CREDITOR BANKS MAY BUY INTO SINGAPORE COFFEE FIRM

  The nine creditor banks of the
  Singapore coffee trader &lt;Teck Hock and Co (Pte) Ltd> are
  thinking of buying a controlling stake in the company
  themselves, a creditor bank official said.
      Since last December the banks have been allowing the
  company to postpone loan repayments while they try to find an
  overseas commodity company to make an offer for the firm.
      At least one company has expressed interest and
  negotiations are not yet over, banking sources said.
      However, the banks are now prepared to consider taking the
  stake if they find an investor willing to inject six to seven
  mln dlrs in the company but not take control, the banking
  sources said.
      Teck Hock's financial adviser, Singapore International
  Merchant Bankers Ltd (SIMBL), will work on the new proposal
  with the creditor banks, they said.
      Major holdings are likely to be held by the two largest
  creditor banks, Standard Chartered Bank &lt;STCH.L> and
  Oversea-Chinese Banking Corp Ltd &lt;OCBM.SI>, they added.
      Teck Hock owes over 100 mln Singapore dlrs and the creditor
  banks earlier this week agreed to let Teck Hock fufill
  profitable contracts to help balance earlier losses.
      The nine banks are Oversea-Chinese Banking Corp Ltd, United
  Overseas Bank Ltd &lt;UOBM.SI>, &lt;Banque Paribas>, &lt;Bangkok Bank
  Ltd,> &lt;Citibank NA>, Standard Chartered Bank Ltd, Algemene Bank
  Nederland NV &lt;ABNN.AS>, Banque Nationale De Paris &lt;BNPP.PA> and
  &lt;Chase Manhattan Bank NA.>
  

