/raid1/www/Hosts/bankrupt/TCRAP_Public/981211.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Friday, December 11, 1998, Vol. 1, No. 205

                    Headlines


* C H I N A   &   H O N G   K O N G *

AWT HOLDINGS: Settles with connected creditors
CA PACIFIC: SFC launches payouts for CA Pacific clients
CAPITAL ASIA: To revise capital reorganization proposal
CHI CHEUNG INVESTMENT: Chi Cheung sells property assets
GKC HOLDINGS: IBA seeks bankruptcy for Tang family members

KWONG ON BANK: Shareholders negotiating sale of bank
LION ASIA: CIL to purchase remaining shares
QPL INTERNATIONAL: Announces winding-up of UK subsidiary
TAK WING INVESTMENT: Exclusive period extended on warrants
TIANJIN INTERNATIONAL: Gitic fallout hits Tianjin

WELLESON MANAGEMENT: Parent agrees to winding-up
WHEELOCK AND COMPANY: Results announcement


* J A P A N *

CHUO TRUST: No merger with Nippon Credit
INAX CORP: Results announcement
MITSUI TRUST SECURITIES: Shut down by parent company
NIPPON CREDIT: No merger with Chuo Trust
SHOKUSAN JUTAKU: Trouble acquiring funds from banks

TSUDAKOMA CORP: Results announcement


* K O R E A *

DAEWOO ELECTRONICS: Workers protest big deal
HYUNDAI ELECTRONICS: Scrapping merger could call in loans
LG SEMICON: Scrapping merger could call in loans
SAMSUNG MOTORS: Workers protest big deal


* M A L A Y S I A *

DAX FOODS SDN BHD: Winding-up petition
ENKAI PLASTIC INDUSTRIES SDN BHD: Winding-up petition
HEXAGONLINK SDN BHD: Voluntary winding-up
HUSWAH EXHIBITION SDN BHD: Winding-up petition
THE NEW STRAITS TIMES PRESS (M) BHD: Results - 31/8/98

MORAIN-MAJU (M) SDN BHD: Winding-up petition
RENONG: State fund pursues Renong guarantors
SELERA GEMALAI SDN BHD: Winding-up petition
SIN HIAP BEE HARDWARE SDN BHD: Winding-up petition
SISTEM TELEVISYEN MALAYSIA BHD: Results - 31/8/98

SYARIKAT KILANG CHUAN HUAT (JOHOR): Voluntary winding-up
UNITED HARDWARE CORPORATION SDN BHD: Voluntary winding-up
WELL KNOWN RESTAURANT SDN BHD: Voluntary Winding-up


* S I N G A P O R E *

COURTS (SINGAPORE): Results announcement
KEPPEL BANK: Shares rise on purchase rumours
ORCHARD PARADE: Announces new share placement


* T H A I L A N D *

ALPHATEC: Critical final vote scheduled for Monday
MALEE SAMPRAN: CSFB Private Equity units take Malee share
SITCA-BMB: Adkinson Securities is winning bidder
THAI ONONO: To delist shares from SET


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

AWT HOLDINGS: Settles with connected creditors
----------------------------------------------
On 1st December 1998, freight forwarding company AWT
Holdings Company Limited entered into six settlement
agreements with certain directors and ex-directors to issue
shares of HK$0.01 each in the capital of the Company in
full and final satisfaction of the debts owing to the
Connected Creditors by the Group. The total amount of debts
owing to the Connected Creditors by the Group amount to
approximately HK$1.2 million (without interest).

The Group is experiencing cash flow difficulties. The
directors bona fide believe that the issue of the
settlement Shares is in the interest of the Company and its
shareholders and has commercial benefit in that it will not
only provide an incentive to the directors to continue with
the Group, but also a flexibility tool to the directors to
manage the Company's financial position, in particular its
cash flow or liquidity management, in that the debts owing
to the Connected Creditors by the Group will be set-off
entirely by the issue of the Settlement Shares. In addition
it will maintain the creditworthiness of the Group as the
Group may have difficulty in recruiting staff or even
obtaining services or assets from third parties if it fails
to pay its debts.

As at the date of this announcement, the Group's maximum
aggregate liability to independent third party creditors is
approximately HK$195 million. The issue of shares to settle
debts is naturally subject to the third party creditors
agreeing to accept such shares in full and final  
satisfaction of the debts owing to them. The Company will
make further announcements when necessary to comply with
the Listing Rules if any shares are so issued to the said
creditors under the New Issue Mandate.


CA PACIFIC: SFC launches payouts for CA Pacific clients
-------------------------------------------------------
According to the South China Morning Post, the Securities
and Futures Commission yesterday started repaying clients
of CA Pacific Securities. The Commission paid 894 clients
$77.64 million from the exchange compensation fund, marking
the beginning of an anticipated $400 million repayment
package.

Under a specially devised package, each client will receive
full compensation to a maximum of $150,000. The package
will cover cash clients and margin clients who did not use
their credit lines after June 1 last year and those who
lost more than $150,000 will have to make claims for
additional compensation from the liquidators.

It is expected 70 per cent of the 5,212 clients that had
claimed $2.4 billion will receive $400 million between
them. The 894 clients first in line for repayment were all
cash clients. The stock exchange is processing claims from
margin clients.

The SFC reminded investors that the compensation
arrangement will not automatically apply to other new cases
of default.


CAPITAL ASIA: To revise capital reorganization proposal
-------------------------------------------------------
Capital Asia Limited announces the petition for the
confirmation of the Capital Reduction has been ordered by
the Court to be heard on 5th January, 1999. If the Court
confirms the Capital Reduction at the hearing the Capital
Reorganization Proposal will become effective on 6th
January, 1999.


CHI CHEUNG INVESTMENT: Chi Cheung sells property assets
-------------------------------------------------------
According to the South China Morning Post, Chi Cheung
Investment, an arm of debt-ridden developer Paliburg
Holdings, said it had struck a deal with Far East
Consortium International for the sale of shares and a loan
in Charter Joy Limited (CJL). Under the agreement, Far East
has agreed to acquire Chi Cheung's interest in CJL, worth
about HK$86.3 million. CJL's only asset is a Kowloon Tong
property it bought in 1996 for redevelopment. Chi Cheung
was reported last month to be selling property assets in an
apparent effort to help reduce some of its parent's HK$6
billion debt.


GKC HOLDINGS: IBA seeks bankruptcy for Tang family members
----------------------------------------------------------
According to the South China Morning Post, the
International Bank of Asia filed a petition for bankruptcy
brought against GKC Holdings' Tang family -- the parents
and their two sons.

This follows attempts by the bank to recoup $41 million
from German Kitchen (China), which was guaranteed by the
family. Another guarantor, Citic Beijing subsidiary
Shortbridge, was also approached by the bank. Counsel for
the bank said Shortbridge had agreed to repay $39 million
in instalments. The bank was still pursuing the remaining
$2 million from the Tang family.

The brothers Eric Tang Yiu-hong and Eugene Tang Yiu-chuen
appeared without lawyers at the Court of First Instance.
They told the judge that an irregularity had occurred in
the process of serving legal papers to the family. The
judge said she would reserve a decision on the technical-
legal matter.


KWONG ON BANK: Shareholders negotiating sale of bank
----------------------------------------------------
The shareholders of Kwong On Bank Limited are negotiating
with a number of international financial institutions with
regard to a possible disposal by the Shareholders of their
entire 50.1 per cent controlling interests in the Bank. The
negotiation with one of the Interested Purchasers has
reached an advanced stage. However, the Board has been
informed by the Shareholders that the terms and conditions
of the Disposal have not been finalised.

Fuji has a strong and long-standing relationship with the
Bank and has been its controlling shareholder for more than
25 years. Fuji has assured the Board that it remains fully
committed to the Bank unless Fuji's shareholding in the
Bank has been successfully disposed of and that Fuji wishes
to ensure long term prosperity of the Bank well into the
future.


LION ASIA: CIL to purchase remaining shares
-------------------------------------------
On 23rd November, 1998, CIL Holdings Limited offered to
purchase outstanding shares of Lion Asia Limited. CIL is an
investment holding company principally engaged in property
investment and development. Lion Asia's principal
activities comprise of the operation of a department store,
the design, manufacture and sale of motor cycles and
engines, and property investment and management.

The directors of CIL and Lion Asia are of the view that
Lion Asia shareholders are being offered the opportunity to
exit at a substantial premium to market price; and to
participate in a property development and investment
company with relevant projects in both Hong Kong and the
PRC.

For the year ended 30th June 1998, the audited consolidated
loss of Lion Asia before taxation and minority interests
was HK$27,909,819 and the loss after taxation and minority
interests was HK$16,285,606. The audited consolidated net
tangible asset value of Lion Asia as at 30th June, 1998 was
HK$586,070,433. The net tangible asset value per Share as
at 30th June 1998 was HK$2.79.

Upon completion of the Share Sale Agreement, Lion Asia will
become a subsidiary of CIL. Lion Asia will be principally
involved in the businesses of property investment, property
development and related services in Hong Kong and the PRC.


QPL INTERNATIONAL: Announces winding-up of UK subsidiary
--------------------------------------------------------
QPL International Holdings Limited has announced that
Newport Wafer-Fab Limited, a wholly-owned subsidiary of the
Company based in the United Kingdom, has today presented a
petition for an Administration Order to be presented to the
Courts of England for the appointment of joint
administrators to NWL pursuant to part 2 of the Insolvency
Act 1986 of the United Kingdom. It is expected    that the
Courts will grant the petition and accordingly, joint
administrators will be appointed today to administer the
affairs of NWL.

The administration will enable NWL to continue to operate,
pending discussions relating to the formal standstill
arrangements referred to below, and at the same time,
offering NWL protection from creditors and any winding-up
petition. It is a condition of the administration and of
the joint administrators accepting the appointment that
sufficient funding is made available to NWL by the Company
to fund NWL's administration and the Group has undertaken
to provide funding for the administration up to a maximum
of HK$90 million. The Directors estimate that such amount
will fund the administration for not less than six months.

As at 30th April, 1998, NWL had net assets of approximately
HK$530 million (representing approximately 20 per cent. of
the Group's net asset value as at that date). The Company
has guaranteed the liabilities of NWL to the extent of
approximately HK$1.2 billion.

The Directors continue discussions with the Group's
financial creditors concerning a formal standstill in
respect of the Group's liabilities, pending the agreement
of a debt moratorium or composition with creditors.


TAK WING INVESTMENT: Exclusive period extended on warrants
----------------------------------------------------------
Tak Wing Investment (Holdings) Limited has been informed by
Dr. Chung Chun Keung, chairman and controlling shareholder
of the Company, that the expiry of the exclusive period
pursuant to the letter of intent he entered into earlier  
with an independent third party has now been extended to 9
December 1998.

Shareholders and warrantholders of the Company and
potential investors should note that the transaction
contemplated under the letter of intent may or may not
proceed and if proceed, a general offer may or may not
happen and as such, they are urged to exercise extreme
caution when dealing in the shares and the warrants of the
Company.


TIANJIN INTERNATIONAL: Gitic fallout hits Tianjin
-------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, Standard & Poor's said Tianjin International
Trust and Investment Corp (Titic) might not be able to
redeem a 10-year, 10 billion yen samurai bond maturing on
Thursday next week, and it might lower the firm's BB minus
rating if it failed to meet debt obligations.

S&P quoted Titic officials as saying the municipal
government would make an announcement today but the agency
also said it is uncertain whether the municipal government
has been able to secure the necessary funds and it is also
uncertain what the stance of the central government would
be on the conversion from yuan to foreign currency. Since
the forced closure of Gitic on Oct 6, Titic's rating was
put on CreditWatch with negative implications. Since the
demise, the financial health of Itics has come under
scrutiny and defaults on syndicated loans by six other
Itics have since been reported.

Titic was named recently in a research report by Salomon
Smith Barney as one of five high-risk Itics. Titic has
asked the Tianjin city government to bail it out.

A Titic official contacted by the South China Morning Post
declined to comment on the likelihood of default.

Titic officials blamed the funding gap on a mismatch
between estimated debt service payments on its own bonds
and repayment of loans it extended to other companies.

S&P said Titic had been heavily burdened by policy lending
to institutions designated by its municipal owner.

Titic's next known due payment is a five-year, 13 billion
yen samurai bond in May. The Salomon report said the firm
had relatively high risk among its peers as its financial
profile was characterised by a comparatively large size and
significant reliance on income from securities operations,
moderate capital adequacy and low profitability. It had
10.2 billion yuan assets, 8.6 billion yuan liabilities and
shareholders' equity of 1.5 billion yuan as of December
last year. Its loan portfolio showed heavy concentration in
the ailing chemical and metallurgy sectors, as well as the
financial, hotel and trade sectors.


WELLESON MANAGEMENT: Parent agrees to winding-up
------------------------------------------------
The directors of Midland Realty (Holdings) Limited have
agreed to a petition to wind-up Welleson Management
Limited, a wholly-owned subsidiary of the Company pursuant
to a winding-up order made on 29th October 1998. The
Directors are of the opinion that winding-up of Welleson
would not have any material adverse impact on the Company.

A winding-up order was made on 29th October 1998 against
Welleson by the High Court of Hong Kong Special
Administrative Region, Court of First Instance and that the
Official Receiver has been appointed as the provisional
liquidator pursuant to a petition for winding-up made by
Fair Rank Limited in relation to the debt owing to Fair
Rank by Welleson in the sum of HK$174,271.15 together with
interest accrued thereon and the Company has no intention
to pay such sum on behalf of Welleson.

Welleson's capital is HK$10,000.00 divided into 10,000
shares of HK$1.00 each. The amount of the capital paid up
or credited as paid up is HK$2.00. Since incorporation,
Welleson has no operation, income nor assets. The only
function of Welleson was to secure tenancy agreements for
premises in which some of the branches of the Group were
occupied. As at the date hereof, there are no outstanding
guarantee in respect of the liability of Welleson given by
the Company. The total deficiency as stated in the
deficiency account of the statement of affairs which was
prepared by a former director of Welleson to the Official
Receiver on 24th November 1998 is HK$31,786.00. The
Directors believe that winding-up of Welleson would not
have any material impact on the financial position of the
Group.


WHEELOCK AND COMPANY: Results announcement
------------------------------------------
Wheelock and Company, the ultimate parent of Marco Polo
Developments, yesterday unveiled a 71 per cent drop in
interim profits, dragged down by significantly lower
contributions from its principal associate Wharf (Holdings)
and higher interest charges within the Hongkong-listed
conglomerate. The diversified group said net profit for the
six months ended Sept 30, 1998, totalled HK$345.1 million
(S$73.4 million), down from HK$1.196 billion in the
previous corresponding period. Earnings per share plunged
to 17 HK cents from 59 HK cents. Wheelock declared an
interim dividend of 2.5 HK cents, down from 11.5 HK cents.


=========
J A P A N  
=========

CHUO TRUST: No merger with Nippon Credit
----------------------------------------
According to the South China Morning Post, Japan's troubled
Nippon Credit Bank said yesterday it would tie up with Chuo
Trust and Banking in investment trust and loan collection
businesses before deciding whether to go ahead with a
merger. The two banks were considering setting up a
"servicer" joint company which would help other banks and
companies collect bad loans.

Earlier this month the two banks said they had held merger
talks to help them overcome the competition brought by
Tokyo's "Big Bang" financial sector deregulation reforms.
The Nihon Keizai Shimbun business daily said earlier
yesterday the banks had given up plans to merge because
Chuo Trust was concerned about Nippon Credit's asset
quality and stock market losses.

Nippon Credit has built up huge bad loans that threaten its
business. It has warned that it faces a colossal 620
billion yen group pre-tax loss for the full year to next
March and would write off 735 billion yen in bad loans this
year but had still not decided whether to take any public
money while most other major banks will take up to 500
billion yen each. Chuo Trust, on the other hand, has said
it will ask for just 130 billion yen and is facing a group
pre-tax loss of 32 billion yen this year.


INAX CORP: Results announcement
-------------------------------
Nikkei reports Inax Corp. recorded a 29% drop in pretax
profit to 5.6 billion yen for the business year ended
October, company officials reported Wednesday. The firm
posted a net loss of 3.9 billion yen, due to 8.1 billion
yen in extraordinary charges stemming from special
retirement allowances and loan losses. It was the
first net loss since the company was listed in 1949 and
compares with profit of 2.5 billion yen the previous term.

For the year through October 1999, Inax expects pretax
profit to rise 61% to 9 billion yen thanks to reductions
in personnel and other expenses. Sales should finish at 254
billion yen, with net profit reaching 5.6 billion yen.


MITSUI TRUST SECURITIES: Shut down by parent company
----------------------------------------------------
The Asian Wall Street Journal reports that the board
members of Mitsui Trust Securities Company have decided to
cease operations next week following a decision by its
parent bank, Mitsui Trust & Banking Company, to liquidate
it.  

Mitsui Trust was established in 1995, but was closed as
part of an effort by Mitsui Trust & Banking to shutdown
overseas operations and focus on domestic business.


NIPPON CREDIT: No merger with Chuo Trust
----------------------------------------
According to the South China Morning Post, Japan's troubled
Nippon Credit Bank said yesterday it would tie up with Chuo
Trust and Banking in investment trust and loan collection
businesses before deciding whether to go ahead with a
merger. The two banks were considering setting up a
"servicer" joint company which would help other banks and
companies collect bad loans.

Earlier this month the two banks said they had held merger
talks to help them overcome the competition brought by
Tokyo's "Big Bang" financial sector deregulation reforms.
The Nihon Keizai Shimbun business daily said earlier
yesterday the banks had given up plans to merge because
Chuo Trust was concerned about Nippon Credit's asset
quality and stock market losses.

Nippon Credit has built up huge bad loans that threaten its
business. It has warned that it faces a colossal 620
billion yen group pre-tax loss for the full year to next
March and would write off 735 billion yen in bad loans this
year but had still not decided whether to take any public
money while most other major banks will take up to 500
billion yen each. Chuo Trust, on the other hand, has said
it will ask for just 130 billion yen and is facing a group
pre-tax loss of 32 billion yen this year.


SHOKUSAN JUTAKU: Trouble acquiring funds from banks
---------------------------------------------------
The Financial Times reports Shokusan Jutaku, a leading
residential and commercial builder, is having trouble
acquiring funds from its main bank fuelled concerns about
the looming crisis in Japan's construction sector
yesterday. The company insisted it was having no trouble
finding funds from its primary lenders. The group had an
estimated Y98.3bn in interest-bearing liabilities and a net
gearing ratio of 520 percent as of March 1998, according to
ING Barings in Tokyo.

The builder's main bank is Sanwa Bank. Sanwa, which holds
4.9 percent of total equity, yesterday dismissed the
reports about a change in lending practices as
"groundless."


TSUDAKOMA CORP: Results announcement
------------------------------------
Nikkei reports Tsudakoma Corp. can be expected to announce
a pretax loss of around 400 million yen for the fiscal year
ended November, sources said Wednesday. The poor
performance compares with pretax profit of 500 million yen
the previous year. For the year through November 1999,
Tsudakoma expects a pretax loss of 2 billion yen on a 16%
fall in sales to around 33 billion yen. Overall orders are
expected to remain sluggish, with sales of air-jet weaving
machines likely set for a major decline.


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

DAEWOO ELECTRONICS: Workers protest big deal
--------------------------------------------
The Digital ChosunIlbo reports workers at Samsung Motors
plants in Pusan and Taegu went on strike Thursday to
protest the big deal struck between the parent company and
Daewoo involving the auto subsidiary's absorption by Daewoo
Motors. New orders for cars from the plants were reported
to have been virtually suspended.

Over 3,000 staff of Daewoo Electronics also held a protest
rally Thursday outside the groups headquarters, which will
continue Friday when overseas subsidiaries' representatives
will arrive in Seoul. They are protesting their reciprocal
absorption by Samsung Electronics and are expected to
attempt to hand a petition in to Chongwadae condemning the
deal.

In spit of this opposition, creditor banks are pushing
ahead with the deals and will complete their action plans
by the December 15 deadline set by the government.


HYUNDAI ELECTRONICS: Scrapping merger could call in loans
---------------------------------------------------------
The Korea Herald reports the Financial Supervisory
Commission sent an ultimatum to LG Semicon Company and
Hyundai Electronics Industry Company that if their dispute
over management of a merged semiconductor company is not
resolved by December 25, then all existing loans to those
two companies will be called in. Although Hyundai and LG
have now agreed to share equity in the new firm on a seven
to three basis, which group would get 70 percent, and which
would get 30 percent has not been decided.

According to stock market data reported earlier, the
Hyundai and LG semiconductor groups are estimated to have
debt-to-equity ratios of 935 percent and 617 percent,
respectively.


LG SEMICON: Scrapping merger could call in loans
------------------------------------------------
The Korea Herald reports the Financial Supervisory
Commission sent an ultimatum to LG Semicon Company and
Hyundai Electronics Industry Company that if their dispute
over management of a merged semiconductor company is not
resolved by December 25, then all existing loans to those
two companies will be called in. Although Hyundai and LG
have now agreed to share equity in the new firm on a seven
to three basis, which group would get 70 percent, and which
would get 30 percent has not been decided.

According to stock market data reported earlier, the
Hyundai and LG semiconductor groups are estimated to have
debt-to-equity ratios of 935 percent and 617 percent,
respectively.


SAMSUNG MOTORS: Workers protest big deal
----------------------------------------
The Digital ChosunIlbo reports workers at Samsung Motors
plants in Pusan and Taegu went on strike Thursday to
protest the big deal struck between the parent company and
Daewoo involving the auto subsidiary's absorption by Daewoo
Motors. New orders for cars from the plants were reported
to have been virtually suspended.

Over 3,000 staff of Daewoo Electronics also held a protest
rally Thursday outside the groups headquarters, which will
continue Friday when overseas subsidiaries' representatives
will arrive in Seoul. They are protesting their reciprocal
absorption by Samsung Electronics and are expected to
attempt to hand a petition in to Chongwadae condemning the
deal.

In spit of this opposition, creditor banks are pushing
ahead with the deals and will complete their action plans
by the December 15 deadline set by the government.


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

DAX FOODS SDN BHD: Winding-up petition
--------------------------------------
Trendy Prints Sdn Bhd on 16/10/98 petitioned for the
winding-up of Dax Foods Sdn Bhd. The petition is directed
to be heard on 29/1/99.


ENKAI PLASTIC INDUSTRIES SDN BHD: Winding-up petition
-----------------------------------------------------
Perwira Affin Bank Bhd on 27/11/98 petitioned for the
winding-up of Enkai Plastic Industries Sdn Bhd.


HEXAGONLINK SDN BHD: Voluntary winding-up
-----------------------------------------
The members of Hexagonlink Sdn Bhd on 1/12/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 1/1/99.


HUSWAH EXHIBITION SDN BHD: Winding-up petition
----------------------------------------------
Reliance Suci Environmental Sdn Bhd on 4/12/98 petitioned
for the winding-up of Huswah Exhibition Sdn Bhd.


THE NEW STRAITS TIMES PRESS (M) BHD: Results - 31/8/98
------------------------------------------------------
The New Straits Times Press (M) Bhd reported a post-tax
loss of RM30.693mil for the year ended 31/8/98, compared to
a post-tax profit of RM150.805mil previously. EPS fell from
RM0.79 to a loss per share of RM0.13 during the year.


MORAIN-MAJU (M) SDN BHD: Winding-up petition
--------------------------------------------
Eastern Pretech (Malaysia) Sdn Bhd on 18/11/98 petitioned
for the winding-up of Morain-Maju (M) Sdn Bhd. The petition
is directed to be heard on 13/1/99.


RENONG: State fund pursues Renong guarantors
--------------------------------------------
According to the South China Morning Post, Renong's biggest
bondholder, the state-owned Employees Provident Fund (EPF)
served notice on Nov 23 demanding guarantor banks of a
M$450 million bond pay up after Renong's default on other
loans, as revealed by some guarantor banks.

Bankers said Renong, which has about M$20 million in debt,
is disputing EPF's claim and obtained a court injunction on
Nov. 30 to block a transfer of the money to the fund.

The guarantor banks for the five-year bond, issued on April
11 last year to help Renong pay for its equity stake in
telecommunications company Time Engineering, include
Bayerische Landesbank, OCBC Bank, Tat Lee Bank, Sanwa Bank,
DBS Bank and Banque Paribus.

Analysts said the move is raising questions about the
government's support for Renong, Malaysia's biggest
construction group and one of the most politically well-
connected companies in Malaysia. They said the move has a
very bad implication prompting other creditors to do the
same. Most of Renong's businesses were formerly owned by
Malaysia's ruling political party, United Malays National
Organisation. Renong's chairman Halim Saad is a protege of
Special Functions Minister Daim Zainuddin, who is tasked
with pulling Malaysia out of its slump. In October, Prime
Minister Mahathir Mohamad, said help for Renong was a
matter of national interest.

Renong lost M$794.1 million in the year to June 30, after
posting M$469.5 million profit for the year before. In
October, it missed payments of M$12 million in interest and
guarantee fees on two loans from several banks of M$421.4
million and US$147 million.

On October 9, Renong unveiled a rescue plan, asking
creditors to replace M$10.5 billion of debt at developers
with government bonds.


SELERA GEMALAI SDN BHD: Winding-up petition
-------------------------------------------
Public Bank Bhd on 14/10/98 petitioned for the winding-up
of Selera Gemalai Sdn Bhd. The petition is directed to be
heard on 2/4/99.


SIN HIAP BEE HARDWARE SDN BHD: Winding-up petition
--------------------------------------------------
Ann Yak Siong Hardware Sdn Bhd on  27/11/98 petitioned for
the winding-up of Sin Hiap Bee Hardware Sdn Bhd.


SISTEM TELEVISYEN MALAYSIA BHD: Results - 31/8/98
-------------------------------------------------
Sistem Televisyen Malaysia Bhd (TV broadcasting station,
listed on the KLSE) reported a post-tax loss of
RM167.036mil for the year ended 31/8/98, compared to a
post-tax profit of RM13.582mil previously. EPS fell from
8sen previously to a loss per share of 96sen during the
period.


SYARIKAT KILANG CHUAN HUAT (JOHOR): Voluntary winding-up
--------------------------------------------------------
The members of Syarikat Kilang Chuan Huat (Johor) Sdn Bhd
on 7/12/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
11/1/99.


UNITED HARDWARE CORPORATION SDN BHD: Voluntary winding-up
---------------------------------------------------------
The members of United Hardware Corporation Sdn Bhd on
30/11/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
15/1/99.


WELL KNOWN RESTAURANT SDN BHD: Voluntary Winding-up
---------------------------------------------------
The members of Well Known Restaurant Sdn Bhd on  7/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 10/1/99.


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

COURTS (SINGAPORE): Results announcement
----------------------------------------
Furniture and electronics chain Courts (Singapore) saw
half-time net earnings drop 30 per cent to $3.6 million.
For the six months to Sept 30, 1998, earnings per share
(EPS) fell by 30 per cent to 2.24 cents while group
turnover rose 3.6 per cent to $80 million. Its results for
the six months were less than half what the market expects
of its full-year earnings.


KEPPEL BANK: Shares rise on purchase rumours
--------------------------------------------
According to Singapore Business Times, Keppel Bank shares
rose sharply yesterday on strong rumours that a foreign
financial institution may be taking a stake in the bank,
traders said. Last month, Keppel Group chairman Sim Kee
Boon revealed that talks had taken place with potential
foreign and local investors in Keppel Bank, which is
scheduled to complete its merger with Tat Lee Bank by year-
end. Mr Sim also said Keppel is willing to hold a minority
stake if the right deal comes along.


ORCHARD PARADE: Announces new share placement
---------------------------------------------
Mainboard-listed developer Orchard Parade Holdings
yesterday said it is placing out 15 million new shares to
raise $12.15 million in net proceeds, according to
Singapore Business Times. At 83 cents apiece, the shares
are priced at a 7.8 per cent discount to Tuesday's closing
price of 90 cents. Net proceeds will go to working capital
and reducing borrowings, said the subsidiary of tycoon Ng
Teng Fong's Far East Organization.

Analysts, however, didn't think the sum raised will
do much for OPH, whose borrowings and debt securities
totalled just over $1 billion at end-June.

OPH suffered an interim net loss of $88.1 million,
dragged down by $62.8 million provisions.


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

ALPHATEC: Critical final vote scheduled for Monday
--------------------------------------------------
The Bangkok Post reports Alphatec Electronics, the first
restructuring case under the country's revised bankruptcy
act, is on the verge of collapse as major creditors refuse
to write off debts. Potential new investors in the company
were running out of patience, according to a partner in
PricewaterhouseCoopers, which drew up the restructuring
plan.

"If the plan is not approved by Monday, investors who have
pledged the money will walk away from the deal and so will
PriceWaterhouseCoopers," said John Perrins of the firm's
financial advisory service.

Alphatec, which makes integrated circuit packaging and
other electronic equipment, has said that it had only
enough funds to survive until the end of this year.

Krung Thai Bank and Union Bank on Tuesday refused to
endorse the plan prepared on behalf of Alphatec creditors.
The five-year plan involves $40 million in new investment
by US financial services giant AIG and Investment AB, the
Swedish parent of the telecom firm Ericsson.

Krung Thai Bank, the largest single creditor with 4.2
billion baht outstanding, suggested the two new investors
should inject funds directly into Alphatec, instead of
through two proposed holding companies. Union Bank argued
that financial creditors should receive more than employees
and trade creditors under the plan, which calls for
Alphatec's debt to be reduced to $104 million from $373
million. A new vote on the proposed amendments is scheduled
for Monday.

Mr Perrins said Krung Thai Bank had criticised the plan for
proposing a structure that essentially divorced Alphatec's
old business from new activities. The bank said the plan
violated the business reorganisation law, but Mr Perrins
disagreed. He said the new management would not be liable
for the previous actions of the company. But any
individuals accused of wrongdoing would still be liable to
court action, he said.

"It's a normal structure that's used by investors who
invest in distressed companies. They don't want to have any
association with the past."

Mr Perrins stressed also that the "new" Alphatec would not
give up the rights of the "old" Alphatec to pursue claims
against former managers, employees, auditors or others to
recover non-core assets, namely loans made to associated
companies.

Reports have suggested that financial creditors would have
to write off anywhere between 80% and 90% of their loans in
exchange for a 20% equity in the company. There may also be
a requirement that the creditors invest between $15 million
and $20 million more in the near future. In this case,
priority would be given to creditors to subscribe to a new
share issue. If they decline, then the investors would take
up the issue.

By investing a total of $40 million, American International
Group and Investment AB would each have a 20% stake in
Alphatec. Another 20% would be held by creditors. The
restructuring plan also calls for a $55-million performance
bond, with some of the funds going to creditors if Alphatec
performed better than agreed standards, Mr Perrins said.
The prospective investors, he added, had offered the best
possible price for the company under the circumstances, and
it was very unlikely that they would offer more.

Dean Van Drasek, a director of Credit Agricole Indosuez
which has been involved in the restructuring, said Alphatec
had very little time and very few options left. If Krung
Thai Bank rejected the plan again, he said, Alphatec would
have no other option but liquidation through the courts.
The most it would fetch would be $15 million to $20
million, and the creditors would be the biggest losers.
Mr Van Drasek also suggested that Krung Thai management
lacked detailed knowledge of the case.

"There are changes happening in the bank and nobody wants
to take the tough steps before the whole restructuring
takes place, but after Monday, investors may not be willing
to enter the deal anymore."


MALEE SAMPRAN: CSFB Private Equity units take Malee share
---------------------------------------------------------
The Nation reports Malee Sampran Plc, one of the country's
largest canned fruit manufacturers, is stepping up its
restructuring by welcoming two Credit Suisse First Boston
Private Equity wholly-owned subsidiaries as new partners,
enabling it to raise about Bt1.02 billion in fresh capital.

Malee Sampran Tuesday announced that CSFB Fruta Holdings NV
and CSFB EMA Holdings NV will take a combined 28.6 per cent
stake in the company after converting preferred shares and
warrants to common shares. Malee welcomed the partners only
months after successfully avoiding a delisting in early
1998. The two buyers, based in the Netherlands, are
expected to help strengthen Malee's financial position;
improve operating costs, quality and efficiency; as well as
invest in expansion projects. The proceeds will also reduce
Malee's debts which stood at Bt800 million as of October.


SITCA-BMB: Adkinson Securities is winning bidder
------------------------------------------------
Adkinson Securities Public Company Limited was announced by
the Financial Sector Restructuring Authority after the
close of business on 4th December, 1998 the winner of the
bidding for 5,625,000 ordinary shares of capital stock in
SITCA-BMB International Asset Management Co., Ltd., which
had been offered to be sold at an auction organised by
the FRA.


THAI ONONO: To delist shares from SET
-------------------------------------
Thai Onono Public Company Limited has decided to delist the
shares of the Company from the Stock Exchange of Thailand.
Mr. Suchart Supphanichwong and Mr. Mongkol Mangkornkanok,
the major shareholders, will make a tender offer for all
shares at 0.75 baht per share.

The Company has shown net losses for five consecutive
years, negative net tangible asset and negative
shareholders equity. According to SET procedures, the
Company is required to appoint the financial advisor for
the preparation of a rehabilitation plan and summit to the
shareholders for approval.

The Company is unable to officially appoint the financial
advisor since the potential financial advisor is unable to
make a reasonable and acceptable rehabilitation plan
because the Company has a large amount of loans and cannot
pay interest expenses. To recover from this financial
trouble, the Company has to raise more equities which may
take a long time and the outcome of equity raising is
uncertain. The SET by the order of the Board of Governors
of the SET nonetheless might delist the Company's shares
from the SET due to the lack of reasonable and acceptable
rehabilitation plan any way.


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 * * *