/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/981102.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, November 2, 1998, Vol. 1, No. 177 Headlines * C H I N A & H O N G K O N G * BEIHAI CITY CREDIT: PBOC shuts down 12 credit firms BOTHYET DEVELOPMENT LIMITED: Winding-up petition BURLINGAME INTERNATIONAL: Negotiates to restructure debt CENTURY CITY INTERNATIONAL: Reprieve for Paliburg parent DAYE CITY CREDIT: PBOC shuts down 12 credit firms EASYKNIT INTERNATIONAL: Library outlets closed FUJIAN INTERNATIONAL: S&P downgrades Chinese ITICs GOODMONEY COMPANY LIMITED: In voluntary liquidation GUANGDONG INTERNATIONAL: Sell-off may help cover deals HWA KAY THAI HOLDINGS: Accepts HK$29m loan from Yee Hing LOYAL CONTINENTAL LIMITED: Winding-up petition LUXIM ENTERPRISE LIMITED: Winding-up petition NGAI HING HONG: Results announcement SL&A GRAPHICS LIMITED: Winding-up petition SHANGHAI INTERNATIONAL: S&P downgrades Chinese ITICs SING TAO HOLDINGS: Sing Tao denies share sale TAIPU COUNTY CREDIT: PBOC shuts down 12 credit firms TIANJIN INTERNATIONAL: S&P downgrades Chinese ITICs UNITRADE INVESTMENT LIMITED: Winding-up petition * J A P A N * EBARA CORP: Ebara's long-term debt rating cut FUJITA CORP: To book Y100 bln special loss in FY98 JAL HOTELS: JAL hotel units to merge in April MITSUBISHI ELECTRIC: To cut Y100 bln in fixed costs MITSUI CONSTRUCTION: Expects Y40 bln loss in FY98 NOMURA SECURITIES: Plans to close some domestic offices NOMURA SECURITIES: S&P lowers ratings OKI ELECTRIC: Results announcement SANYO SHINPAN FINANCE: S&P lowers ratings SKYLARK COMPANY: To restructure money-losing affiliates TOSHIBA CORP: Moody's cites negative outlook * K O R E A * ANAM GROUP: Anam Group's workout details DONG-A TV: Dong-A TV to go off the air EDUVISION CO: Liquidation notice KIA ECONOMICS RESEARCH INSTITUTE: Liquidation notice * M A L A Y S I A * DEFTRA SDN BHD: Voluntary winding-up GUNUNG TEMAU SDN BHD: Voluntary winding-up SOWER & SEED SDN BHD: Voluntary Winding-up WARIS GIGIH INDUSTRIES SDN BHD: Winding-up petition 'Y' & 'A' SDN BHD: Winding-up petition * P H I L I P P I N E S * MANILA ELECTRIC: Results announcement PHILIPPINE AIRLINES: Two Boeing jets to be returned PHILIPPINE AIRLINES: Resumes international flights * S I N G A P O R E * SINGAPORE AIRLINES: Results announcement * T H A I L A N D * MINOR CORP: Liquidates two subsidiary companies THAI NAM PLASTIC PCL: Appoints advisor for restructuring ================================= C H I N A & H O N G K O N G ================================= BEIHAI CITY CREDIT: PBOC shuts down 12 credit firms --------------------------------------------------- According to the SCMP, the central People's Bank of China (PBOC) has shut down 12 small credit cooperatives and will close foreign exchange swap centres from the beginning of next month. The moves appear to be part of an accelerating campaign by Biejing to rid the financial system of loss- making institutions. An PBOC official said yesterday the 12 banks had capital of a few tens of millions of yuan each. The Shanghai Securities News identified three of the firms as Daye City Credit Co-operative, Beihai City Credit Co- operaive and Taipu County Credit Co-operative. A PBOC spokesman said the institutions were shut down because their debts were greater than their assets, and there were activities that violated regulations. BOTHYET DEVELOPMENT LIMITED: Winding-up petition ------------------------------------------------ Notice is hereby given that a petition for the winding-up of Bothyet Development Limited by the High Court of Hong Kong was, on the 7th day of October, 1998, presented to the said Court by Ng Kam Lun and the petition is heard on 11th day of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. BURLINGAME INTERNATIONAL: Negotiates to restructure debt -------------------------------------------------------- Burlingame International Company has announced that the ongoing negotiation for a refinancing facilities in the amount of US$64.5 million (equivalent to approximately HK$500 million) is now subject to documentary proof that the loan to security ratio at the time of the signing of the loan agreement would not exceed 80%. The company is currently preparing a financial proposal to be submitted for discussion around the beginning of next month with its banks in connection with the restructuring of the Company's outstanding indebtedness. Additionally, Daiwa Bank has filed a writ against the Company on 23rd October 1998 for failure by the Company to repay on demand a total amount of about HK$31 million inclusive of interest. CENTURY CITY INTERNATIONAL: Reprieve for Paliburg parent -------------------------------------------------------- According to the SCMP, financially troubled Century City International Holdings is likely to receive an extension on its $574 million debt tomorrow, while it tries to dispose of assets. Property analysts said that the firm, which owns 68.1 per cent of developer Paliburg Holdings, which in turn owns 74.8 per cent of Regal Hotels International, was under obligation to at least 10 banks. Paliburg shares dived 66.9 per cent yesterday, as all three companies resumed trading after suspension on Oct 15. Other analysts said that the creditor banks, which include the Hongkong Bank and Hang Seng Bank, did not want to liquidate Century City and cause a possible panic in the market. Paliburg, which has been trying to sell its stake in Regal, said its debts included a US$60 million, floating rate note due on Nov 5. One of the creditors involved described the chance of recovering the principal and interest on the due date as very slim. If the money is not recouped on the due date, the first thing creditors will do is arrange a group meeting with Paliburg immediately. One of the creditors said that Paliburg is known to be trying very hard to raise funds by disposing of assets and stakes. According to the Hong Kong Standard, frank admission by Century City and Paliburg of their financial woes sent their share prices down. Paliburg's contigent liability of $262.25 million in respect of a $524.5 million loan to 50 per cent held Rapid Growth Holdings matured on Tuesday. Paliburg also has to meet payment demands for a $70 million loan falling due on Nov 5, as well as a US$60 million floating rate note that matures on the same date. Paliburg directors have taken the view that meeting the payments has created a liquidity problem for the group. The Century Group is also saddled with repayment demands from different banks for an aggregate sum of $573.6 million which have to be met by tomorrow. It has an aggregate commitment of $1.13 billion under various guarantees that it has given to banks, as well as a contingent liability of $110 million under a guarantee to secure a bank facility granted to a Paliburg subsidiary. Some lenders are chasing after Century City and its investment arm, Paliburg, but others have decided to wait. DAYE CITY CREDIT: PBOC shuts down 12 credit firms ------------------------------------------------- According to the SCMP, the central People's Bank of China (PBOC) has shut down 12 small credit cooperatives and will close foreign exchange swap centres from the beginning of next month. The moves appear to be part of an accelerating campaign by Biejing to rid the financial system of loss- making institutions. An PBOC official said yesterday the 12 banks had capital of a few tens of millions of yuan each. The Shanghai Securities News identified three of the firms as Daye City Credit Co-operative, Beihai City Credit Co- operaive and Taipu County Credit Co-operative. A PBOC spokesman said the institutions were shut down because their debts were greater than their assets, and there were activities that violated regulations. EASYKNIT INTERNATIONAL: Library outlets closed ---------------------------------------------- According to the SCMP, Easyknit International Holdings, which owns fashion chain Library, will shut down seven outlets to curb losses. The decision follows the closure of five outlets in the past few months. The company will keep seven outlets. FUJIAN INTERNATIONAL: S&P downgrades Chinese ITICs -------------------------------------------------- The Asian Wall Street Journal reports Standard & Poor's Ratings Group has lowered its ratings on four international trust and investment corporations (or ITICs). ITICs act as the investment arm of the government (usually a province or a city). This action came after the Guangdong International Trust & Investment Corporation (GITIC), China's second largest, missed a 8.75 million coupon payment. GITIC was closed by the Chinese government on October 6, and is currently in the middle of a 90-day moratorium on debt repayment while a liquidation team investigates its assets. These ratings reflect heightened regulatory risks as well as increasing uncertainties over the availability, strength, and timeliness of government support for trust companies. This action reflects the sharply deteriorating market sentiment towards ITICs and accordingly increasing pressure on their funding. Fujian International Trust & Investment Corp.'s counterparty rating and ratings on its $100 million bonds due in 2007 were cut from BBB to BB. GOODMONEY COMPANY LIMITED: In voluntary liquidation --------------------------------------------------- The creditors of Goodmoney Company Limited, which is being voluntarily wound up, are required on or before 4:00 pm on Nov 30 to send in their names, addresses and particulars of their debts or claims to the Liquidator of the said company, Mr Lam Lap Wing of Room 1401-A, The Bank of East Asia Building, 10 Des Voeux Road Central, Hong Kong and if so required by notice in writing from the liquidators, are personally or by their solicitors to come in and prove their debts or claims at such time and place specified in such notice, or in default thereof, they will be excluded from the benefit of any distribution before such debts are proved. GUANGDONG INTERNATIONAL: Sell-off may help cover deals ------------------------------------------------------ A report on the SCMP says that according to Standard & Poor's, Beijing has indicated for the first time it may use proceeds from the liquidatioin of Gitic to repay some unregistered debt. The agency's banking analysts were in Beijing last week meeting with officials of the People's Bank of China and the agency yesterday said whether unregistered debt would be paid depends on the sufficiency of Gitic's assets, pending the outcome of the liquidation process. S&P said there had been little information about the progress of liquidation. The agency cut the rating on Gitic's US$200 million yankee bond issue due in 2016 to D from C, after its failure to make a payment on Monday. Another article on the paper says that Mr Zhu's abiding by the principle of not repaying loans not made according to the rules will do good not only for China but for the rest of Asia. Another article on the paper said that Standard Chartered Bank chief exceutive Rana Talwar said he has met with Premier Zhu Rongji and People's Bank of China officials earlier this week and yesterday expressed confidence in Beijing's handling of issues related to Gitic. He said a strategy is being formulated to deal with it. Most of the bank's loan exposure to Gitic had been registered. The Hong Kong Standard also reported on Mr Talwar's meeting with Premier Zhu and his confidence in Beijing's handling of the issue. HWA KAY THAI HOLDINGS: Accepts HK$29m loan from Yee Hing -------------------------------------------------------- The board of directors of Hwa Kay Thai Holdings Limited announces that Yee Hing Company Limited has agreed to grant and the Company has agreed to accept, a loan of HK$29,008,199.60 to the Company at the time of completion of the Yee Hing Agreement. The Loan shall be unsecured, interest-free and have no fixed term of repayment. Yee Hing also agreed the repayment of the Loan shall be subject to the same restructuring terms as those for other unsecured bank creditors of the Company and PUMA. The purpose of the Loan is to finance the payment of HK$29,008,199.60 to Yee Hing as contemplated upon completion of the Yee Hing Agreement as described in the Circular such that the cash position of the Company will not be adversely affected. The Company has received investment proposals from several potential investors regarding a restructuring plan for the Company. The Directors are hopeful that a heads of agreement will be entered into with one of such potential investors shortly. The Company will make an announcement regarding the Heads of Agreement as and when appropriate. The Directors wish to advise shareholders that all of such investment proposals are conditional on, among other things, shareholders' approval of the Transaction (as defined in the Circular). If the Transaction is not approved and completed and no investment proposal is entered into, the Company may have negative net asset value and may go into liquidation. LOYAL CONTINENTAL LIMITED: Winding-up petition ---------------------------------------------- Notice is hereby given that a petition for the winding-up of Loyal Continental Limited by the High Court of Hong Kong was, on the 16th day of October, 1998, presented to the said Court by Tang Kam Hung and the petition is heard on 25th day of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. LUXIM ENTERPRISE LIMITED: Winding-up petition --------------------------------------------- Notice is hereby given that a petition for the winding-up of Luxim Enterprise Limited by the High Court of Hong Kong was, on the 16th day of October, 1998, presented to the said Court by Mak Kit Sai and the petition is heard on 25th day of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. NGAI HING HONG: Results announcement ------------------------------------ Fierce competition and a decline in plastic-resin prices led Ngai Hing Hong to post a $372,00 pretax operating loss for the year to June 30. The result compares with a $4.12 million profit the previous year. A tax credit of $3.96 million helped the company post an attributable profit of $2.16 million. SL&A GRAPHICS LIMITED: Winding-up petition ------------------------------------------ Notice is hereby given that a petition for the winding-up of SL&A Graphics Limited by the High Court of Hong Kong was, on the 21st day of October, 1998, presented to the said Court by Leung Chi Keung and the petition is heard on 2nd day of December, 1998. Other creditor who support or oppose the making of the order may appear at the time of the hearing. SHANGHAI INTERNATIONAL: S&P downgrades Chinese ITICs ---------------------------------------------------- The Asian Wall Street Journal reports Standard & Poor's Ratings Group has lowered its ratings on four international trust and investment corporations (or ITICs). ITICs act as the investment arm of the government (usually a province or a city). This action came after the Guangdong International Trust & Investment Corporation (GITIC), China's second largest, missed a 8.75 million coupon payment. GITIC was closed by the Chinese government on October 6, and is currently in the middle of a 90-day moratorium on debt repayment while a liquidation team investigates its assets. These ratings reflect heightened regulatory risks as well as increasing uncertainties over the availability, strength, and timeliness of government support for trust companies. This action reflects the sharply deteriorating market sentiment towards ITICs and accordingly increasing pressure on their funding. Shanghai International Trust & Investment Corp.'s counterparty rating was reduced from BBB- to BB. SING TAO HOLDINGS: Sing Tao denies share sale --------------------------------------------- According to the SCMP, Sing Tao Holdings has denied a report that share sale of her 50.04 per cent stake in Sing Tao to British-based media firm Pearson by chairman and controlling shareholder Sally Aw Sian was tabled at the stock exchange for approval. Sing Tao said that discussions with a number of parties were continuing, but no agreement had been reached yet. Interested parties were also rumored to have involved United States-based investment bank Lazard Freres, which the company dismissed in August. The Hong Kong Standard also reports on the denial by Sing Tao Holdings of the rumor that a sale of Ms Aw's stake was imminent. TAIPU COUNTY CREDIT: PBOC shuts down 12 credit firms ---------------------------------------------------- According to the SCMP, the central People's Bank of China (PBOC) has shut down 12 small credit cooperatives and will close foreign exchange swap centres from the beginning of next month. The moves appear to be part of an accelerating campaign by Biejing to rid the financial system of loss- making institutions. An PBOC official said yesterday the 12 banks had capital of a few tens of millions of yuan each. The Shanghai Securities News identified three of the firms as Daye City Credit Co-operative, Beihai City Credit Co- operaive and Taipu County Credit Co-operative. A PBOC spokesman said the institutions were shut down because their debts were greater than their assets, and there were activities that violated regulations. TIANJIN INTERNATIONAL: S&P downgrades Chinese ITICs --------------------------------------------------- The Asian Wall Street Journal reports Standard & Poor's Ratings Group has lowered its ratings on four international trust and investment corporations (or ITICs). ITICs act as the investment arm of the government (usually a province or a city). This action came after the Guangdong International Trust & Investment Corporation (GITIC), China's second largest, missed a 8.75 million coupon payment. GITIC was closed by the Chinese government on October 6, and is currently in the middle of a 90-day moratorium on debt repayment while a liquidation team investigates its assets. These ratings reflect heightened regulatory risks as well as increasing uncertainties over the availability, strength, and timeliness of government support for trust companies. This action reflects the sharply deteriorating market sentiment towards ITICs and accordingly increasing pressure on their funding. Tianjin International Trust & Investment Corp.'s counterparty rating was reduced from BBB- to BB-. UNITRADE INVESTMENT LIMITED: Winding-up petition ------------------------------------------------ Notice is hereby given that a petition for the winding-up of Unitrade Investment Limited by the High Court of Hong Kong was, on the 16th day of October, 1998, presented to the said Court by Cheung Chi Wai and the petition is heard on 25th day of November, 1998. Other creditors who support or oppose the making of the order may appear at the time of the hearing. ========= J A P A N ========= EBARA CORP: Ebara's long-term debt rating cut --------------------------------------------- The Asian Wall Street Journal reported that the Japan Rating & Investment Information Inc. has lowered the long- term debt rating of Ebara Corporation from A+ to A. Ebara is known as a maker of pumps and air blowers, but it has entered the business of semiconductor-related precision equipment. It is reported that orders have declined in its semiconductor-related equipment business in the wake of Japan's sluggish economy. As Ebara has front loaded expenses associated with its new business area, this debt burden weighs heavily on its corporate earnings. The downgrade affects 70 billion yen of the company's outstanding debt as well as Swiss franc-denominated debt valued at $223 million. FUJITA CORP: To book Y100 bln special loss in FY98 -------------------------------------------------- Nikkei News reports Fujita Corp. decided Thursday to book extraordinary loss totaling more than 100 billion yen in the year ending March 1999. The loss stems from its disposal of paper losses on real estate holdings and consolidation/liquidation of troubled affiliates, company sources said. As a result, the midsize general contractor will likely post a 100 billion yen net loss during the term -- the first net loss since it went public in 1961. It appears to have posted 18 billion yen in net loss during the first half ended September, the sources said. The company's outstanding landholdings - acquired during the bubble economy for sale to developers - totaled 355.7 billion yen at the end of March 1998. The company sold part of the holdings at an estimated loss of 14 billion yen by the end of September. It also incurred a 6 billion yen paper loss on stockholdings in the first half, the sources said. JAL HOTELS: JAL hotel units to merge in April --------------------------------------------- Nikkei News reports JAL Hotels Co. and Japan Airlines Hotel Co. will merge on an equal basis next April in a drive to enhance their efficiency and financial standing. The Japan Airlines Co. subsidiaries aim to go public in fiscal 2003 as a result of the union, officials of both firms said Thursday. JAL Hotels, which will be the surviving entity, currently operates 25 domestic and 26 overseas hotels, while Japan Airlines Hotel manages hotels in Tokyo's Ginza district and Kawasaki, Kanagawa Prefecture. The merger is expected to be approved at extraordinary shareholders meetings of the companies on Nov. 30, the officials said. JAL Hotels posted a net loss of 34.5 billion yen in the year through March 1998 due mainly to its poor performance in the U.S. The firm has already erased the loss through a third-party share allotment to the parent company and other means. MITSUBISHI ELECTRIC: To cut Y100 bln in fixed costs --------------------------------------------------- Nikkei News reports Mitsubishi Electric Corp. plans to cut its fixed costs by 100 billion yen by the fiscal year through March 2001. The cuts include a planned 50 billion yen reduction in material procurement costs, President Ichiro Taniguchi said Thursday. The company plans to reduce the size of its board of directors and review its advisor system from next year, with board reshuffles to be introduced on April 1, instead of in late June, Taniguchi said. The company will liquidate Mitsubishi Electric America Inc., its umbrella company in the U.S., and merge it into Mitsubishi Electronics America Inc., its local marketing firm, by next March. The 131 employees at the former U.S. unit will be transferred to the marketing affiliate, the president said. MITSUI CONSTRUCTION: Expects Y40 bln loss in FY98 ------------------------------------------------- According to Nikkei News, Mitsui Construction Co. said Thursday that it expects to post a net loss of 40 billion yen for the current fiscal year through March 1999, marking the first time the firm has fallen into the red since its listing in 1962. The second-tier general contractor blamed the loss mainly on the dissolution of its subsidiary, Sanken Fudosan Co., whose liabilities exceeded assets. Mitsui Construction also said that it will not pay its annual dividend, which was earlier projected at 3 yen. The company is expected to report an extraordinary loss of about 45 billion yen, including an estimated 35 billion yen charge related to the liquidation of Sanken Fudosan. NOMURA SECURITIES: Plans to close some domestic offices ------------------------------------------------------- Nomura Securities is to close some of its 137 domestic sales offices as the company moves to cut costs following a 207.25 billion yen loss. The consolidated net loss for the half year through September forced the company last week to announce a cut of 2000 jobs in Japan, or 15% of its 13000 strong workforce, by April 2001. The broker decided to close about 20%, or 27 offices, of its domestic sales network, the Nihon Keizai and Mainchi newspapers reported, without citing sources. The closures will reduce operational expenses by 15%. NOMURA SECURITIES: S&P lowers ratings ------------------------------------- Standard & Poor's Ratings Group lowered Nomura Securities Co.'s long and short term counterparty ratings to single A minus and A-2 from single-A-plus and A-1, respectfully. The S&P downgrade reflects Nomura's weak operating performance, its higher risk profile because of the adverse market environment, the financial and structural problems facing its overseas operations and greater competition in its home market. Nomura had net losses in the fiscal years 1994 and 1996. For the half year ended Sept 30, Nomura reported a net loss of 205 billion yen and is likely to record a net loss for the full fiscal year, S& P said. The downgrade of Nomura Trust & Banking Co's long and short term ratings to triple- B and A-2 from single-A and A-1 respectively, reflects the downgrade of Nomura Securities. OKI ELECTRIC: Results announcement ---------------------------------- Oki Electric Industry said it tumbled into red in the six months to September, with business struggling in the face of recession. The leading communications equipment maker said it took a parent net loss of 22.2 billion yen in the half, against a profit of 1.7 billion yen last year. Heavy falls in microchips hit earnings and the collapse in consumer demand in Japan pushed prices down. Before tax, the firm took a 24.8 billion yen loss, reversing the previous year's 4.1 billion yen profit. Sales were down 18.5 % at 214.2 billion yen in the half. SANYO SHINPAN FINANCE: S&P lowers ratings ----------------------------------------- Standard & Poor's Ratings Group said it assigned a single- A-minus long-term rating and a single-A-2 short term rating to Sanyo Shinpan Finance Co.'s euro medium-term note program. It said Sanyo Shinpan's long-term counterparty rating is single-A-minus, with a negative outlook. The ratings affect around 30 billion yen of debt in the euro medium-term note program. The ratings reflect the company's strong capitalization and profitability, despite a difficult operating environment, S&P said. However, S&P said its outlook for the company as of Oct 9 anticipates a worsening operating environment for Japan's consumer- finance industry. Consumer-finance companies will be facing deteriorating asset quality because of the weak economy, intensified competition, and tightened liquidity due to problems in the banking sector, S&P said. In accordance with the downward trend, the net-loss of consumer-finance companies has been gradually increasing, S&P said. SKYLARK COMPANY: To restructure money-losing affiliates ------------------------------------------------------- According to Nikkei News, Skylark Co. has decided to liquidate or sell eight money-losing affiliates, including an overseas resort developer, by the end of the year, company sources said Thursday. The restaurant-chain operator will also take a loss provision on investments in affiliates with accumulated losses, and take combined charges of 17 billion yen in the fiscal year ending December 31. The moves are aimed at putting the firm on solid financial footing in the long run. Skylark is expected to report a consolidated net loss of 14 billion yen this fiscal year - its first loss since listing in 1982. Skylark will liquidate a Hong Kong fish-farming company, a luxury Japanese restaurant and two other firms. It has already dissolved a catering business. The firm is trying to sell three of its affiliates, including Swan-E-Set Holding Corp., a Canadian golf-course developer and operator, and Hawaii hotel operator Kona Village Associates. In addition, Skylark plans to rebuild U.S. restaurant chain Red Robin International and six other group firms deemed viable to return to profitability by carrying out a one-time disposal of accumulated losses. TOSHIBA CORP: Moody's cites negative outlook -------------------------------------------- Moody's Investors Service Inc. said it has signed its single-A2 long term rating to Toshiba Corp.'s total 170 billion yen of domestic bonds. Moody's said the rating outlook is negative. The rating reflects Toshiba's leading edge technologies, established market position in its business. On the other hand, Moody's said it expects the continuing severe business climate and unfavorable structural changes in Toshiba's operations will continue to squeeze the company's earning and cash flow. Meanwhile, Standard & Poor's Ratings said it assigned its single-A- minus rating to Toshiba's bonds. The rating reflects S&P's pessimistic views on a near-term recovery of Toshiba's earnings. ========= K O R E A ========= ANAM GROUP: Anam Group's workout details ---------------------------------------- The Korean Herald published more details on the restructuring program underway at the Anam Group, the 21st largest Korean corporation and the world's largest semiconductor packaging company. Anam, with 25 percent of the global market share in chip packaging, has reportedly been profitable until last year. Three of the group's affiliates applied for a workout program on October 24th, 1998. The three companies are Anam Semiconductor Company, Anam Electronics Company, and Anam Environment Company. Another arm of Anam, Anam Construction Company, applied for court receivership. Anam is seeking $2.5 billion either from new loans or via the sale of assets. It has already agreed to sell $600 million in assets (specifically four chip packing plants) to the investors through Solomon Smith Barney and Boston Bank. This $600 million is earmarked to reduce cross debt guarantees amoung Anam's subsidiaries and to repay some debts. DONG-A TV: Dong-A TV to go off the air --------------------------------------- The Korea Times reported that Dong-A TV (also know as Dong Ah TV) will suspend broadcasting on October 31. Dong-A TV (cable TV channel 34) targeted women viewers, and recent plans to change the channel into a home shopping channel have not succeeded. According to a June 30 report in the Korean language Maeil Kyungje, the Dong Ah Group decided to liquidate its affiliate Dong-A TV and its program provider, Dabicon. Last year, Dong-A TV had a 600 million won deficit making the company's total losses reach 34.3 billion won, exceeding the company's assets of 25 billion won. According to the Korea Times report, since the launching of cable channels in Korea in 1995, this will be the first station that will actually stop its operations. The signal will be terminated at 7:00 a.m., October 31. EDUVISION CO: Liquidation notice -------------------------------- The Eduvision Company advertised in the Korean language Maeil Kyungje that the company has decided to liquidate and the creditors have until December 29th, 1998 to file their claims. The company's address is 52-1 Sunsang-dong Mapo-gu, Seoul and the representative is Mr. Yi Ki-yeol. KIA ECONOMICS RESEARCH INSTITUTE: Liquidation notice ----------------------------------------------------- The Kia Economics Research Institute Company advertised in the Korean language Maeil Kyungje that the company has decided to liquidate and the creditors have until December 30th, 1998 to file their claims. The company's address is 33 Yeoeuido-dong, Youngdeungpo-gu, Seoul and the representative is Mr. Yi Chong-dae. =============== M A L A Y S I A =============== DEFTRA SDN BHD: Voluntary winding-up ------------------------------------ The members of Deftra Sdn Bhd on 26/10/98 resolved to wind- up the company voluntarily. Creditors are requested to submit their claims before 30/11/98. GUNUNG TEMAU SDN BHD: Voluntary winding-up ------------------------------------------ The members of Gunung Temau Sdn Bhd on 26/10/98 resolved to wind-up the company voluntarily. Creditors are requested to submit their claims before 30/11/98. SOWER & SEED SDN BHD: Voluntary Winding-up ------------------------------------------ The members of Sower & Seed Sdn Bhd on 27/10/98 resolved to wind-up the company voluntarily. Creditors are requested to submit their claims before 26/11/98. WARIS GIGIH INDUSTRIES SDN BHD: Winding-up petition --------------------------------------------------- Harapan Bersatu Builders Sdn Bhd on 5/10/98 petitioned for the winding-up of Waris Gigih Industries Sdn Bhd. The petition is directed to be heard on 15/12/98. 'Y' & 'A' SDN BHD: Winding-up petition -------------------------------------- Public Bank Bhd on 25/7/98 petitioned for the winding-up of 'Y' & 'A' Sdn Bhd. The petition is directed to be heard on 20/11/98. ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: Results announcement ------------------------------------- Agence France-Presse reports Philippine utility Manila Electric Co. (Meralco) said Thursday net profit fell 22.3 percent on the previous year to 1.44 billion pesos (35.3 million dollars) in the three months to September on higher interest payments. Revenues rose 24.6 percent to 21.76 billion pesos from 17.46 billion pesos as sales climbed 5.6 percent to 5.37 billion kilowatt-hours, the company said in a statement. However, operating expenses grew by 28.5 percent to 20.3 billion pesos from 15.80 billion pesos "due to increases in purchased power cost, operations and maintenance expenses, (peso) depreciation and franchise tax," it said. PHILIPPINE AIRLINES: Two Boeing jets to be returned --------------------------------------------------- According to Agence France-Presse, Philippine Airlines said Thursday two B747-400 aircraft earlier seized by the US Export-Import Bank (US Eximbank) were to be returned to Manila within the next 10 days. The two jets will be returned upon the orders of a San Francisco federal court on October 23, PAL said in a statement. The US Eximbank repossessed the jets when the flag carrier temporarily shut down last month amid mounting debts and its union's refusal to suspend bargaining rights for 10 years as part of a revival plan. PHILIPPINE AIRLINES: Resumes international flights -------------------------------------------------- Philippine Airlines resumes international flights after more than a month with a party for passengers leaving on its first overseas flight, bound for Los Angeles. Colourful buntings, and native cuisine and music in the departure area awaited more than 200 passengers flying on PAL flight PR 102, company officials said. ================= S I N G A P O R E ================= SINGAPORE AIRLINES: Results announcement ---------------------------------------- Xinhua news agency reports Singapore Airlines (SIA) announced Friday evening that it has registered a 44.2 percent drop over a year ago in its half-year profits. SIA said in a press release that the company's operating profit for the six months ending on Sept 30, 1998, fell 195 million Singapore dollars (120 million US dollars) to 246 million Singapore dollars (150 million US dollars) compared with the same period in 1997. SIA said its revenue declined by 87 million Singapore dollars (53 million US dollar) to 3,432 million Singapore dollars (2,118 million US dollars) while expenditure rose by 108 million Singapore dollars (67 million US dollars) to 3,186 million Singapore dollars (1,966 million US dollars), registering a 2.5 percent drop and a 3.5 percent hike respectively over a year ago. =============== T H A I L A N D =============== MINOR CORP: Liquidates two subsidiary companies ----------------------------------------------- Minor Corporation PCL has informed the SET that it has liquidated two subsidiaries: Curtis Management Thailand Limited, a wholly owned subsidiary of Minor, and Bene Fashion (Thai) Limited, a 60% owned subsidiary. CMT has ceased its operations as a distributor of cosmetics and perfumes since 1992 and disposed of all of its assets. At present, CMT has no any activities and is being liquidated. There is no impact on the financial status of Minor. Bene Fashion (Thai) Limited ceased its operations as a distributor fashion apparel (Benetton) since 1996 and disposed of all of its assets. At present, BFT has no any activities and is being liquidated. There is no impact on the financial status of Minor. THAI NAM PLASTIC PCL: Appoints advisor for restructuring -------------------------------------------------------- Thai Nam Plastic Public Company Limited has appointed Siam City M.B. Co.,Ltd. (SCMB) as a Financial Advisor for the company and its subsidiary (T.N.P.Industry Co.,Ltd.) in preparing the financial and debt restructuring and negotiating with its creditors as well as conducting a rehabilitation plan to resolve the causes that may lead to be delisted from the Stock Exchange of Thailand. The company's first creditors' meeting is scheduled for August 3, 1998 to August 10, 1998; the remaining creditors are scheduled for August 14, 1998. The second creditors' meeting is scheduled for September 4, 1998. Currently, the company and SCMB are waiting for comments and verification of financial assumptions which depends on each creditor's procedure. We expect that the restructuring plan will be concluded and approved from all creditors by the end of 1998. Then, the company and SCMB will be preparing the rehabilitation plan and submitting to the company's shareholders and the Stock Exchange of Thailand to get an approval. Therefore, the company would like to request that it needed to further adjourn filing its rehabilitation plan for another 4 months. 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. 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 * * *