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/raid1/www/Hosts/bankrupt/TCR_Public/000120.MBX T R O U B L E D C O M P A N Y R E P O R T E R Thursday, January 20, 2000, Vol. 4, No. 14 Headlines AQUA VIE BEVERAGE: Ready To Commence New Product Line BCE WEST: Hearing on Disclosure Statement Set For February 15 CLARIDGE HOTEL: Exclusivity Extended To February 14 EAGLE GEOPHYSICAL: Hearing on Approval of Disclosure Statement FRUIT OF THE LOOM: Seeks More Time To File Schedules - Statements GANTOS: Reports Bankruptcy Filing to SEC GARDEN BOTANIKA: Reports Sales For Third Quarter GREATE BAY: Icahn and Committee of Propose Joint Plan KCS ENERGY: Court Sets February 25 To Review Disclosure Statement LAMONTS APPAREL: Opens Discussions With Lenders LIVENT: Order To Show Cause LOEWEN: Stipulation Modifies Claims Bar Date For GECC MARINER POST-ACUTE: Case Summary MEDPARTNERS PROVIDER: Extension To Assume/Reject Leases PHYSICIAN COMPUTER: Second Amended Disclosure Statement PLANET HOLLYWOOD: Seeks Approval of Exit Financing PLANET HOLLYWOOD: Settlement Agreement with AEA PLAY BY PLAY TOYS: Shareholders Report Holdings PURINA MILLS: Files Plan and Disclosure Statement RAYTECH: Loeb Partners and Loeb Arbitrage Purchase Stock RAYTHEON: Yet Another Warning On Earnings; Shares Fall 20 Percent SIRENA APPAREL: Seeks Order To Extend Terms of License Agreement SUN HEALTHCARE: Motion For Approval of Downey Center Settlement WESTSTAR CINEMAS: Exclusivity Extension Granted WORLDWIDE DIRECT: Hearing To Consider Disclosure Statement ******** AQUA VIE BEVERAGE: Ready To Commence New Product Line ----------------------------------------------------- Aqua Vie Beverage Corporation (a development stage company) was incorporated in Delaware on July 30, 1998 to serve as a vehicle to develop, promote, and market lightly flavored, all natural, still water beverages. As of October 31, 1999 the company had accomplished a State of Delaware 251g business reorganization, had completed formulation of its HYDRATOR(TM) line of beverages comprising seven flavors, the label design for shrink-wrap labeling of PET bottles, two test runs of product and actively entered the market place developing distribution and marketing of its product line. The company's fiscal year-end is July 31. Aqua Vie's ability to commence full operations for production and distribution of its product line will depend upon its ability to identify and raise the capital it will require to achieve the goals and objectives of its business venture. The quarter ending October 31, 1998, was entirely dedicated to the reorganization of the company. This reorganization, into a newly formed corporation, included the acquisition of the assets of the old company, the identification, formal approval, and acceptance of the old company's shareholders as shareholders in the new company, and the establishment of an office and key management in Ketchum, Idaho. Management determined that the shareholders of the old company deserved to be shareholders in the new company. This act re-established a significant equity ownership to all shareholders who may have been eliminated because of the involuntary bankruptcy proceedings, as well as allowed the new company to become publicity traded. Continuing losses dominate the company's financial reports with the quarter ended October 31, 1999 showing net losses of $409,186 on net revenues of $13,124. In the same quarter of 1998, the quarter in which reorganization took pre-eminence, the company's net losses were $247,040 on net revenues of $942. BCE WEST: Hearing on Disclosure Statement Set For February 15 ------------------------------------------------------------- The hearing to consider the approval of the Disclosure Statement shall be held at 1:30 PM on February 15, 2000, 10th floor, 2929 N. Central Ave., Phoenix, Arizona. CLARIDGE HOTEL: Exclusivity Extended To February 14 -------------------------------------------------------------- Judge Judith H. Wizmur entered an order on January 10, 2000 granting the motion of the debtors to extend exclusivity. The debtors' exclusive time to file a plan is hereby extended to February 14, 2000. EAGLE GEOPHYSICAL: Hearing on Approval of Disclosure Statement -------------------------------------------------------------- A hearing will be held on February 10, 2000 before the Honorable Mary F. Walrath, 824 Market Street, 6th Floor, Wilmington, Delaware, to consider the adequacy of the information contained in the Disclosure Statement. FRUIT OF THE LOOM: Seeks More Time To File Schedules - Statements ----------------------------------------------------------------- It will be impossible, the Debtors tell Judge Walsh, to prepare comprehensive statements of their assets and liabilities and statements of their financial affairs, as required by 11 U.S.C. Sec. 521 and Rule 1007 of the Federal Rules of Bankruptcy Procedure, within 15 days following the Petition Date. The Debtors estimate that their internal audit to complete year- end financial statements will be completed by the end of February, 2000. Within a month thereafter, the Debtors believe that they can complete the data gathering, review and analysis processes necessary to produce useful and reliable Schedules and Statements. With the consent of the United States Trustee, Judge Walsh granted an extension of the deadline to file their Schedules and Statements through March 1, 2000. (Fruit of the Loom Bankruptcy News Issue 3; Bankruptcy Creditors' Service Inc.) GANTOS: Reports Bankruptcy Filing to SEC ---------------------------------------- On December 28, 1999, Gantos, Inc. filed a voluntary reorganization petition under Chapter 11 of the U.S. Bankruptcy Code. The petitions were filed in the U.S. Bankruptcy Court for the District of Connecticut at Bridgeport. The company's executive offices are located in Stamford, Connecticut. Arlene Stern, Chief Executive Officer, said: "The decision to file a Chapter 11 bankruptcy petition was a difficult and painful one. Reorganization provides the most orderly, structured means for us to concentrate on operating our stores. The reorganization will enable Gantos to continue in the ordinary course of its operations, while at the same time providing senior management with the necessary time to assess and restructure its debt in an effort to emerge from Chapter 11 as a stronger and more competitive retailer." "Our goal is to make this reorganization invisible to our customers, and to ensure that our vendors and suppliers are reimbursed in a timely manner for all merchandise and services provided to Gantos while it is in Chapter 11." Stern commented: "Stores remain open and all normal customer services and store policies, including credit card purchases and payments, billing adjustments, merchandise returns and gift certificates, will continue as usual." Stern stated: "We anticipate that a creditors committee will be appointed shortly and we will work closely with this committee and other key creditors to reorganize and restructure the company's obligations as quickly as possible." She continued: "We believe that this process will enable us to focus on the future, to preserve the operations of our stores for everyone's benefit, and to concentrate on our primary goal of selling merchandise, without disruption." Gantos, Inc. is a specialty retailer of quality women's wear and accessories. The company currently operates 117 stores in 24 states. GARDEN BOTANIKA: Reports Sales For Third Quarter ------------------------------------------------ Net sales of Garden Botanika Inc., for the third quarter of fiscal 1999, were $12.7 million, compared to net sales of $20.7 million for the comparable prior period, a decrease of 38%. During the quarter ended October 30, 1999, the company incurred net costs of $246,000 relating to its Chapter 11 bankruptcy proceedings consisting of legal and other professional fees. The cmpany's net loss during the third quarter of fiscal 1999 decreased 17% to $4.8 million, from $5.8 million, during the third quarter of fiscal 1998. Net sales for the first nine months of fiscal 1999 were $44.1 million, compared to net sales of $63.2 million for the comparable prior period, a decrease of 30%. The company's net loss decreased 18% to $17.2 million during the first nine months of fiscal 1999 from $20.9 million during the comparable period of fiscal 1998. GREATE BAY: Icahn and Committee of Propose Joint Plan ----------------------------------------------------- Carl Icahn and the Official Committee of Unsecured Creditors of Greate Bay Hotel and Casino, Inc. today filed a Joint Plan of Reorganization which will permit the Sands Hotel and Casino to successfully emerge from its bankruptcy proceedings. The Plan provides for an investment of $60 million for 50% of the equity of the reorganized casino by Cyprus LLC and Larch LLC, each either a direct or indirect wholly owned limited liability corporation owned by Carl C. Icahn. The Plan also provides that the current bondholders will receive a new $110 million, 5 year, 11% note which will be secured by the same collateral that secures the old notes and the remaining 50% of the equity. In addition, the General Unsecured Creditors will receive a lump sum cash payment of $4,872,000 to be paid on the effective date of the Plan. Eric Browndorf, counsel to the Official Committee stated "the Official Committee as a co-proponent, enthusiastically supports this Joint Plan and recommends that all Unsecured Creditors support same and reject any and all other alternative plans. We are confident that this Joint Plan will be supported by the Debtors and confirmed by the Bankruptcy Court. It represents the best possible resolution for all parties." Mr. Browndorf added that "we welcome Mr. Icahn and appreciate his commitment to the ongoing growth of Atlantic City gaming." Mr. Browndorf continued that "this is a significant and positive development for the Atlantic City community, the trade, and employees of the Sands. It will ensure an extraordinary recovery for those dedicated vendors who continue to be the foundation for the Sands' continuing resurgence. It will also prevent undue economic concentration and ensure that vendors and employees retain a level playing field in the industry. Additionally, this plan will prevent consolidation of additional casinos under the Park Place banner and assure a competitive landscape in the Atlantic City casino market." Mr. Icahn stated that he is pleased to have the Committee as co- proponent of the Joint Plan and looks forward to a quick resolution of the pending bankruptcy case "in that our Plan offers significantly higher returns to every constituency involved." KCS ENERGY: Court Sets February 25 To Review Disclosure Statement ----------------------------------------------------------------- KCS Energy, Inc. (NYSE: KCS) said today that the U.S. Bankruptcy Court in Wilmington, Del., has signed an order granting the company and its subsidiaries relief under Chapter 11 of the Bankruptcy Code. The Court has set February 25 for a hearing to review the required disclosure statement and has also set a tentative date of April 6 for a confirmation hearing. KCS is proceeding under Chapter 11 in connection with the company's previously announced Restructuring Agreement which was approved by more than two-thirds of the holders of the Company's 8.875% Senior Subordinated Notes due January 15, 2008 and by more than a majority of its 11% Senior Notes due January 15, 2003. KCS is an independent energy company engaged in the acquisition, exploration, development and production of natural gas and crude oil with operations in the Mid-Continent and Gulf Coast regions. The Company also purchases reserves (priority rights to future delivery of oil and gas) through its Volumetric Production Payments (VPP) program. For more information on KCS Energy, Inc., please visit the Company's web site at http://www.kcsenergy.com. To receive KCS' latest news and other corporate developments via fax at no cost, please call 1-800-PRO-INFO. Use company code KCS. See also http://www.frbinc.com. LAMONTS APPAREL: Opens Discussions With Lenders ----------------------------------------------- Lamonts Apparel, Inc., which operates 38 family apparel stores in five Northwestern states, disclosed that it is experiencing liquidity constraints which have prompted the company to open discussions with its lenders. The company stated it would consider all options to improve liquidity, including reorganization. The company has experienced capital constraints for several years, although the situation was exacerbated recently due to weak spring and summer sales resulting from unusually cool climatic conditions. According to the company, its lenders have expressed a willingness to work with it. Lamonts has not filed its financial statements for the third quarter. The company operates 38 family apparel stores in Alaska, Idaho, Oregon, Utah and Washington and is well-known in the Northwest as a retailer of such brand name apparel as Alfred Dunner, Byer of California, Bugle Boy, Lee, Levi, Liz Claiborne, Nike, Ocean Pacific, OshKosh, Rafaella, Sag Harbor and Woolrich. Lamonts is headquartered in Kirkland, Wash. in the greater Seattle area and employs approximately 1,500 people. LIVENT: Order To Show Cause --------------------------- On January 14, 2000, The Honorable Arthur J. Gonzalez entered an order to show cause on January 25, 2000 at 2:00 PM why an order should not be entered granting the extension of the debtors' exclusive periods during which the debtors may file a plan or plans of reorganization and solicit acceptances of such plan or plans. LOEWEN: Stipulation Modifies Claims Bar Date For GECC ----------------------------------------------------- The Debtors agree that General Electric Capital Corporation has until January 7, 2000, to file its proofs of claim. The general Bar Date is December 15, 1999. GECC has already been given one extension until December 22, 1999, but said it needed additional time to file its proofs of claim. MARINER POST-ACUTE: Case Summary -------------------------------- LEAD DEBTORS: Mariner Post-Acute Network, Inc. Mariner Health Group, Inc. DEBTOR AFFILIATES FILED 187 SEPARATE CHAPTER 11 PETITIONS Bankruptcy Case Nos.: 00-113 through 00-301, inclusive Petition Date: January 18, 2000 Court: United States Bankruptcy Court District of Delaware Marine Midland Plaza Building 824 Market Street Wilmington, Delaware 19801 Judge: The Honorable Mary F. Walrath Circuit: Third Debtors' Lead Counsel: Isaac M. Pachulski, Esq. Jeffrey H. Davidson, Esq. K. John Shaffer, Esq. STUTMAN, TREISTER & GLATT PROFESSIONAL CORPORATION 3699 Wilshire Boulevard, Ninth Floor Los Angeles, California 90010 Telephone (213) 251-5100 Fax (213) 251-5288 Debtors' Local Counsel: Thomas L. Ambro, Esq. Mark D. Collins, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square P.O. Box 551 Wilmington, DE 19899 Telephone (302) 658-6541 Fax (302) 658-6548 U.S. Trustee: John D. "Jack" McLaughlin, Esq. Office of the United States Trustee Curtis Center, 9th Floor West 901 Walnut Street Philadelphia, PA 19106 (215) 597-4411 Reported Financial Condition as of September 30, 1999: Total Consolidated Assets: $1,294,271,000 Total Consolidated Liabilities: $2,680,289,000 If you have an interest in the multi-billion-dollar chapter 11 reorganization undertaken by Mariner Post-Acute Network, Inc., Mariner Health Group, Inc., and their 187 debtor-affiliates, you can pick-up a free copy of the first issue of MARINER BANKRUPTCY NEWS at: http://bankrupt.com/mariner.txt A listing of the debtors' 40 largest unsecured creditors and the 187 affiliated debtors can be found at the above referenced site. MEDPARTNERS PROVIDER: Extension To Assume/Reject Leases ------------------------------------------------------- The Honorable Barry Russell entered an order on January 5, 2000, granting the debtor an extension through and including March 8, 2000, the date by which the deb5tor must assume or reject any and all unexpired leases of non-residential real property pursuant to Bankruptcy Code Section 365(d)(4). PHYSICIAN COMPUTER: Second Amended Disclosure Statement ------------------------------------------------------- The plan is a plan of reorganization proposed by the debtors, Physician Computer Network, Inc., and its affiliated debtors. Under the plan, substantially all of the debtors' assets will be sold to the Purchaser pursuant to the Agreement. The proceeds of the sale will be used to satisfy Allowed Claims of unsubordinated creditors in full. The debtors estimate that after payment to unsubordinated Creditors and Preferred Stock Interests, and after satisfaction of Administrative Expenses and P Priority Tax Claims, payment of the Class Action Settlement, and establishment of certain reserves for the wind-down and liquidation of debtors, depending upon the purchase price adjustment to be performed under the Purchase Agreement, approximately $1 million to $3.5 million may remain for distribution to Class 7A and 7B. The debtors also will retain causes of action. Treatment of Classified Claims: Class 1 - Priority Claims - unimpaired. Class 2 - Allowed Bank Debt Claims of Lehman Commercial Paper Inc., HCM Offshore Trust, Fleet, First Union Nation Bank, Societe Generale, Bank of Montreal, Imperial Bank, Skandinaviska Enskilda Banken AB, Summit Bank and MMHS. The debtors expect to make current payments of interest and fees during the case. Impaired. Class 3 - Other secured claims - either cash payment, return of collateral or other treatment as may be agreed upon between the holders of the other secured claims and the debtors. Unimpaired. Class 4 - General Unsecured Claims - Impaired. Claims amount to $13.5 million, the Bar Date is fixed at February 14, 2000. Assumed liabilities are to be paid when due. Other claims not assumed will be paid when allowed. Virtually all of the Class 4 claims against the debtors constitute liabilities of PCN. Class 5 - Preferred Stock Interests - Impaired. A number of shares of MMC stock having a value equal to the full liquidation preference per share of such Preferred stock, plus accrued and unpaid dividends. The number of shares of MMC stock to be distributed shall be determined by the average of the closing prices of MMC Stock on the Nasdaq exchange for the ten trading days immediately preceding the Trigger Date, divided into the aggregate amount then due on account of such Preferred Stock. Class 6 - All claims of Class Action Members who will be treated in accordance with the Stipulation of Settlement and entered into by and among the lead plaintiff state of Wisconsin Investment Board and other members of the class. The settlement is for $21,150,000 - and an assignment of 50% of any gross proceeds from the director and officer liability policy. Impaired. The settlement payment is to be funded from the proceeds of a sale of the company's assets. Class 7A - Claims statutorily subordinated under section 510(b) of the Bankruptcy Code. These claims do not include the claims of participants in the class action settlement. Romer's claims are principally classified in Class 7A. Holders of allowed claims in Class 7A shall receive their pro rata share of the statutorily subordinated claims percentage of the balance. Class 7B- Equity interests - deemed canceled and of no further force or effect as of the Effective Date. Class 8 - Option claims. No distribution under the plan. The hearing to consider approval of the second amended disclosure statement will be held on January 19, 2000 at 10:00 AM On January 11, 2000 the debtors filed the second amended Disclosure Statement. PLANET HOLLYWOOD: Seeks Approval of Commitment Letter ----------------------------------------------------- The debtors, Planet Hollywood International Inc., et al. seek entry of an order approving a commitment letter for a revolving credit agreement with CIT Group/Business Credit, Inc. and Rothschild Recovery Fund. The facility is a revolving credit facility in an aggregate principal amount not to exceed $15 million, subject to the Borrowing Base. A sub-facility not to exceed $5 for letters of credit shall be available. The Working Capital Facility Commitment requires a commitment fee of $250,000 as do most exit financing commitments. PLANET HOLLYWOOD: Settlement Agreement with AEA ----------------------------------------------- Prior to the Petition Date, Planet Hollywood had an agreement with AEA, Europe Asia International Trade and Management Consultants, Ltd., for a franchise whereby AEA was entitled to operate Planet Hollywood restaurants in Taipei, Bangkok, Kuala Lumpur and Vancouver. The debtors and AEA have agreed to settle all claims, disputes and causes of action with respect to Florida Litigation and the counterclaim for the purpose of avoiding prolonged and costly litigation. Pursuant to the stipulation, AEA's claim shall be allowed as a $7 million general unsecured claim against the debtors to be paid on the Effective Date of the plan. PLAY BY PLAY TOYS: Shareholders Report Holdings ----------------------------------------------- Renaissance US Growth and Income Trust PLC of England beneficially owns 416,667 shares of the common stock of Play By PLay Toys & Novelties, Inc. exercising sole voting and dispositive power over all shares held. The 416,667 shares represent 5.33% of the outstanding common stock of the compnay. On July 3, 1997, Play By Play Toys and Renaissance entered into a $2,500,000 Convertible Debenture with an 8.0% interest rate, due June 30, 2004, convertible at $16.00 per share. According to the Amended Convertible Debenture and Loan Agreement, the conversion price of the debenture was lowered to $6.00 per share effective November 23, 1999. Thus Renaissance owns 416,667 shares of the company's common stock on a fully converted basis. The Debentures are convertible within sixty days. The Investment Manager is Renaissance Capital Group, Inc., which is also Investment Advisor for Renaissance Capital Growth & Income Fund III, Inc. Renaissance Capital Growth & Income Fund III, Inc. also owns securities of Play By Play Toys & Novelties, Inc. PURINA MILLS: Files Plan and Disclosure Statement ------------------------------------------------- Less than three months after commencing its Chapter 11 cases, Purina Mills, Inc. announced that it has filed its Plan of Reorganization and Disclosure Statement with the United States Bankruptcy Court for the District of Delaware. A hearing on the adequacy of the Disclosure Statement is expected to occur in February. After approval of the Disclosure Statement, Purina Mills will commence the solicitation of votes for approval of its Plan of Reorganization. "The Company has worked very hard over the past few months to complete this process in a timely manner. We have successfully transitioned purchasing activities formerly handled by Koch Industries back to our headquarters in St. Louis. We continue to work toward making Purina Mills a successful stand-alone company at the end of this process," said Brad Kerbs, Purina Mills' President and Chief Operating Officer. Under the terms of the Plan of Reorganization, the equity interest in Purina Mills' parent company, PM Holdings Corporation, held by Koch Agriculture Company will be canceled. Koch Agriculture also will provide a one time $60 million capital contribution to Purina. Holders of the Company's Senior Subordinated Notes, together with the holders of other allowed general unsecured pre-petition claims, will receive new common stock in reorganized Purina. The plan contemplates that the new common stock will be listed on or quoted through a national securities exchange. Purina Mills is America's largest producer and marketer of animal nutrition products. Based in St. Louis, Missouri, the Company has 49 plants and 2500 employees nationwide. RAYTECH: Loeb Partners and Loeb Arbitrage Purchase Stock -------------------------------------------------------- Throughout October, November and December 1999, Loeb Partners Corporation and Loeb Arbitrage Fund purchased shares of common stock of Raytech Corporation. The total shares of common stock constitute 8.06% of the 3,421,395 outstanding shares of common stock as reported by Raytech. Loeb Partners Corporation exercises sole voting and dispositive power over 16,546 of those shares, and shared voting and dispositive power over 13,399 of the shares. Therefore, the aggregate amount beneficially owned by Loeb Partners Corporation is 0.87%. Loeb Arbitrage Fund exercises sole voting and dispositive power over 245,655 of the shares. Thus the aggregate amount beneficially owned by Loeb Arbitrage Fund is 7.18%. RAYTHEON: Yet Another Warning On Earnings; Shares Fall 20 Percent ----------------------------------------------------------------- Raytheon Co. is warning investors of another disappointing quarterly earnings report. The struggling company on Tuesday said its fourth quarter earnings would fall short of Wall Street forecasts, marking the second quarter in a row in which the company has taken such a step. Raytheon is expecting earnings for the fourth quarter of 1999 to be between 20 and 25 cents per share, while analysts surveyed by First Call/Thomson Financial had been anticipating earnings of 59 cents per share. The Lexington, Mass.-based company also lowered its full-year earnings estimate to $1.15 to $1.20 per share, down from the $1.40 to $1.50 per share it projected in its earnings warning issued in October. Raytheon said factors contributing to the fourth-quarter shortfall included aircraft production and shipment delays, as well as setbacks in the signing of a contract to build a radar system for the British military. In November, Raytheon announced plans to streamline its management structure by eliminating its biggest division, Raytheon Systems Co., and revising the way financial information is shared within the company. Raytheon's Class B stock, which hit a 52-week high of $76.56 in July, reached a 52-week low in trading at 5:15 p.m. Tuesday on the New York Stock Exchange as it dropped $6.37�, or 26 percent, to $19. Class A shares of Raytheon dropped $6.31 to $18, also a 52-week low. For the full year 2000, Raytheon expected earnings to slump to $1.60 to $1.75, down from the $2.10 to $2.25 the company said it expected in October. Raytheon blamed the future uncertainties on a variety of problems, including slow business in the missile and missile defense sectors. SIRENA APPAREL: Seeks Order To Extend Terms of License Agreement ---------------------------------------------------------------- The Debtor, The Sirena Apparel Group, Inc. seek authority to extend terms of a license agreement with Liz Claiborne, Inc. and L.C. Licensing Inc. Pursuant to the Claiborne License, the debtor holds an exclusive license to use certain Claiborne trademarks in the manufacture, promotion, sale and distribution of women's swimwear and related apparel. The Claiborne License is the debtor's primary license agreement. The debtor estimates that approximately 25% of the debtor's revenue on an annual basis is generated in connection with the Claiborne License. Pursuant to the extension, the term of the Claiborne License will expire on June 30, 2001. The guaranteed minimum royalty for the Extension Period shall be $816,000. SUN HEALTHCARE: Motion For Approval of Downey Center Settlement --------------------------------------------------------------- The Debtors ask Judge Walrath to approve a settlement between Debtor First Class Pharmacy, Inc., on the one hand, and, on the other hand, Downey Center Corp., Orange West Care Center Corp., and Candlewood Care Center Corp. First Class is suing the defendants in California State court claiming that they owe First Class approximately $824,000, plus interest, under various contracts. The proposed settlement requires Peter J. Madigan, the president and sole director of each defendant, to pay First Class $275,000. Each of the defendants has ceased operating, sold all of its assets, and is insolvent. (Sun Healthcare Bankruptcy News Issue 9; Bankruptcy Creditors' Service Inc.) WESTSTAR CINEMAS: Exclusivity Extension Granted -------------------------------------------------------------- Judge Joseph J. Farnan, Jr. entered an order on January 12, 2000 granting the motion of the debtor to extend the time within which the debtors maintain the exclusive right to file a plan through and including April 15, 2000. The court also extended the time within which the debtors maintain the exclusive right to solicit acceptances on any plan filed on or prior to May 15, 2000. That time is extended through and including June 14, 2000. WORLDWIDE DIRECT: Hearing To Consider Disclosure Statement -------------------------------------------------------------- On February 17, 2000, before the Honorable Mary J. Walrath, a hearing will be held to consider whether the Disclosure Statement contains "adequate information" within the meaning of section 1125 of the US Bankruptcy Code. ********* A listing of Meetings, Conferences and Seminars appears each Tuesday in the TCR. Bond pricing, appearing each Friday, is supplied by DLS Capital Partners, Dallas, Texas. ********* 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 is a daily newsletter, co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler, Edem Alfeche and Ronald Ladia, Editors. Copyright 2000. All rights reserved. ISSN 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *