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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
A S I A P A C I F I C
Thursday, November 27, 1998, Vol. 1, No. 190
Headlines
* C H I N A & H O N G K O N G *
AWT HOLDINGS: Shares change hands, assets offloaded
ALTON GRAHAM LIMITED: Notice to creditors
BENCKISER (HK) LIMITED: Notice to creditors
CHINA FUJIAN ENGINEERING (HK): Liquidation for HK unit
ENGLISH CLUB LIMITED: Winding-up order
HOP KIN ENGINEERING: Liquidation for HK unit
KENT STRONG LIMITED: Notice to creditors
LEADING EDGE: Admits to withdrawal of credit lines
PEREGRINE FINANCE INTERNATIONAL: Notice to creditors
SEA-SKY DEPARTMENT STORE: Firm goes under amid retail gloom
YAU SANG INDUSTRY COMPANY LIMITED: Notice to creditors
* J A P A N *
FUJITA CORP: Reports extraordinary restructuring charge
GENERAL SEKIYU: Results announcement
HASEKO CORP: Banks to waive part of claims to condo builder
KAJIMA CORP: Results announcement
MURATA MANUFACTURING: Results announcement
OBAYASHI CORP: Results announcement
SHIMIZU CORP: Results announcement
* K O R E A *
HALLA GROUP: Four affiliates complete normalization plans
HANJOO CORPORATION: Delisted due to bankruptcy
KEUMKANG LEATHER: Delisted due to bankruptcy
KIA MOTORS: Hyundai says debts bigger than reported
KONGYOUNG CIVIL ENGINEERING: Firm's trade suspended
KUMKYUNG: Delisted due to bankruptcy
NK TELECOM: Cancels application for creditor reconciliation
SAMSUNG ELECTRONICS: May sell chip operations
WOOBANG CO: Completes workout program
* M A L A Y S I A *
AYER HITAM: Receives notice from creditor
CHATEAU HORIZON SDN BHD: Winding-up petition
CHONGAI CORPORATION: Lenders have not exercise right
INVESCOR VENTURES: Parent requests suspension of trading
OSTRA ENTERPRISE SDN BHD: Winding-up petition
TURRIS (M) SDN BHD: Winding-up petition
* S I N G A P O R E *
ATR CAPITAL PARTNERS: Kim Eng takes 43% stake
SINGAPORE SHIPPING: Dormant company acquired
* T H A I L A N D *
THAI PETROCHEMICAL: Releases details of restructuring plan
=================================
C H I N A & H O N G K O N G
=================================
AWT HOLDINGS: Shares change hands, assets offloaded
---------------------------------------------------
Freight forwarder AWT Holdings has seen a change of control
and has offloaded property assets. Chairman David Leungr
Ize-hang sold 13.5 per cent of the company to independent
investor W. Yeung for $29.95 million and retained a 3 per
cent stake. Mr Yeung, who is vice-chairman of the Tung Wah
Group of Hospitals, general manager of Talford Group and
the honorary chairman of the Sun Yat Sen Foundation, has
become the single largest shareholder of AWT. He bought
119.8 million shares at 25 cents per share, a 410 per cent
premium to the closing of 4.9 cents on November 10 when he
signed a conditional agreement.
The stock finished yesterday 0.3 cents lower at 4.9 cents.
AWT said it was troubled by $240.89 million in current
liabilities as of May 31. It said it planned to sell a
21800 square foot warehouse in Kwun Tong for $15 million
and lease it back at an annual rent of $2.4 million.
ALTON GRAHAM LIMITED: Notice to creditors
-----------------------------------------
Notice is hereby given that the creditors of Alton Graham
Limited (in creditors' voluntary liquidation) are required
on or before 18th December, 1998 to send in their names and
addresses, full particulars of their debts and claims, and
the name and addresses of their solicitors, to the
liquidators of the said company at 44th Floor, Jardine
House, 1 Connaught Road, Central, Hong Kong.
BENCKISER (HK) LIMITED: Notice to creditors
-------------------------------------------
Notice is hereby given that a meeting of the creditors of
Benckiser (HK) Limited (in creditors' voluntary
liquidation) will be held on 23th November, 1998 at 5/F.,
Wing On Center, 111 Connaught Road Center, Hong Kong for
the purposed provided for in Section 255A,241,242,243,244
of the companies Ordinance.
CHINA FUJIAN ENGINEERING (HK): Liquidation for HK unit
------------------------------------------------------
The credit crunch afflicting the mainland's so-called
window companies has claimed two more companies. The
Fujian-based China Fujian Co-operation for International
Techno-Economic Corp. has become the latest to liquidate
its Hong Kong offshoots.
Hop Kin Engineering Development and China Fujian
Engineering (HK) -- the two principal Hong Kong-based
subsidiaries of the company -- have been placed into
liquidation. Deloitte Touche Tohmatsu partner Dermot Agnew
and Joseph K.C. Lo have been appointed as joint and
provisional liquidators.
The Hong Kong branch of the Bank of Communications is
understood to be the largest creditor, with debts of more
than HK$400 million. Nanyang Commercial Bank and Credit
Lyonnais Bank are also creditors, the official said. The
company had placed a half-built hotel site in Ngan Mok
Street, North Point, with the Bank of Communications as
collateral, according to an official at the firm.
The collapse will deliver another blow to mainland-backed
Hong Kong-based fund-raising arms -- the window companies
of municipal governments -- after the Guangdong
International Trust and Investment Corp. (Gitic) closure
last month. It looks set to throw further doubt on the
repayment ability of mainland-backed companies amid the
tightening credit environment.
The move came as the builder and property concern were
unable to continue their businesses because of their
liabilities. But an official of the Hong Kong-based company
yesterday blamed "poor management" and the "inability of
the company to repay bank loans" amid tight credit as a
result of the Gitic collapse and the region's financial
turmoil.
Gitic, one of the mainland's biggest trust and investment
corporations, was forced into liquidation last month after
running up debts of up to US$2 billion. Two Hong Kong
subsidiaries were placed into receivership. The main
culprit was its property division, he said.
The closure was triggered by the withdrawal of a sub-
stantial shareholder, literally translated as Fujian
Jiuzhou Company.
ENGLISH CLUB LIMITED: Winding-up order
--------------------------------------
A winding-up order notice is hereby given that English Club
Limited is undergoing a companies winding-up proceedings
(No 699 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on November 4, 1998. The date of presentation of
petition was September 29, 1998.
HOP KIN ENGINEERING: Liquidation for HK unit
--------------------------------------------
The credit crunch afflicting the mainland's so-called
window companies has claimed two more companies. The
Fujian-based China Fujian Co-operation for International
Techno-Economic Corp. has become the latest to liquidate
its Hong Kong offshoots.
Hop Kin Engineering Development and China Fujian
Engineering (HK) -- the two principal Hong Kong-based
subsidiaries of the company -- have been placed into
liquidation. Deloitte Touche Tohmatsu partner Dermot Agnew
and Joseph K.C. Lo have been appointed as joint and
provisional liquidators.
The Hong Kong branch of the Bank of Communications is
understood to be the largest creditor, with debts of more
than HK$400 million. Nanyang Commercial Bank and Credit
Lyonnais Bank are also creditors, the official said. The
company had placed a half-built hotel site in Ngan Mok
Street, North Point, with the Bank of Communications as
collateral, according to an official at the firm.
The collapse will deliver another blow to mainland-backed
Hong Kong-based fund-raising arms -- the window companies
of municipal governments -- after the Guangdong
International Trust and Investment Corp. (Gitic) closure
last month. It looks set to throw further doubt on the
repayment ability of mainland-backed companies amid the
tightening credit environment.
The move came as the builder and property concern were
unable to continue their businesses because of their
liabilities. But an official of the Hong Kong-based company
yesterday blamed "poor management" and the "inability of
the company to repay bank loans" amid tight credit as a
result of the Gitic collapse and the region's financial
turmoil.
Gitic, one of the mainland's biggest trust and investment
corporations, was forced into liquidation last month after
running up debts of up to US$2 billion. Two Hong Kong
subsidiaries were placed into receivership. The main
culprit was its property division, he said.
The closure was triggered by the withdrawal of a sub-
stantial shareholder, literally translated as Fujian
Jiuzhou Company.
KENT STRONG LIMITED: Notice to creditors
----------------------------------------
Notice is hereby given that a meeting of the creditors of
Kent Strong Limited (in creditors' voluntary liquidation)
will be held on 24th November, 1998 at 27/F., Unit 1602,
16/F., Malaysai Building, 50 Gloucester Raod, Hong Kong for
the purposed provided for in Section 228A,241,242,243,244
of the companies Ordinance.
LEADING EDGE: Admits to withdrawal of credit lines
--------------------------------------------------
According to the SCMP, Nasdaq-listed Leading Edge
Packaging, a subsidiary of Chung Hwa Development Holdings,
yesterday said its bankers, Hongkong Bank and the Hong Kong
Chinese Bank, have withdrawn their credit lines, which may
cause the company serious impediment in delivering goods to
customers. The company is negotiating with First Union Bank
to cover the funding shortfalls.
PEREGRINE FINANCE INTERNATIONAL: Notice to creditors
----------------------------------------------------
Notice is hereby given that a meeting of the creditors of
Peregrine Finance International Limited (in creditors'
voluntary liquidation) will be held on 19th November, 1998
at 27/F., Island Place Tower, 510 King's Road, North Point,
Hong Kong for the purpose provided for in Section
228A,241,242,243,244 of the companies Ordinance.
SEA-SKY DEPARTMENT STORE: Firm goes under amid retail gloom
-----------------------------------------------------------
The Associated Press reports five Beijing department stores
have already shut down and others are expected to follow.
In cities across China, the glut of new malls caused by a
boom in real estate development has left retailers gasping
for air.
Sea-Sky Department Store, a latecomer featuring a mix of
expensive imports and cheaper Chinese-made goods, succumbed
last week after just 11 months. It opened last winter,
adding its blaze of Christmas lights to those of a half-
dozen other malls along the same stretch of road in eastern
Beijing.
The first signs of trouble came when about 200 wholesalers
gathered in front of the store to protest nonpayment for
their products. Gradually, the store's shelves and floor
space were emptied. Then, the landlord moved to evict,
saying the store owed $3.27 million in rent and utilities.
Sea-Sky officials declined comment except to say the store
was undergoing an "internal reorganization."
YAU SANG INDUSTRY COMPANY LIMITED: Notice to creditors
------------------------------------------------------
Notice is hereby given that the creditors of Yau Sang
Industry Company Limited (in creditors' voluntary
liquidation) are required on or before 12th December, 1998
to send in their names and address, full particulars of
their debts and claims, and the name and addresses of their
solicitors, to the liquidators of the said company at Room
1003, Kwang Tung, Provincial Bank Building, 589 Nathan
Road, Kowloon.
=========
J A P A N
=========
FUJITA CORP: Reports extraordinary restructuring charge
-------------------------------------------------------
The Financial Times reports construction firm Fujita
Corporation yesterday warned that it would take a Y150bn
special charge this year to restructure its troubled
affiliates.
Fujita said it was restructuring with the help of its two
main banks, Sakura and Tokai. The two banks, which have
extended huge loans to the group, indicated they were
preparing to forgive debt and extend more loans. About
Y105bn of its special charge has been incurred because the
group was supporting affiliates, such as Towa Real Estate
Development, in which it has a majority stake.
In the first half, net losses were Y60bn, compared with a
net profit of Y794m in the same period last year.
GENERAL SEKIYU: Results announcement
------------------------------------
The Financial Times reports General Sekiyu, the petrol
group affiliated with Esso of the US, is to post its first
interim loss for more 10 years amid deterioration in the
country's petrol market. General, which 48.5 per cent owned
by Esso Eastern also cut is second-half forecasts after a
worse-than-expected interim performance. In the first half,
the group said, it would recorded loses of Y3.2bn before
taxes and exceptionals on the parent level.
HASEKO CORP: Banks to waive part of claims to condo builder
-----------------------------------------------------------
Kyodo News reports three major creditor banks to Haseko
Corp. are putting the final touches to a plan to waive some
120 billion yen in their claims on the troubled condominium
developer, industry sources said Tuesday. The claims in
question are part of overall claims by Daiwa Bank, Mitsui
Trust and Banking Co. and the Industrial Bank of Japan
(IBJ). The plan calls on each bank to forgo up to 40
billion yen, the sources said.
The three banks plan to ask six other creditor banks,
including Sakura Bank and the Bank of Tokyo-Mitsubishi, to
join them in forgoing their claims on Haseko on the basis
of their outstanding loans in the hope of reaching
agreement by the middle of next month, the sources said.
The sources said total claims held by the nine banks
subject to the waiver are expected to total some 350
billion yen.
Haseko's restructuring plan may include the sale of
Haseko's headquarters building and assets held by its
subsidiaries. Haseko is now saddled with a total of 1.1
trillion yen in interest-bearing liabilities, including
those owed by affiliates, in the wake of failed real
estate investment in the asset-inflated "bubble economy" in
the late 1980s.
For the last business year which ended March 31, Haseko
posted a net loss of 192.7 billion yen as a result of
write-offs of some of its nonperforming assets following an
asset-retrenchment program announced in October 1995.
Under the program, Haseko has been trying to reduce its
liabilities but progress has been slow due to falling land
prices, which have made it difficult to sell real estate
assets.
KAJIMA CORP: Results announcement
---------------------------------
Japan's biggest construction companies sank into the red in
the first half of the year. Kajima, the biggest by parent
revenue, posted its net loss since it listed its shares in
1961. It made a parent net loss of 27.16 billion yen
(HK$1.7 billion) in the six months to 30 September, down
from a profit of 4.41 billion yen in the year earlier
period. Its sales fell 21 per cent to 455.8 billion yen
from 577.9 billion yen.
Kajima gets most of its orders from private companies such
as retailers and realtors. Executives said that they did
not expect to benefit from the government's 24 trillion yen
package of public spending and tax cuts announced yester-
day.
MURATA MANUFACTURING: Results announcement
------------------------------------------
Nikkei News reports Murata Mfg. Co. saw its consolidated
pretax profit for the six months ended September drop 12%
year on year to 32.5 billion yen, company officials said
Tuesday. Net profit for the half year fell by nearly 50%
from a year earlier to 9.4 billion yen. For the full year
ending March, pretax profit is likely to drop 15% to 61.5
billion yen.
OBAYASHI CORP: Results announcement
-----------------------------------
Japan's biggest construction companies sank into the red in
the first half of the year. Obayashi Corp., Japan's third-
biggest construction firm, said first-half net earnings
slumped 75 per cent due to tumbling orders, unpaid bills
and a decline in the value of its stock holdings. It
reported parent net profit of 1.01 billion yen in the six
months to 30 September, down from 4.10 billion yen a year
earlier. Revenue slipped 22.8 per cent to 450.49 billion
yen from 583.54 billion yen. The profit result was 1.9 per
cent better than Obayashi's revised forecast of 1 billion
yen.
SHIMIZU CORP: Results announcement
----------------------------------
Japan's biggest construction companies sank into the red in
the first half of the year. Shimizu receives most of its
orders from private companies such as retailers and
realtors. Executives said that they did not expect to
benefit from the government's 24 trillion yen package of
public spending and tax cuts announced yesterday.
Shimizu posted a parent net loss of 152.08 billion yen in
the six months to 30 September, down from a profit of 2.91
billion yen. Its sales fell 13 per cent to 552.2 billion
yen from635.13 billion yen. It widened its full-year parent
net forecast to 148 billion yen from 140 billion yen. And
it widened its group loss forecast for the year to 130
billion yen from 112 billion yen.
=========
K O R E A
=========
HALLA GROUP: Four affiliates complete normalization plans
---------------------------------------------------------
The Korean language Maeil Kyungje reports four affiliate
companies of the Halla Group have completed normalization
plans. Additionally, Halla Engineering & Heavy Industries
Company's court receivership application was approved at
the creditors meeting held at the Kwangju District Court on
November 16th, 1998. Three other affiliates, Mando
Machinery Company, Halla Cement, and Halla Construction
Company also have completed their creditor reconciliation
procedures.
The total debt of these four Halla affiliates was reported
to be 6.1894 trillion won, of which 3.8137 trillion won
will be discounted and 2.3757 trillion won will be paid
back by the end of this year. Rothschild, Inc., a leading
American fund manager, which has been working for the Halla
Group's normalization plans, has said that once all the
debt payment issues are settled, it should be easy to sell
the Halla companies to foreign investors.
A related story in the Asian Wall Street Journal reports
creditors have agreed to write off as much as 51 percent of
Halla Engineering & Heavy Industries Company's
collateralized debt, and 25 percent of unsecured debt,
amounting to a total of 978 billion won in debt reduction.
Halla is also exempted from paying interest on much of the
remaining debt.
An earlier report 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.
HANJOO CORPORATION: Delisted due to bankruptcy
----------------------------------------------
The Korea Stock Exchange reports Hanjoo Corporation was
delisted on November 18, 1998 due to the firm's bankruptcy.
KEUMKANG LEATHER: Delisted due to bankruptcy
--------------------------------------------
The Korea Stock Exchange reports Keumkang Leather was
delisted on November 18, 1998 due to the firm's bankruptcy.
KIA MOTORS: Hyundai says debts bigger than reported
---------------------------------------------------
The Korea Times reports Hyundai has claimed that the debts
of the bankrupt Kia Motors Company and its sister bus and
truck maker, Asia Motors Company, are at least 10 percent
higher than previously reported by the main creditor, Korea
Development Bank (KDB).
Hyundai Motors Company, Korea's largest automobile
manufacturer, was named last month as the winner of the
four bidders in the international auction of Kia and Asia
Motors. Following its being named a winner, Hyundai
dispatched a 160-member survey team to examine the Kia and
Asia factories, production facilities, technology, and
other sectors to evaluate the debts and assets of these
auto makers.
Under the terms of the bidding contract, Hyundai has the
right to re-negotiate the total debt write-off if total
debts are found to exceed 10 percent of the original amount
represented by the creditors.
A similar report in the Korea Herald stated Hyundai is
certain of its claims and can produce exact figures to
support its case. However, the state-run KDB is insisting
that its earlier accounting of assets and liabilities is
accurate, and that creditors have already made so many
concessions in debt write-offs that they should not be
asked to write-off any further debt.
UPI reports the undeclared debt consists of $601.5 million
after a one-month evaluation of ailing Kia Motors Co. Ltd.
and its truck-building affiliate Asia Motors Co. Ltd. UPI
notes Yonhap News Agency quotes an unnamed Kia official
saying, "Hyundai may have counted overdue discount bonds as
debts. But opinions can differ in interpreting that amount
as extra debt."
KONGYOUNG CIVIL ENGINEERING: Firm's trade suspended
---------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief Section, the Korean Stock Exchange suspended the
trade of the Konyoung Civil Engineering Company as it has
just received a liquidation approval from a court.
KUMKYUNG: Delisted due to bankruptcy
------------------------------------
The Korea Stock Exchange reports Kumkyung was delisted on
November 18, 1998 due to the firm's bankruptcy.
NK TELECOM: Cancels application for creditor reconciliation
-----------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief Section, the NK Telecom company requested a
cancellation of their creditor reconciliation application
to the Seoul District Court.
SAMSUNG ELECTRONICS: May sell chip operations
---------------------------------------------
The Associated Press reports Samsung Electronics, the
world's largest memory chip maker, said today it is seeking
to sell part of its non-memory chip operations to a foreign
company as part of its restructuring effort. Samsung said
details of the sale have not been finalized. But a
spokesman said the company will sell its Puchon plant,
which consists of production lines for such non-memory
parts as transistors, power devices and linear integrated
circuits. Non-memory chip operations make up 30 percent of
its semiconductor business.
WOOBANG CO: Completes workout program
-------------------------------------
The Korean language Maeil Kyungje reports that the Woobang
Company has completed its workout program, which includes
new funds of 120 billion won and rolling over of 142.6
billion won of debt until the year 2002.
===============
M A L A Y S I A
===============
AYER HITAM: Receives notice from creditor
-----------------------------------------
Ayer Hitam Dredging Tin said it had received a notice from
a creditor demanding that it settle an outstanding debt.
The company said it was in the midst of negotiating with
the creditor to settle the matter amicably.
CHATEAU HORIZON SDN BHD: Winding-up petition
--------------------------------------------
Faber Union Sdn Bhd on 8/10/98 petitioned for the winding-
up of Chateau Horizon Sdn Bhd. The petition is directed to
be heard on 26/2/99.
CHONGAI CORPORATION: Lenders have not exercise right
----------------------------------------------------
Chongai Corporation told the Kuala Lumpur Stock Exchange
that its financial position remains largely unchanged. On
Oct 7, the company said two of its subsidiaries had
defaulted on loan and interest payments and that it was the
guarantor of those loans. But no lender has yet to exercise
its right to declare a cross default arising from the
defaults in payment, Chongai said yesterday.
INVESCOR VENTURES: Parent requests suspension of trading
--------------------------------------------------------
Singapore Business Times reports Plantation & Development,
a construction company, yesterday said that it had
suspended trading of its stock pending the announcement of
a receiver and manager for its subsidiary company, Invescor
Ventures Sdn Bhd.
More than 30 companies have filed for creditor protection
but many more have defaulted on their loans since
Malaysia's economy skidded into its first deep recession in
13 years.
The severity of the change in companies' fortunes has
forced Malaysia's regulators to step up their scrutiny of
publicly-listed companies, and to find ways to rehabilitate
both companies and banks.
As of early this year, the KLSE began requesting troubled
companies to provide a detailed breakdown of their
defaults, the banks and other creditors concerned, and its
plans to address these defaults.
OSTRA ENTERPRISE SDN BHD: Winding-up petition
---------------------------------------------
Commercial Plastics Industries Sdn Bhd on 7/10/98 took
legal action against Ostra Enterprise Sdn Bhd for the
amount owing of RM56,145.
TURRIS (M) SDN BHD: Winding-up petition
---------------------------------------
CCM Chemicals Sdn Bhd on 21/8/98 petitioned for the
winding-up of Turris (M) Sdn Bhd. The petition is directed
to be heard on 4/12/98.
=================
S I N G A P O R E
=================
ATR CAPITAL PARTNERS: Kim Eng takes 43% stake
---------------------------------------------
A report in the Singapore Business Times says local
brokerage Kim Eng Securities yesterday announced plans to
take a 43 per cent stake in ATR Capital Partners, which was
formerly known as Peregrine Capital Philippines.
Kim Eng said in a press statement that it will pay 291.8
million pesos (S$11.9 million) for its stake. Part of the
deal also includes the merger of the Philippine broking
arms of both Kim Eng and ATR. The merged unit will be
called ATR-Kim Eng Securities.
SINGAPORE SHIPPING: Dormant company acquired
--------------------------------------------
Hai Sun Hup Group has acquired Singapore Shipping
Corporation Pte Ltd, a dormant company, for A$200,000
(S$207,000). SSC is now a wholly-owned subsidiary of the
listed company. Hai Sun Hup said yesterday that the
acquisition would not materially affect its net tangible
assets and earnings per share for the year ending March 31,
1999.
===============
T H A I L A N D
===============
THAI PETROCHEMICAL: Releases details of restructuring plan
----------------------------------------------------------
The Asian Wall Street Journal reports Thai Petrochemical
Industry PCL (TPI) has released details of its
restructuring plans to deal with its $3.2 billion debt.
The company's chief financial officer said that the plan
involves first extending the maturities of all short-term
loans totaling $1.09 to five years, and converting $300
million to $400 million worth of loan interest repayment
into equity. The announced overall all goal is to reduce
the company's debt-to-equity ratio from 2.78 to 1.5. At the
end of the fifth year, which is the time all of the short
term loans will have been repaid, a new plan will be drawn
up to address the remaining debt.
In October, TPI, and its unit TPI Polene PCL, began an
indefinite suspension of the repayment of the principal on
foreign currency loans, although they are still servicing
the interest. TPI is working with a 14-member Creditor
Steering Committee that represents 130 foreign and 12 Thai
creditors. This plan is scheduled for approval by the
creditors on December 3.
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 * * *