/raid1/www/Hosts/bankrupt/TCRAP_Public/981215.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      

      Tuesday, December 15, 1998, Vol. 1, No. 207

                    Headlines


* C H I N A   &   H O N G   K O N G *

CHINA EVERBRIGHT: Severs National Mutual ties
CHINA FUJIAN ENGINEERING: Thin pickings from Fujian firms
CHINA INVESTMENT BANK: One state-run bank to absorb another
CHONGQING YUGANG TIOXIDE: Don't buy our stock
GUANGDONG ENTERPRISES: Set for Goldman capital

HOP KIN ENGINEERING: Thin pickings from Fujian firms
NEW CHINA HONG KONG FINANCE: Sued for overdraft
PALIBURG HOLDINGS: Paliburg talks encounter snag
PAM & FRANK: Hoi Fat pledges shares to secure facility
SAIC MULTIPLE TRADING: Losses push retailer off bourse

THEME INTERNATIONAL: Intent on Fitlady disposal
TIANJIN INTERNATIONAL: S&P affirms rating
WING LEE INTERNATIONAL: Group nears Wing Lee control


* I N D O N E S I A *

ASTRA INTERNATIONAL: Meeting with creditors ends poorly


* J A P A N *

IWANAMI PRODUCTION: Film maker seeks bankruptcy protection
JAPAN RAILWAY EAST: May fight pension funds demand
NIPPON CREDIT BANK: Bank is latest takeover by government
NIPPON CREDIT: Govt to sort out NCB's affiliates, tie-ups
NIPPON STEEL: To slash 30% of stainless steel jobs

NOMURA: To wind down property arm in the US


* K O R E A *

ANAM SEMICON: Amkor Technology to take packaging facility
HYUNDAI ELECTRONICS: Merger with LG may be dead
LG ELECTRONICS: To shut overseas offices
LG SEMICON: Merger with Hyundai may be dead
POHANG IRON AND STEEL: Shinitetzu acquires POSCO shares


* M A L A Y S I A *

A.P. EXPRESS (M) SDN BHD: Winding-up petition
AKTIF LIFESTYLE CORPORATION BHD: Results - 31/8/98
ARAB-MALAYSIAN DEVELOPMENT BHD: Results - 30/9/98
BRIGHT PACKAGING INDUSTRY BHD: Results - 31/10/98
GARDEN & LANDSCAPE CENTRE SDN BHD: Voluntary liquidation

GENTING VIEW RESORT MANAGEMENT SDN BHD: Winding-up petition
GOLDEN BEE (B) SDN BHD: Winding-up petition
JUMBO VTC SDN BHD: Winding-up petition
MATRA DATAVISION TECHNOLOGIES SDN BHD: Voluntary winding-up
MEADOW SYSTEMS SDN BHD: Winding-up petition

MULTI-PLANT SDN BHD: Winding-up petition
NORTH-APEX SDN BHD: Voluntarily liquidation
SAGA SENTOSA SDN BHD: Winding-up petition
SUMANA JAYA SDN BHD: Winding-up petition
SUPATECHNOLOGIES SDN BHD: Winding-up petition

TENAGA NASIONAL: To sell 40% stake in power station


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

BARVEY MANUFACTURING: Dissolution cases of small firms
EDMUNZ LOAN AND REALTY: Dissolution cases of small firms
FRANCISCO-SUNDIAM: Dissolution cases of small firms
GOLDEN FARMS, INC: Dissolution cases of small firms
HARDKROME, INC: Dissolution cases of small firms

PRINCESTON PHILS: Dissolution cases of small firms
S.M. & SONS CORP: Dissolution cases of small firms
TCS ENTERPRISES: Dissolution cases of small firms


* T H A I L A N D *

ALPHATEC: Creditors unlikely to approve restructuring plan
GF BRIERLEY: BIL out to recover loans from Thai JV


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

CHINA EVERBRIGHT: Severs National Mutual ties
---------------------------------------------
According to the South China Morning Post, cash-strapped
red chip China Everbright Ltd has ended its ties with
locally listed insurer National Mutual Asia (NMA) by
selling its 5 per cent stake in the company to raise $648
million. The disposal, following the recent sale of its
stake in China Telecom (Hong Kong), is part of China
Everbright's efforts to reduce debts and refocus the group
by selling off non-core assets.

China Everbright yesterday said it had entered an agreement
to sell the NMA stake to NMA's Australian parent, National
Mutual Holdings, at $6 a share. National Mutual Holdings
will increase its holding in NMA from 69 per cent to 74 per
cent. The deal will be completed on Friday. The price
represents a premium of 9.1 per cent above NMA's closing
price on Monday of $5.50.

The sale will make a profit for China Everbright of $93
million over the price of $555 million, or $5.14 a share,
at which it bought the stake four years ago.

ABN Amro analyst Eddie Lau Kwok-lap said the sale was
positive for China Everbright, because it would help ease
its liquidity problems. In October, the red chip sold one-
third of its China Telecom (HK) stake to the market for
$838 million to reduce debt. The two asset sales will raise
a total of $1.5 billion in cash, sufficient for the red
chip to repay a one-year term loan it borrowed to purchase
the China Telecom (HK) shares last year, he said. Before
the sales, the company said its short-term debts amounted
to about $1.5 billion.


CHINA FUJIAN ENGINEERING: Thin pickings from Fujian firms
---------------------------------------------------------
According to the South China Morning Post, creditors of Hop
Kin Engineering Development and China Fujian Engineering
(Hong Kong), which are ultimately controlled by the Fujian
provincial government, may recover as little as 6.5 per
cent of their money, as revealed at their first meeting
yesterday.

Deloitte Touche Tohmatsu said it was too early to say if
the realisable value would be as low as estimated.

The two firms, placed in liquidation by parent China Fujian
Cooperation for International Techno-Economic, had key
assets mainly in properties. Hop Kin had a current book
value of $589 million and a realisable value of about
$129.5 million -- a recovery rate of about 12 per cent
based on $1.07 billion liabilities. Only 4.3 per cent or
$47 million of its debts were secured. China Fujian had a
$265 million book value. With an estimated realisable value
of about $31.7 million and $485 million liabilities,
creditors stand to get back as little as 6.5 per cent of
their money. Only 2.7 per cent, $13.5 million of China
Fujian's debts
were secured.

The firms have 500 creditors, one-fifth of whom are staff
claiming a combined $9.5 million.


CHINA INVESTMENT BANK: One state-run bank to absorb another
-----------------------------------------------------------
Kyodo News reports the China State Development Bank (SDB)
said Friday it will take control of another national bank,
the China Investment Bank (CIB), and pledged to honor CIB's
liabilities to its creditors, Xinhua News Agency reported.
The move, marking the first bank merger in China, has been
ratified by the People's Bank of China, the central bank,
according to the state-run news agency.

The move surfaced in the wake of a Chinese government
announcement in mid-November of its decision to consolidate
the nine branches of the central bank, scattered throughout
China. SDB said the merger was not prompted by any lending
"mismanagement or insolvency," the agency reported. SDB
said it will guarantee repayment of all debts CIB owes its
creditors as well as other types of liabilities, it said.
CIB will be allowed to retain its name after the merger.
The move would amount to making CIB an SDB subsidiary.


CHONGQING YUGANG TIOXIDE: Don't buy our stock
---------------------------------------------
Reuters reports a Chinese company on Wednesday warned
investors against buying the firm's stock in
unusually frank comments indicating the loss-making
corporation could be the country's second firm to be
delisted. The chairman of Chongqing Yugang Tioxide Co Ltd
warned investors not to blindly chase gains after his
company's shares closed limit-up on Monday, the
Securities Times said.

Market regulators have slapped trading curbs on Shenzhen-
listed Yugang's A shares for domestic investors after the
company posted losses for the two consecutive years.
China's securities rules require companies to be delisted
after three straight years in the red.

"There is the possiblity of a delisting," a Yugang official
told Reuters by telephone from Yugang's head office in the
southern city of Chongqing. "We are trying to restructure
assets but time is very tight," said the official, who
declined to be identified.

Yugang's Chen said the company, a maker of titania and
sulphuric acid, had contacted local officials to set up
asset restructuring plans.

Yugang had already racked up 900 million in debt before it
was listed, and although sales levels were acceptable, the
company could not possibly service its loans this year, Xie
said. Beside the perennial debt problems that plague many
of China's listed firms, the Asian financial crisis has
bitten into their exports, while domestic consumer spending
has slumped amid large-scale layoffs in state-owned
enterprises.

Yugang shares fell their five percent limit of 0.26 yuan to
4.91 yuan soon after afternoon trading began. Trade in
Yugang was suspended on Wednesday morning for an official
company announcement carrying Chen's comments.


GUANGDONG ENTERPRISES: Set for Goldman capital
----------------------------------------------
According to the South China Morning Post, Goldman Sachs is
expected to inject $15 to $20 million to acquire a stake in
the debt-laden Guangdong Enterprises (Holdings) as part of
a restructuring plan of Guangdong Enterprises. A Goldman
Sachs spokesman declined to comment but sources close to
the deal said the exact size of the capital involved was
not yet decided and the injection might take the form of
equity or a loan. An announcement is expected next week.

Reports also said the Guangdong provincial government's
commercial investment arm in Macau looked set to be merged
with Guangdong Enterprises.

Goldman Sachs, which this week helped the mainland sell
US$1 billion of international bond, was last month hired by
the provincial government to advise on restructuring
Guangdong Enterprises and Guangdong Investment.


HOP KIN ENGINEERING: Thin pickings from Fujian firms
----------------------------------------------------
According to the South China Morning Post, creditors of Hop
Kin Engineering Development and China Fujian Engineering
(Hong Kong), which are ultimately controlled by the Fujian
provincial government, may recover as little as 6.5 per
cent of their money, as revealed at their first meeting
yesterday.

Deloitte Touche Tohmatsu said it was too early to say if
the realisable value would be as low as estimated.

The two firms, placed in liquidation by parent China Fujian
Cooperation for International Techno-Economic, had key
assets mainly in properties. Hop Kin had a current book
value of $589 million and a realisable value of about
$129.5 million -- a recovery rate of about 12 per cent
based on $1.07 billion liabilities. Only 4.3 per cent or
$47 million of its debts were secured. China Fujian had a
$265 million book value. With an estimated realisable value
of about $31.7 million and $485 million liabilities,
creditors stand to get back as little as 6.5 per cent of
their money. Only 2.7 per cent, $13.5 million of China
Fujian's debts were secured.

The firms have 500 creditors, one-fifth of whom are staff
claiming a combined $9.5 million.


NEW CHINA HONG KONG FINANCE: Sued for overdraft
-----------------------------------------------
According to the South China Morning Post, New China Hong
Kong Finance is being sued by Dao Heng Bank over an
overdraft of $4.3 million. According to the writ, the
facility was granted in December 1995. Dao Heng is also
seeking the sum from the gurantor, New China Hong Kong
Group Ltd.


PALIBURG HOLDINGS: Paliburg talks encounter snag
------------------------------------------------
According to the South China Morning Post, Hang Lung
Development chairman Ronnie Chan Chi-chung said the company
has temporarily suspended but not terminated negotiations
on the possibility of acquiring Paliburg Holdings. He
refused to say whether the suspension was mainly due to
disagreement on pricing.

He also said whether Hang Lung was only interested in
buying some of Paliburg's properties would depend on
Paliburg's strategy or the way it disposes of its assets.


PAM & FRANK: Hoi Fat pledges shares to secure facility
------------------------------------------------------
Pam & Frank International Holdings Limited has informed the
Stock Exchange of Hong Kong that Hoi Fat International
Limited, the company's controlling shareholder has made a
pledge of some shares of HK$0.10 each by, to secure general
banking facilities of the company and its subsidiaries and
an associated company.

Short-term arrangements were made to finance the purchase
of properties between Hoi Fat and lenders on 31st March,
1998, which would enable completion of the restructuring to
take place in accordance with the terms of the
restructuring agreement. Under the arrangements, the
security provided to the Lenders for the loans include a
legal charge on 305 million Shares held by Hoi Fat. The
Charged Shares represent about 29% of the issued Shares.
Hoi Fat currently holds 505 million Shares representing
about 48% of the issued Shares.

The legal charge on the Charged Shares has also secured
general banking facilities made available to (and utilised
by) the Group by the Lenders totaling about HK$55 million
as of today. Out of the General Banking Facilities of about
HK$55 million, a loan facility of about HK$3.4 million has
been granted to both a subsidiary and an associated company
of the Company, Shenzhen Chinalight Pam & Frank Industrial
Company Limited. This loan bears interest of 1.5% over
prime rate per annum. As of today, Shenzhen Chinalight
utilised about HK$2.1 million under this loan facility. The
General Banking Facilities are guaranteed by Hoi Fat and
were due to be repaid on 30th November, 1998. Taking into
account the working capital position of the Group, the
Group and the Lenders have been discussing on the terms of
settlement of the General Banking Facilities which are
expected to be finalised by the end of this month.


SAIC MULTIPLE TRADING: Losses push retailer off bourse
------------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, retailer SAIC Multiple Trading is set to become
the first company on the Shanghai bourse to have its shares
suspended for chronic losses. Government bodies had already
approved the counter's mandatory suspension from trading
after the latest annual report revealed a third year of
losses.

According to the Hong Kong Standard, the company said in an
announcement in yesterday's Shanghai Securities News
warning investors of risk that the company's debts, many of
which overdue, were larger than its capital. The massive
debt burden had produced high financial costs. An official
said SAIC had accumulated more than one billion yuan in
debt.

The government had tried long and hard to come up with a
strategy to rescue the firm but failed, when other troubled
firms were undergoing restructuring.

SAIC listed A shares in February 1994 and first posted its
annual losses in 1996 of 25.9 million yuan. It reported
109.5 million yuan in red ink the following year and a
further 45.1 million yuan in the first half of 1998.


THEME INTERNATIONAL: Intent on Fitlady disposal
-----------------------------------------------
According to the Hong Kong Standard, Theme International
Holdings has vowed to proceed with the sale of its 40 per
cent stake in Fitlady Investment Holdings for $90 million,
despite a writ filed by SCM China Growth Fund last Friday
trying to stop the sale.

SCM China Growth Fund claimed in its writ that an agreement
with Theme International signed on November 20 precludes
the sale of the Fitlady stake without first offering it on
the same terms to SCM, or without the fund's consent.

Theme International Holdings (BVI) -- a wholly owned
subsidiary -- holds the shares in Fitlady Investment
Holdings, a regional hosiery manufacturer.

Theme claims that there is little prospect of SCM's action
being successful and urged its shareholders not to be
affected by the writ on whether to sell the shares in
Fitlady. The special general meeting will decide on the
sale of the shares will be held on Friday.

The sale of the shares includes a shareholder's loan to
Fitlady Investment.


TIANJIN INTERNATIONAL: S&P affirms rating
-----------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, S&P has affirmed a BB minus rating for Tianjin
International Trust and Investment Corp (Titic) following a
public show of support from the Tianjin municipal
government. The agency said Titic's rating would be kept on
Creditwatch pending disclosure of Beijing's restructuring
plan for the international trust and investment corp (Itic)
sector, which according to Xinhua news agency yesterday is
understood to have already been completed.

Xinhua said the blueprint would outline regulations for the
sector, which would entail the closure and merger of some
Itics and the separation of banking and trust businesses.
The report said the mainland had 242 Itics, with combined
owner's equity of more than 55 billion yuan and assets of
460 billion yuan.


WING LEE INTERNATIONAL: Group nears Wing Lee control
----------------------------------------------------
According to the South China Morning Post, Wing Lee
International Holdings said it was to raise $24.49 million
by launching a one-for-two rights issue of new shares,
which would result in the issue of not less than 163.29
million new shares at 15 cents each.

It is understood that Wing Lee's chairman, Chow Wing-kee,
had been under pressure to repay loans taken out with Prime
Assets, which held his entire holding in Wing Lee as
collateral.

A group related to tycoon Albert Yeung Sau-shing is to
underwrite the rights issue and become the leading
shareholder in Wing Lee, whose main routes are to Guangdong
and Taiwan.

The share proposal came after the company's appointment on  
Thursday of four new executive directors: Wong Chi-fai,
Vanessa Fan Manseung, Tom Chan Pak-lam and Li Kit-chee. Mr
Wang and Ms Fan are joint managing directors of Emperor
International Holdings, in which Mr Yeung is the majority
shareholder. Mr Chan is Emperor's legal consultant and a
dealing director of Emperor International Exchange (Hong
Kong) and Mr Li is an accounting-firm partner.

Wing Lee said on Wednesday it had been informed that its
chairman, Chow Wing-kee, was in preliminary discussions
with a party related to Mr Yeung. On Thursday, Mr Chow's
35.34 per cent Wing Lee interest was sold down to 21.93 per
cent by Prime Assets -- a firm controlled by Mr Yeung.

According to the Hong Kong Standard, the rights issue,
which is being underwritten by Emperor Securities, is open
to domestic shareholders, who are entitled to one share at
a price of 15 cents for every two shares held and the
subscription price is a 57 per cent discount on the closing
price of 35 cents last Thursday, the last trading day
before suspension for the company's shares, while 15 cents
also represents an 83 per cent discount to the average
closing price of 86.5 cents per share for the 10 trading
days to Dec 10.

The recording date for assessing the rights issue is Jan 4,
with results being announced on Jan 26.

The company was listed on the stock exchange in October
last year, when its initial public offering of 72 million
shares was 3.68 times oversubscribed.

The company claimed the proceeds are for general working
capital and future expansion.


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

ASTRA INTERNATIONAL: Meeting with creditors ends poorly
-------------------------------------------------------
The Asian Wall Street Journal reports a meeting between PT
Astra International, Indonesia's largest assembler of
automobiles, and its creditors has ended in a deadlock
because some banks are refusing to accept Astra's
moratorium on interest payments on its debt. Astra
announced last October that its business has fallen so much
that it had stopped paying interest on about $1.4 billion
in loans.

The article reports that it is generally thought among
financial circles that Astra's Japanese creditor banks
(which account for the majority of Astra's bank debts) are
insisting interest payments. According to the report, under
Japanese bank-accounting rules, a temporary halt in  
interest payments forces the banks to add provisions for
bad loans. Analysts believe that this is unacceptable to
Japanese banks now.  

Last month, Astra announced a debt restructuring proposal
that called for its debt to be divided into three tranches
with varying grace and repayment schedules. Fourteen
percent of this debt would have a three year term with
quarterly interest payments and six month principle
payments. The repayments on this segment of the debt would
begin two years after the restructuring agreement is
approved.  

The largest part (78 percent) of the debt would be
converted into a six year term loan, with a one year grace
period on interest payments and three years on principle
payments.  The final 8 percent of the debt will be
converted into zero coupon bonds, with detachable warrants
for eight years and an associated sinking fund which Astra
would be obliged to contribute to in order to assure
bankers that the bonds would be repaid at maturity.

Additionally, a 250 billion rupiah secured bond is planned
to be repurchased when it comes due in February 1999
outside of this restructuring plan. According to the
report, this fully secured bond must be redeemed if Astra
is to keep possession of its show rooms.


=========
J A P A N  
=========

IWANAMI PRODUCTION: Film maker seeks bankruptcy protection
----------------------------------------------------------
Kyodo News reports Iwanami Productions Inc., a major
documentary filmmaker, Thursday sought court protection
from creditors under the bankruptcy law. The company, a
segment of the prestigious Iwanami Shoten Publishers, with  
liabilities totaling 1.2 billion yen, filed the application
with the Tokyo District Court.


JAPAN RAILWAY EAST: May fight pension funds demand
--------------------------------------------------
The Wall Street Journal reports East Japan Railway Co. will
decided by the end of January whether to file suit against
the government over what the railroad calls an "illegal"
scheme to impose additional state debts on the formerly
state-owned company, a JR East executive said.

In October the government legislated a plan to have JR East
and its six sister companies absorb an additional 180
billion yen that had recently come to light in unfunded
pension liabilities of the old national railways.

Though the move halved the burden the government had
originally intended to impose, the government is changing
the terms under which investors--18% of them foreigners--
bought JR East stock, said JR East's managing director,
Yoshio Hanazaki.


NIPPON CREDIT BANK: Bank is latest takeover by government
---------------------------------------------------------
According to the South China Morning Post, the Japanese
Government took over the stocks of debt-ridden Nippon
Credit Bank yesterday.

Officials said the bank had liabilities of 94.4 billion yen
in March this year because of huge bad loans and had failed
to come up with a realistic recovery plan. Prime Minister
Keizo Obuchi said the bank had yet to outline a realistic
path to achieve recapitalisation.

Executives at Nippon Credit lodged a last-minute written
appeal yesterday morning insisting the bank had never been
insolvent. The bank's president Shigeoki Togo said he would
resign. He said the government's decision was regrettable
and extremely abrupt, although he admitted that bad loans
were hard to write off.

Mr Obuchi said the bank wrongly assessed its loan
portfolio, refusing to acknowledge some loans had turned
bad. He said an inspection showed the bank was insolvent as
of March this year.

Under bank reforms enacted in October, Tokyo has access to
an 18 trillion yen pool of public money to deal with
nationalised banks, part of a wider 60 trillion yen fund
set up to deal with the banking crisis. Mr Obuchi said as a
result of this all deposits taken, bank debentures issued
and inter-bank transactions as well as derivative
transactions conducted by the bank are to be settled
orderly. The government will also decide the price to be
paid for the bank's shares, which closed at 158 yen on
Friday.

Tokyo will try to sell the bank's bad loans and find a
private buyer to take over the healthy assets.

According to the Hong Kong Standard, which also reported on
the news, top executives at the bank other than Mr Togo
will also resign.

Bad loans at Nippon Credit were expected to reach 3.2
trillion yen by next March, about one-third of its total
lending.


NIPPON CREDIT: Govt to sort out NCB's affiliates, tie-ups
---------------------------------------------------------
Nikkei reports the government plans to sort out the
operations of Nippon Credit Bank's affiliates and its tie-
ups now that the troubled bank is due to be nationalized.
Cross shareholdings with Bankers Trust Co. of the U.S. are
likely to be liquidated, government sources said Saturday.

Already, it has been decided that Gartmore Investment
Management Plc will take effective control of NCG
Investment Trust Management Co., a joint venture the bank
and the British firm set up in 1996.

The tie-up that NCB and Bankers Trust announced in 1997
caused a stir in Japan's banking industry as the first
major alliance between a Japanese and foreign bank.

Nippon Credit has affiliates in the trust banking and
investment advisory sectors as well as venture capital
firms. The government aims to sell off the operations of
the trust bank at an early date because its assets lend
themselves well to securitization and other affiliates are
expected to be offloaded in due course, the sources said.

Nippon Credit is estimated to have several dozen affiliates
saddled with bad debts, according to financial sources.


NIPPON STEEL: To slash 30% of stainless steel jobs
--------------------------------------------------
Nikkei reports Nippon Steel Corp., Japan's top steelmaker,
plans to reduce its staff in the stainless steel division
by about 30% by March 2000, company officials said. The
company's stainless steel division has been in the red
since fiscal 1997, due to the sharp decline in stainless
steel demand amid the economic decline, and earnings are
expected to deteriorate further in fiscal 1998. Nippon
Steel aims to put the division back in profit in fiscal
1999, by staff reductions and other cost-cutting measures,
company officials said.


NOMURA: To wind down property arm in the US
-------------------------------------------
The Financial Times reports Nomura has taken the first
steps towards winding down the US real-estate business that
cost it as much as $1 billion in losses during this
autumn's turmoil in the international financial markets.

The Japanese securities firm said on Friday that the real-
estate lending operation, which had been spun off into a
separate subsidiary, would not make any new loans and would
be folded back into the group's main US business.

The subsidiary, Capital Company of America, was caught out
by the illiquidity and soaring yield spreads that swept
across the fixed-income markets in the wake of Russia's
debt default in August.

The return of liquidity to the credit markets in recent
weeks has made it easier for companies such as Nomura to
sell large volumes of mortgage-backed securities again.
However, the Japanese firm, with a portfolio still thought
to top $10 billion, has yet to dispose of the bulk of its
loss-making real estate positions.


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

ANAM SEMICON: Amkor Technology to take packaging facility
---------------------------------------------------------
Business Wire reports Amkor Technology, Inc. today
announced that it has signed a non-binding letter of intent
to enter into negotiations with Anam Semiconductor, Inc.
(ASI) for the possible acquisition of Anam's semiconductor
packaging and test facility located in Kwangju, Korea.

The Kwangju facility, known as "K4," is the largest and
newest of ASI's four semiconductor packaging and test
operations in Korea.

The contemplated transaction would depend upon the
availability of appropriate financing, the completion of
due diligence by Amkor, and the satisfaction of certain
other considerations. S.G. Cowen, in conjunction with
Societe General has been engaged as the lead bank to raise
the financing for the transaction. A special review
committee, consisting of the four outside members of the
Amkor Board of Directors, has been appointed to review all
aspects of the transaction, including the appointment of an
independent financial institution to provide a fairness
opinion. The final negotiated transaction would require the
approval of both Amkor's and Anam's Board of Directors and
Anam shareholders as appropriate.

Amkor Technology, Inc. is the world's largest independent
provider of semiconductor packaging and test services.


HYUNDAI ELECTRONICS: Merger with LG may be dead
-----------------------------------------------
The Korea Times reported the members of the Korean business
and financial communities have conclude that the proposed
merger between LG Semicon Company and Hyundai Electronics
Industry Company (HEI) is dead. The article also stated
that Lee Hun-jai, the chairman of the Financial Supervisory
Commission (FSC), has identified LG was the troublemaker,
being lukewarm to efforts by an outside consulting firm to
work issues related to the proposed merger.  

LG sources maintain that LG Semicon is much healthier than
the Hyundai counterpart, and that it will be able to make
more money than HEI next year. Although Hyundai and LG have
agreed to share equity in a new merged firm based on a
seven to three ratio, which group would get 70 percent,
and which would get 30 percent has been an issue of
contention. The FSC has threatened that if the dispute over
management of a merge semiconductor company is not resolved
by December 25, then all existing loans to those two
companies will be called in.

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 ELECTRONICS: To shut overseas offices
----------------------------------------
A brief in the Wall Street Journal says LG Electronics will
shut down seven of its overseas headquarters as part of its
restructuring. The locations targeted are Chicago, Tokyo,
London, Singapore, Moscow, Panama, and Dubai.


LG SEMICON: Merger with Hyundai may be dead
-------------------------------------------
The Korea Times reported the members of the Korean business
and financial communities have conclude that the proposed
merger between LG Semicon Company and Hyundai Electronics
Industry Company (HEI) is dead. The article also stated
that Lee Hun-jai, the chairman of the Financial Supervisory
Commission (FSC), has identified LG was the troublemaker,
being lukewarm to efforts by an outside consulting firm to
work issues related to the proposed merger.  

LG sources maintain that LG Semicon is much healthier than
the Hyundai counterpart, and that it will be able to make
more money than HEI next year. Although Hyundai and LG have
agreed to share equity in a new merged firm based on a
seven to three ratio, which group would get 70 percent,
and which would get 30 percent has been an issue of
contention. The FSC has threatened that if the dispute over
management of a merge semiconductor company is not resolved
by December 25, then all existing loans to those two
companies will be called in.

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.


POHANG IRON AND STEEL: Shinitetzu acquires POSCO shares
-------------------------------------------------------
The Digital ChosunIlbo reports Japan's Shinitetzu, the
world's largest steel maker, has acquired a portion of
Korea's Pohang Iron and Steel Corp. (POSCO) through
participation in the recent sale of POSCO depository
receipts (DR). Government and Korea Development Bank (KDB)
officials said Sunday that DR purchasers included the
Japanese steel manufacturer, but could not confirm the
actual amount. The total amount of DR's floated equal 5.1%
of the total POSCO shares owned by the government and KDB.

Analysts said that the acquisition represented a strategic
alliance between the two steel makers, aimed at preventing
a hostile third-party takeover of POSCO. Meanwhile,
unconfirmed reports say that China's Baosan Steel, the
world's third largest steel maker, also purchased a portion
of the POSCO DRs.


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

A.P. EXPRESS (M) SDN BHD: Winding-up petition
---------------------------------------------
Asian World Shipping Limited on 4/12/98 petitioned for the
winding-up of A.P. Express (M) Sdn Bhd.


AKTIF LIFESTYLE CORPORATION BHD: Results - 31/8/98
--------------------------------------------------
Aktif Lifestyle Corporation Bhd (superstore chain, listed
on the KLSE) reported a post-tax loss of RM3.363mil for the
6months ended 31/8/98, compared to  a post-tax profit of
RM0.566mil. EPS fell 788% from 2.49sen previously to a loss
per share of 17.14sen during the period.


ARAB-MALAYSIAN DEVELOPMENT BHD: Results - 30/9/98
-------------------------------------------------
Arab-Malaysian Development Bhd (listed on the KLSE) posted
a pre-tax loss of RM18.6mil for the 6months ended 30/9/98,
compared to a pre-tax profit of RM21.4mil previously.


BRIGHT PACKAGING INDUSTRY BHD: Results - 31/10/98
-------------------------------------------------
Bright Packaging Industry Bhd (listed on the KLSE) reported
a post-tax loss of RM8.290mil for the 6months ended
31/10/98, compared to a post-tax profit of 1.997mil
previously. EPS fell 320% from 16.7sen to a loss per share
of 36.8sen during the period.


GARDEN & LANDSCAPE CENTRE SDN BHD: Voluntary liquidation
--------------------------------------------------------
The members of Garden & Landscape Centre Sdn Bhd on 3/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 12/1/99.


GENTING VIEW RESORT MANAGEMENT SDN BHD: Winding-up petition
-----------------------------------------------------------
Paragon Communications Sdn Bhd on 29/9/98 petitioned for
the winding-up of Genting View Resort Management Sdn Bhd.
The petition is directed to be heard on 13/1/99.


GOLDEN BEE (B) SDN BHD: Winding-up petition
-------------------------------------------
Ban Hin Lee Bank Bhd on 24/11/98 petitioned for the
winding-up of Golden Bee (B) Sdn Bhd. The petition is
directed to be heard on 12/3/99.


JUMBO VTC SDN BHD: Winding-up petition
--------------------------------------
Kancil Prima Sdn Bhd on 17/11/98 petitioned for the
winding-up of Jumbo VTC Sdn Bhd. The petition is directed
to be heard on 12/3/99.


MATRA DATAVISION TECHNOLOGIES SDN BHD: Voluntary winding-up
-----------------------------------------------------------
The members of Matra Datavision Technologies Sdn Bhd on
9/12/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
13/1/99.


MEADOW SYSTEMS SDN BHD: Winding-up petition
-------------------------------------------
Achieva Technology Sdn Bhd on 26/10/98 petitioned for the
winding-up of Meadow Systems Sdn Bhd. The petition is
directed to be heard on 7/3/99.


MULTI-PLANT SDN BHD: Winding-up petition
----------------------------------------
Public Bank Bhd on 6/2/98 petitioned for the winding-up of
Multi-Plant Sdn Bhd. The petition is directed to be heard
on 15/3/99.


NORTH-APEX SDN BHD: Voluntarily liquidation
-------------------------------------------
The members of North-Apex Sdn Bhd on 8/12/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 14/1/99.


SAGA SENTOSA SDN BHD: Winding-up petition
-----------------------------------------
Lux Distributor Sdn Bhd on 29/10/98 petitioned for the
winding-up of Saga Sentosa Sdn Bhd. The petition is
directed to be heard on 4/3/99.


SUMANA JAYA SDN BHD: Winding-up petition
----------------------------------------
Liew Chun Leing and Liew Siew Moy on 27/11/98 petitioned
for the winding-up of Sumana Jaya Sdn Bhd.


SUPATECHNOLOGIES SDN BHD: Winding-up petition
---------------------------------------------
Public Finance Bhd on 14/10/98 petitioned for the winding-
up of Supatechnologies Sdn Bhd. The petition is directed  
to be heard on 2/4/99.


TENAGA NASIONAL: To sell 40% stake in power station
---------------------------------------------------
Singapore Business Times reports utility giant Tenaga
Nasional Bhd (TNB) has proposed to sell 40 per cent of its
interest in the Sultan Salahuddin Abdul Aziz Power Station
in Kapar to independent power
producers (IPPs), said its executive chairman Ahmad
Tajuddin Ali. The sale is subject to approval from all the
relevant government authorities.

"This proposed sale on interest in the 1,500 megawatt power
plant is part of the on-going restructuring of TNB
primarily into a transmission and distribution company," he
told reporters on Saturday.


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

BARVEY MANUFACTURING: Dissolution cases of small firms
------------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Manufacturing firm
Barvey Manufacturing Corp. has an authorized capital of
PhP1 million. The dissolution of these firms would mean a
potential capital withdrawal of PhP49.58 million based on
their approved authorized capital. Last quarter, the SEC
reported a capital withdrawal of PhP303.4 million, 46.7%
more than the second quarter record of PhP206.8 million.


EDMUNZ LOAN AND REALTY: Dissolution cases of small firms
--------------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Lending firm Edmunz
Loan and Realty Corp. has an authorized capital of PhP10
million. The dissolution of these firms would mean a
potential capital withdrawal of PhP49.58 million based on
their approved authorized capital. Last quarter, the SEC
reported a capital withdrawal of PhP303.4 million, 46.7%
more than the second quarter record of PhP206.8 million.


FRANCISCO-SUNDIAM: Dissolution cases of small firms
---------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Realty firm
Francisco-Sundiam Development Corp. has an authorized
capital of PhP500,000. The dissolution of these firms would
mean a potential capital withdrawal of PhP49.58 million
based on their approved authorized capital. Last quarter,
the SEC reported a capital withdrawal of PhP303.4 million,
46.7% more than the second quarter record of PhP206.8
million.


GOLDEN FARMS, INC: Dissolution cases of small firms
---------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Agricultural firm
Golden Farms, Inc. has an authorized capital of PhP20
million. The dissolution of these firms would mean a
potential capital withdrawal of PhP49.58 million based on
their approved authorized capital. Last quarter, the SEC
reported a capital withdrawal of PhP303.4 million, 46.7%
more than the second quarter record of PhP206.8 million.


HARDKROME, INC: Dissolution cases of small firms
------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Electroplating firm  
Hardkrome, Inc. has an authorized capital of PhP15 million.
The dissolution of these firms would mean a potential
capital withdrawal of PhP49.58 million based on their
approved authorized capital. Last quarter, the SEC reported
a capital withdrawal of PhP303.4 million, 46.7% more than
the second quarter record of PhP206.8 million.


PRINCESTON PHILS: Dissolution cases of small firms
--------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Trading firm
Princeston Phils., Inc. has an authorized capital of
PhP125,000. The dissolution of these firms would mean a
potential capital withdrawal of PhP49.58 million based on
their approved authorized capital. Last quarter, the SEC
reported a capital withdrawal of PhP303.4 million, 46.7%
more than the second quarter record of PhP206.8 million.


S.M. & SONS CORP: Dissolution cases of small firms
--------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Realty firm S.M. &
Sons Corp. has an authorized capital of PhP2 million. The
dissolution of these firms would mean a potential capital
withdrawal of PhP49.58 million based on their approved
authorized capital. Last quarter, the SEC reported a
capital withdrawal of PhP303.4 million, 46.7% more than the
second quarter record of PhP206.8 million.


TCS ENTERPRISES: Dissolution cases of small firms
-------------------------------------------------
The economy stands to lose 49.58 million Philippine pesos
in capital as the Securities and Exchange Commission looks
into the dissolution of eight small- to medium-sized firms.
The SEC's corporate legal department is reviewing the
dissolution cases of the eight firms. Trading firm TCS
Enterprises, Inc. has an authorized capital of PhP950,000.
The dissolution of these firms would mean a potential
capital withdrawal of PhP49.58 million based on their
approved authorized capital. Last quarter, the SEC reported
a capital withdrawal of PhP303.4 million, 46.7% more than
the second quarter record of PhP206.8 million.


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



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

ALPHATEC: Creditors unlikely to approve restructuring plan
----------------------------------------------------------
The Bangkok Post reports Krung Thai Bank will likely veto a
restructuring plan for Alphatec Electronics today, which
could force the embattled company into liquidation, bank
executives say. The state-owned bank is Alphatec's largest
creditor, with 4.2 billion baht in debt owed: 3.66 billion
in principal and the rest in overdue interest and penalty
fees.

"There are four or five aspects of the restructuring plan
that we simply cannot accept," said a senior Krung Thai
Bank executive who asked not to be named. "We feel it is in
our best interests to vote against the plan, even though it
probably means that Alphatec will have to be closed by the
end of the month."

The five-year restructuring plan, drafted by
PricewaterhouseCoopers, calls for Alphatec's debt to be cut
to $104 million from $373 million.

AIG, a US financial services firm, and Investment AB, the
parent of Swedish telecom firm Ericcson, would invest $40
million for an 80% stake in a new offshore holding company.
The remaining 20% would be held by creditors after a debt-
for-equity swap. The new company, set up in the Cayman
Islands, would take a full stake in a new local company
established to manage assets of Alphatec.

But Krung Thai Bank has protested that the investment
structure would compromise creditor rights under current
Thai law.

The new companies would not be held liable for Alphatec's
debt. And despite being the largest creditor, Krung Thai
Bank would have little management say in the new company.
Another objection is that creditors would have to wait
until 2002 before discovering whether $55 million in
restructured debt would be paid, based on the company's
performance.

PricewaterhouseCoopers has argued that the book value of
Alphatec assets as of June was $78 million, although the
liquidation value would likely be far less. However, Krung
Thai Bank executives argue that valuations of some assets
in the plan were likely too pessimistic. "For instance,
there is some machinery that the company purchased in 1997
for $18 million but now valued at just $6.6 million. We
think that's too low," one executive said.

Krung Thai Bank, along with Union Bank, are among the
creditors holding the greatest security on their loans. As
such, both argue they should have preferential rights,
since they would be best protected in the case of
liquidation.

With Krung Thai Bank representing 26% of total debt, its
veto would collapse the plan and likely push Alphatec into
bankruptcy and court liquidation.

"If Krung Thai Bank votes for the plan, the entire board
could face criminal action," one director said. "We've
looked at the plan closely, including future industry
prospects, and concluded the firm is not viable. The plan
projects annual revenues of $500 million for Alphatec. But
its clients have mostly left already."

Creditors would have to take a loss of $3.4 billion under
the restructuring plan. Krung Thai Bank notes that some
$1.5 billion in Alphatec debts stemmed from mismanagement
by former management, including Alphatec founder and former
chief Charn Usawachoke.


GF BRIERLEY: BIL out to recover loans from Thai JV
--------------------------------------------------
According to the Sunday Star Times, Brierley Investments is
suing one of its ill-fated Asian investment partners in an
effort to recover a $1 million loan for feasibility studies
into a pulp mill in north-eastern Thailand. BIL has also
impounded in Seattle several containers of second- hand
industrial plant worth nearly $800,000 belonging to
AsiaTech, a subsidiary of the defunct GF Brierley joint
venture in Thailand, against whom the action has been
taken.

One-year loans totalling $1m were made to AsiaTech between
January and July last year, and BIL began seeking repayment
in May. When not forthcoming a commercial settlement was
attempted, followed by the action in the Superior Court in
Seattle, Washington, and impounding of the equipment, which
had been offered as collateral for the original loans.


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,
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