELOPMENT SDN BHD: Winding-up Petition ------------------------------------------------ Jackson & Masacorale (petitioner) on 14/4/98 petitioned for the winding-up of Roebuck Development Sdn Bhd (respondent). The petition is directed to be heard on 16/7/98. SHIPPING DEVELOPMENT ENTERPRISES: Voluntary Winding-up ------------------------------------------------------ The members of Shipping Development Enterprises Sdn Bhd on 19/6/98 resolved to wind-up the company voluntarily. Creditors are requested to submit their claims before 31/7/98. SILVERMINE VALLEY SDN BHD: Winding-up Petition ---------------------------------------------- Perwira Affin Bank Bhd (petitioner) on 27/5/98 petitioned for the winding-up of Silvermine Valley Sdn Bhd (respondent). The petition is directed to be heard on 28/8/98. STAR ART (M) SDN BHD: Winding-up Petition ----------------------------------------- Juledge Engineering Works Sdn Bhd (petitioner) on 19/5/98 petitioned for the winding-up of Star Art (M) Sdn Bhd (respondent). The petition is directed to be heard on 31/7/98. SUNGEI WAY HOLDINGS BHD: Cost-Cutting Measures ---------------------------------------------- Sungei Way Holdings Bhd (listed in the KLSE) is undergoing tighter credit control, divestment of non-core assets and lower capital expenditure to improve its cashflow. Thus far the operating cost has been trimmed by 20%. The group still has RM1.3bil jobs in hand. SYSTEM KENDERAAN JOHOL-TAMPIN: Winding-up Petition -------------------------------------------------- Wong Nyen Onn (petitioner) on 4/11/97 petitioned for the winding-up of System Kenderaan Johol-Tampin (M) Sdn Bhd (respondent). The petition is directed to be heard on 25/9/98. UMW HOLDINGS BHD: Affected by Poor Car Demand --------------------------------------------- UMW Holdings Bhd, which is listed in the KLSE and recorded huge profits and turnover in 1997, is expected to be badly hit by poor demand for cars this year. The automobile division contributes 80% to the group's profitability. The group chairman said that demand for non-national cars had dropped 70% during the past 5 months and the group had reduced production from 50,000 to 7,000 annually. The group made RM391.1mil pre-tax profits in 1997. The group is undergoing cost cutting measures to emerge leaner and better focused. WORKSPACE SYSTEMS SDN BHD: Winding-up Petition ---------------------------------------------- Europoh Sdn Bhd (petitioner) on 19/5/98 petitioned for the winding-up of Workspace Systems Sdn Bhd (respondent). The petition is directed to be heard on 31/7/98. ===================== P H I L I P P I N E S ===================== FORTUNE VENTURES: Housing Developer Seeks Debt Relief ----------------------------------------------------- BusinessWorld reports low-cost housing developer Fortune Ventures Development Corp. (FVDC), a Davao-based firm, has asked the Securities and Exchange Commission (SEC) for a temporary relief from the payment of its debts of 11.3 million Philippine pesos (PhP). In the petition, FVDC president Carlito C. Dublan blamed his company's financial woes on the currency crisis which raged through the region starting June of last year. Mr. Dublan said the company is largely indebted to his brother-in-law, Dr. Alfredo S. Villarico of Kidapawan, North Cotabato. FVDC owes the entire PhP11.3 million to Dr. Villarico. PHILIPPINE AIRLINES: Hearing in California for PAL Case ------------------------------------------------------- The Honorable Thomas E. Carlson, for the United States Bankruptcy Court for the Northern District of California, has scheduled a hearing for July 2 to determine whether a preliminary injunction will be issued against all U.S. creditors in the Philippine Airlines case, according to a news report published by the American Bankruptcy Institute. PAL has sought to restructure its debt with domestic creditors under the auspices of the Securities and Exchange Commission, and on Tuesday, the U.S. Bankruptcy Court issued a restraining order to prevent U.S. firms from foreclosing on the 57-year-old airline's assets located in the United States, Reuters reported. Attorneys Fred Holden, Jeff Garfinkle, and Roberto Kampfner of Brobeck, Phleger & Harrison LLP, filed a petition, under Section 304 of the U.S. Bankruptcy Code, on behalf of the airline, commencing a U.S. Bankruptcy proceeding ancillary to the proceedings before the Securities and Exchange Commission in Manila. The Honorable Randall J. Newsome issued the temporary restraining order. RP Digest cites a Balita News report that Philippine Airlines Inc. said it was having trouble finding buyers for 13 planes it was trying to sell to raise desperately needed cash. "We can't find any buyer. There's a glut of aircraft. It's not an easy thing to do," PAL senior vice president Avelino Zapanta told reporters after a forum on the labour and financial difficulties facing the country's flag carrier. Other Asian airlines such as Cathay Pacific Airways Ltd. and Malaysian Airline Systems Bhd were also selling their jets as part of cutbacks following the Asian financial crisis, Zapanta said. =============== T H A I L A N D =============== SIAM AGRO-INDUSTRY: SET Extends Deadline for Plan ------------------------------------------------- The Stock Exchange of Thailand (SET) announced it has extended the deadline for Siam Agro-Industry Plc (Saico) to submit its rehabilitation plan from June to September. 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., Princeton, NJ USA, and Beard Group, Inc., Washington, DC USA. Debra Brennan and Lexy Mueller, Editors. Copyright 1998. All rights reserved. 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 $875 per month 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 301/951-6400. * * * End of Transmission * * *