/raid1/www/Hosts/bankrupt/TCRAP_Public/991117.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

           Wednesday, November 17, 1999, Vol. 2, No. 224

                                    Headlines


* C H I N A  &  H O N G  K O N G *

LAI SUN DEVELOPMENT: Chairman steps down, to run subsidiary
NAM KIN SCAFFOLDING: Facing winding up petition
W.HO CIVIL ENG.&CONSTRUC.CO.: Facing winding up petition


* J A P A N *

TOSHIBA CORP.: Posts wider first-half losses


* K O R E A *

DAEWOO GROUP: Domestic creditors warn foreign banks


* M A L A Y S I A *

GANAD CORP.: Posts narrower annual loss


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

MONDRAGON INT'L PHILIPPINES: Court restrains creditor banks
PHILIPPINE LONG DISTANCE TEL.: Affiliate losses drag down
PILIPINO TEL. CORP.: Dodges foreclosure bullet
VICTORIAS MILLING CO.: Creditor banks seek shares auction


* T H A I L A N D *

AYUDHUA CMG LIFE ASSURANCE: Posts 3Q and 9-month losses    
BANGKOK UNION INSURANCE: Posts 3Q and 9-month losses
CENTRAL PAPER INDUSTRY: Posts 3Q and 9-month losses        
CROWN SEAL: Posts 3Q and 9-month losses                     
KR PRECISION: Finds white knight at last
MDX PLC: Remove stock from market or rehab says SET
ONE HOLDING: Posts 3Q and 9-month losses                   
RATTANA REAL ESTATE: Posts 3Q and 9-month losses
SHIN SATELLITE: Posts 3rd quarter loss
SRITHAI SUPERWEAR: Rehab plan filed, creditor mtg in Dec.
SRIVARA REAL ESTATE: Posts 3Q and 9-month losses
THAI MELON POLYESTER: Posts 3Q and 9-month losses
THAI PLASTIC AND CHEMCIALS: Posts 3Q and 9-month losses
THAI TEL.& TEL.: To ask creditors for debt-rescheduling
THAI WAH: Posts 3Q and 9-month losses                      
THAI WIRE PRODUCTS: Posts 9-month loss
TIPCO ASPHALT: Posts 3Q and 9-month losses


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

LAI SUN DEVELOPMENT: Chairman steps down, to run subsidiary
-----------------------------------------------------------
Lai Sun chairman Lim Por-yen said yesterday he would focus
on Lai Sun Garment (International) and his other private
businesses after his son Peter Lam Kin-ngok took over as
chairman of Lai Sun Development - the group's property
development unit - effective yesterday .

In a press briefing, Mr Lim said Lai Sun Development has
suffered huge net losses and debt restructuring as a result
of the Asian financial crisis which followed the group's
acquisition of Furama Hotel in 1997. Originally, some
parties have agreed to team up with Lai Sun to buy the
hotel but only his son signed the deal eventually, Mr Lim
added.

Lai Sun Development last week announced a $6.83 billion net
loss, which also included $2.37 billion provisions for
Furama Hong Kong and Furama Shenyang, for the year to 31
July 1999.  Shares of Lai Sun Development yesterday fell by
14.9 per cent and closed at 37 cents, which is the lowest
price so far this year.

Lai Sun Garment (International), another unit of the Lai
Sun Group, also suffered from $3.63 billion net loss mainly
due to its equity stake in the troubled property developer.
Shares of Lai Sun Garment fell by 19.5 per cent yesterday
and close at 31 cents, also the lowest price so far this
year.

Meanwhile, Mr Lim said Lai Sun Garment has no plans to
reduce its investment in Lai Sun Development at present.
Lai Sun Garment poured $800 million into the developer
through right issue and further commitments would depend on
the parent's financial strengthen, he said.

Shareholders of Asia Television will hold a meeting today
after some action writs in connection with ATV have been
filed with the High Court, Mr Lim said.  He said
shareholders of Asia Television would have a meeting after
Feng Xiaopeng and himself have engaged in some litigations
on ATV.

Mr Lim recently filed an action writ against Dragon Viceroy
and Rankon which are believed to be controlled by Feng
Xiaopeng because ATV started recording losses after the new
management took over the company.  A few days ago, Dragon
Viceroy and Rankon also filed an action writ to seek a
court injunction to restrain Mr Lim and his representatives
"from repeating or continuing breaches" of a sales and
purchase agreement signed in April 1998.

Matthew Lam Kin-hong, the principal assistant to the
chairman and the director of listed Crocodile Garments -
another Lai Sun group unit - yesterday said Mr Lim has only
breached the agreement on confidentiality, but not the
sales and purchase agreement signed last year.  He also
said the new writ should be handled separately with those
issued by Mr Lim, stressing that the latest action writ did
not ask for any monetary compensation.

Mr Lim has applied to strike out the latest writ filed by
the two companies and the hearing is scheduled on 19
November 1999, Mr Lam added.  (Hong Kong Standard  16-Nov-
1999)

NAM KIN SCAFFOLDING: Facing winding up petition
-----------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for December 15 on the petition of
Ho Ah Look for the winding up of Nam Kin Scaffolding
Limited. A notice of legal appearance must be filed on or
before December 14.

W.HO CIVIL ENG.&CONSTRUC.CO.: Facing winding up petition
--------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for January 12, 2000 on the
petition of Lai Yuen Po for the winding up of W. Ho Civil
Engineering & Construction Co. Ltd. A notice of legal
appearance must be filed on or before January 11.


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

TOSHIBA CORP.: Posts wider first-half losses
--------------------------------------------
Toshiba, Japan's second-largest chipmaker, said first-half
losses more than doubled as it was forced to cut computer-
memory chip prices more than expected and the stronger yen
bit into overseas sales.  Tokyo-based Toshiba posted a
group net loss of 48.3B yen in the six months to September
30, from 23.6B yen in the same period last year.  The
results were in line with Toshiba's forecast.  Sales rose
5% to 2.62 trillion yen from 2.50 trillion yen.


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

DAEWOO GROUP: Domestic creditors warn foreign banks
---------------------------------------------------
Daewoo Group's domestic creditors sent a final warning
yesterday to foreign banks that the entire amount of the
group's overseas debts will be subject to a loss sharing
scheme unless they comply with the ongoing workout plan
immediately.

Korea First Bank, a major creditor of Daewoo Corp.,
delivered a final message to Daewoo's some 200 foreign
creditors through the steering committee that foreign banks
need to be prepared for higher losses from the debt
rescheduling plan by delaying the workout process.
Of the group's total $5 billion in overseas debts, only $1
billion of which the company borrowed directly from foreign
banks has been considered for the loss sharing policy.

The remaining $4 billion, at present, is not subject to the
workout plan as the loans are given to Daewoo's overseas
subsidiaries independent from the debt rescheduling scheme.
But now domestic creditors threaten that the $4 billion
Daewoo Corp. guaranteed for other overseas subsidiaries is
likely to be included in the debt rescheduling plan unless
foreign banks agree to take part in the workout without
wasting more time.

Since foreign subsidiaries are unable to meet the
repayments, the responsibility will fall on Daewoo Corp.
which is under the workout scheme, local banks said.
The tough stance from domestic creditors came in response
to foreign banks' tactics of slowing the negotiation
process.

After being presented with over a 50 percent loan loss
ratio for major Daewoo units, foreign creditors have argued
that they need sufficient time to review the due diligence
before agreeing to the plan.  However, the local banking
circle sees the strategy of foreign banks in a different
perspective, saying that overseas creditors are trying to
take a "free ride" from the planned debt-to-equity
conversion.

The local banks' debt for equity swap will have to proceed
soon regardless of the foreign consent, and overseas
creditors will, in the end, enjoy the same benefits from
Daewoo's improved financial position without any loss.

"It is indeed a selfish attitude of foreign banks. They are
simply waiting until Korean banks take in most of the
losses," a local banker told The Korea Times.  "Foreign
banks are also to be held responsible for making incorrect
credit decisions toward Daewoo. Most of their loans are
signed on a voluntary basis and it is fair that both
foreign and local banks assume losses."

Meanwhile, the government has firmly committed that it will
put Daewoo Corp. under court receivership if foreign
creditors continue to go on separate ways.  Once court
supervision comes into effect, all company transactions
will have to be approved by the designated supervisor,
marking the end of the creditor-supervised restructuring
process.

Foreign banks will have to assume further damages from the
court receivership.  With an average loss ratio of four
major Daewoo subsidiaries estimated at over 50 percent,
domestic creditors have agreed to the workout plan of
converting a combined debt of $25 billion into equity.
The due diligence report stated that Daewoo Corp.'s total
bank liabilities amount to $25 billion, 50 percent of the
group's $50 billion in debts.

For Daewoo Corp. alone, local banks decided to convert $15
billion in debts into stocks and convertible bonds.  They
will convert the $1.5 billion debts to company shares while
allotting the majority $13.5 billion to convertible bonds.
(Korea Times  16-Nov-1999)


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

GANAD CORP.: Posts narrower annual loss
---------------------------------------
For the financial year ended May 31, Ganad Corp Bhd  
recorded a smaller pre-tax loss of RM14.8mil, a 28%
improvement on the previous loss of RM20.4mil.  Group
turnover for the year was marginally lower at RM24.8mil
against RM25.4mil previously.

The outdoor advertising company expects to move back into
the black in the current financial year ending May 2000,
according to its executive chairman, Gan Kok Beng.  He said
that the improved market sentiment, coupled with a leaner
and more efficient business operation after the group's
consolidation exercise and maturing overseas ventures were
the reasons for the company's optimism.

"The substantial losses were sustained mainly by our
overseas operations. As long as they do not incur losses,
these overseas ventures will contribute positively to group
revenue," Gan told reporters after the company's AGM in
Shah Alam yesterday.

Ganad currently has overseas ventures in Thailand, Myanmar,
Cambodia and China.  Gan said commercial outdoor
advertising was showing increasing promise.

"While expenditures on other means of advertising have
decreased, that on outdoor advertising is on the increase,"
he said, adding that the group hoped to maintain its
current 25% market share in outdoor advertising for the
rest of the year.  (Star Online  16-Nov-1999)


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

MONDRAGON INT'L PHILIPPINES: Court restrains creditor banks
-----------------------------------------------------------
The Makati Regional Trial Court has issued a temporary
restraining order (TRO) barring creditor banks of Mondragon
International Philippines, Inc. (MIPI) "from using the
pledged shares ... or exercising any right involving said
pledged shares of stock or voting the same."

The courts decision came after resort operator and
developer sought a judicial declaration that it is not in
default of its obligations under the loan agreement it
earlier forged with creditor banks. The Mondragon group
also said, under the loan agreement, it is entitled to
fully pay and settle its obligations until July 3, 2000 or
within the remaining period of the six-year repayment term.
This developed as MIPI creditor banks expressed
disappointment over the three-day temporary restraining
order (TRO) by the Makati RTC.

"I'm disappointed with the TRO. The court might have been
misinformed about the loans. Mondragon is in a default
situation. We intend to file a motion for reconsideration,"
said AsianBank senior vice-president George S. Chua, who
was elected treasurer of MIPI during a special stockholders
meeting last September.

The creditors were also prohibited by the court from
committing any other act that will directly or indirectly
derail or impede (MIPI) from complying with the compromise
agreement.  MIPI told the Securities and Exchange
Commission (SEC) yesterday, that its pending case before
the RTC "is grounded on the fact that the sudden and
unexpected closure of the Mimosa Regency Casino ... have
precluded and prevented Mondragon Leisure and Resorts Corp.
(MLRC) from meeting its obligations to its creditors."

The closure of the Mimosa casino and the ill effects of the
Asian economic crisis have resulted in revenue losses of
over 600 million Philippine pesos (US$14.9 million at
PhP40.149:US$1).  (Business World  16-Nov-1999)

PHILIPPINE LONG DISTANCE TEL.: Affiliate losses drag down
---------------------------------------------------------
It's a mix of both good news and bad news for Philippine
Long Distance Telephone Co. (PLDT) with most corporate
analysts expecting the dominant fixed line carrier to
report poor third quarter earnings. True enough, the bad
news came in the form of a 62% drop in the phone giant's
earnings for the third quarter to 775.9 million Philippine
pesos (US$19.3 million at PhP40.149:US$1) and a 63% decline
in its income for the first nine months to PhP2.4 billion
($60 million).

In a statement, PLDT said losses of its subsidiaries, of
which PhP1.3 billion ($32.3 million) is pinned on its
mobile phone carrier Pilipino Telephone Corp. (Piltel),
dragged the firm's bottom line as of September. The 58%-
owned Piltel has been saddled with a PhP34.9 billion
($869.2 million) debt which prompted the company to suspend
payments to its creditor banks. Mabuhay Philippines
Satellite Corp. contributed a loss of PhP169 million ($4.2
million) while ACeS Philippines Cellular Corp. accounted
for a loss of PhP114 million ($2.8 million).

ACeS is PLDT's 88.5% owned subsidiary which provides a
satellite based regional mobile communication facility.
Lower revenues and higher operating expenses also pared
down the company's income. Consolidated operating revenues
for the third quarter alone fell 27% to PhP11.64 billion
($289.9 million). Likewise, operating revenues sank 13% to
PhP34 billion ($846.8 million) as of the first nine months.
(Business World  16-Nov-1999)

PILIPINO TEL. CORP.: Dodges foreclosure bullet
----------------------------------------------
The Supreme Court has dismissed the petition of a Japanese
corporation to declare it as legal owner of materials and
equipment used in establishing a $279.21-million local
telephone exchange service for Pilipino Telephone
Corp.(Piltel) in Southern Mindanao.  In a resolution, the
High Tribunal said Marubeni Corp. has no basis filing the
premature suit.

"There is no necessity for an interpretation of the
contract... Marubeni (itself) admits in its petition that
the provisions of the Build-and-Transfer Agreement (BTA)
are not in any way ambiguous," said the Court's second
division.

The five-person division added even if it rules in
Marubeni's favor and effectively help protect its local
investments, the judgment cannot affect third parties such
as Piltel's creditors.  Marubeni elevated the case to the
Supreme Court to prevent creditors of debt-saddled Piltel
from going after its properties. This developed after the
trial court refused to categorically declare Marubeni's
capital investments for the installation of 400,000 lines
in the south are not Piltel's.

Japan-based Marubeni bagged the contract in 1996 for the
installation of Piltel's local exchange project in
Mindanao.  Piltel, the cellular arm of the
telecommunications giant Philippine Long Distance Telephone
Co. (PLDT), is required by Executive Order 109 and Republic
Act 7925 to put up 400,000 landlines before the end of
1998.

Marubeni and Piltel inked a BTA in August 1996, which was
subsequently amended in October 1998. The three-phased
Mindanao Project was set for completion in November 1998.
As per agreement, Marubeni will give Piltel sole control of
the materials, equipment, tools and supplies installed in
the project site after completion of each phase, so that
"it may immediately be used to generate revenues to finance
the purchase price of the project."

Despite giving Piltel the custody of the materials, titles
remained with Marubeni.  Marubeni was alarmed with the 4.1-
billion-peso (US$102 million at PhP40.149:US$1) net loss
Piltel suffered last year. Its own receivables from the
firm already ballooned to PhP34.9 billion ($869.2 million).

In February, when creditors started moves to attach some
properties of the defaulting cellular company, Masahiro
Uegaki, project manager of Marubeni-Piltel Mindanao EO 109
Project, asked the trial court to declare Marubeni as the
"sole and legal owner of the materials, equipment, tools,
components and supplies which had already been delivered
and installed in their project sites in Mindanao covered by
their BTA."

In dismissing the case, the Supreme Court effectively
upheld the earlier ruling of Makati Regional Trial Court
Judge Zeus C. Abrogar that the contract between the parties
is "clear" and there is also no need to declare Marubeni as
absolute owner of properties used in the Mindanao project
Marubeni filed an appeal yesterday, pleading the Court to
reconsider its ruling. It said the SC's decision to junk
the case is "tainted with constitutional infirmity and
contrary to its previous rulings."

"One of the purposes of an action for declaratory relief is
to avoid the proliferation of cases whose imminence is not
disputed by the parties in line with the public policy
against multiplicity of suits," said Marubeni counsel
Philip Sigfrid A. Fortun.

The Japanese trading firm said the Court should grant its
petition and allow itself to be an "instrument of both
curative and remedial justice."

Piltel has been separately negotiating with three creditor
groups -- banks, suppliers and bondholders -- to
restructure its obligations.  Piltel's PhP4.1-billion net
loss was saddled by almost PhP4 billion in one-time
adjustments, particularly on provisions for bad debts,
inventory losses, reversal of profit on building disposal,
write-off of capitalized sales commission, and uncollected
interconnection bills.

Some of the big lenders are the Land Bank of the
Philippines, Chase Manhattan Bank N.A., Bank of America NT
& SA, Philippine Commercial International Bank, Far East
Bank and Trust Co., Deutsche Bank, Bank of the Philippine
Islands, US Export-Import Bank and Credit Agricole
Indosuez.

Other creditors are Banco Santander, Bank of Commerce,
China Banking Corp., Equitable Banking Corp., Global Bank,
HSBC, Metropolitan Bank and Trust Co., Philippine Banking
Corp., United Coconut Planters Bank (UCPB), ING Bank,
Banque National de Paris, Citibank N.A., Credit Lyonnaise
and Standard Chartered Bank.

Marubeni said its ownership of the materials must be
clearly recognized as other "secret creditors" may
clandestinely seize the investments.  Piltel, meanwhile,
stood by its position that there is "no imminent danger" of
violation of its contract with Marubeni, thus the Supreme
Court was correct in not entertaining the suit.  The SC
second division is set to decide on Wednesday whether to
hear the appeal.  (Business World  16-Nov-1999)

VICTORIAS MILLING CO.: Creditor banks seek shares auction
---------------------------------------------------------
Creditor banks of sugar miller Victorias Milling Co. (VMC)
will proceed with the auction of 567 million new shares to
raise 567 million Philippine pesos (US$14 million at
PhP40.149:US$1) in fresh capital.

As this developed, BusinessWorld learned that several
planter-shareholders of VMC will be filing individual cases
to stop the planned auction.  Sugar industry sources said
the auction of the whole block will violate the
shareholders' "preemptive rights."

A ranking company official yesterday said their banks
decided to bid out the new shares to new investors as
indicated under VMC's revised rehabilitation plan which was
approved by the Securities and Exchange Commission (SEC)
two months ago.

"That's the next step because if we're going to follow the
rehab plan, the mancom (management committee) will have to
bid out the new shares if the stockholders fail to raise
the needed money," the company official said in a telephone
interview.

The mancom, which is made up of VMC's creditor banks, made
the decision to auction the shares in a meeting yesterday.
The source, who was privy to the meeting, said the mancom
has yet to announce a schedule for the share sale.  Under
VMC's rehabilitation plan, existing shareholders were
supposed to cough up PhP567 million in cash to purchase all
567 million new shares.

The amount will serve as the stockholders' initial capital
infusion into the cash-strapped firm.  If stockholders fail
raise the cash, the mancom will have bid out the entire
block to interested investors.  Shareholders were only able
to accumulate PhP25 million ($622,600) as of November 5,
the deadline set by the mancom for shareholders to raise
the needed amount.

Present VMC shareholders would have been able to secure a
53.35% stake in the company had they been able to raise the
entire PhP567 million. They will be left with a minority
stake if the mancom succeeds in the auction.  The VMC
official said the creditor banks are set to return the
PhP25 million provided by the stockholders formed by small
planters.

"There is an arrangement for the banks to prepare manager's
checks for the amount which soon be issued to the
stockholders," the official said.

The company official said the mancom rejected their request
to be given more time to scout for a strategic investor.

"That's automatic. A deadline was set for that and that
deadline has already lapsed... We will abide by the
decision of the mancom," the source said.  "At this point,
we will have to meet our board of directors and see what
other options may be available for us," the official added.

The VMC official also admitted that representatives of
Tanduay Distillers, Inc. (TDI) and Asia Brewery, Inc. (ABI)
have approached the VMC management with offers to invest in
the beleaguered sugar milling concern. Both companies are
owned by business tycoon Lucio C. Tan.  Industry sources
said Mr. Tan may need VMC to supply TDI's molasses
requirement as well as ABI's sugar supply for beer
production purposes.

The VMC official, however, noted that Mr. Tan up to now has
yet to submit a formal investment proposal to the VMC
management and the mancom.  But it appears the planters
will not accept the mancom decision without a fight.

"If the banks finally return the PhP25 million, they
(planter-shareholders) will be filing cases in their
individual capacities... Some are already contemplating
charges," one planter told BusinessWorld in a telephone
interview.  "If this is brought to court, the bidding may
be stopped. Even if just one of the stockholders tells the
court that he wants his preemptive rights (recognized), the
court will have to decide on that," the source added.

A bid committee is reportedly being formed to map out the
timetable, the sources added.  If the VMC management or
shareholders contest the move, the mancom will liquidate
the distressed company.

"If that's the case, we may just announce a failure of the
rehabilitation and go for liquidation," the source said.
"They were given all the chances. Actually, a larger amount
is needed for the company's turnaround. That is only the
minimum. In fact, PhP400 million ($10 million) is needed
for the laborers' (benefits)," the source added.

More than 5,000 VMC stockholders are currently holding 174
million shares of stock.  (Business World  16-Nov-1999)


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

AYUDHUA CMG LIFE ASSURANCE: Posts 3Q and 9-month losses    
-------------------------------------------------------     
Ayudhya CMG Life Assurance posted 9M losses of 318.18m
baht, compared with losses of 135.99m last year. 3Q losses
were 85.27m baht, compared with profits of 16.76m last
year.  (Bangkok Post  16-Nov-1999)

BANGKOK UNION INSURANCE: Posts 3Q and 9-month losses       
----------------------------------------------------              
Bangkok Union Insurance posted 9M losses of 11.41m baht,
compared with profits of 133.5m last year. 3Q losses were
51.07m baht, compared with profits of 29.9m last year.  
(Bangkok Post  16-Nov-1999)

CENTRAL PAPER INDUSTRY: Posts 3Q and 9-month losses        
---------------------------------------------------        
Central Paper Industry posted 9M losses of 359.4m baht,
compared with losses of 349.86m last year. 3Q losses were
120m baht, compared with losses of 127.79m last year.  
(Bangkok Post  16-Nov-1999)

CROWN SEAL: Posts 3Q and 9-month losses                    
---------------------------------------                       
Crown Seal posted 9M consolidated losses of 320m baht,
compared with profits of 330.5m last year. 3Q losses were
349.7m baht, compared with profits of 45.7m last year.  
(Bangkok Post  16-Nov-1999)

KR PRECISION: Finds white knight at last
----------------------------------------
Prudential Asset Management Asia Ltd (Pama), the private-
equity arm of Prudential Insurance Company of America Inc,
recently invested Bt945 million to acquire a 40 per cent
stake in KR Precision Plc, a manufacturer of computer hard
disk components.

Prudential is now the majority shareholder in KRP. Pama's
injection of new funds is a key component in KRP's capital
restructuring programme. The devaluation of the Thai baht
in mid-1997 posed severe financial difficulties to KRP. A
subsequent downturn in the hard disk drive industry further
aggravated the situation and forced KRP to default on its
US dollar-denominated debt in mid-1998.

Yesterday, KRP reported to the Stock Exchange of Thailand
that it posted a net loss of Bt294.38 million in the third
quarter compared to a net profit of Bt23.67 million a year
ago. For the nine-month period (Jan-Sept 1999), the company
recorded a loss of Bt393.32 million, compared to Bt169.82
million in the same period last year.

Pama's investment will mainly be used to reduce KRP's debts
and upgrade its equipment to help the company regain its
share of the hard disk drive components market.  Pama has
assured that it would subscribe to the unsubscribed portion
of the rights issue should it so happen.

"Having a highly reputable and savvy investment firm with
plenty of Asian experience like Pama take a controlling
stake in KRP is a big vote of confidence for the company
and a big boost for the morale of the management and
staff," said Martin Horn, chief executive officer of KRP.
"Over and above their commitment to inject new funds into
the company, Pama's efforts and contributions in the debt
restructuring process have been critical in helping KRP
complete its debt restructuring programme."

According to Dow Jones, with this transaction Prudential
Asia has concluded eight deals this year investing $225
million in Asian companies. This is $100 million above its
previous high. It has two more deals in the pipeline and
that could raise its investment by $60 million to $100
million.  In 1998 Prudential Asia completed just one deal
valued at $20.9 million.

"Sellers are adjusting to what we feel are realistic
levels, and we are doing deals, signing cheques," Michael
Kwee, chief executive officer of Prudential Asset
Management Asia, was quoted as saying.

KRP manufactures high precision components for the hard
disk drive industry. The comany posted nine-month losses of
393.3m baht, compared with losses of 169.8m last year. For
the 3Q, losses were 294.38m baht, compared with profits of
23.67m last year.  (The Nation, Bangkok Post  16-Nov-1999)

MDX PLC: Remove stock from market or rehab says SET
---------------------------------------------------
MDX Plc has been forced by the Stock Exchange of Thailand
to decide whether it will remove its stock from the market
or rehabilitate by Dec. 13 after its auditors expressed an
opinion in the annual financial statement for the period
ending Dec. 31, 1998, that the company is facing a possible
delisting from the SET due to shareholders' equity sliding
below zero.  Earlier, the construction firm was placed on
the list of companies whose securities could be delisted
for failure to submit financial statements more than 180
days after the SET gave notice.  (The Nation  16-Nov-1999)

ONE HOLDING: Posts 3Q and 9-month losses                   
----------------------------------------                       
One Holding posted consolidated 9M losses of 746.14m baht,
compared with profits of 439.2m last year. 3Q losses were
754.68m baht, compared with losses of 53.7m last year.  
(Bangkok Post  16-Nov-1999)

RATTANA REAL ESTATE: Posts 3Q and 9-month losses           
------------------------------------------------           
Rattana Real Estate posted 9M losses of 102.95m baht,
compared with losses of 53.57m last year. 3Q losses were
102.95m baht, compared with losses of 53.57m last year.
(Bangkok Post  16-Nov-1999)

SHIN SATELLITE: Posts 3rd quarter loss
-------------------------------------
Shin Satellite, Thailand's only satellite operator,reported
a third quarter loss compared to a profit for the same
period a year earlier, citing a 10 percent fall in the baht
against the U.S. dollar magnified its debt in local
currency terms.

Shin Satellite said it lost 425 million baht (US$11
million) in the period, against a 1.37 billion baht profit
a year earlier. Loss per share was 1.21 baht, against a
profit of 3.92 baht.  The result was expected as the
company last week briefed analysts and journalists to
promote the sale of 3 billion baht of bonds this month.
Proceeds from the bonds will be used to repay about $100
million of its dollar loans, said Executive Chairman
Dumrong Kasemset.

"When considering only operating performance for the third
quarter, the company had an operating profit of 250 million
baht, a 52 percent increase from the same period in 1998,''
Dumrong said.

The currency loss in the quarter was 466 million baht,
against a profit of 466 million baht in the same period a
year earlier he said. Last year's profit was also bolstered
by a one-time gain of 894 billion baht from the sale of
Shin Satellite's ICO Global Communications unit.  Shin
Satellite lost 243 million baht, or 0.69 baht a share, in
the nine months to September 30, against a profit of 2.45
billion baht, or 6.99 baht per share, in July-September
last year.  Shin Satellite plans to launch its fourth
satellite in 2002.  (Bloomberg, Business Day  16-Nov-1999)

SRITHAI SUPERWEAR: Rehab plan filed, creditor mtg in Dec.
---------------------------------------------------------
Srithai Superwear Plc's planner for rehabilitation, SGV-Na
Thalang & Co Ltd, said that Srithai's creditors are
expected to convene a meeting for the plan's approval in
December, 1999.  It also said the rehabilitation plan,
which had the permission of the court to have the
submission date extended to Dec 1, 1999, was filed with the
official receiver on Nov 11.  (The Nation  16-Nov-1999)

SRIVARA REAL ESTATE: Posts 3Q and 9-month losses           
------------------------------------------------            
Srivara Real Estate posted 9M losses of 616.75m baht,
compared with losses of 550.55m last year. 3Q losses were
209.26m baht, compared with losses of 184.8m last year.  
(Bangkok Post  16-Nov-1999)

THAI MELON POLYESTER: Posts 3Q and 9-month losses          
-------------------------------------------------             
Thai Melon Polyester posted 9M losses of 1.45bn baht,
compared with losses of 1.3bn last year. 3Q losses were
579.25m baht, compared with losses of 484.4m last year.  
(Bangkok Post  16-Nov-1999)

THAI PLASTIC AND CHEMCIALS: Posts 3Q and 9-month losses    
-------------------------------------------------------       
Thai Plastic and Chemicals posted 9M consolidated losses of
141.8m baht, compared with profits of 1.01bn last year. 3Q
losses were 377.28m baht, compared with profits of 322.2m
last year. (Bangkok Post  16-Nov-1999)

THAI TEL.& TEL.: To ask creditors for debt-rescheduling
-------------------------------------------------------
Hugely debt-ridden Thai Telephone and Telecommunication Plc
(TT&T) indicated that it will ask its creditors for a last-
minute Bt38 billion debt-rescheduling agreement in order to
meet the deadline imposed by the Corporate Debt
Restructuring Advisory Committee (CDARC).

TT&T is the only listed telecom company that has not been
able to secure a debt-restructuring agreement with its
creditors under the supervision of the CDRAC, an
organisation set up by Bank of Thailand.  The committee set
the deadline for the ailing telecom company to complete a
debt-restructuring deal by the end of this month, or its
case will be sent to the court for its time-consuming
rehabilitation procedure.

With the deadline closing in, TT&T and its creditors turned
to the debt-rescheduling compromise.  Negotiations between
TT&T and its lenders have been delayed since they both
could not agree to each other's demands. While TT&T wanted
its lenders to give in to a hair cut and allow the company
to covert debt to equity, its lenders said that TT&T must
accept the pain itself by diluting the ownership of its
shareholders.

Tongchat Hongladaromp, president of TT&T, said that since
both parties have demanded hard-to-swallow sacrifices from
each other, the debt-restructuring process has bogged down.
But as the deadline of CDRAC nears, they think that they
have to do something to get out of the crisis. The most
likely solution is TT&T will ask for a certain period of
debt-rescheduling from the lenders which will allow TT&T to
meet the deadline of CDRAC.

"We need time to take a breath. It is better than entering
court procedures. TT&T thinks that we and the lenders can
fine-tune our ideas on the debt-burden solution," he said.

Thongchat admitted that the factors discouraging the
lenders from granting the company a new debt term is high
revenue-sharing with the state telecom agencies and the
distorted tariff structure between fixed line and mobile
phones, which all make its income projections lower than
originally expected.

TT&T will discuss the debt-rescheduling proposal with its
lenders, then the lenders will vote for the proposal at the
end of this month.  Earlier Shin Corporations Plc, the
largest telecom company, approached TT&T to take it over,
following the suggestion of TT&T's lenders who believed
that that may be the best solution. However TT&T declined
the overture while it was still in trying to solve its own
problems.  (The Nation  16-Nov-1999)

THAI WAH: Posts 3Q and 9-month losses                      
-------------------------------------                         
Thai Wah posted 9M consolidated losses of 1.04bn baht,
compared with profits of 929.3m last year. 3Q losses were
751m baht, compared with profits of 325m last year.  
(Bangkok Post  16-Nov-1999)

THAI WIRE PRODUCTS: Posts 9-month loss                     
--------------------------------------                           
Thai Wire Products posted 9M losses of 8.4m baht, compared
with losses of 161.69m last year. 3Q profits were 35.9m
baht, compared with losses of 87.3m last year.  (Bangkok
Post   16-Nov-1999)

TIPCO ASPHALT: Posts 3Q and 9-month losses                 
------------------------------------------                      
Tipco Asphalt posted 9M consolidated losses of 495.6m baht,
compared with profits of 955.9m last year. 3Q losses were
332m baht, compared with profits of 370.4m last year.  
(Bangkok Post  16-Nov-1999)


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

Troubled Company Reporter -- Asia Pacific is a daily
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