---

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      

      Friday, November 27, 1998, Vol. 1, No. 195

                    Headlines


* C H I N A   &   H O N G   K O N G *

CAN GO LIMITED: Notice to creditors
CHINA EVERBRIGHT: Sells part of China Telecom stake
EAST WEST LIMITED: Winding-up petition
GRBG LIMITED: Winding-up petition
GUANGDONG ENTERPRISES: Meets interest payment on $500m bond

GUANGDONG INTERNATIONAL: HKAB seeks debt-repayment vow
GUANGDONG OVERSEAS: Default on SocGen loan revealed
HUBEI INTERNATIONAL: Hitic faces US$1.1m writ
PATH FOREST LIMITED: Winding-up petition
PATH MELODY LIMITED: Winding-up petition

PURSE LAND LIMITED: Winding-up petition
RJP ELECTRONICS: Results announcement
SHEEN PATH LIMITED: Winding-up petition
SOUNDTEK ENGINEERING: Winding-up order
WHIMSY ENTERTAINMENT: Whimsy chief signs up CEF Life


* I N D O N E S I A *

LONDON SUMATRA INDONESIA: Reschedules US$162m in debt


* J A P A N *

ALL NIPPON AIRWAYS: May transfer overseas flights
DAIHATSU: Results announcement
DAIHYAKU: Manulife preparing to form alliance
KAWASAKI STEEL: Revamping semiconductor division
LONG TERM CREDIT: Report highlights lower creditworthiness
TOKYU DEPARTMENT STORE: Takes special charge
WILLIAMS-SONOMA JAPAN: Liquidated by Tokyu Department Store


* K O R E A *

KOREAN ELECTRIC: Napocor extends deadline to secure loans
TONGYANG STEEL: Firm is bankrupt


* M A L A Y S I A *

CITYLAIN ENTERPRISE SDN BHD: Winding-up petition
JACOBSON TAPES & PACKAGING SDN BHD: Voluntary winding-up
JARDINE FLEMING (M) ASSET MANAGERS: Voluntary winding-up
JARDINE FLEMING (M) MANAGEMENT: Voluntary winding-up
PERKONGSIAN PERUSAHAAN MELAYU PERLIS: Winding-up petition

PRIMADATA POWER ENGINEERING: Winding-up petition
SKIKDA CORPORATION SDN BHD: Winding-up petition
UIS GRANITE SDN BHD: Winding-up petition
WANG CHEONG ALUMINIUM FIXTURES: Voluntary winding-up


* P H I L I P P I N E S *

BELLE CORP: HK company buying into listed local firm
BENGUET CORP: Asks court aid on VAT refund bid
BENGUET CORP: Recession turns company's gold into water
PHILIPPINE AIRLINES: Cathay bid for PAL faces collapse


* S I N G A P O R E *

APRIL PACIFIC: May negotiate share swap
HOTEL EQUATORIAL: Firm to be liquidated
LIM KAH NGAM: Troubled firm liquidates subsidiary


* T H A I L A N D *

BANGKOK BANK OF COMMERCE: Results announcement
BANK OF AYUDHYA: Results announcement
JALAPRATHAN CEMENT: Pact with French firm awaits vote
JASMINE INTERNATIONAL: Results announcement
SEMICONDUCTOR VENTURES: Postpones rehabilitation plan    

SIAM CEMENT: To announce restructuring
SONY THAI: Results announcement
SWEDISH MOTORS: In restructuring talks
TELECOMASIA: To close three units
THAI AUTOMOTIVE: Chrysler assures car-owners

THAI DANU BANK PCL: Results announcement
THAI-GERMANY PRODUCTS PCL: Results announcement
THAI HEAT EXCHANGE: Provides delisting information
UNITED COMMUNICATION: To delve into debt restructure


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

CAN GO LIMITED: Notice to creditors
-----------------------------------
Notice is hereby given that the creditors of Can Go Limited
(in creditors' voluntary liquidation) are required on or
before 7th 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 1703-4, The Center
Mark, 287-299 Queen's Road, Central, Hong Kong.


CHINA EVERBRIGHT: Sells part of China Telecom stake
---------------------------------------------------
According to the SCMP, China Everbright said it sold a
third of its holdings, 57.25 million shares in China
Telecom (HK) for $838 million to cut debt.

According to the Hong Kong Standard, China Telecom sold 9.9
per cent of its stake to China Everbright and 11 other Hong
Kong and Chinese companies at $11.8 a share, including
brokerage and levy fees, in October last year as part of
its $4 billion initial share sale, the largest in Asia
outside Japan at the time.

Under a lock-up agreement, those investors couldn't sell
the shares until midnight Oct. 23, 12 months after the
shares began trading on the Hong Kong stock exchange.


EAST WEST LIMITED: Winding-up petition
--------------------------------------
Notice is hereby given that a petition for the winding-up
of East West Limited by the High Court of Hong Kong was, on
the 27th day of October, 1998, presented to the said Court
by Hong Kong and Shanghai Banking Corporation and the
petition is heard on 2nd of December. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.  


GRBG LIMITED: Winding-up petition
---------------------------------
Notice is hereby given that a petition for the winding-up
of GRBG Limited by the High Court of Hong Kong was, on the
2nd day of October, 1998, presented to the said Court by
Furama Hotel Enterprises Limited and the petition is heard
on 2nd of December, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


GUANGDONG ENTERPRISES: Meets interest payment on $500m bond
-----------------------------------------------------------
According to the SCMP and the Hong Kong Standard, Guangdong
Enterprises (Holdings) (GDE) yesterday met an interest
payment of about $22 million on a $500 million bond
maturing in 2007. A source close to GDE dismissed concerns
its listed arm, Guangdong Investment, would use proceeds of
about $26.7 million from a proposed three-year convertible
bond issue to help relieve the financial stress on its
parent.

Associate director of Standard & Poor's Agnes Lee Wing-see
said it was positive news as failure to do so would have
grave consequences.


GUANGDONG INTERNATIONAL: HKAB seeks debt-repayment vow
------------------------------------------------------
According to the SCMP, secretary of the Hong Kong
Association of Banks (HKAB) said the association hoped to
meet Foreign Exchange (SAFE) officials very soon in its
second trip to Beijing to lobby mainland authorities as its
members are becoming increasingly concerned about exposure
to Guangdong International Trust & Investment Corp (Gitic).


GUANGDONG OVERSEAS: Default on SocGen loan revealed
---------------------------------------------------
According to the SCMP, banking sources said Guangdong
Overseas Chinese Trust and Investment Corp (Goctic) last
week defaulted on repayment of principal of about $5.8
million in the last instalment of a $17.5 million loan
arranged by SocGen Asia, the third time in five months it
had defaulted on a foreign debt repayment.


HUBEI INTERNATIONAL: Hitic faces US$1.1m writ
---------------------------------------------
According to the SCMP, foreign banks have filed a writ
seeking principal and interest worth US$1.17 million from
Hubei International Trust & Investment Corp (Hitic) and Yi
F Trading, the unlisted window company of Hubei's provincal
government. The Hong Kong branches of Japanese lenders
Sakura Bank and Asahi Bank have filed a writ in the High
Court claiming the amount from Yi F Trading and Hitic as
guarantor of the loan. Yi F Trading is reportedly the
subject of claims for a combined HK$87.5 million from two
other firms, one of them the Bank of Tokyo-Mitsubishi.

Yi F officials were unavailable for comments while Hitic
said its finances and operations were normal, that the
company did not have liquidity problems and have never
missed any foreign debt repayment and there is controversy
over the issue which had to be settled with the banks. An
official of the company said Hitic had repaid all  
outstanding foreign loans of about US$60 million last year
but could not confirm whether its many business dealings
and loan arrangements with Yi F Trading included the
specified guarantee.


PATH FOREST LIMITED: Winding-up petition
----------------------------------------
Notice is hereby given that a petition for the winding-up
of Path Forest Limited by the High Court of Hong Kong was,
on the 22nd day of October, 1998, presented to the said
Court by Leung Siu On Clifford and the petition is heard on
2nd of December. Other creditors who support or oppose the
making of the order may appear at the time of the hearing.  


PATH MELODY LIMITED: Winding-up petition
----------------------------------------
Notice is hereby given that a petition for the winding-up
of Path Melody Limited by the High Court of Hong Kong was,
on the 22nd day of October, 1998, presented to the said
Court by Leung Siu On Clifford and the petition is heard on
2nd of December, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


PURSE LAND LIMITED: Winding-up petition
---------------------------------------
Notice is hereby given that a petition for the winding-up
of Purse Land Limited by the High Court of Hong Kong was,
on the 4th day of November, 1998, presented to the said
Court by Villegas Flavia Lourdes and the petition is heard
on 16th day of December, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


RJP ELECTRONICS: Results announcement
-------------------------------------
RJP Electronics posted a heavier net loss of $61.61 million
for the year to June 30 against a loss of $47.59 million a
year earlier. A big increase in exceptional items, which
stood at $54.21 million, were largely provisions for stock
investments and write-offs of bad debts. Turnover was S7
1.48 million, less than half the previous year's $162.1
million.


SHEEN PATH LIMITED: Winding-up petition
---------------------------------------
Notice is hereby given that a petition for the winding-up
of Sheen Path Limited by the High Court of Hong Kong was,
on the 12th day of October, 1998, presented to the said
Court by Fernway Trading Co. Limited and the petition is
heard on 9th of December, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


SOUNDTEK ENGINEERING: Winding-up order
--------------------------------------
A winding-up order notice is hereby given that Soundtek
Engineering Co Limited is undergoing a companies winding-up
proceedings (No 715 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was October 9, 1998.    


WHIMSY ENTERTAINMENT: Whimsy chief signs up CEF Life
----------------------------------------------------
According to the SCMP, Whimsy Entertainment yesterday
confirmed principal shareholder Kun Kiu-chung and his wife
had sold their stake in the company. Mr Kun informed
directors that his company Wayton Industrial had sold his
33.69 per cent Whimsy interest to Brilliance China
Automotive Holdings for 25 cents a share.


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

LONDON SUMATRA INDONESIA: Reschedules US$162m in debt
-----------------------------------------------------
According to the SCMP, London Sumatra Indonesia, one of the
country's largest palm oil producers, is likely to
reschedule about US$162 million in foreign debt by the
first quarter of next year. The company has about $70
million due now and is putting expansion on hold.

London Sumatra's problems stem partly from dollar loans
used to finance an extension to its land under cultivation.
The fall of the rupiah was a real shock to the company.

In April, the company said it had hired HSBC Investment
Bank to coordinate efforts to restructure about $122
million in long-term debt and $40 million in short-term
debt.

HSBC is a major creditor of London Sumatra's parent
company, Pan London Sumatra Plantation. Pan London,
controlled by the Pribadi family, owned 60 per cent of
London Sumatra at the end of last year.


=========
J A P A N  
=========

ALL NIPPON AIRWAYS: May transfer overseas flights
-------------------------------------------------
Nikkei News reports All Nippon Airways Co. may assign
international routes from Kansai International Airport to a
subsidiary, company sources said Tuesday. The Tokyo-based
airline has already begun scaling down unprofitable routes,
and has been unable to fill seats on international flights
based at Kansai International. The airline will review
international operations as early as next fiscal year if
they do not become more profitable in the second half of
the current term, the sources said.


DAIHATSU: Results announcement
------------------------------
The Financial Times reports Daihatsu, Japan's second
biggest minicar maker, suffered from its heavy exposure to
the domestic market and sluggish sales overseas in its
first half, as pre-tax profits at the Toyota Motor
affiliate collapsed 72 per cent, from Y9.03bn to Y2.52bn.
Sales were down 18 per cent to Y326.03bn.


DAIHYAKU: Manulife preparing to form alliance
---------------------------------------------
The Financial Times reports Manulife Financial, one
Canada's largest life assurance companies, is preparing to
form an alliance with Daihyaku, a troubled life assurance
group.

Dominic D'Alessandro, Manulife president, denied this would
lead to a takeover by the Canadian group. However, Daihyaku
told local media the link would entail it selling rights to
its new business to a future joint venture, which Manulife
was likely to control and would be capitalised at up to
Y100bn.

The deal, which would be only the second such alliance
between a foreign and Japanese group, provides new evidence
of the growing interest among non-Japanese groups in the
country's vast life assurance sector.


KAWASAKI STEEL: Revamping semiconductor division
------------------------------------------------
The Financial Times reports Kawasaki Steel, the Japanese
steel maker, is stepping up plans to revamp its loss making
semiconductor division by farming out production of large
scale integrated (LSI) devices to non-group companies.

Kawasaki said it was in talks with several companies to
commission production of LSI, which are devices used in
office equipment. It refused to comment on reports that is
had agreed a deal with United Microelectronics.

The group, which has suffered heavy losses on property
holdings and from Kawasaki Enterprises, its equipment
leasing subsidiary, expects after-tax consolidated losses
of Y73bn, against profits of Y8.46bn last year.


LONG TERM CREDIT: Report highlights lower creditworthiness
----------------------------------------------------------
Nikkei News reports Long-Term Credit Bank of Japan, now
temporarily nationalized, posted a 629.6 billion yen net
loss for the six months ended September, company officials
announced Tuesday. The bank wrote off 743.7 billion yen in
problem loans during the period. LTCB's last earnings
report as a private firm shows a sharp decline in its
creditworthiness during the six months. Its balance of bank
debentures dropped by 2.86 trillion yen from the end of
March to 9.07 trillion yen, while total deposits and
certificates of deposit decreased by 2.51 trillion yen to
3.39 trillion yen.

Asset conditions at LTCB have deteriorated from what the
Financial Supervisory Agency revealed its assessment on
Oct. 23. According to the bank's own assessment, LTCB held
540.6 billion yen worth of lending in category 4
(irrecoverable), and 817.7 billion yen loans in category 3
(likely to go bad). Its category 2 loans (those still being
serviced but in danger of default) totaled 3.34 trillion
yen.


TOKYU DEPARTMENT STORE: Takes special charge
--------------------------------------------
Tokyu Department Store Co. said that it will take a special
loss of 8.2 billion yen for the year ending Jan. 31 from
liquidation of its subsidiaries.

The liquidation is part of its five-year restructuring plan
unveiled in September, under which the Japanese department
store aims to reorganize its operations both at home and
overseas to regain profitability. Tokyu kept intact its
prior outlook that restructuring would leave a special loss
of 50 billion yen in the current fiscal year, yielding a
parent net loss of 50 billion.

Tokyu said Tuesday it will liquidate William-Sonoma Japan
Co., a joint venture with Williams-Sonoma Inc. of the U.S.
January 1999. The Tokyo-based venture sells kitchen and
interior goods.


WILLIAMS-SONOMA JAPAN: Liquidated by Tokyu Department Store
-----------------------------------------------------------
The Asian Wall Street Journal reported that Tokyu
Department Store has announced it will liquidate Williams-
Sonoma Japan Company, a joint venture with the US-based
Williams-Sonoma Inc., which specialized in the sale of
kitchen and interior goods. The liquidation should be
completed by January 1999.


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

KOREAN ELECTRIC: Napocor extends deadline to secure loans
---------------------------------------------------------
BusinessWorld reports National Power Corp. (Napocor) has
given Korean Electric Power Co. (Kepco) a three-month
extension to secure all loans needed for the financing of  
the 1,200-megawatt (MW) gas-fired power project in Ilijan,
Batangas. The financial closing for the project was
originally scheduled in December.

However, Kepco said it needs an extension, citing
difficulties in acquiring the funding requirements.
Napocor president Federico Puno said the state power firm
has agreed to extend the deadline provided Kepco obtains
lenders' "commitment" for the project before December 15.

The Korean power firm is holding final negotiations with
officials of the Japan and US Export-Import Banks from
where 75% to 80% of the funding requirement will be
secured. Several commercial banks in Germany and Asia are  
also being eyed for the undertaking.

Mr. Puno likewise expressed optimism that Kepco would be
able to meet this extended deadline given the "interests"
of some 40 bank officials who recently paid him a visit
"for due diligence."


TONGYANG STEEL: Firm is bankrupt
--------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Tongyang Steel Company went bankrupt and
canceled its equity evaluation plan.


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

CITYLAIN ENTERPRISE SDN BHD: Winding-up petition
------------------------------------------------
Petrochemicals (Malaysia) Sdn Bhd on 27/10/98 petitioned
for the winding-up of Citylain Enterprise Sdn Bhd. The
petition is directed to be heard on 25/1/99.


JACOBSON TAPES & PACKAGING SDN BHD: Voluntary winding-up
--------------------------------------------------------
The members of Jacobson Tapes & Packaging Sdn Bhd on
19/11/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
28/12/98.


JARDINE FLEMING (M) ASSET MANAGERS: Voluntary winding-up
--------------------------------------------------------
The members of Jardine Fleming (Malaysia) Asset Managers
Sdn Bhd on 18/11/98 resolved to wind-up the company
voluntarily. Creditors are requested to submit their claims
before 25/12/98.


JARDINE FLEMING (M) MANAGEMENT: Voluntary winding-up
----------------------------------------------------
The members of Jardine Fleming (Malaysia) Management Sdn
Bhd on 18/11/98 resolved to wind-up the company
voluntarily. Creditors are requested to submit their claims  
before 25/12/98.


PERKONGSIAN PERUSAHAAN MELAYU PERLIS: Winding-up petition
---------------------------------------------------------
Scandinavian Truck & Bus Sdn Bhd on 26/10/98 petitioned for
the winding-up of Perkongsian Perusahaan Melayu Perlis Bhd.
The petition is directed to be heard on 21/4/99.


PRIMADATA POWER ENGINEERING: Winding-up petition
------------------------------------------------
JD Power (Malaysia) Sdn Bhd on 2/9/98 petitioned for the
winding-up of Primadata Power Engineering (M) Sdn Bhd.
The petition is directed to be heard on 8/1/99.


SKIKDA CORPORATION SDN BHD: Winding-up petition
-----------------------------------------------
Federal Auto Cars Sdn Bhd on 4/9/98 petitioned for the
winding-up of Skikda Corporation Sdn Bhd. The petition is
directed to be heard on 8/1/99.


UIS GRANITE SDN BHD: Winding-up petition
----------------------------------------
TLK Trading Sdn Bhd on 9/9/98 petitioned for the winding-up
of UIS Granite Sdn Bhd. The petition is directed to be
heard on 15/1/99.


WANG CHEONG ALUMINIUM FIXTURES: Voluntary winding-up
----------------------------------------------------
The members of Wang Cheong Aluminium Fixtures Sdn Bhd on
17/11/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
27/12/98.


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

BELLE CORP: HK company buying into listed local firm
----------------------------------------------------
BusinessWorld reports Hong Kong-based investment firm SSI
Management Corp. is buying into listed leisure property
firm Belle Corp. through the latter's issuance of some 450  
million new shares.

Belle corporate secretary Ma. Louisa M. Gonzales recently
told the stock exchange that the local company pursued the
said agreement in order to raise capital and improve its
balance sheet. The 450 million shares to be issued by Belle
will be priced at 2.24 Philippine pesos (PhP) per share,
she added. This was based on the actual closing price on
the date the agreement was signed.

SSI will hold roughly 12.5% of Belle's outstanding common
shares after the transaction. "The authorized capital stock
of the company is 20 billion shares. The paid-in capital,
inclusive of additional paid-in capital after the
transaction (assuming full payment by SSI) will be P8,359
billion," she disclosed.

The agreement between the two parties is awaiting approval
of the Securities and Exchange Commission (SEC).


BENGUET CORP: Asks court aid on VAT refund bid
----------------------------------------------
BusinessWorld reports mining firm Benguet Corp. has asked
the Supreme Court to compel the Bureau of Internal Revenue
(BIR) to refund the 154-million Philippine peso (PhP)
excess value-added tax (VAT) paid for the gold it sold to  
the Bangko Sentral ng Pilipinas (Central Bank of the
Philippines) from 1989 to 1991.

In a 25-page comment, Benguet Corp. said under the tax law,
the sale of goods to the BSP is considered an export sale
and thus, not subject to value added tax.


BENGUET CORP: Recession turns company's gold into water
-------------------------------------------------------
The Bangkok Post reports on Benguet Corp., once the largest
mining concern in the Philippines. Last month the company
decided to suspend its last mining operation -- refractory
chromite mining in the town of Masinloc northwest of
Manila. The production costs had been rising but sales were
dwindling due to a limited market even as the inventory of
processed ore piled up. Last year, the company permanently
closed down its Dizon Copper-Gold operations due to damage
caused by a typhoon and a land-slide.

Benguet's cash flow still looks impressive since it is
relying on the sale of its remaining chromite stock, but
they are expected to run out next year. A chastened company
is belatedly sobering up and is trying to make the best
of a bad situation.

Benguet told the Philippine Stock Exchange last week that
it has organised a new division for the management and
development of its real estate holdings, and is now also
involved in tourism.

It said that firm executives met with a consortium of
creditor banks on September 15 "to attempt to find a
solution to the company's debt burden". Of course, revenues
from bottled water, its newest venture, could hardly be
expected to generate the resources needed to rehabilitate
the gold mine.

Benguet reported a consolidated net loss of $49.53 million
in 1997 compared to a loss of $6.28 million in 1996.
Benguet expects further losses this year. For the nine-
month period ending September 30, the firm's consolidated
net loss amounted to $10.4 million, an improvement from the
consolidated net loss of $17.7 million in the same period
last year. Benguet now owes foreign and local banks some
1.2 billion pesos, as against estimated assets of 3 billion
pesos.


PHILIPPINE AIRLINES: Cathay bid for PAL faces collapse
------------------------------------------------------
According to the SCMP and the Hong Kong Standard, senior
Philippine Government officials said talks for Cathay
Pacific Airways to take control of PAL broke down over
critical labor and financing issues. SwireGroup general
manager for corporate communications denied talks had
broken down. Executive Secretary to Philippine president
Ronaldo Zamora said PAL chairman Lucio Tan is in America
now to restart talks with Northwest Airlines.

The Hong Kong Standard said that a source in Northwest
Airlines confirmed yesterday that top PAL officials were in
Memphis to negotiate a deal. SG Securities said Cathay
Pacific might be better off without PAL.

According to the SCMP, Mr Zamora said Mr Tan has pledged
not to lay off any more of PAL's 8,000 remaining workers
but Cathay Pacific reportedly wants the number trimmed to
5,000 and the plan included the removal of many pilots
allied with Mr Tan. Last night Mr Estrada said he had
reminded Mr Tan he wanted him to save the jobs of PAL
workers at all costs. Sources inside Cathay Pacific said Mr
Estrada's latest statement contradicted with his earlier
position of essentially brokering the Cathay deal.

One aviation analyst said he doubted whether Northwest was
still interested in PAL and he wondered if it was a ploy
for PAL to get a better deal from Cathay. One source said
Northwest does not want to put up money to re-capitalise
PAL. What they are proposing is to manage PAL for one year
and to decide whether or not to infuse capital after that.
Cathay seems to have the money available but have many
demands that PAL management is hesitant to agree to.

Cathay is now reportedly looking at an infusion of US$75
million to US$100 million but only if this will be matched
with an equal investment by Mr Tan, and it wants Mr Tan to
guarantee his end of the recapitalisation plan. Mr Zamora
said Northwest is four times larger than Cathay and maybe
they would not push for layoffs.


=================
S I N G A P O R E
=================

APRIL PACIFIC: May negotiate share swap
---------------------------------------
The Financial Times reports Asia Pacific Resources
International (April), the Singapore-based pulp and paper
group, may seek to renegotiate the terms of a proposed
share swap with Finland's UPM-Kymmene or make a rights
issue to avert a possible delay to their joint venture.

The two companies last year agreed to swap stakes of 30 per
cent in each other's fine paper operations, but the
handover has been delayed by financing problems at April
because of the Asian economic crisis. The groups, which
have already restructured the venture, have pledged to
execute the swap by the end of 1999.

However, this deadline will be difficult to meet because
April cannot obtain financing to complete the last of three
new paper machines. The deal depends on completion of all
three machines.


HOTEL EQUATORIAL: Firm to be liquidated
---------------------------------------
Singapore Business Times reports Hotel Equatorial Pte Ltd
(HEPL), a wholly-owned subsidiary of Lim Kah Ngam (LKN), is
throwing in the towel after being slapped with a judgement
on its debts. LKN said HEPL's directors decided to
liquidate the company by way of a creditors' voluntary
winding-up in view of a judgement against the company and
debts owed to HEPL's creditors. The company did not give
details of HEPL's debts. LKN's latest annual report lists
HEPL as a hotelier, restaurateur and a hotel management and
consultancy firm.

Fang nee Ho Ai Lian and Ong Yew Huat of Ernst & Young have
been appointed provisional liquidators.


LIM KAH NGAM: Troubled firm liquidates subsidiary
-------------------------------------------------
Singapore Business Times reports Hotel Equatorial Pte Ltd
(HEPL), a wholly-owned subsidiary of Lim Kah Ngam (LKN), is
throwing in the towel after being slapped with a judgement
on its debts. HEPL's parent LKN itself is also going
through a rough patch.

The property and construction group is negotiating with its
bankers for a "standstill agreement". Ernst and Young has
also been appointed special accountants to conduct a
thorough review of the group, which owns and operates the
Hotel Equatorial chain.

Meanwhile, the group will sell its non-hotel properties to
fulfil its financial obligations. LKN's property
development arm owns a host of residential, commercial and
office property in Singapore, Malaysia and China, in
addition to hotel interests held under Hotel Equatorial Pte
Ltd.

LKN slipped into the red with a net loss of $89.5 million
for the six months ended June. A provision of $9.8 million
was also made for the decline in value of its 45 per cent
share in Equatorial Hotel. Short-term unsecured borrowings
at end-June were 30 per cent higher at $208.2 million from
December 1997, while secured short-term borrowings were 17
per cent higher at $9.2 million.


===============
T H A I L A N D
===============

BANGKOK BANK OF COMMERCE: Results announcement
----------------------------------------------
Bangkok Bank of Commerce reports reviewed quarterly
financial statements as a net loss of Bt4.46 billion for
the period ending September 30, 1998. This compares with a
loss of Bt2.19 billion for the corresponding 1997 period.


BANK OF AYUDHYA: Results announcement
-------------------------------------
Bank of Ayudhya PCL reports reviewed quarterly financial
statements as a net loss of BT699 million for the period
ending September 30, 1998. This compares with a profit of
Bt1.05 billion for the corresponding 1997 period.


JALAPRATHAN CEMENT: Pact with French firm awaits vote
-----------------------------------------------------
The Bangkok Post reports shareholders of Jalaprathan Cement
Plc will meet on Thursday to approve a joint investment
plan with Ciments Francais SA, a division of Italcementi
Co, world's fourth-largest cement producer. The meeting
would also approve a restructuring plan for the company,
said Gen Ayupoon Karnasuta, chairman of Jalaprathan Cement.

He said the success of the restructuring was a result of
cooperation among 22 financial institutions and Ciments
Francais, which would invest one billion baht to improve
the company's liquidity. In addition to much-needed
funding, the European partner would support Jalaprathan in
terms of technical, management and marketing expertise.

Gen Ayupoon said the company's creditors, along with the
Bank of Thailand and others, have supported efforts to
reach a compromise on debt restructuring, with the case
seen as a good model for local companies. In this regard,
he said, lenders and shareholders must accept the real
value of assets and negotiate in an atmosphere of trust.
An analyst at Asset Plus Securities said the restructuring
should bear fruit in the long run.

Jalaprathan and Ciments Francais have not revealed the
proportion of stake the French company would acquire, but
it was believed that it would be 49%. Jalaprathan has told
the SET that it would issue 65.4 million new shares, of
which 28.6 million would be subscribed to by Ciments
Francais at 14 baht each. The remaining 38.6 million would
be set aside as convertible debentures as part of the debt-
restructuring plan proposed by the French firm.


JASMINE INTERNATIONAL: Results announcement
-------------------------------------------
Jasmine International PCL reports reviewed quarterly
financial statements as a net loss of Bt255 million for the
period ending September 30, 1998. This compares with a loss
of Bt608 million for the corresponding 1997 period.


SEMICONDUCTOR VENTURES: Postpones rehabilitation plan    
-----------------------------------------------------
Semiconductor Ventures International PCL has informed the
SET that the rehabilitation plan, which was to be submitted
to the Stock Exchange of Thailand on 13th November 1998,
will be delayed.

Later on the major shareholder, H&Q Group, and the
management of the company considered to amend part of the
plan in relation to the time period of the capital
injection for which it would oblige the company to set up
an other Board of Directors Meeting to approve the adjusted
plan again. However, after a serious consideration, the
major shareholder as well as the management of the company
agreed that the schedules as set out in the Board of
Directors Meeting held on 5th November 1998 should be
followed.

Therefore, the company would like to confirm that the
Rehabilitation Plan will now be submitted to the SET on
Friday 20th November 1998.


SIAM CEMENT: To announce restructuring
--------------------------------------
The Asian Wall Street Journal reports Thailand's largest
industrial conglomerate, Siam Cement Group, is expected to
announce today a restructuring plan that streamlines its
basic businesses and introduces a more investor-friendly
approach in an effort to make itself more attractive to
foreign partners.

The announcement would mark the first time a Thai public
company of Siam Cement's size publicly provides details of
a restructuring program. In most cases, the only people
allowed a glimpse of a troubled Thai company's finances are
its lenders.

Already, the mere existence of a restructuring plan, which
the company said it was developing in August, has won the
approval of foreign investors and stock analysts, who say
the group a needs to change to survive the country's worst
economic crisis in decades. In the 5 past, during boom
times, the group diversified into industries that weren't
so profitable. Now that the economy is in recession, and
Siam Cement is saddled with as much as $4.2 billion in
foreign debt, analysts say it needs to look for higher
returns.

"I think it's great that the economic troubles have created
the catalyst," for Siam Cement to take a hard look at its
holdings, said Paul Wanglee, an analyst at Goldman Sachs
(Asia) L.L.C.  Analysts expect the company to streamline
itself by separating profitable cement, petrochemical and
pulp and paper businesses from steel, ceramics and
automobile parts, which have been producing low and
declining returns. These businesses are expected to be
liquidated or sold. ING Barings, in a recent report on Siam
Cement, expects the company to divest $220 million of as-
sets as part of the restructuring.

The plan is also expected to pave the way for deals with
foreign investors, helping Siam Cement raise fresh funds
and investors' confidence that it will survive, said
analysts. In September, a senior executive said the plan
involves setting up a new entity to run the cement
business, reducing the role of Siam Cement PCL to a holding
company and spinning off other units so they can be sold to
foreign investors.

Media reports speculate the group may ask to lengthen its
debt repayment schedule. But analysts don't expect that to
happen. "The baht has been stronger and interest rates have
been coming down," said Natachutha Corvanich, an analyst at
Merrill Lynch Phatra Securities, who added, "There is no
need for Siam Cement to restructure its debt."


SONY THAI: Results announcement
------------------------------- records its worst year
The Nation reports Sony Thai Co Ltd has forecast a 15% drop
in sales of its electrical appliances and electronic goods
for the fiscal year ending next March 31.
Sony Thai's current revenue was 20% behind its initial
target. The company is counting on a Sony Days promotion
campaign from December 1 to February 21 to revive interest
in the market. To cope with falling sales, Sony Thai has
taken steps to control inventory, increase production
efficiency and cut unnecessary costs.


SWEDISH MOTORS: In restructuring talks
--------------------------------------
Swedish Motors Corporation PCL informed the SET that it is
paying only interest on loans when it becomes due. A
regular meeting also is being held to discuss resolutions
for the debt restructuring to satisfy involved parties.


TELECOMASIA: To close three units
---------------------------------
TelecomAsia Corp. said its board has approved the closure
of three more units as part of a restructuring of its
holdings and their respective operations.

The Thai fixed-line telephone-concession operator, which is
a member of the CP Group, said its 99.99% affiliate,
Telecom Holding Co., is the 99.99% owner of the three
companies, according to a filing with the Stock Exchange of
Thailand. The closures are in line with a policy to reduce
operating costs and restructure units for maximum
efficiency, the company said in the filing.

The newly approved closures are in addition to Radiophone
Co.'s termination of operations, which was announced
earlier in the year.

Telecom Holding will receive a premium of 510,000 baht
($14,102) on its investment in 1.5. Asia Co., a computer-
software consultancy, because the company never began
commercial operations, the filing indicated. But the
company is responsible for damages of 225 million baht,
180,000 baht and 100,000 baht, respectively, following the
closure of Radiophone Co., Broadband Equipment
Manufacturing Co. and Visetphan Service Co.

The three companies posted losses as a result of the
downturn in the Thai economy. Broadband Equipment produced
equipment for cable-television networks, and Visetphan
Service installed and repaired telephone systems, as well
as conducted other telecommunications businesses.


THAI AUTOMOTIVE: Chrysler assures car-owners
--------------------------------------------
The Nation reports owners of Chrysler vehicles in Thailand
have been assured that their vehicles will be serviced
despite the court-ordered closure of Thai Automotive (TA)
Ltd and its five showrooms in the Bangkok area.

According to Napaporn Vilaikij, marketing manager of
Chrysler Sales and Services (Thailand) Co. Ltd. (CSS),
Chrysler owners can service or repair their vehicles at the
new CSS headquarters on Paholyothin Road and two other CSS-
approved dealerships in Ratanathibet (Metro Chrysler Co
Ltd) and Rangsit (Chor Chrysler Co Ltd).

"The problem is confined to Bangkok only. We remain
upcountry due to our mega-dealer network," she added. The
mega-dealers all have contracts with CSS.

She also noted that despite the closure of TA, employees
will not lose their jobs.

Since starting business in 1994, Chrysler has sold about
10,000 vehicles in Thailand through Thai Chrysler
Automotive Ltd., a 30-70 joint venture with Swedish Motors
Corp. Earlier this year when the company was sued by
foreign and Thai banks for US$50 million, Chrysler decided
to pull out its name.


THAI DANU BANK PCL: Results announcement
----------------------------------------
Thai Danu Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt491 million for the period
ending September 30, 1998. This compares with a profit of
Bt325 million for the corresponding 1997 period.


THAI-GERMANY PRODUCTS PCL: Results announcement
-----------------------------------------------
Thai-Germany Products PCL reports reviewed quarterly
financial statements as a net loss of Bt464 million for the
period ending September 30, 1998. This compares with a loss
of Bt836 million for the corresponding 1997 period.


THAI HEAT EXCHANGE: Provides delisting information
--------------------------------------------------
Thai Heat Exchange PCL has provided the SET with additional
details concerning its possible delisting. The company
cites foreign exchange loss excess capacities to produce
for export market. The weak baht made our goods cheaper in
view of our foreign customers. At the present, we are
applying for ISO 9002 and QS 9000 standard which our
subsidiaries company, Sanden Theco Co.,Ltd., had already
awarded. Our said subsidiary company had just invested in
additional compressor assembly line last year and start
producing for export market this year.

The company also plans to liquidate some non-operating
assets to increase our cashflow and reduce loss occurred
from holding those assets within this year.


UNITED COMMUNICATION: To delve into debt restructure
----------------------------------------------------
The Nation reports United Communication Industry Plc (Ucom)
anticipates it will complete its US$400 million debt
restructuring before the end of the year, with a registered
capital increase of Bt2.5 billion. The new injection,
already approved by its board but pending a shareholders
meeting on Dec 28, will double the firm's capital to Bt5.13
billion.

The capital increase is the first stage in the company's
negotiations with its creditors. If successful, Ucom will
become the second telecom firm -- after Total Access
Communication Plc (TAC), its cellular phone subsidiary --
to extend its loan payment period.

Lehman Brothers and UBS AG are Ucom's prime advisers, as
they were for TAC.

Tuesday Ucom announced that its shares, valued at Bt10,
will be reserved for the conversion of debentures. Some 67
million new shares will be reserved for the conversion of
Bt3.69 billion in local currency debentures. The debentures
will pay interest of 11.5 per cent per year. An additional
183 million shares will be reserved for conversion of $230
million in foreign currency debentures, which will pay
interest at the London Interbank Offering Rate plus 2 per
cent. The company board will extend the redemption of US
currency debentures worth $210 million.

According to Ucom, the capital increase will largely reduce
the company's debt.


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

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