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   T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

       Thursday, September 30, 1999, Vol. 2, No. 190

                            Headlines


* C H I N A  &  H O N G  K O N G *

GUANGDONG INT'L TRUST: Gov't probing cause of collapse
GUANGNAN HOLDINGS: Posts first-half loss
SINOCAN HOLDINGS: Winding up hearing to continue
THEME INT'L.: YGM Trading new rival for Giordano Int'l
TSE SUI LUEN JEWELLERY: Served with bankruptcy petition
VINCENT INTERTRANS: Posts annual loss
WAH TAK FUNG HOLDINGS: Sells properties to reduce debt
WONG'S KONG KING INT'L.: Posts first-half loss


* I N D O N E S I A *

PT CENTRAL PROTEINA PRIMA: 4 banks agree to restructuring
PT GARUDA INDONESIA: House Comm. welcomes Gov't takeover


* J A P A N *

LONG-TERM CREDIT BANK: U.S.company expected to take over
LONG-TERM CREDIT BANK: S&P put on "credit watch"


* K O R E A *

DAEWOO GROUP: Restructuring to be complete by year-end
DAEWOO GROUP: Banks assisting with cash flow
DAEWOO GROUP: Foreign creditors cry 'Unfair Treatment'


* M A L A Y S I A *

INTRIA BHD: Posts smaller annual loss this year


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

MONDRAGON INT'L PHILIPPINES: In talks to reopen casino


* S I N G A P O R E *

IPC CORP.: Debt-laden company gets loan funds injection
LEONG HIN HOLDINGS: Posts first-half loss
LIM KAH NGAM: Posts first-half loss
LION TECK CHIANG: Posts annual loss


* T H A I L A N D *

BAN PONG SUGAR CO.: Signs debt restructure agreement
MEDIA OF MEDIAS PLC: Posts 2nd quarter, first-half losses
NAKORN PETCH SUGAR CO.: Signs debt restructure agreement
PHATRA THANAKIT: BOT final arrangements next month
SHIN CORPORATIONS: Selling subsidiary as part of debt rehab
SIAM SYNTECH CONSTRUCTION: Facing bankruptcy suit


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

GUANGDONG INT'L TRUST: Gov't probing cause of collapse     
------------------------------------------------------         
The failure of Guangdong International Trust and Investment
Corp was due to mismanagement and fraud and the mainland is
building a legal case linked to the collapse, a senior
official of Guangdong province said.

"It was a question of both," said Wang Qishan, executive
deputy governor, when asked whether the trust firm was
brought down by corruption or mismanagement.  "A legal case
needs evidence and evidence is still being gathered," he
said at the Fortune Global Forum.

Gitic was shut in October last year. It filed for
bankruptcy in January. Liquidators said claims against
Gitic stood at 38.8 billion yuan (about HK$36.2 billion)
and recoverable assets were only 6.5 billion yuan.  Asked
when a resolution to any legal proceedings could be
expected, Mr Wang said: "You need to be patient. Legal
proceedings take time."  (South China Morning Post 29-Sep-
1999)

GUANGNAN HOLDINGS: Posts first-half loss                   
----------------------------------------                    
Further provision has seen Guangnan (Holdings) extend its
full-year net loss, bleeding $276.85 million in the first
half to June 30.

The insolvent food conglomerate controlled by Guangdong
Enterprises (Holdings) (GDE) made a net profit of $133.62
million in the year-ago period.  The first half continued
to see the company hit by a sizeable exceptional loss,
amounting to $160.97 million. The item included $57.5
million provision for bad and doubtful debts and $64.76
million provision for permanent diminution in value of
investments and $41.48 million loss of investment in an
associate.

The company incurred $119.04 million of operating loss
before exceptional items, compared to operating profit of
$161.55 million earlier.  Turnover was sharply down to
$1.56 billion from $3.78 billion.  Loss per share was 30.43
cents, against 16.97 cents earnings per share in the year-
earlier period.  No interim dividend was declared, compared
with three cents a share last year.

The company was forecast by the market consensus to post a
net profit of $96.2 million on a turnover of $5.70 billion
for the full year, according to the Global Barra Estimates.  
It made an attributable full-year loss of $3.47 billion,
mainly due to heavy provisions for bad and doubtful debts
and irregular items. Its poor financial health was partly
related to alleged fraud which resulted in a $200 million
loss at the company.  Part of the alleged scam involved
three of its senior executives.  (South China Morning Post  
29-Sep-1999)

SINOCAN HOLDINGS: Winding up hearing to continue
------------------------------------------------
The Court of First Instance adjourned the winding up
hearing for Sinocan Holdings to Oct. 11.  Sinocan is a
locally listed company engaging in the manufacture of cans
which are used for food and beverage.  The Hongkong and
Shanghai Banking Corporation served a winding-up petition
on Sinocan in March after it suffered a serious liquidity
problem.

THEME INT'L.: YGM Trading new rival for Giordano Int'l     
------------------------------------------------------     
Fashion retailer YGM Trading has emerged as a rival to
Giordano International to take over cash-strapped Theme
International Holdings, according to sources.

YGM had trumped casual-wear chain operator Giordano by
making a more generous offer, they said.  The counter-offer
raises the prospect of a rare Hong Kong takeover battle for
control of struggling Theme.  However, Giordano yesterday
maintained it would "stand firm" on its proposal,
indicating it would not raise the terms of its offer.

Trading in Theme's shares was suspended at the company's
request yesterday, pending a statement "regarding a
proposal by a potential investor".  YGM sells Michel Rene
women's wear, Hang Ten casual wear and apparel under a
string of brands such as Aquascutum, Ashworth and Arnold
Palmer, largely in Taiwan and the SAR.  The company's
attributable profit dropped 12.87 per cent to $62.69
million for the year to March 31.

Sources said YGM had offered to inject assets into Theme in
exchange for new and existing shares of the company.  They
said the offer included a higher level of debt repayment as
a sweetener to Theme's bank creditors.  As part of its bid,
Giordano is offering to repay 12 per cent of Theme's
$242.78 million outstanding debts as of March 31, an
effective haircut - or cut in loan principal - of 88 per
cent.

Defending the company's offer, Giordano executive director
Terry Ng Sze-yuen said bigger haircuts had been proposed in
other rescue plans.  For example, textile tycoon Charles
Yeung Chun-kam plans proposes to pay less than 10 per cent
of Siu Fung Ceramics' $2.2 billion total debts.

Creditors of Yaohan Hongkong Corp reportedly will receive
very little from a rescue plan by property and hotel group
Asia Standard International Group.  Mr Ng said Giordano
would not blindly chase rival bids while awaiting a reply
from Theme directors on its proposal.

"We will stand firm on our proposal. It gives a fair value
to Theme given the presence of risk elements," he said.

The sources said Giordano would implement measures to turn
around Theme if it succeeded in its bid.  They said
Giordano would run Theme as a separate entity, open more
than 40 Theme outlets in the region, increase the number of
retail managers and give performance-related stock options
to all staff.  (South China Morning Post  29-Sep-1999)

TSE SUI LUEN JEWELLERY: Served with bankruptcy petition
-------------------------------------------------------
Financial institution UBS ha served a bankruptcy petition
on Tse Sui Luen, the chairman of listed Tse Sui Luen
Jewellery (International).  A few weeks ago, he lost in a
civil litigation related to his contractual obligation on
the purchase of certain Tse Sui Luen shares.

VINCENT INTERTRANS: Posts annual loss
-------------------------------------
Final results for Vincent Intertrans (Holdings) for the
year ended April 30 showed losses increasing to HK$67.2M
from $7.9M in the previous financial year.  Turnover fell
to $259.8M from $401M in the previous financial year.

WAH TAK FUNG HOLDINGS: Sells properties to reduce debt     
------------------------------------------------------     
Troubled Wah Tak Fung Holdings has sold properties worth
$700 million since April to reduce debt, according to
director Kenneth Chan King-hung.

Mr Chan refused to disclose the losses incurred from
property disposals, but said it would be reflected in this
year's results.  The company's remaining 200,000 square
feet property portfolio would continue to be sold for debt
repayment, he said after Wah Tak Fung's annual general
meeting yesterday.

Among the property disposals, he said a formal agreement
would be signed next month for the sale of a serviced
apartment at Peel Street in Sheung Wan for $100 million.  
As of the end of July, the outstanding aggregate amounts
due from Wah Tak Fung to banks was $708 million and trade
creditors $25 million.  Of the $708 million, $348 million
was overdue.

Mr Chan said talks on taking part in a high-technology
investment were still under way and nothing could be
announced yet. (South China Morning Post  29-Sep-1999)

WONG'S KONG KING INT'L.: Posts first-half loss
----------------------------------------------
Wong's Kong King International (Holdings) sank into the red
for the six months to June 30 with a loss of $3.54M against
a profit of $10.34M a year ago.  No interim dividend was
given, the same as last year.  The loss per share was 0.52
cents against earnings per share of 1.51 cents a year ago.


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

PT CENTRAL PROTEINA PRIMA: 4 banks agree to restructuring
---------------------------------------------------------
Four Singapore banks are among 22 which have agreed to
restructure the US$131.5 million (S$224.9 million) debt of
a listed Indonesian company.

The deal with PT Central Proteina Prima is one of only a
few so far involving Indonesian companies hit by the Asian
crisis.  United Overseas Bank, OCBC, Keppel TatLee and DBS
Bank were among the institutions which signed the
restructuring agreement here yesterday.  The four local
banks' share of the loan amounted to about US$25 million.

Under the deal, PT Central Proteina Prima, which produces
aquaculture and animal feed, will make an immediate 10 per
cent repayment.  The remainder of its loans will be repaid
in various percentages annually until December 2003.  It
will pay interest at 2.5 per cent above the Singapore
interbank offered rate, or about 1.7 percentage points
higher than the average rate under the original loans.

PT Central Proteina Prima is a unit of Thailand's agro-
industrial giant, the Charoen Pokphand Group, which also
has a 60 per cent stake in Thailand's 7-Eleven franchise.
The Government Investment Corporation of Singapore has just
bought an 11 per cent stake in the franchise.  Charoen
Pokphand Group Indonesia's vice-president for funding and
banking relations, Mr Hery Tjusanto, said the loan was
largely for working capital.

The Asian economic crisis brought about debt problems as
its income was in heavily depreciated rupiah while its
loans were in US dollars, he said.  Still, the company
managed to keep up its repayments on the interest but in
June last year appealed to its creditors to reschedule the
principal payments.

A steering committee chaired by Mr Jimmy Ho of the
Singapore branch of Banque Paribas negotiated terms with
the group for about a year.  Referring to the completion of
the talks, he said it was one of only a few such
restructuring stories involving Indonesian firms since the
crisis. (Straits Times  29-Sep-1999)

PT GARUDA INDONESIA: House Comm. welcomes Gov't takeover
--------------------------------------------------------
The House Commission IV in charge of transportation and
communication said it welcomed a plan by the government to
take over the outstanding debts of Garuda Indonesia to save
the nation's flag carrier from bankruptcy.

House Comission chairman Burhanuddin Napitupulu told
reporters here yesterday that Indonesia, now suffering
badly due to the economic crisis, would suffer even further
through the insolvency of the state-owned airline company.

"Law No.15 of 1992 on aviation stipulates that domestic or
local air routes may only be served by national airlines,"
he said.

He said the current situation for Garuda is in fact far
from rosy and does not exclude the possibility of creditors
accelerating the insolvency process if the government does
not take concrete measures to bail out the airline.

"If all aircraft are suddenly withdrawn by creditors, then
the public may have difficulty gaining a fast means of
transport to the various regions in Indonesia," he said.

An "Open Sky" policy proposed by the government, could not
just be applied right away in Indonesia before the existing
legislation is revised.

"This constitutes a challenge for Indonesia to revive again
the national airline to enable it to compete with overseas
companies," Burhanuddin said.

According to him the problems faced by Garuda could not be
separated from corruption, collusion and nepotistic
practices (KKN) over the last ten years, such as in matters
of aircraft lease which must go through middlemen and air
route handling that have to meet the whims of certain
government officials.  Restructuring efforts have been
made, including scrapping unnecessary air routes and doing
away with KKN practices, while hoping the company debts be
taken over by the government, he said.

Earlier on, the government decided to take over debt
settlement of the company with Exim Bank of the US
amounting US$62 million per year for a period of eight
years.  The loan from US Exim Bank was taken for the
purchase of 11 Boeing 737 aircraft while Garuda could pay
for the transaction in eight annual installments of US$62
million.  (Asia Pulse  28-Sep-1999)


=========
J A P A N
=========

LONG-TERM CREDIT BANK: U.S.company expected to take over
--------------------------------------------------------
Something never done by a U.S. company before, investment
group Ripplewood Holdings is expected to win approval on
Tuesday to take over a Japanese bank. The assets and
operation of the Long-Term Credit Bank of Japan (LTCB),
placed under government stewardship last October, are to be
relinquished by the Financial Revitalisation Commission
(FRC).

Financial sources said New York-based Ripplewood will
likely be the company that takes over LTCB with a view,
once it's revived, to relisting or selling the bank,
potentially back into Japanese hands.  They said will pay
about one billion yen ($9.43 million) for state-owned
common shares in LTCB.

After the takeover, they said Ripplewood would likely
inject 120 billion yen in fresh capital into the bank.
Analysts see the debut of a U.S.-run bank bolstering reform
in Japan's banks sector, which is reeling with hefty bad
loans and poor profitability.

"The decision will create a sound bank geared to achieve
high business efficiency and profitability," said Nozomu
Kunishige, senior industry analyst at Lehman Brothers.
"(It) will provide the domestic banking industry with
favourable stimulus."

Industry sources said heavyweights including Masamoto
Yashiro, former chairman of Citibank N.A., the Japanese
banking arm of Citigroup, will lead a restructured LTCB
featuring Western-style management that emphasises
transparency and efficiency.  Its transition is seen as a
test case for another nationalised bank, Nippon Credit
Bank, and for just how far Japan is prepared to go to
ensure drastic changes in its banking sector, analysts
said.

LTCB once acted as a pillar for Japan's post-war economic
miracle by throwing a lifeline to war-ravaged corporations,
but it, like many banks, stumbled badly beneath bad loans
that mounted after Japan's economic "bubble" period of
inflated asset prices burst in the early 1990s.

Former LTCB President Katsunobu Onogi and several other
former executives were indicted earlier this year for
falsifying financial statements and paying illegal
dividends.  It was the first bank nationalised under new
laws aimed at restoring confidence in the banking sector.

Bidders for LTCB have waited months for the outcome and
Ripplewood has emerged as a final candidate alongside a
joint bid by Chuo Trust & Banking and Mitsui Trust &
Banking, two Japanese trust banks due to merge next
April.  A source close to the deal said the FRC will pick
Ripplewood as that option will require less tax money than
the other bid.

The two trust banks received public funds in March to
strengthen their financial bases and handing them LTCB
would require pouring more tax money into them, analysts
have warned.  The government has already spent more than
two trillion yen on LTCB, mostly to clean up excess
liabilities. It is expected to inject more public funds
to strengthen the bank's capital and bolster its loss
reserves in the run-up to the takeover, bringing the total
to more than four trillion yen.

Sources said, as part of its bid, Ripplewood has promised
it not to terminate existing corporate loans or sell off
shareholdings shortly after the takeover.  The Nihon Keizai
Shimbun business daily reported on Tuesday that, in return,
Ripplewood will be allowed to sell back to the government
at book value any LTCB loan portfolio that loses more than
20 percent of its value in the next three years.

Ripplewood was set up in 1995 and invests by pooling
corporate investors to buy assets in firms. It then either
lists shares in the companies or sells them after
restructuring.  Media reports said foreign investors such
as Citigroup, Mellon Bank Corp and General Electric Co unit
GE Capital will likely participate in Ripplewood's LTCB
investment.  (Reuters, NewsHound  28-Sep-1999)

LONG-TERM CREDIT BANK: S&P put on "credit watch"
------------------------------------------------
U.S. credit rating agency Standard and Poor's said Tuesday
it has placed its "R" counterparty credit rating for the
Long-Term Credit Bank of Japan (LTCB) on CreditWatch with
developing implications.

The agency also said it has placed on CreditWatch with
developing implications its ratings for the senior debt
issues and certificates of deposits of LTCB and its related
entity.  The move follows the Japanese government's
announcement that New LTCB Partners CV, an investor group
led by U.S. investment house Ripplewood Holdings LLC, is
the most preferred candidate to acquire all the operations
of the nationalized LTCB.

"As a result of LTCB's privatization, the Japanese
government's commitment to protect all of the bank's
liabilities will end and this could potentially have
negative rating implications. On the other hand, the new
credit rating on LTCB will depend on the new owner's
commitment and operating strategy," the agency said. (Kyodo
News, NewsHound  28-Sep-1999)


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

DAEWOO GROUP: Restructuring to be complete by year-end
------------------------------------------------------
A top presidential aide said yesterday that restructuring
of the troubled Daewoo Group would be completed by the end
of the year as scheduled and that the crisis at the
conglomerate would not wreak havoc in the Korean financial
market.

"The Korean economy is absorbing shocks from the Daewoo
crisis very well," said Lee Ki-ho, senior presidential
secretary for economic affairs.

Lee spoke at a breakfast meeting of the Seoul Economist
Club, a group of business executives and financiers, at the
Plaza Hotel in downtown Seoul.  Lee said that restructuring
of the Daewoo Group should have started earlier, but the
government delayed it and instead took a "step-by-step"
approach to reduce the impact on the Korean economy.
He said that restructuring of the 12 Daewoo affiliates that
have been put under "workout" programs would be completed
by year-end.

Some of these companies will be sold to foreigners or
rehabilitated and the rest will be liquidated, Lee said.
Lee flatly dismissed speculation that financial turmoil
could sweep through the nation in November due to the
crisis surrounding what was once the nation's second-
largest conglomerate.  He noted that 10 trillion won in the
bond market stabilization fund would be put into the
financial market by the end of the month or early next
month and another 10 trillion won would be added by the
middle of next month.

"This will allow investment trust companies to sell bonds
without any constraints," Lee said.  "As a matter of fact,
we had been worried that the Daewoo case might force the
Korean economy to absorb shocks several times as serious as
those of the Hanbo and Kia groups," Lee said, referring to
the two large conglomerates whose bankruptcies are partly
blamed for the 1997 foreign exchange crisis.

Lee said that besides the less-than-expected impact of the
Daewoo crisis, the solid performance of the Korean economy
adds to his confidence in ruling out a resurgent financial
crunch.  He said that the Korean economy is estimated to
have grown 10 percent in the third quarter, a level that is
expected to continue into the fourth quarter.

"The current account surplus is expected to reach $20
billion by the end of the year and we will also have $70
billion in foreign exchange reserves," Lee said.

The presidential aide said that the Korean economy is
poised to expand by around six percent next year and that
the government would not increase fiscal spending ahead of
the upcoming general elections.  "We would like to further
reduce the fiscal deficit," Lee said.  (Korea Herald  30-
Sep-1999)

DAEWOO GROUP: Banks assisting with cash flow
--------------------------------------------
Banks are stepping up discounting of commercial paper (CP)
issued by affiliates of the troubled Daewoo Group to help
ensure smooth cash flows for Daewoo's subcontractors.

The Bank of Korea said yesterday that the discounting of
Daewoo CP reached 470.4 billion won ($398.6 million) in
5,019 cases between Aug. 27 and Sept. 22. The government
put 12 Daewoo units under debt-workout programs Aug. 26.
The discounting of CP amounted to a daily average of just
14 billion won until Sept. 15. However, the figure rose to
29.4 billion won Sept. 16, 31.7 billion won Sept. 17, 40.6
billion won Sept. 20 and 47.9 billion won Sept. 21.

The increased volume of discounting offers more breathing
room to Daewoo subcontractors, but small firms with low
credibility, or little collateral to offer or high exposure
to Daewoo still have difficulty cashing in their Daewoo CP.
(Korea Herald  30-Sep-1999)

DAEWOO GROUP: Foreign creditors cry 'Unfair Treatment'
------------------------------------------------------
Protesting what they say is the government's poor treatment
of them in handling the Daewoo crisis, some foreign
creditor banks, including HSBC and Chase Manhattan, have
begun collecting on loans to other local businesses.

Daewoo's foreign creditor banks issued a statement
Wednesday saying that Korean government policymakers have
failed to honor their promise of equal treatment with local
banks, demanding that the situation be rectified
immediately.

Daewoo's foreign creditor banks, which also include
Japanese giant Tokyo Mitsubishi Bank, said that the Korean
government has overlooked them in dealing with the Daewoo
crisis, giving preferential treatment to local banks. They
cited as an example, the fact that funds offered by Daewoo
chair Kim Woo-choong as collateral had been divided
exclusively among Korean banks.  (Digital ChosunIlbo  29-
Sep-1999)


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

INTRIA BHD: Posts smaller annual loss this year
-----------------------------------------------
Intria Bhd has recorded a smaller group pre-tax loss of
RM172.5mil for the year ended June 30, 1999, compared to a
huge pre-tax loss of RM555.4mil reported in the previous
corresponding year.

The group's turnover fell by 25% to RM109.4mil. After tax,
Intria recorded a lower group loss of RM181.8mil compared
to a after-tax loss of RM577.5mil previously.

"The group has reported an operating profit of RM8.98mil.
However, the board had determined that the carrying values
of all subsidiaries, associate and other investments should
be reviewed at regular intervals.  On this basis, the
directors of the group had made a provision for diminution
in value amounting to RM197.5mil for the foreign quoted
investment to reflect its net realisable value.  This
provision was the most significant item that resulted in a
group pre-tax loss of RM172.5mil," Intria said.

At the company level, Intria recorded a pre-tax loss of
RM317.4mil compared to RM558.9mil previously.  Turnover at
the company level was down by 75% to RM867,000, while
after-tax loss was lower at RM318.1mil from RM559.5mil.
Intria at the company level recorded an operating loss of
RM42.4mil compared to a loss if RM22.7mil in the previous
year.

Intria said the group would continue to rely on its cash
generating subsidiary company - Penang Bridge Sdn Bhd - to
generate earnings to service its debt burden.

"Looking ahead, the group plans to restructure its debts,
divest assets and/or raise further capital and should be
able to report a better performance upon successful
implementation and completion of these plans," Intria
added.

In view of the losses incurred by the group, the board did
not recommend any dividend for the year ended June 30,
1999. Similarly, no dividend was declared for financial
year 1998.  Intria is now in the hands of the Corporate
Debt Restructuring Committee (CDRC) and may be heading for
a capital reduction as part of its debt restructuring
exercise.

Many big names, including Datuk Samsudin Abu Hassan, have
been linked to attempts to rescue the company. However,
United Engineers (M) Bhd (UEM) appears to be the most
likely white knight.  Market talk has it that UEM may be
eyeing a 45% stake in Intria's reduced share capital via a
share swap.

The speculation is that UEM, which is proposing to buy the
listed status of Kedah Cement Holdings Bhd from Malayan
Cement Bhd, may exchange its shares in Kedah Cement for the
stake in Intria.  (Star Online  29-Sep-1999)


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

MONDRAGON INT'L PHILIPPINES: In talks to reopen casino
------------------------------------------------------
Mondragon International Philippines, Inc. (MIPI) yesterday
said it is now in negotiations with Clark Development Corp.
(CDC) for the possible reopening of the Mimosa Regency
Casino in Clarkfield, Pampanga.

MIPI has proposed that earnings the casino will generate
will be used to pay the company's outstanding obligations
with the government, ousted MIPI president and chief
executive Jose Antonio Gonzalez told BusinessWorld in an
interview.

"We are discussing a proposal to pay the government by
opening the casino. The casino (used to earn) one billion
(Philippine) pesos (PhP) (US$24 million at PhP40.983:US$1)
in gross annually," Mr. Gonzalez said.

MIPI said it has PhP7 billion (US$170 million) in payables
to several government agencies as well as creditor banks.
The resort and casino operator owes CDC some PhP325 million
(US$7.9 million) in back rentals for the resort complex. In
addition, the company will also have to pay PhP110 million
(US$2.7 million) a year for 44 years, with a 10% increment
for the first 10 years and 9.5% increment for the remaining
years.

This amount does not exclude PhP105 million (US$2.6
million) in back dues to the Bureau of Internal Revenue and
Philippine Amusement and Gaming Corp.  At present, MIPI and
CDC are locked in a legal tussle after the former failed to
meet the deadline for the first payment of its PhP325-
million overdue rental obligations.

CDC is now strictly monitoring the cash flow of the leisure
estate to prevent any unduly authorized exodus of funds.
CDC first took over Mimosa in December last year after MLRC
refused to pay its rental obligations. The issue was
resolved only in June, but the casino has yet to reopen.

Meanwhile, MIPI creditors yesterday opposed before the
corporate court the petition filed by the Mr. Gonzalez's
group to restrain their representatives from taking over
management control.

"MIPI postponed the stockholders meeting without consulting
the banks even after the banks fairly called MIPI's
attention to conduct a meeting. They (banks) were deceived,
manipulated and were not given the opportunity to exercise
their rights," the counsel for MIPI creditors said during
yesterday's hearing.

In its opposition, Asian Bank Corp. (Asianbank), Far East
Bank and Trust Co. (FEBTC), United Coconut Planters Bank
(UCPB), asked the Securities and Exchange Commission (SEC)
to dismiss the group's petition for a temporary restraining
order for lack of merit.  Earlier, the creditors elected
eight bank executives to the MIPI board, including Eduard
S. Go, president and chief operating officer of AsianBank
as chairman of the board and Mario B. Palou, first vice-
president of FEBTC, as MIPI president.

The firm's embattled officials however asked the corporate
court to declare the special stockholders meeting null and
void and to fine the banks over PhP61 million (US$1.5
million) for moral and other damages.  (Business World  29-
Sep-1999)


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

IPC CORP.: Debt-laden company gets loan funds injection    
-------------------------------------------------------
Debt-laden IPC Corp received its first handout of US$5
million (S$8.5 million) from Germany's Infomatec AG even
before terms of the multi-million dollar lifeline were
finalised.

An IPC statement yesterday said the cash injection will
take the form of a three-year convertible loan.  When
converted, the shares will form part of the first tranche
of the proposed two-tiered $130-million investment that
Infomatec will make in IPC.

When contacted yesterday, Arthur Andersen partner Nicky
Tan, who is financial adviser to IPC, said: "This is a
positive step in the development of the business
partnership between IPC and Infomatec."

The Straits Times understands that negotiations with
Infomatec for the $130-million injection are in the "final
stage", following which IPC will be given a clean bill of
health. IPC, which once had annual sales exceeding $1
billion, last year plunged into debt and a loss of $295.4
million.  With debts of over $200 million, the company is
just managing to claw its way out of the pit with a major
restructuring exercise.

According to IPC chairman and chief executive officer
Patrick Ngiam, the cash injection will "lead to business
collaborations between Infomatec and IPC in future, making
our good prospects brighter".

IPC said it would use the funds as additional working
capital for its core businesses of ultra-thin client
computing and e-commerce.  Ultra-thin client computing
enables multiple users to access the Internet through a
single phone line and Internet service connection.  Users
can also work on different or the same applications
simultaneously, while peripherals such as printers can be
shared.  (Straits Times  29-Sep-1999)

LEONG HIN HOLDINGS: Posts first-half loss
-----------------------------------------
Leong Hin Holdings suffered a net loss of $1.4 million for
the six months ended June 30, reversing a net profit of
$1.4 million a year earlier.  Turnover tumbled 51.5 per
cent to $6.3 million, hurt by the downturn in the
construction industry. No dividend was declared.  (Straits
Times  29-Sep-1999)

LIM KAH NGAM: Posts first-half loss
-----------------------------------
Construction group Lim Kah Ngam (LKN) has narrowed its net
loss for the half year to $14.8 million from $89.5 million
a year ago as turnover rose 54 per cent to $66 million.

The loss was caused by high interest costs and a $5.8
million provision made mainly for anticipated losses on
development properties in China. It had made a bigger
provision of $71.8 million in the previous interim period.
Turnover for the six months ended June 30 grew 54 per cent
to $66.7 million as the sale of development properties
soared by 361 per cent to $52.6 million.

While sales of development properties jumped 361 per cent
to $52.6 million, turnover for the construction division
dropped 89 per cent to $2.1 million. Loss per share
decreased to 10 cents from 61 cents. Net tangible asset per
share fell to 50 cents from $1.19.  The group does not
expect results for the second half year to improve.
(Business Times, Straits Times  29-Sep-1999)

LION TECK CHIANG: Posts annual loss
-----------------------------------
Property and steel group Lion Teck Chiang has trimmed its
net loss for the year to June to $4.69 million from $7.49
million a year ago. However, turnover fell to $117 million
from $150.7 million due to a drop in revenue from its steel
trading business. Still, the steel trading business
reported a pre-tax profit of $1.69 million.  (Business
Times  29-Sep-1999)


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

BAN PONG SUGAR CO.: Signs debt restructure agreement
NAKORN PETCH SUGAR CO.: Signs debt restructure agreement
--------------------------------------------------------
Bangkok Bank Plc (BBL) yesterday signed a debt-
restructuring agreement worth Bt10.23 billion with Ban Pong
Sugar Co and Nakorn Petch Sugar Co in which the companies'
debt repayments are extended by 15 and 20 years,
respectively, due to their high quality of debt and
collateral.

The debts incurred were mainly for expansion in 1994-95 and
were previously in foreign currency. The 1997 baht
devaluation resulted in a large foreign exchange loss, but
the two companies' business viability remains high because
Thailand is one of the world's largest sugar exporters,
after Brazil, according to bank and company officials.
Both Ban Pong Sugar and Nakorn Petch Sugar belong to the
same group, controlled by Vibul Panitvong, executive
chairman of Ban Pong Sugar.

Besides this group, BBL senior executive vice president
Deja Tulananda said that in the next two weeks, the bank
would sign another debt-restructuring agreement worth Bt8
billion with Wang Kanang Sugar group, another major
producer. The terms and conditions will likely be similar
to those for the Ban Pong group.  The combined capacity of
Ban Pong Sugar group and the Wang Kanang Sugar group is
about 5 million tonnes per year.

Under the Ban Pong group's debt-restructuring agreement,
the Bt2.14-billion debt repayment of Ban Pong Sugar Co was
extended by 15 years, while the Bt8.08-billion repayment of
Nakorn Phet Sugar was extended by 20 years.  The holding
group was also given a grace period for the payment of
principal, effective until October next year, and there
will also be an undisclosed amount of new capital injection
to finance the upcoming milling season in November.

The amount of new financing will depend on the price of
sugar cane set by the Cane and Sugar Board.  Deja, who said
BBL had reduced its non-performing loans by 30 per cent to
date while the Thai banking system as a whole had reported
a slight drop in NPLs to 47.1 per cent in August, said the
bank's loan exposure to the sugar industry totalled Bt20
billion.

Deja said the interest rate had also been reduced from
minimum lending rate (MLR)-plus, to just MLR for the Ban
Pong group, and BBL would send a director to take charge of
financial management. "This is the way we deal with sugar
firms when we're the lead creditor," he said.

Ban Pong Sugar's Vibul said that creditors had assured the
group of cashflow support to continue business in the
upcoming season.  He said the sugar industry's foreign
currency debts had risen by more than 100 per cent as a
result of the July 1997 devaluation. A total of 33 out of
46 factories have had to restructure debts, while the rest
do not need to do so because they did not expand with
borrowings in foreign currency, Vibul added.

Of Ban Pong Sugar's Bt2.14-billion debt with BBL, half of
the amount came from foreign exchange losses. Nakorn Petch
Sugar has a debt totalling Bt8.08 billion, with 30 per cent
of the amount arising from foreign exchange losses.  Vibul
added if the creditors of sugar companies approved debt-
restructuring plans, then the firms would resume their
business soon. At present, nearly all sugar firms except
the Thai Identity Sugar group are close to concluding debt-
restructure agreements with creditors.

Meanwhile, sugar-cane planters and millers have proposed to
the government to intervene to shore up the cane price
which has fallen to Bt480 per tonne. Under the current
revenue-sharing scheme, the price has to be around the
Bt600 level.  (The Nation  29-Sep-1999)

MEDIA OF MEDIAS PLC: Posts 2nd quarter, first-half losses
--------------------------------------------------------
Media of Medias Plc. recorded a net loss of Bt28.149
million for the second quarter of this year, a slight
improvement on the Bt28.574 million in net loss over the
same period last year.  The company's 1999 first half
financial year result showed a net loss of Bt27.71 million,
a dramatic fall from Bt106.038 million net loss in the
corresponding period last year.  (The Nation  29-Sep-1999)

PHATRA THANAKIT: BOT final arrangements next month
--------------------------------------------------
The Bank of Thailand expects to finalise arrangements for
ailing finance firm Phatra Thanakit on October 15,
according to Kietchai Sophastienphong, director of the
central bank's financial institutions policy department.

The Attorney-General's Office is now reviewing an agreement
between the Financial Institutions Development Fund and
Thai Farmers Bank, Phatra's major shareholder.  Under the
agreement, Phatra's performing loans will be sold to Thai
Farmers Bank. Non-performing loans will be managed by a
newly formed asset management firm.  Bad loans will be sold
at book price minus loss provisions already established.

Funds raised will be returned to depositors, which total
about 50 billion baht. The FIDF will also inject up to 4.4
billion baht to cover Phatra's liabilities.  (Bangkok Post  
29-Sep-1999)

SHIN CORPORATIONS: Selling subsidiary as part of debt rehab
-----------------------------------------------------------
Shin Corporations Plc said yesterday it will sell its stake
in its overseas investment arm Shenington Investment Pte
Ltd to another subsidiary, Shin Satellite Plc (SSA), as
part of ongoing restructuring plans.

Shin Corps, which now becomes the holding company, is
attempting to become the first Thai telecom to list on the
New York stock exchange's Nasdaq board. It is expected to
submit a financial proposal to the exchange next month.
Shin Corps yesterday reported to the Stock Exchange of
Thailand (SET) that it will sell 5.4 million shares, worth
Bt50 million, in its British Virgin Island-based Shenington
Investment Pte Ltd, to SSA this Friday.

The sale is in line with the company's attempt to trim its
corporate structure to facilitate its listing on the
Nasdaq, said a source from Shin Corp. The company has also
has cut itself from the non-profitable subsidiaries to
promote the image of a viable, unburdened telecom business.
Shenington holds a 100 per cent stake in Cambodia
Shinawatra Co, and a 49 per cent share in Laos
Telecommunications Co. As the future of both companies hold
bright prospects, Shin Corps decided to transfer the
controlling stake of Shenington to SSA, instead of selling
it outside the company structure.

But Shin Corps has had no qualms about liquidating its
stakes in the debt-ridden companies. Earlier it sold 439.99
million shares in Infocell Telecom to Shenington
Investment.  Infocell Telecom -- formerly Shinawatra
International -- was set up to invest in the
telecommunications sector in Laos, the Philippines,
Cambodia and India, but it failed to generate sufficient
earnings. Losses forced Infocell to shut down its business
in the Philippines.

The source said that the company also aims to sell its
stake in the mobile phone joint-venture in India.
The source added that the investment in India is facing
problems because of the drafting of a new telecom law by
the Indian government which will require foreign mobile
phone operators to share revenue, instead of only paying a
licence fee, which is now the case. (The Nation  29-Sep-
1999)

SIAM SYNTECH CONSTRUCTION: Facing bankruptcy suit
-------------------------------------------------
Siam Syntech Construction Plc faces a bankruptcy suit filed
by Nakornthon Leasing Co for failing to pay 46 million baht
for use of construction machinery.  The Central Bankruptcy
Court scheduled the first hearing for November 3.

The legal action has begun while Siam Syntech, a subsidiary
of the SSP group, is undergoing a management shake-up.
Siam Syntech chairman Somsak Leesawastrakul will step down
as chief executive but remain as chairman of the board of
directors.  Sawang Munkongcharoen, the former president of
now-defunct Thai Rungrueng Trust Co, will be appointed as
the new chief executive.

Thai Rungrueng was among firms closed by the authorities
soon after the financial crisis broke two years ago. Her
main task now is to oversee restructuring of Siam Syntech's
debts of 8.72 billion baht.  Mrs Sawang, once a high-
profile executive of the financial community, has been
abroad and is expected to take up her new job on her
return. Mr Somsak was unavailable for comment.

Nakornthon Leasing, a subsidiary of Standard Chartered
Nakornthon Bank, says in its court statement that Siam
Syntech has leased machinery from it since 1996, but has
defaulted on payments totalling 46.74 million baht.
Nakornthon Leasing says it asked to be paid on May 12 and
again on July 1 this year, but got no response.

The leasing firm told the court that as Siam Syntech owed
money to several creditors it appeared to be insolvent.
A Nakornthon Leasing executive noted that his company was
not Siam Syntech's biggest creditor. As the amount owed was
not secured, it would have lower priority than secured
credit.

"We have to protect ourselves by filing the bankruptcy
suit," said the executive, who asked not to be named.

The suit filed by Nakornthon Leasing is the second against
Siam Syntech. A small creditor, DKB Leasing Co, has filed a
civil suit for recovery of one million baht. The case
awaits a hearing in court.  Siam Syntech is a joint venture
between Mr Somsak and Woh Hup (Private) Ltd of Singapore.
Its registered capital is 397.06 million baht.

Siam Syntech's involvement with Nakornthon Leasing began
after the construction firm won a four-billion-baht
contract from the National Housing Authority to build
apartment buildings for police officers.  The project,
which began in 1996, was originally scheduled to be
completed early next year. Siam Syntech began leasing
machinery from Nakornthon Leasing in 1996 and later asked
for the contract to be extended from early next year to
November 2000.

A lawyer for Siam Syntech, who declined to be named, said
the company had sought the extension to ensure it could
finish the job. He denied that the company had delayed the
project, adding that "everything is going on well".
He claimed that the company was financially healthy and had
filed lawsuits against several of its own debtors to
recover altogether 1.6 billion baht.

However, Siam Syntech's shares have been suspended from
trading on the Stock Exchange of Thailand (SET) since
November 28 last year and the company has been placed in
the "undergoing rehabilitation" category.  According to the
SET, as of June 30 last year the company had negative net
worth of 2.64 billion baht. The figure increased to 4.2
billion baht by March 31 this year.

The company applied to join the debt restructuring scheme
under the supervision of the Bank of Thailand's Corporate
Debt Restructuring Advisory Committee. The firm appointed
Rothschild Inc and Siam City MB as its financial
consultants.  Siam Syntech was originally due to submit its
business rehabilitation plan to the SET on July 28 this
year. However, the company has asked for an extension until
the end of the year.

According to the company's financial statement on March 31
this year, its liabilities were 8.72 billion baht and total
assets 4.76 billion baht.  In its 1997 financial year, the
company made a profit of 62.92 million baht. However, it
suffered a loss of 3.73 billion baht in the 1998 financial
year. For the first nine months of the current year, to
March, it lost 1.72 billion baht.  (Bangkok Post  29-Sep-
1999)


S U B S C R I P T I O N  I N F O R M A T I O N

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