Copyright 2000 AFX News Limited

 

AFX - Asia

 

September 14, 2000 Thursday

 

SECTION: COMPANY NEWS

 

LENGTH: 158 words

 

HEADLINE: NSC receiver seeks 2-week debt payment suspension; prepares liquidation plan

 

DATELINE: MANILA

 

BODY:

 

 The National Steel Corp interim receiver has asked the Securities and Exchange Commission for a two-week extension of its debt payment reprieve which ends on Sept 16, the receiver headed by chairman Monico Jacob said.

In a letter to the SEC, the NSC receiver said the two weeks will enable it to prepare and submit a liquidation plan for National Steel.

The receiver said it was left with no choice but to recommend the steel firm's liquidation as the firm's Malaysian shareholders objected to the rehabilitation plan for NSC.

"Danaharta of Malaysia has filed its objection to the NSC rehabilitation plan submitted by the interim receivership committee but has not presented an alternative proposal. The rehabilitation plan cannot be implemented without the cooperation of the Malaysian shareholders," the NSC receiver said.

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LANGUAGE: ENGLISH

 

LOAD-DATE: September 15, 2000