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      T R O U B L E D   C O M P A N Y   R E P O R T E R    =20
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                  A S I A   P A C I F I C     =20

         Thursday, August 20, 1998, Vol. 1, No. 126

                         Headlines

C H I N A   &   H O N G   K O N G

CHATEAU STORES: Deadline for Creditors to Present Claims
INTERFORM CERAMICS: Auditors Doubts Viability as Going Concern
NGAI LIK: Asserts Debt Payments on Schedule
OPTIONAL TRADING: Deadline for Creditors to File Claims
TSE SUI: Jeweler Trims Debts by Selling Assets & Closing Stores
WAH TAK: Red Ink Flows at Property Development Concern
YAOHAN HONGKONG: Liquidators in Discussions with Acquirers

I N D O N E S I A

INDOCEMENT TUNGGAL: Seeking Foreign Investment Partners
PERTAMINA: Payment Default Causes Low Rating on Dayabumi Debt
PT SEMEN GRESIK: Government's Sale Plan Under Review

J A P A N =20

LONG TERM: Bank Dismisses Report of Loan Write-Off
LONG TERM: Kyodo Reports FSA Finds No Capital Deficit
SHOWPLA ASIA: Shares Plummet When Trading Resumes

K O R E A=20

BARUNSON COMPANY: Completes Creditor Reconciliation
CHEONGGU CO.: Court Receivership Procedure Begins
DONGBANG PEREGRINE: To Receive Management Improvement Order
HANSHIN PUBLIC: KSE Suspends Trading in Shares
HYUNDAI MOTORS: Labor Talks Break Down & Strike Heats Up
HYUNDAI MOTORS: Strike Cost Estimated at Won 770 Billion
KIA MOTORS: Losses Hit Record High
KIA MOTORS: Staff Shortages Delay Opening of U.S. Dealerships
KIA MOTORS: Hyundai Says No Consortium With Ford/GM for Kia
KOREA LONG: To Receive Management Improvement Order
SK SECURITIES: To Receive Management Improvement Order
SSANGYONG INVESTMENT: To Receive Management Improvement Order

M A L A Y S I A

FAQEH SDN. BHD.: Winding-Up Petition
HOCK & CO.: Members' Voluntary Winding-Up
IZZARD VACATIONERS: Winding-Up Petition
MBF CAPITAL: Shares Surge on Rumor of Mbf Finance Sale
NEW SUNTAX: Winding-Up Petition
OMEGA BILLION: Members' Voluntary Winding-Up
PACIFIC AMORE: Creditors Winding-Up
QUANTUM RESOURCES: Members' Voluntary Winding-Up
SAKTIMUNA: Winding-Up Petition
SANG KANCIL: Winding-Up Petition
TEONG HUAT: Receiver Appointed
TOPLACE: Winding-Up Order Entered
TXN-COAT: Winding-Up Petition

P H I L I P P I N E S=20

BANCO RURAL: Bank Closed & Placed Under Receivership
BENGUET CORP.: Tight Liquidity Position Continues=20
ORIENT BANK: Granted Another Two-Week Reprieve
PHILIPPINE AIRLINES: Gov't Told to Hasten Pilot Hiring Decision

S I N G A P O R E=20

SHOWPLA ASIA: Shares Plummet When Trading Resumes

T H A I L A N D=20

NAKORNCHAISRI PROPERTIES: Puts Property to TVO to Cancel Debts
SALAYA THANEE: Puts Property to TVO in Consideration of Debt
SIAM CEMENT: Structural Management Changes Outlined
THAI FARMERS: Bad Loans Estimated at 38%=20
THAI PETROCHEMICAL: Statement About Restructuring Plan
TPI POLENE: Restructuring Plan & Possibility of New Equity


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C H I N A   &   H O N G   K O N G
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CHATEAU STORES: Deadline for Creditors to Present Claims
--------------------------------------------------------
The Hong Kong Standard shows a notice dated August 19 which says=20
that creditors of CHATEAU STORES (FAR EAST) LIMITED are required=20
on or before September 21 to send in their names, addresses and=20
descriptions, full particulars of their debts or claims, as well=20
as the names and addresses of their solicitors (if any) to the=20
liquidators, Stephen Man Cheung, at Caroline Centre, 10th Floor,=20
28 Yun Ping Road, Causeway Road, Hong Kong and if so required by=20
the liqudators to prove their debts or claims at such time and=20
places as shall be specified in such notice, or in default=20
thereof, they will be excluded from the benefit of any=20
distribution before such debts are proved.


INTERFORM CERAMICS: Auditors Doubts Viability as Going Concern
--------------------------------------------------------------
Interform Ceramics Technologies Limited (SEHK:1060) reported its=20
results of operations for the year ending March 31, 1998:

                                               Current         =20
                                               Period          =20
                                               from 1/4/97=20
                                               to 31/3/98 =20
                                               ('000 HK$)=20
    Turnover/Interest Income                 : 917,682   =20
    Profit-Continuing Operations
        - Operating Profit/(Loss)            : (24,276)  =20
        - Exceptional Items                  : (436,454) =20
        - Discontinued Operations            : N/A       =20
    Total Operating Profit/(Loss)            : (460,730) =20
    Share of results of subsidiary not
      consolidated                           : (12,174)  =20
    Share of Profit/(Loss) of
      Associated Companies                   : (4,572)   =20
    Profit/(Loss) after Tax & MI             : (460,604) =20

Interform's auditors expressed fundamental uncertainty relating=20
to the going concern basis.  Certain of the Group's bankers have=20
submitted writs and demanded the repayment of loans.  The Group=20
is currently in discussion with its bankers to agree an informal
standstill and to restructure the Group's bank borrowing=20
facilities.  At the same time, the Group is, through its=20
financial advisors, conducting discussions with certain potential=20
strategic investors with a view to potential equity injection. =20
Provided that the negotiations can be successfully completed with=20
the bankers to restructure the Group's borrowing facilities and=20
with potential investors for the injection of new equity capital,=20
the directors are satisfied that the Group will be able to meet=20
in full its financial obligations as they fall due for the=20
foreseeable future. =20


NGAI LIK: Asserts Debt Payments on Schedule
-------------------------------------------
Ngai Lik Industrial Holdings, a Hong Kong consumer-electronics=20
company, said it would repay existing bank debts on schedule. Its=20
executive director Mr Sammy Tam said the consumer-electronics=20
manufacturer was financially sound.  According to the company`s=20
annual report, bank borrowings were HK$395.7 million in March of=20
which HK$337.57 million will be due within one year.  Short-term=20
trust receipt loans comprised HK$201.33 million of bank=20
borrowings which commercial bank loans made up another HK$194.13=20
million.=20

Ngai Lik has an outstanding syndicated loan facility of HK$120=20
million, which is needed to be repaid by the end of next year. =20
According to the Hong Kong Standard, Ngai Lik plans to repay=20
about HK$120 million in syndicated loans at the end of 1999 to=20
improve its gearing ratio. =20

The company reported that it had already reduced its gearing=20
ratio from 1.44 at March last year to 0.67 at March this year.=20
The gearing ratio is based on gross borrowing net of cash and=20
bank balances.


OPTIONAL TRADING: Deadline for Creditors to File Claims
-------------------------------------------------------
The Hong Kong Standard shows a notice dated August 19 saying that
creditors of OPTIONAL TRADING COMPANY LIMITED, which is being=20
voluntarily wound up, are required before September 3 to send in=20
their names, addresses and descriptions, full particulars of=20
debts or claims, as well as the names and addresses of their=20
solicitors (if any) to the company's liquidators, John J. Toohey=20
and David Ng at 21st Floor, Wing On Centre, 11 Connaught Road=20
Central, Hong Kong and if so required by notice in writing from=20
the said Liquidators personally or by their solicitors, to come=20
in and prove their debts or claims at such time and place as=20
shall be specified in such notice, or in default thereof, they=20
will be excluded from the  benefit of any distribution declared=20
before such debts are proved.=20


TSE SUI: Jeweler Trims Debts by Selling Assets & Closing Stores
---------------------------------------------------------------
Tse Sui Luen Jewellery (International), a Hong Kong jewellery=20
manufacturer and retailer, said it will dispose more land ,=20
inventory and outlets to cut its debts.  Chairman Tse Sui-luen=20
yesterday said the company had already cut by nearly half its=20
HK$1.4 million debts to HK$800 million.He said the company aimed=20
to trim debts to $300 million by February.


WAH TAK: Red Ink Flows at Property Development Concern
------------------------------------------------------
Wah Tak Fung Holdings reported a net loss o HK$256.69 million for=20
the year to March 31, as compared with a profit of HK$99.59=20
million a year old.  The result was attributed to an exceptional=20
loss of HK$225.44 million, of which HK$84.57 million was a=20
provision for a drop in value of properties under development,=20
mainly a Wan Chai project.  Another HK$78.2 million was provided=20
for the fall in value of its long-term investments and HK$62.68=20
million for estimated losses on properties held for sale. Wah Tak=20
Fung recorded an operating loss of HK$27.95 million compared with=20
an operating profit of HK$111 million for the previous year. =20


YAOHAN HONGKONG: Liquidators in Discussions with Acquirers
----------------------------------------------------------
As previously reported, Yaohan Japan Corp ("YJC"), a 2.38%=20
shareholder of Yaohan Hongkong Corp. Limited's (the "Company")=20
controlling shareholder, filed an application to court for=20
corporate restructuring as a result of financial difficulties. =20
The Company requested suspension on 18th September, 1997 of=20
trading in its shares on the SEHK in order to assess the effect=20
of YJC's application.  The Company announced on 10th February,=20
1998 that the board of directors has resolved to voluntarily wind=20
up the Company by reason of the Company's inability to pay its=20
debts.=20

The joint and several liquidators announced on 10th March, 1998=20
that an extraordinary general meeting of shareholders and a=20
meeting of creditors of the Company were held on 9th March, 1998.=20
During the meetings, the provisional liquidators were nominated=20
and confirmed as joint and several liquidators of the Company and=20
a committee of inspection was appointed to assist and supervise=20
the joint and several liquidators.  The liquidators have been
approached by a number of parties who have expressed interest in=20
exploring the possibility of acquiring the Company.  The=20
liquidators have commenced discussion with these parties,=20
according to sources at the SEHK.=20


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I N D O N E S I A
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INDOCEMENT TUNGGAL: Seeking Foreign Investment Partners
-------------------------------------------------------
As reported in both the South China Morning Post and the Hong=20
Kong Standard, Indocement Tunggal Prakarsa, one of Indonesia's=20
big 3 cement companies, is looking for foreign partners to help=20
boost its exports and strengthen its financial position. =20
Indocement, in a statement to the Jakarta Stock Exchange, said=20
that it  was in exploratory talks with a number of potential=20
partners but did not identify the partners.  Company officials=20
last week predicted domestic cement demand would fall as much as=20
40 per cent this year, making an exports push imperative.  The=20
company is also considering selling power-generating assets that=20
it uses to run its cement plants to cut foreign debt and increase=20
efficiency.


PERTAMINA: Payment Default Causes Low Rating on Dayabumi Debt
-------------------------------------------------------------
Standard & Poor's triple-'C' rating on DSPL Finance Co. B.V.'s=20
(Dayabumi) US$150 million senior secured notes due 2010, =20
guaranteed by Dayabumi Salak Pratama Ltd., remains on CreditWatch=20
with negative implications where it was placed in December 1997. =20
Dayabumi Salak Pratama Ltd. operates three power plants at the=20
Gunung Salak geothermal power project in Indonesia on the island=20
of Java, S&P said in a report released yesterday.

S&P said that the rating remains on CreditWatch after a payment=20
default by state-owned energy company Pertamina.  Under the power=20
offtake agreement between state-owned power utility PLN,=20
Pertamina, and Dayabumi, Dayabumi invoices Pertamina for=20
electricity delivered to PLN's grid, and Pertamina, in turn,=20
invoices PLN.  Pertamina failed to pay Dayabumi in full for=20
electricity delivered in the month of May 1998, paying only=20
US$1,453,789 of the invoiced amount of US$8,693,065, S&P=20
reported.  Pertamina's failure to meet the full payment followed=20
a corresponding shortfall in payments to Pertamina by PLN.  In=20
the previous two months, Pertamina had  made up the shortfall=20
between the invoice from Dayabumi and the payments from PLN.

The payment shortfall by Pertamina will not lead to an immediate=20
default by Dayabumi on the rated notes.  The project's debt-
service reserves will, in the short term, maintain its debt-
service capability.  In the meantime, S&P noted, Dayabumi is in=20
discussions with Pertamina, PLN and the Ministry of Mines and=20
Energy  regarding the Indonesian Government's guarantee of PLN's=20
performance under the Energy Sales Contract.

While the Government of Indonesia may act to rectify the payment=20
default in response to the enforcement of the guarantee, Standard=20
& Poor's remains uncertain about the likely outcome, as the=20
government could have, had it wished, intervened prior to=20
Pertamina's payment default, S&P opined.

Standard & Poor's said that it will continue to monitor=20
developments, in particular the  response of the Indonesian=20
Government to the call upon the guarantee.=20


PT SEMEN GRESIK: Government's Sale Plan Under Review
----------------------------------------------------
According to the Hong Kong Standard, Indonesia, which earler had=20
invited foreign companies to take a majority stake in government-
controlled cement maker PT Semen Gresik, said that it had=20
extended an August 19 deadline for the entry of bids as it was=20
considering a radical change in its plans for the company, but a=20
new deadline cannot be set yet because the government had not=20
decided what it wanted to do with Gresik.


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J A P A N =20
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LONG TERM: Bank Dismisses Report of Loan Write-Off
--------------------------------------------------
An article appearing in the South China Morning Post says that=20
Japan's Long Term Credit Bank denies a report that it will write=20
off 255.6 billion yen in loans to troubled affiliate Japan=20
Leasing Corp.  Juji Press news agency reported on Monday, quoting=20
LTCB officials, that the bank, the stock price of which had=20
fallen 76 per cent since June over concern about its financial=20
health, would write off those loans, which were seen as the=20
biggest obstacle to its merger with Sumitomo Trust and Banking,=20
to help clean up its books in preparation for a proposed merger.=20
The Juji report said that LTCB would release a cost-cutting and
rehabilitation plan as early as this week focusing on the write-
offs.

LONG TERM: Kyodo Reports FSA Finds No Capital Deficit
-----------------------------------------------------
Kyodo News reports that the Financial Supervisory Agency (FSA)=20
has found that Long-Term Credit Bank of Japan (LTCB)'s combined=20
sum of self-owned capital and retained profit reserves is greater=20
than its losses, a source at  the ruling Liberal Democratic Party=20
(LDP) said Wednesday.  The finding, based on a series of=20
inspections by the financial watchdog since July 13, could pave=20
the way for the use of public money to smooth a merger between=20
the LTCB and Sumitomo Trust and Banking Co. as the LDP is mulling=20
the use of public money for a smooth merger between the two=20
banks.

In other news, Kyodo reported that LTCB shares gained 3 yen to 47=20
yen following a news report the government is mulling injecting=20
public money into the troubled bank's capital base on condition=20
LTCB executives resign.


SHOWPLA ASIA: Shares Plummet When Trading Resumes
-------------------------------------------------
Shares in Showpla Asia Ltd. (7802 JP) fell 9 yen to 2 yen as
trading resumed in Tokyo after a suspension when its parent,=20
Showa Plastics Co., filed for bankruptcy protection.  (Bloomberg,=20
L.P. 19-Aug-1998)


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BARUNSON COMPANY: Completes Creditor Reconciliation
---------------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief=20
section, Baruson Company, Korea's best-known card maker,=20
completed its creditor reconciliation procedure.  The company's=20
address is 764-19 Bangbaebon-dong, Seocho-gu, Seoul and the=20
president is Mr. Hahm Seung-jong.=20


CHEONGGU CO.: Court Receivership Procedure Begins
-------------------------------------------------
According to the Korean language Maeil Kyungje, the Taegu=20
District Court has granted Cheonggu Company and Cheonggu=20
Industrial Development Company a court receivership.  With this=20
decision, the companies could continue a 26,000 apartment-
building project.  The article also reported that Cheonggu=20
Housing company has applied for a court receivership to the Seoul=20
District Court.


DONGBANG PEREGRINE: To Receive Management Improvement Order
-----------------------------------------------------------
The Securities Supervisory Board said that it will issue a=20
management improvement order on Thursday to four securities=20
companies -- Dongbang Peregrine Securities, SK Securities, KLB=20
Securities and Ssangyong Investment Securities -- which have=20
fallen short of working capital ratio requirements.  The issuance=20
of the management improvement order prefaces the pledge by South=20
Korean securities watchdogs to complete the first phase of a=20
major shake-up of the country's ailing securities firms by the=20
beginning of October at the latest, according to a report from=20
AFP. An SSB official said the process would likely be completed=20
by the end of next month, or early October, as the four troubled=20
firms battle to boost their capital ratios.  These moves form=20
part of Seoul's efforts to overhaul the shattered financial=20
sector under a US$57-bil economic bailout deal with the=20
International Monetary Fund. =20


HANSHIN PUBLIC: KSE Suspends Trading in Shares
----------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief=20
section, the Korea Stock Exchange Office has suspended the trade=20
of Hanshin Public Management company from August 19, 1998 until=20
unspecified date in the near future.


HYUNDAI MOTORS: Labor Talks Break Down & Strike Heats Up
--------------------------------------------------------
As last efforts by labor minister Lee Kee-ho to mediate in the=20
Hyundai Motor's dispute fell apart, riot police reportedly were=20
called to enter the Ulsan plant to remove striking union members.=20
The minister met with prosecutors and police officials at the=20
Koreana Hotel in the city north of Seoul to discuss the=20
deployment of 13,000 riot officers in eight areas around the=20
factory.  Union members rejected Lee's mediation, insisting that
they would not accept anymore layoffs.  Union members barricaded=20
the gates with twenty vehicles and armed themselves with steel=20
pipes and fire extinguishers to fight off the police.  In=20
addition pressurized water and gas tankers are in the factory
grounds.  Inside the plant are about two hundred women and=20
children, family members of the strikers.  (ChosunIlbo 18-Aug-
1998)


HYUNDAI MOTOR: Strike Cost Estimated at Won 770 Billion
-------------------------------------------------------
The Ministry of Commerce, Industry and Energy (MOCIE) said=20
Tuesday that the labor-management dispute at Hyundai Motor has=20
resulted in approximate losses of W770 billion from the time that=20
the dispute first erupted in May to now.  The company first=20
informed the labor union of its plan to lay off about 8,000=20
surplus workers back on May 19 and the labor union immediately=20
started various protests, partially halting production. According=20
to the MOCIE the strike action meant that Hyundai was unable to=20
produce a total of 85,800 passenger cars worth W770 million it=20
could have otherwise. Of these, about 57,200 units would have=20
been exported. The Ministry forecast that if dissension lingers=20
until the end of this month, car export losses would increase by=20
US$200 million. In addition, 52 companies representing 14% of the
company's total subcontractors became bankrupt, along with about=20
250 sub-subcontractors.  (ChosunIlbo 19-Aug-1998)


KIA MOTORS: Losses Hit Record High
----------------------------------
Kia Motors Corp. said its losses widened to a record $3.2 billion=20
(4.235 trillion won) in the first half of the year as the=20
insolvent South Korean automaker struggled to repay debt.  The=20
loss widened from 36.99 billion won in the first half of 1997.


KIA MOTORS: Staff Shortages Delay Opening of U.S. Dealerships
-------------------------------------------------------------
Detroit Week, a U.S. automotive industry publication, reports=20
that Kia Motors Corp.'s U.S. unit will delay opening about 30=20
dealerships in the Midwest because of regional staff shortages, =20
slowing the Korean automaker's effort to step up its U.S.=20
marketing.  The dealerships in Michigan, Wisconsin and Minnesota=20
won't open until December, instead of August and September as=20
planned, a spokeswoman said.  Kia "blamed a lack of employees in=20
sales, service and parts management divisions for those states=20
rather than a shortage of autos or the insolvency of  its parent=20
company," Detroit Week said. =20


KIA MOTORS: Hyundai Says No Consortium With Ford/GM for Kia
-----------------------------------------------------------
Hyundai Motor's vice president Lee Yoo-il told the Korean press=20
that Hyundai will not form a consortium with Ford or GM to bid=20
for Kia-Asia Motors.  Lee added that Daewoo had proposed setting=20
up a consortium with Hyundai for the bidding, but his company has=20
not made any decision yet.  He said that the possibility of a=20
consortium between the two automakers has not been ruled out thus=20
far. Another high-ranking official at the company said that=20
Hyundai will definitely submit its bid for Kia and Asia, and at=20
the moment, the bid guarantee in the amount of Won 100 billion is=20
ready.  (ChosunIlbo 16-Aug-1998)


KOREA LONG: To Receive Management Improvement Order
---------------------------------------------------
The Securities Supervisory Board said that it will issue a=20
management improvement order on Thursday to four securities=20
companies -- Dongbang Peregrine Securities, SK Securities, Korea=20
Long Term Credit Bank Securities and Ssangyong Investment=20
Securities -- which have fallen short of working capital ratio=20
requirements.  The issuance of the management improvement order=20
prefaces the pledge by South Korean securities watchdogs to=20
complete the first phase of a major shake-up of the country's=20
ailing securities firms by the beginning of October at the=20
latest, according to a report from AFP. An SSB official said the=20
process would likely be completed by the end of next month, or=20
early October, as the four troubled firms battle to boost their=20
capital ratios.  These moves form part of Seoul's efforts to=20
overhaul the shattered financial sector under a US$57-bil=20
economic bailout deal with the International Monetary Fund. =20


SK SECURITIES: To Receive Management Improvement Order
------------------------------------------------------
The Securities Supervisory Board said that it will issue a=20
management improvement order on Thursday to four securities=20
companies -- Dongbang Peregrine Securities, SK Securities, KLB=20
Securities and Ssangyong Investment Securities -- which have=20
fallen short of working capital ratio requirements.  The issuance=20
of the management improvement order prefaces the pledge by South=20
Korean securities watchdogs to complete the first phase of a=20
major shake-up of the country's ailing securities firms by the=20
beginning of October at the latest, according to a report from=20
AFP. An SSB official said the process would likely be completed=20
by the end of next month, or early October, as the four troubled=20
firms battle to boost their capital ratios.  These moves form=20
part of Seoul's efforts to overhaul the shattered financial=20
sector under a US$57-bil economic bailout deal with the=20
International Monetary Fund. =20


SSANGYONG INVESTMENT: To Receive Management Improvement Order
-------------------------------------------------------------
The Securities Supervisory Board said that it will issue a=20
management improvement order on Thursday to four securities=20
companies -- Dongbang Peregrine Securities, SK Securities, KLB=20
Securities and Ssangyong Investment Securities -- which have=20
fallen short of working capital ratio requirements.  The issuance=20
of the management improvement order prefaces the pledge by South=20
Korean securities watchdogs to complete the first phase of a=20
major shake-up of the country's ailing securities firms by the=20
beginning of October at the latest, according to a report from=20
AFP. An SSB official said the process would likely be completed=20
by the end of next month, or early October, as the four troubled=20
firms battle to boost their capital ratios.  These moves form=20
part of Seoul's efforts to overhaul the shattered financial=20
sector under a US$57-bil economic bailout deal with the=20
International Monetary Fund. =20


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FAQEH SDN. BHD.: Winding-Up Petition
------------------------------------
Wee Electric Trading (suing as a firm) on 29.6.1998 presented a=20
windin up petition against Faqeh Sdn. Bhd.  The petition is=20
directed to be heard on 25.11.1998.


HOCK & CO.: Members' Voluntary Winding-Up
-----------------------------------------
A special resolution passed at an EGM held on 12.8.1998 resolved=20
that HOCK & CO. AUTO PARTS SDN.BHD. be wound up voluntarily. =20
Creditors of the company are to submit their claims/debts before=20
16.9.1998.


IZZARD VACATIONERS: Winding-Up Petition
---------------------------------------
EON Bank Bhd on 7/8/98 petitioned for the winding-up of Izzard
Vacationers Sdn Bhd.


MBF CAPITAL: Shares Surge on Rumor of Mbf Finance Sale
------------------------------------------------------
MBf Capital shares gained 10.5 sen to 41.5 sen with 13.6 million
shares traded, nearly six times the stock's six- month daily=20
average of 2.4 million shares.  The stock, which has fallen 58=20
per cent the past two months, was the most active on the exchange=20
and the fourth largest gainer in percentage terms.  "Looks like=20
something is happening there, if it's true (that they're close to=20
a stake sale), then it's good news for the company," said Lai Tak=20
Heong at SG Research Sdn.  (Bloomberg & BusinessTimes 19-Aug-
1998)


NEW SUNTAX: Winding-Up Petition
-------------------------------
Multiway Builders Sdn. Bhd. on 3.6.1998 presented a winding up
petition against New Suntax Printing & Trading Sdn. Bhd.  The=20
petition is directed to be heard on 11.9.1998.


OMEGA BILLION: Members' Voluntary Winding-Up
--------------------------------------------
A special resolution passed at an EGM held on 12.8.1998 resolved=20
that OMEGA BILLION SDN. BHD. be wound up voluntarily.  Creditors=20
of the company are to submit their claims/debts before 16.9.1998.


PACIFIC AMORE: Creditors Winding-Up
-----------------------------------
A notice has been advertised for the creditors winding-up of=20
Pacific Amore Sdn Bhd on 13/8/98.  A creditors meeting shall be=20
held on 27/8/98.


QUANTUM RESOURCES: Members' Voluntary Winding-Up
------------------------------------------------
A special resolution passed at an EGM held on 14.8.1998 resolved=20
that QUANTUM RESOURCES SDN. BHD. be wound up voluntarily. =20
Creditors of the company are to submit their claims/debts before=20
17.9.1998.


SAKTIMUNA: Winding-Up Petition
------------------------------
MCSB Systems (M) Berhad had on 6.8.1998 presented a winding up=20
petition against Saktimuna Sdn. Bhd.   The petition is directed=20
to be heard on 24.9.1998.


SANG KANCIL: Winding-Up Petition
--------------------------------
Harvest Court (M) Sdn. Bhd. had on 18.7.1998 presented a winding=20
up petition against Sang Kancil Rattan Interiors (M) Sdn. Bhd. =20
The petition is directed to be heard on 24.9.1998.


TEONG HUAT: Receiver Appointed
------------------------------
Notice has been given on 3/7/98 on the appointment of Receiver=20
and Managership of Teong Huat Precision-Ind Sdn Bhd.


TOPLACE: Winding-Up Order Entered
---------------------------------
A winding up order was made on 30.7.1998 against Toplace Sdn.=20
Bhd.


TXN-COAT: Winding-Up Petition
-----------------------------
Hong Leong Bank Berhad on 6.8.1998 presented a winding up=20
petition against TXN-Coat Sdn. Bhd.  The petition is directed to=20
be heard on 24.9.1998.


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P H I L I P P I N E S=20
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BANCO RURAL: Bank Closed & Placed Under Receivership
----------------------------------------------------
The lingering financial crisis has forced the management of the=20
Banco Rural del Oriente in Banay-banay, Davao Oriental to stop=20
operations affecting its clients who are mainly farmers and=20
fishermen.  Bangko Sentral ng Pilipinas (BSP) recently ordered=20
the closure of the bank and its two branches and placed them=20
under receivership of the Philippine Deposit Insurance=20
Corporation (PDIC) starting August 14.  Affected clients are=20
advised to forward their claims at PDIC head office in Manila.
(PNA and Asia Pulse 18-Aug-1998)


BENGUET CORP.: Tight Liquidity Position Continues=20
-------------------------------------------------
Publicly listed Benguet Corp. said it continues to be in a "tight=20
liquidity position" as it reported a consolidated net loss of=20
262.4 million Philippine pesos (PhP) in the second quarter due to=20
higher foreign exchange losses. For the first half of the year,=20
Benguet reported net losses of PhP345 million, up 4.9% from net=20
losses of PhP328.9 million last year. Benguet said it is=20
"currently undergoing a restructuring of its organization and a=20
redirection of its assets by focusing on areas that will generate=20
revenues in the short- to medium-term," To raise new funds,=20
Benguet recently entered into a tripartite agreement with Palm=20
Avenue Realty & Development Corp. and Palm Avenue Holdings Co.,=20
Inc. as well as the Presidential Commission on Good Government =20
(PCGG) for the private placement of a major block of Benguet=20
shares. The agreement was signed late last year. The private=20
placement of the Benguet shares could infuse new funds worth=20
PhP275.4 million in the company.  (BusinessWorld 19-Aug-1998)


ORIENT BANK: Granted Another Two-Week Reprieve
----------------------------------------------
The Philippine Central Bank or Bangko Sentral ng Pilipinas=20
granted for the nth time yesterday Orient Bank owner Jose Go a=20
two-week extension to negotiate a possible entry of a new=20
investor into the beleaguered bank which has been on a bank=20
holiday since Feb. 14 this year.  Go claimed earlier this week=20
that additional insurance (more specifically reinsurance) is=20
needed for a surety bond that the possible investor has sought=20
from him.=20

Two weeks ago, Go had said that the investor had sought a surety
bond to ensure that his shares in Orient are intact with the=20
Bangko Sentral, and would be transferred to the investor's name=20
as the money comes in. =20

But this time around, Go said, the possible investor is asking a
reinsurance of the surety bond.=20

Vicente Valdepe=A4as, chairman of the ad hoc committee handling the
Orient Bank case, said that the documents submitted by Go=20
appeared to be in order.  Based on the documents submitted by Go,=20
Valdepe=A4as said, the reinsurer needs until Aug. 28 to complete=20
the transaction.  However, both Valdepe=A4as and Bangko Sentral=20
Gov. Gabriel C. Singson reiterated that "the extension cannot be=20
endless."  Valdepe=A4as said that "at some point in time, the ad=20
hoc committee must make a recommendation." =20

Also during the same meeting, depositors of orient Bank are=20
starting to turn on each other specifically the insured=20
depositors (or those with deposits of P100,000 or less) and the=20
uninsured depositors (over P100,000).  The insured depositors are=20
getting tired of Go's delays and are more inclined to finally=20
bring a definite close to Orient Bank so that the Philippine=20
Deposit Insurance Corp. can pay back their insured deposits=20
already.  The uninsured depositors, understandably, would prefer=20
to cling on to any thread of hope no matter who stretched that=20
thread gets.=20

There was also some talk that the new investors would be=20
comprised of 60 percent foreign entities and 40 percent local=20
investors.  There was also some talks that a big foreign property=20
developer, Landhouse, may be the prospective investor.  (The=20
Philippine Star 18-Aug-1998)


PHILIPPINE AIRLINES: Gov't Told to Hasten Pilot Hiring Decision
---------------------------------------------------------------
The National Labor Relations Commission (NLRC) may have promised=20
the striking Airline Pilots Association of the Philippines=20
(ALPAP) it would decide by the end of this week whether=20
Philippine Airlines, Inc. (PAL) can replace the pilots with new=20
hires. But this is still not good enough for the pilot group.=20

ALPAP spokesperson Capt. Florendo Umali decried the slow handing=20
down of a decision, saying: "PAL is trying to starve out ALPAP to=20
sign a new-hire status that will effectively save PAL billions of=20
(Philippine) pesos (PhP)."  ALPAP earlier sought a temporary=20
restraining order on the hiring of replacements three weeks ago=20
and to date, the issue has yet to be decided on.=20

Mr. Umali explained that PAL is aiming to contractualize its=20
workers under the new-hire status in its bid to rid the airline=20
of all unions.  Mr. Umali added that government agencies such
as the labor department, with its slow disposition of cases, had=20
become a "tool" in carrying out PAL's objectives. He said ALPAP=20
will fight it out all the way to the Supreme Court should the=20
NLRC rule against the issuance of the TRO, especially in light of=20
the billions of pesos PAL is expected to save with the new-hire=20
status.=20

"PAL is forcing ALPAP to accept involuntary servitude ... wherein=20
we (pilots) would not enjoy the usual benefits and we would also=20
not be allowed to work for other airlines. This is very cruel and=20
deceptive," he said.  (BusinessWorld 19-Aug-1998)


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S I N G A P O R E=20
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SHOWPLA ASIA: Shares Plummet When Trading Resumes
-------------------------------------------------
Shares in Showpla Asia Ltd. (7802 JP) fell 9 yen to 2 yen as
trading resumed in Tokyo after a suspension when its parent,=20
Showa Plastics Co., filed for bankruptcy protection.  (Bloomberg,=20
L.P. 19-Aug-1998) =20


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T H A I L A N D=20
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NAKORNCHAISRI PROPERTIES: Puts Property to TVO to Cancel Debts
--------------------------------------------------------------
Nakornchaisri Properties Co., Ltd., due to its liquidity problem,=20
has surrendered land pledged under a mortgage note to Thai=20
Vegetable Oil Public Company Limited, the lender, to settle its=20
8,234,410.96 Baht debt.  TVO indicated in a filing with the SET=20
that it allowed restructuring of loan through acceptance  the=20
above land due to the fact that the above area is the suitable=20
warehouse site that is close proximity to the company's factory. =20


SALAYA THANEE: Puts Property to TVO in Consideration of Debt
------------------------------------------------------------
Salaya Thanee Co., Ltd., due to its liquidity problem, has=20
surrendered land pledged under a mortgage note to Thai Vegetable=20
Oil Public Company Limited, the lender, to settle its=20
40,864,209.59 Baht debt.  TVO indicated in a filing with the SET=20
that it allowed restructuring of loan through acceptance  the=20
above land due to the fact that the above area is the suitable=20
warehouse site that is close proximity to the company's factory. =20


SIAM CEMENT: Structural Management Changes Outlined
---------------------------------------------------
The Siam Cement Group (SCG) plans to adopt a more flexible=20
management structure to withstand the effects of the economic=20
slump.  SCG vice-president Tawee Butsuntorn told the Bangkok Post=20
that after four years of the current structure, it was=20
appropriate for the group to change as it had become a large=20
conglomerate with diversified interests.

The group has about 250 companies covering seven main industrial
sectors and a separate finance division under its umbrella. =20
Analysts told the Post that the group's management style as =20
conservative and criticised it slow decision-making and=20
implementation processs.

Each of SCG's eight divisions is headed by a vice-president and
controlled by SCG's main board of directors with Chirayu=20
Israngkura na Ayutthaya, director-general of the Crown Property=20
Bureau, acting as chairman. =20

"If a company is like a boat, SCG is like a big liner that is=20
very clumsy when it wants to move in other direction,=20
particularly during the present economic situation," Mr Tawee=20
said. =20

The group is currently searching for a consultant to provide it=20
with advice on the new management system, the Post reported.  The=20
company intends for the new structure to allow each of the=20
divisions more flexibility in its management.  The decision-
making authority will be decentralised to allow executives of=20
each group to immediately respond to market demands and no longer=20
forced to seek the approval of the main board of directors.  The=20
existing management style is considered tie-consuming and not
effective in view of the economic slump as SCG has to depend more
on exports to compensate for the rapidly contracting domestic
demand.  When the new structure is in place, the industrial=20
groups will be empowered to seek loans under its own name instead=20
of Siam Cement.

Recently, SCG was reorganised into eight lines of business:=20
cement production and distribution, paper, construction and=20
decorative materials, petrochemical, steel, machineries and=20
electrical appliances, automobile components and financial=20
control.  Although the business lines covering paper,=20
petrochemical, and steel have already been spun off, the=20
management system remained centralised.


THAI FARMERS: Bad Loans Estimated at 38%=20
----------------------------------------
Thai Farmers Bank forecasts that its non-performing loans will=20
peak at 38% of total credit by mid-1999, and half of those loans=20
would probably have to be written off.  The country's third-
largest commercial bank based its forecast on loans overdue by=20
three months or more, according to the Bangkok Post.  Analysts=20
surveyed by the Post expressed surprise about the bank's=20
announcement to the Stock Exchange of Thailand, although said the=20
figures would be influenced by the overall economy and regional=20
factors.=20

President Banthoon Lamsam said the bank definitely would not=20
raise new capital through a government plan announced last=20
Friday.  As of June 30, the bank said, its capital ratio was=20
16.9%, with 14.8% consisting of tier-one capital or shareholders'=20
equity.  The bank successfully raised almost $1 billion in new=20
equity last March in a global private placement.  The minimum=20
capital ratio for local banks is 8.5%, and at least half must be=20
tier-one capital. The ratio limits the amount of loans financial
institutions can make relative to their capital base.  Under the=20
government's new programme, institutions can raise tier-one=20
capital by exchanging preferred shares for government bonds.
Alternatively, the government will help increase tier-two capital=20
by purchasing subordinated debt in amounts tied to how much debt
restructuring and new loans financial institutions make.


THAI PETROCHEMICAL: Statement About Restructuring Plan
------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (SET:TPI)=20
advised that it is in the process of finalizing the restructuring=20
plan together with its financial advisors, Chase Manhattan Bank=20
(S.E.A.)Limited.  The restructuring plan has been progressed and=20
moved forward.  TPI expects that the final plan will be proposed=20
& approved by all creditors in the near future.  The debt=20
reduction will be one of those milestones which the company has=20
to achieve during the restructuring period.  Debt reduction could=20
be in a form of equity raising, joint venture partner etc.=20


TPI POLENE: Restructuring Plan & Possibility of New Equity
----------------------------------------------------------
TPI Polene Public company Ltd. (SET:TPIPL) advised the Stock=20
Exchange of Thailand that it is in the process of finalizing the=20
restructuring plan together with its financial advisors, JP=20
Morgan Security Asia Ltd. & Merrill Lynch (Singapore) Pte. Ltd.=20
The restructuring plan has been progressed and moved forward. The=20
role of JP Morgan Security Asia Ltd. is to concentrate on the=20
indebtedness restructuring process while Merrill Lynch=20
(Singapore) Pte. Ltd. will concentrate on the strategic sale=20
process of the cement business. TPIPL expects that the final plan=20
will be proposed & approved by all creditors in the near future.=20

Recently, TPIPL indicated, the Company has been approached by=20
some potential target investors for the new equity participation=20
as an option together with the final restructuring plan.=20
Nonetheless, TPIPL is still in the negotiation process with those=20
potential investors.  At present, TPIPL has not finalized any=20
term & condition of the investment with any specific potential=20
investor.=20



S U B S C R I P T I O N   I N F O R M A T I O N=20

Troubled Company Reporter -- Asia Pacific is a daily newsletter=20
co-published by Bankruptcy Creditors' Service, Inc., Princeton,=20
NJ USA, and Beard Group, Inc., Washington, DC USA.  Debra Brennan=20
and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  ISSN: 1520-9482. =20

This material is copyrighted and any commercial use, resale or=20
publication in any form (including e-mail forwarding, electronic=20
re-mailing and photocopying) is strictly prohibited without prior=20
written permission of the publishers.  Information contained=20
herein is obtained from sources believed to be reliable, but is=20
not guaranteed.

The TCR -- Asia Pacific subscription rate is $875 per month=20
delivered via e-mail.  Additional e-mail subscriptions for=20
members of the same firm for the term of the initial subscription=20
or balance thereof are $25 each.  For subscription information,=20
contact Christopher Beard at 301/951-6400.

               * * * End of Transmission * * *