CREDITORS ALLOW TECK HOCK TO FULFIL CONTRACTS
The nine creditor banks of
international coffee trader <Teck Hock and Co Pte Ltd> met
today to discuss ways of letting it fulfil profitable contracts
which would help it balance earlier losses, a creditor bank
official said.
    No statement was made after the meeting and officials
declined to comment on any decisions made.
    An unidentified foreign commodities company is pursuing its
offer to buy the company and a subsidiary <Coffee Industries
Singapore>, banking sources said.
    The nine creditor banks have the buyer's detailed proposals
covering the injection of new capital and payment of some
outstanding debt to the creditor banks and are now discussing
individual bank counterproposals to increase debt repayments.
    Teck Hock owes over 100 mln Singapore dlrs and the nine
banks have been extending debt repayments since December 23.
    They are Oversea-Chinese Banking Corp Ltd <OCBM.S>, United
Overseas Bank Ltd <UOBM.S>, <Banque Paribas>, <Bangkok Bank
Ltd>, <Citibank NA>, <Standard Chartered Bank Ltd>, Algemene
Bank Nederland NV <ABNN.A>, Banque Nationale De Paris <BNPP.P>
and <Chase Manhattan Bank NA>.
 REUTER
