/raid1/www/Hosts/bankrupt/TCRAP_Public/980909.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Wednesday, September 9, 1998, Vol. 1, No. 139

                    Headlines


* C H I N A   &   H O N G   K O N G *

CABLE & WIRELESS: Ratings under review
CLIMAX INTERNATIONAL: Climax seeks more time on refinancing
CHUNG HWA DEVELOPMENT: Results announcement
HSBC HOLDINGS: Ratings under review
HONOU TRAVEL SERVICES: Winding-up petition

HOPEWELL HOLDINGS: Denied compensation for railway contract
LUK FOOK HOLDINGS: Sales figures
NEW WORLD DEVELOPMENT: Eyes reduced debt
RHINE HOLDINGS: Placed under compulsory liquidation
STANDARD CHARTERED BANK: Ratings under review

TAK WING INVESTMENT: Potential buyers eye Tak Wing stake


* I N D O N E S I A *

BANK ANDROMEDA: Suharto's son summoned
DAVOMAS ABADI: First to face legal troubles under new law
PT SEMEN CIBINONG: Results announcement


* J A P A N *

CHUBU ELECTRIC: S&P downgrades electric power company
CHUGOKU ELECTRIC: S&P downgrades electric power company
HITACHI LIMITED: S&P puts Hitachi on CreditWatch
KAWASAKI STEEL: Bleak outlook for steel firms as Toa fails
LONG TERM CREDIT: LDP studies US call to raise rescue fund

NNK CORP: Moody's downgrades steel maker
NIPPON STEEL: Results announcement
NORINCHUKIN BANK: S&P Downgrades Norinchukin Bank
SHIKOKU ELECTRIC: S&P downgrades electric power company
TOKYO ELECTRIC: S&P downgrades electric power company


* K O R E A *

DAENONG CO: Liquidation plan approved
HALLA GROUP: Creditors considering Rothschild proposal
HANGUK ZIPPER: Starts creditor reconciliation
HANNAM STEEL: Starts creditor reconciliation
HWASEUNG CO: Starts creditor reconciliation

HYUNDAI SEMICONDUCTOR: Rating under review
KIA MOTORS: Debt write-off to be finalized by Sept. 10
LUCKY DEVELOPMENT INTERNATIONAL: LDI to liquidate
SAMYANG FOOD CO: Completes creditor reconciliation


* M A L A Y S I A *

BOLTON BHD: Results announcement
GANAD CORPORATION BHD: Results announcement
HASWAJA SDN BHD: Winding-up petition
HEEREMA (M) SDN BHD: Voluntary winding-up
HIGH MEAN REALTY SDN BHD: Voluntary winding-up

INFO ERA SDN BHD: Winding-up petition
KEMAYAN CORPORATION BHD: Results announcement
KEYOKE TRADING CO SDN BHD: Winding-up petition
MHS AVIATION SDN BHD: Guaranteed facility
MME FASHION SDN BHD: Winding-up petition

MAJU INDUSTRIAL RESIN SDN BHD: Winding-up petition
NAUTICALINK BHD: Results announcement
RUBFIL SDN BHD: Winding-up petition
SHAPADU ENERGY AND ENGINEERING SDN BHD: Winding-up petition
SRI GELITA SDN BHD: Winding-up petition

WAYUEN SDN BHD: Voluntary winding-up
WESTFORM TECHNOLOGIES SDN BHD: Winding-up petition


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

CABLE & WIRELESS: Ratings under review
--------------------------------------
Cable & Wireless, the mother company of Hongkong Telecom,
may be placed under review by Moody's Investor Service, the
rating agency said yesterday.  Also under threat of being
downgraded is Cable & Wireless Communication's foreign
currency country ceiling.

The Moody's review will focus on the extend to which C&W's
financial flexibility, recent asset sales and investments,
and conservative financial policies will offset the group`s
exposure to Telecom. The agency said C&WC is also exposed
to variables that increase the financial risks of C&W.

Cable & Wireless is one of the leading international
telecom services providers, with operating interests in
Hong Kong, Britain, US and other countries.


CLIMAX INTERNATIONAL: Climax seeks more time on refinancing
-----------------------------------------------------------
The Hong Kong Standard says that Climax International Co.
Ltd. is seeking further extension of deadline from its
bankers for the submission of a refinancing proposal. The
original deadline for a refinancing proposal was last
Friday. In the joint announcement with United Pacific
Industries Ltd., both companies said the terms of the
refinancing proposal were being finalised. Climax is
awaiting approval of the request from all its banks and has
yet to receive any indication the request will be approved.


CHUNG HWA DEVELOPMENT: Results announcement
-------------------------------------------
Chung Hwa Development reported a HK$247.9 million loss for
the year ended March 31 due to exceptional losses of HK$217
million against a gain of HK$41.7 million last year.

The company said the exceptional loss of HK$217 million,
included a HK$73.92 million loss on provision for
diminution in value of its investments; a HK$17.78 million
loss on provision for diminution in value of investment in
marketable securities; a HK$39.71 million loss from
securities trading, a HK$39.99 million loss on provision
for doubtful debts from its mainland customers.

The group also made a HK$13 million loss on provisions for
short-term loan receivables, a HK$12.29 million loss on
provisions for long-term loan receivables, and a HK$12.6
million loss by the write-off of film rights.


HSBC HOLDINGS: Ratings under review
-----------------------------------
Moody's Investors Service Inc said it placed under review
for possible downgrade HSBC Holdings PLC's single-A-two
subordinated debt rating. The action reflects $1.34 billion
of securities. Moody's also confirmed its existing double-
A2/P1/B-plus rating on HSBC's UK subsidiary Midland Bank
PLC.


HONOU TRAVEL SERVICES: Winding-up petition
------------------------------------------
A notice in the Hong Kong Standard says that a petition for
the winding up of Honou Travel Services Company Limited was
presented to the High Court on August 26 by Ho Man Tat,
Tatky of Room 1206, Ka Lim House, Ka Wai Estate, Hung Hom,
Kowloon. The said petition is directed to be heard before
the court at 9:30 am on Sept. 30. Any creditor or
contributory of the said company desirous to support or
oppose the making of an order on the said petition may
appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to
any creditor or contributory of the said company requiring
the same by Tam Lee Po Lin, Nina for Director of Legal Aid,
27th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong. Any notice to appear on the hearing of the said
Petition must reach the abovenamed Solicitors not later
than 6 p.m. on Sept. 29.


HOPEWELL HOLDINGS: Denied compensation for railway contract
-----------------------------------------------------------
The Thai Government said it will not pay the 100 million
baht compensation that Hopewell Holdings, a Hong Kong
property listed company, is seeking for the pre-termination
of its contract to build a multi-billion dollar railway
project in Bangkok.

A senior Thai government official said Thailand has no
intention of paying the losses to Hopewell because it also
suffered from the failed project. The Thai government
terminated the US$3.2 billion contract with Hopewell for
the project in January.

Deputy transport minister Pradit Phataraprasit said the
government would examine taking over the failed project
that came to symbolise the excesses of the now-bust
economic boom, an elevated train and road system. After
five years of work, only 12% of the construction has been
completed.

Meanwhile, Hopewell has hired a team of litigation experts
from the US to seek compensation. The Thai transport
ministry is said to have offered no response to an
invitation to attend a meeting at Hopewell's Bangkok
offices to discuss the project and is also unwilling to
reimburse Hopewell for anything but a fraction of the
US$600 million the infrastructure company spent on the
project.

Shares in Hopewell have climbed off an historic low of 64
HK cents on August 13 to finish at 79 HK cents on Friday.  


LUK FOOK HOLDINGS: Sales figures
--------------------------------
Luk Fook Holdings (International) Ltd, a Hong Kong
Jewellery listed company, said sales fell 16% for the four-
month period ending August 31 compared with the same period
last year. The company's financial controller, Paul Law,
said he believes the group's gross profit margin can be
maintained. The company hopes to expand its market share
this year.


NEW WORLD DEVELOPMENT: Eyes reduced debt
----------------------------------------
According to the SCMP, New World Development (NWD) has
attempted to calm investor nerves over its financial
position plans to cut its net debt by 30 percent to $14
billion in the next 2 years.

NWD said the group carried net debt of $20 billion as of
August 28, excluding $5.4 billion in loans for its 57.19
percent owned subsidiary New World Infrastructure. About 57
percent of this debt is denominated in US dollars and the
remainder in Hong Kong dollars.

The unveiling was made in a roadshow presentation in the
United States. In the presentation document NWD said in the
just ended financial year, the group will reap an estimated
$3.42 billion in recurrent income from property rentals,
services, hotels and infrastructure businesses.

The group also expects to see positive cash flow at its bus
service and telecommunications divisions in the present
financial year. Properties available for sale this
financial year will generate net proceeds of $6.6 billion.

NWD said it had undrawn facilities of $4 billion. If
necessary, the company could raise more funds through the
disposal of H-share and red-chip investments. The present
market value of those shares was estimated by the group at
$933 million.

In its telecommunications business, the group expects its
PCS network to break even and cash flow to be positive this
financial year. Its fixed-line network will break even in
the 2000 financial year.

To cut foreign exchange exposure at a time of increasing
fears of a yuan devaluation, NWD is applying to the Beijing
authorities for the formation of a mainland incorporated
holding company. By law, state-owned banks in the mainland
can only lend to mainland entities, which include mainland
incorporated holding firms. Those companies can arrange
yuan-denominated corporate bonds and syndicated loans.


RHINE HOLDINGS: Placed under compulsory liquidation
---------------------------------------------------
According to the SCMP, the High Court has put jewellery
retailer Rhine Holdings into compulsory liquidation with
outstanding debts believed to be at least $200 million.

The group, along with subsidiary Rhine Jewellery, is being
liquidated by provisional liquidator Kennic Lui LH & Co
after unsecured bank creditors filed a petition. Unsecured
creditors, such as Banque Nationale de Paris, Credit
Agricole Indosuez, Bayerische Vereinsbank, KBC Bank and
Daiwa Bank, are owed a combined $6.29 million.

The provisional liquidator said it is too early to say
Rhine's asset value yet. Rhine also has a $157 million
convertible note due to mature at the end of this year.

Rhine chairman Wang Mingqiang is alleged to have misused
the company's entire 70 percent interest in a property
development joint venture in Shanghai in April as a
guarantee for the benefit of his majority owned company
Ningbo Dili Group. He could not be contacted. It is
believed he is in the mainland.

Mr Wang joined the group in April, buying 25 per cent of
Rhine from former chairman Chui Fat-chuen but failed to
complete the deal.

According to the Hong Kong Standard, the Official Receiver
has been appointed provisional liquidator of both companies
on Sept 2. Kennic Lui ans Lauren Wu Lau of the accountancy
firm, Kennic L H Lui & Co, have been named agents of the
Official Receiver in both cases.

Kennic Lui said that the Rhine Group comprises eight
companies in Hong Kong, China, the US, Canada and Germany.
He said he has been appointed over the holding company, a
Bermuda registered company, and the trading subsidiary,
Rhine Jewellery. The remaining group companies are not
subject to winding up, but he would be looking to maximise
the return for creditors by realising the investments in
these subsidiaries.

Mr Lui said his initial role would be to preserve the
assets, including the investments in subsidiaries, for the
benefit of creditors and to commence investigations into
the companies' decline. He said he would invite offers for
the group, which has an established name and distribution
network.

Founded in 1975, the group was a leading manufacturer and
exporter of quality jewellery in Hong Kong, with factories
on the mainland. Rhine Holdings indirectly holds 35 percent
of IWI Holding Ltd, a company quoted on the Nasdaq index in
the US.

Trading in the company's shares have been suspended since
July 10, pending debt restructuring with its banks and
these talks have been unsuccessful.


STANDARD CHARTERED BANK: Ratings under review
---------------------------------------------
Moody's Investors Service Inc said it placed the ratings of
Standard Chartered Bank and its parent Standard Chartered
PLC under review for possible downgrade. About US$2.8
billion of securities are affected, said Moody's. Moody's
said the action reflects concern over the vulnerability of
the bank to the financial crisis in many of the countries
in which it operates, notably in Southeast Asia.


TAK WING INVESTMENT: Potential buyers eye Tak Wing stake
--------------------------------------------------------
According to the Hong Kong Standard, Tak Wing Investment
(Holdings) Ltd. said that four potential buyers have
approached its controlling shareholder, Dr. Chung Chun-
keung, on the possible sale of his 47 percent interest. It
said negotiations were on-going with two of the four
prospective investors on the disposal of the controlling
interest but binding agreements are yet to be reached. It
said there was sufficient cash flow for its operations for
this month. It also said it has held a meeting with bankers
last week to reiterate its request for a standstill
agreement.


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

BANK ANDROMEDA: Suharto's son summoned
--------------------------------------
According to the Wall Street Journal, Bambang Trihatmodjo,
the middle son of former President Suharto, has been
summoned along with nine former officials of Bank
Andromeda. The officials are to be questioned about
allegations of banking-law violations. The government
liquidated Bank Andromeda in November because it had
violated the legal lending limit in making loans to its own
shareholders.


DAVOMAS ABADI: First to face legal troubles under new law
---------------------------------------------------------
Indonesia cocoa firm Davomas Abadi has become the first
listed Indonesian company to face a suit under new
bankruptcy regulations, a lawyer for American Express Bank
said. Amex has filed a bankruptcy lawsuit on Thursday
against Davomas Abadi. Amex bought a US$3 million
promissory note issues by Davomas in 1997 but the company
was not able to pay it back when the note matured on
January 7, 1998. The Jakarta Stock Exchange has suspended
shares of Davomas Abadi.


PT SEMEN CIBINONG: Results announcement
---------------------------------------
PT Semen Cibinong reported a first half loss of 10.4
trillion rupiah on massive foreign-exchange losses. The
latest result compares with profit of 44.9 billion rupiah
in the year-earlier period. Total foreign-exchange loss was
10.6 trillion rupiah in the period, the highest reported by
any Indonesian listed company so far.  


=========
J A P A N  
=========

CHUBU ELECTRIC: S&P downgrades electric power company
-----------------------------------------------------
The Asia Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) has lowered the corporate credit
rating of Chubu Electric Power Company. The downgrade
reportedly reflects the impact of deregulation and the
continuing weakness of the Japanese economy and
financial markets.

Recently, the Japanese Ministry of International Trade and
Industry has introduced competition into the wholesale and
retail segments of the electric power industry. The report
also stated that certain retail customers already have
permission to wheel power between sites.  

Chubu Electric Power Company had its long-term debt rating
downgraded from AA+ to AA.


CHUGOKU ELECTRIC: S&P downgrades electric power company
-------------------------------------------------------
The Asia Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) has lowered the corporate credit
rating of Chugoku Electric Power Company. The downgrade
reportedly reflects the impact of deregulation and the
continuing weakness of the Japanese economy and
financial markets.

Recently, the Japanese Ministry of International Trade and
Industry has introduced competition into the wholesale and
retail segments of the electric power industry. The report
also stated that certain retail customers already have
permission to wheel power between sites.  

Chugoku Electric Power Company had its long-term debt
rating downgraded from AA to AA-.


HITACHI LIMITED: S&P puts Hitachi on CreditWatch
------------------------------------------------
Newsbytes reports Standard and Poor's has placed debts of
Japan's Hitachi, Ltd. on CreditWatch with negative
implications. The move comes after Moody's Investor  
Services announced plans to place its debt ratings for the
company under review.

The American credit rating agency said it will review its
ratings for Hitachi, Ltd., Hitachi America, Ltd.; Hitachi
International (Holland) B.V.; Hitachi Finance (UK) Plc.;
and Hitachi Asia Ltd. The Moody's announcement covered the  
same companies.

On Thursday, Hitachi announced it expects to report a
consolidated pretax loss of 230.00 billion yen ($1.73
billion) and a net loss of 250.00 billion yen ($1.88
billion). It had previously predicted profits of 170.00
billion yen ($1.28 billion) and 40.00 billion yen ($300.08
million) respectively.

Trouble in the information systems and electronics segment
pushed Standard & Poor's to double Hitachi's ratings to
double-'A' in July, 1998.


KAWASAKI STEEL: Bleak outlook for steel firms as Toa fails
----------------------------------------------------------
According to the SCMP and the Hong Kong Standard Japanese
steel maker Kawasaki Steel Corporation said it would take a
61 billion yen group net loss this year as it bailed out a
troubled affiliate, Kawatetsu Lease. The company last year
made 8.5 billion yen net profit. It has a 48.1 percent
stake in Kawasaki Steel Corp, which has been struggling
with following debts its heavy real estate investment
during the speculative bubble economy in the late 1980s.

Kawasaki said it would forego 95 billion yen in loans to
Kawatetsu Lease.

Kawasaki chairman Kenzo Monden will resign at the end of
Sept. apparently to take the blame for the loss.


LONG TERM CREDIT: LDP studies US call to raise rescue fund
----------------------------------------------------------
According to the Hong Kong Standard, Japan's ruling Liberal
Democratic Party chief Yoshiro Mori said that LTCB would go
bankrupt without a bailout using public funds. He said the
injection was not a measure to help LTCB but a measure to
clean up the bank ahead of the proposed merger after which
LTCB would have to withdraw from overseas operations and
its executives would have to resign.

LDP's General Affairs Council chairman Takashi Fukaya said
on Fuji TV that once the public fund injection into LTCB
was decided, it shouldn't be separated from the banking
stabilisation bill.


NNK CORP: Moody's downgrades steel maker
----------------------------------------
The Asian Wall Street Journal reports Moody's Investor
Services has lowered the credit rating of the steel maker
NNK Corporation. NNK's long-term debt was lowered from Baa2
to Baa3. Moody's reportedly is anticipating NNK, which is
Japan's second largest steel maker, to suffer a substantial
loss due to the collapse an affiliate, Toa Steel Co.  

Toa Steel announced last Thursday that it will sell its
production facilities and other physical assets and that it
will transfer the majority of its 1,500 employees to
companies affiliated with NNK Corporation, which holds a 51
percent stake in Toa Steel. The asset sale will help pay
off an estimated 260 billion yen debt ($1.89 billion). The
liquidation process is scheduled to be completed by March
31, 1999.  

According to the SCMP and the Hong Kong Standard, NKK Corp
said that it was staring at a 93 billion yen group net loss
this year, after a 14.3 billion yen profit last year.


NIPPON STEEL: Results announcement
----------------------------------
The Hong Kong Standard said that Nippon Steel said that it
would suffer a net loss of 25 billion yen this year,
blaming poor sales in Asia. The result is far off its 5.9
billion yen net profit last year.


NORINCHUKIN BANK: S&P Downgrades Norinchukin Bank
-------------------------------------------------
The Asian Wall Street Journal reported that Standard and
Poor's (S&P) Rating Group has downgraded the
creditworthiness of Norinchukin Bank. The bank's long-term
credit rating was lowered from AA to A+. Norinchukin Bank
is one of Japan's largest lenders, specializing in
agricultural lending.

S&P cited the worsening economic conditions in Japan, plus
concerns that financial deregulation may deprive
Norinchukin of its agricultural market niche.  


SHIKOKU ELECTRIC: S&P downgrades electric power company
-------------------------------------------------------
The Asia Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) has lowered the corporate credit
rating of Shikoku Electric Power Company. The downgrade
reportedly reflects the impact of deregulation and the
continuing weakness of the Japanese economy and
financial markets.

Recently, the Japanese Ministry of International Trade and
Industry has introduced competition into the wholesale and
retail segments of the electric power industry. The report
also stated that certain retail customers already have
permission to wheel power between sites.  

Shikoku Electric Power Company had its long-term debt
rating downgraded from AA to AA-.


TOKYO ELECTRIC: S&P downgrades electric power company
-----------------------------------------------------
The Asia Wall Street Journal reported that Standard &
Poor's Ratings Group (S&P) has lowered the corporate credit
rating of Tokyo Electric Power Company. The downgrade
reportedly reflects the impact of deregulation and the
continuing weakness of the Japanese economy and
financial markets.

Recently, the Japanese Ministry of International Trade and
Industry has introduced competition into the wholesale and
retail segments of the electric power industry. The report
also stated that certain retail customers already have
permission to wheel power between sites.  

Tokyo Electric Power Company had its long-term debt rating
downgraded from AA+ to AA.


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

DAENONG CO: Liquidation plan approved
-------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Daenong Company's liquidation plan has
been approved by the Seoul District Court.


HALLA GROUP: Creditors considering Rothschild proposal
------------------------------------------------------
The Korea Herald reported that Rothschild Inc., a leading
American fund manager, has proposed a plan to Halla's
creditors to raise 2.4 trillion won. Halla and its
affiliates owe the creditors approximately 6.35 trillion
won. The Rothschild plan calls for the creditors to write
off about 3.95 trillion won in debt, and then selling the
following affiliates to foreign investors:

Halla Cement Manufacturing Company,
Halla Engineering & Construction Company,
Halla Engineering & Heavy Industries Company, and
portions of Mando Machinery Company.

A similar story in the Korea Times mentioned that Halla
went bankrupt last year under the huge debts of Halla
Engineering & Heavy Industries Company. Rothschild proposed
in March a deal to provide $1 billion in bridge loans to
Halla to get the group out of trouble. Rothschild has since
infused Mando Machinery with $20 million in operating
funds.  


HANGUK ZIPPER: Starts creditor reconciliation
---------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that the Hanguk Zipper Company has started
its creditor reconciliation procedure. Creditors have until
September 26 to file their claims. The company's address is
826 Kuro-dong, Kuro-gu, Seoul, and the president is Mr.
Kang Chae-jun.


HANNAM STEEL: Starts creditor reconciliation
--------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that the Hannam Steel Company has started its
creditor reconciliation procedure. Creditors have until
September 26 to file their claims. The company's address is
388 Dangsan-dong 3-ga, Youngdeungpo-gu, Seoul, and the
president is Mr. Yi Chung-ki.


HWASEUNG CO: Starts creditor reconciliation
-------------------------------------------
The Korean language Maeil Kyungje reported that the
Hwaseung Company and its affiliate, Hwaseung Trade Company,
have started their creditor reconciliation procedures. The
reconciliation was approved by the Pusan District Court.  
The total debt of these two companies amounts to 250
billion won, and was reported to be the largest bankruptcy
proceeding in the Pusan area.


HYUNDAI SEMICONDUCTOR: Rating under review
------------------------------------------
Moody's Investors Service Inc. placed under review for
possible downgrade its current Ba2 rating on senior secured
notes of Hyundai Semiconductor America, of Eugene, Oregon.

Moody's said the review was prompted by the announcement of
plans to merge the semiconductor operations of Hyundai
Electronics Industry Co and LG Semicon Co. Standard &
Poor's said it will keep its single-B long-term debt rating
on Hyundai Semiconductor America on credit watch with
negative implications.


KIA MOTORS: Debt write-off to be finalized by Sept. 10
------------------------------------------------------
The Korea Times reported that the main creditor of Kia
Motors Company and its sister bus and truck maker, the Asia
Motors Company, plans to finalize a debt write-off proposal
in conjunction with other creditors by September 10. The
main creditor, the Korea Development Bank (KDB) was
reported to be considering writing off a part of the debt
exceeding 12 trillion won in order to attract potential
buyers of these companies at an international auction.  
Bidding documents are to be submitted by September 21, and
the successful bidder will be chosen by September 28.

Despite confusion in earlier reports, before the first
auction that ended in failure last month, the KDB and other
creditors offered only longer loan repayment periods and
lower interest rates on loans, rather than writing off any
debts. However, all of the four companies (Samsung,
Hyundai, Daewoo, and Ford) that bid in the recent aborted
auction demanded that at least part of Kia's debts be
written off.

The KDB has earlier stated that Kia Motors' debts amounted
to 9.48 trillion won at the end of June, and its total
assets stood at 6.17 trillion won. Asia Motors had 3.36
trillion won worth of debt and assets values at 1.5
trillion won.  

Kia Motors became insolvent last July. Kia Motors and Asia
Motors were granted protection from creditors under court
receivership in October 1997.


LUCKY DEVELOPMENT INTERNATIONAL: LDI to liquidate
-------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, Lucky Development International (LDI), an
affiliate of the LG Construction Company, has decided to
liquidate.


SAMYANG FOOD CO: Completes creditor reconciliation
--------------------------------------------------
The Seoul District Court has advertised in the Korean
Language Maeil Kyngje that Samyoung Food Company completed
its creditor reconciliation procedure. The company's
address is 51-1 Susong-dong Chongno-gu, Seoul, and the
presidents are Mr. Chun Chung-yun and Mr. Chun In-chang.


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

BOLTON BHD: Results announcement
--------------------------------
Bolton Bhd (listed in the KLSE) posted a 105.2% drop in
post-tax profits from RM32,211mil to a post-tax loss of
RM1.669mil for the year ended 30/6/98.

EPS fell from RM0.167 previously to a loss per share of
RM0.0142 for the same year. The shares last traded at
RM0.72 on 4/9/98, from RM1.90 a year ago.


GANAD CORPORATION BHD: Results announcement
-------------------------------------------
Ganad Corporation Bhd (listed in the KLSE) posted a 326%
drop in post-tax profits from M6.934mil to a post-tax loss
of RM15.673mil for the year ended 31/5/98.

EPS fell from RM0.3876 previously to a loss per share of
RM0.8249. The shares last traded at RM0.90 on 4/9/98
compared to RM4.50 a year ago.


HASWAJA SDN BHD: Winding-up petition
------------------------------------
Perwira Affin Bank Bhd on 20/8/98 petitioned for the
winding-up of Haswaja Sdn Bhd.


HEEREMA (M) SDN BHD: Voluntary winding-up
-----------------------------------------
The members of Heerema (M) Sdn Bhd on 3/9/98 resolved to
wind-up the company voluntarily. Creditors of the company
are requested to submit their claims before 7/10/98.


HIGH MEAN REALTY SDN BHD: Voluntary winding-up
----------------------------------------------
The members of High Mean Realty Sdn Bhd resolved to wind-up
the company voluntarily. Creditors of the company are
requested to submit their claims before 7/10/98.


INFO ERA SDN BHD: Winding-up petition
-------------------------------------
Computerland International Development, Inc. on 21/4/98
petitioned for the winding-up of Info Era Sdn Bhd. The
petition is directed to be heard on 7/10/98.


KEMAYAN CORPORATION BHD: Results announcement
---------------------------------------------
Kemayan Corporation Bhd (listed in the KLSE) posted a post-
tax loss of RM415.75mil for the year ended 31/5/98,
compared to a post-tax profit of RM59.981mil previously.

EPS fell from RM0.1149 to RM1.0524 during the same period.
The shares last traded at RM0.47 on 4/9/98 compared to
RM2.00 a year ago.


KEYOKE TRADING CO SDN BHD: Winding-up petition
----------------------------------------------
Public Bank Bhd on 1/9/98 petitioned for the winding-up of
Keyoke Trading Co. Sdn Bhd.


MHS AVIATION SDN BHD: Guaranteed facility
-----------------------------------------
Amanah Short Deposits Bhd has successfully raised a RM70mil
guaranteed revolving underwritten facility for MHS Aviation
Sdn Bhd. The proceeds will be used for MHS's financing
purposes.


MME FASHION SDN BHD: Winding-up petition
----------------------------------------
The members of MME Fashion Sdn Bhd on 28/8/98 resolved to
wind-up the company voluntarily. Creditors of the company
are requested to submit their claims before 5/10/98.


MAJU INDUSTRIAL RESIN SDN BHD: Winding-up petition
--------------------------------------------------
Public Bank Bhd on 1/9/98 petitioned for the winding-up of
Maju Industrial Resin Sdn Bhd.


NAUTICALINK BHD: Results announcement
-------------------------------------
Nauticalink Bhd (Listed in the KLSE) posted an increase in
post-tax losses for the half year ended 30/6/98 to
RM3.391mil, from a post-tax loss of RM3.184mil previously.

Loss per share rose from RM0.1592 to RM0.1695 during the
same period. The share last traded at RM0.80 on 4/9/98
compared to RM4.30 a year ago.


RUBFIL SDN BHD: Winding-up petition
-----------------------------------
Integrated Trend Sdn Bhd on 27/7/98 petitioned for the
winding-up of Rubfil Sdn Bhd. The petition is directed to
be heard on 24/9/98.


SHAPADU ENERGY AND ENGINEERING SDN BHD: Winding-up petition
-----------------------------------------------------------
Dnapro (M) Sdn Bhd on 21/8/98 petitioned for the winding-up
of Shapadu Energy and Engineering Sdn Bhd. The petition is
directed to be heard on 4/12/98.

Parpart Engineering Sdn Bhd on 21/8/98 petitioned for the
winding-up of Shapadu Energy And Engineering Sdn Bhd. The
petition is directed to be heard on 4/12/98.


SRI GELITA SDN BHD: Winding-up petition
---------------------------------------
Platicorp (M) Sdn Bhd on 10/6/98 petitioned for the
winding-up of Sri Gelita Sdn Bhd. The petition is directed
to be heard on 30/10/98.


WAYUEN SDN BHD: Voluntary winding-up
------------------------------------
The members of Wayuen Sdn Bhd on 30/8/98 resolved to wind-
up the company voluntarily. Creditors are to submit their
claims before 30/09/98.


WESTFORM TECHNOLOGIES SDN BHD: Winding-up petition
--------------------------------------------------
Vast Prosystems Sdn Bhd on 19/8/98 petitioned for the
winding up of Westform Technologies Sdn Bhd. The petition
is directed to be heard on 14/10/98.


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.  ISSN: 1520-9482.  

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