Great River faces bankruptcy petition

Great River faces bankruptcy petition

JAKARTA: Citibank N.A. filed a bankruptcy petition Tuesday against PT Great River International, one of Indonesia's largest garment makers and retailers, over a US$2 million debt, a spokesman for the bank said.

The petition, filed in Central Jakarta's commercial court, seeks to recover a $2 million working-capital loan issued by the bank in 1994, the spokesman said.

While the amount of the debt is small, the move by Citibank, one of the most prominent foreign banks in Indonesia, represents a blow to Great River's efforts to restructure some $172 million in debt left over from the 1997-98 financial crisis.- Dow Jones

;JP: ANPAf..r.. Corporatebrief-US Airways U.S. Airways files for loan guarantee JP/14/brief

U.S. Airways files for loan guarantee

NEW YORK :Struggling air carrier U.S. Airways Group Inc. asked the government on Monday to guarantee 90 percent of a US$1 billion loan that it would use to help salvage its business, which took a huge financial hit after the Sept. 11 attacks.

The Arlington, Virginia-based air carrier, the nation's sixth- largest, reported a $2.1 billion loss last year, and its financial stability deteriorated even further as it reported a $269 million shortfall in the first quarter of this year.

The carrier filed an application on Monday evening for a $900 million loan guarantee from the government's Air Transportation Stabilization Board (ATSB), which was created to aid the faltering airline industry after the Sept. 11 attacks.

U.S Airways' business was hit particularly hard after Sept. 11 as traffic plunged on many of its routes, which are concentrated on the East Coast.- Reuters

;JP: ANPAf..r.. Corporatebrief-Japanese-TV Japanese firms to shift PDP TV production JP/14/brief

Japanese firms to shift PDP TV production

TOKYO: Japanese electronics makers are planning to shift the production of plasma display panel (PDP) televisions to China as early as next year to cut costs, a news report said Tuesday.

The move is aimed at popularizing flat, large-screen televisions, the Nihon Keizai Shimbun said, citing industry sources.

"PDP televisions currently retail for about 15,000 to 20,000 yen (US$120.3 to 160.4) per inch, but the manufacturers are hoping that converting facilities that now make cathode-ray tube TVs to production of the new televisions will reduce costs by some 20 percent," the Nihon Keizai said. -

;JP: ANPAf..r.. Corporatebrief-PwC-Monday PwC Consulting to change name JP/14/brief

PwC Consulting to change name

NEW YORK: PwC Consulting said Monday it will change its name to "Monday" on completion of its separation from PricewaterhouseCoopers, scheduled for later this year.

The move is part of the effort to "change its name and brand identity to mark its separation from PricewaterhouseCoopers, and to distinguish its management consulting and technology services from those of its competitors," said a statement from the group.

"The PricewaterhouseCoopers brand has given us a great heritage. Our new name -- Monday -- is exactly what we want it to be as we create our new business: a real word, concise, recognizable, global and the right fit for a company that works hard to deliver results," said Greg Brenneman, president and chief executive officer.

"Monday is a new identity on which to build our company's future, and it will have meaning and stand for something: real people, real experience, real business -- and that means real results." -AFP