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/raid1/www/Hosts/bankrupt/TCR_Public/000314.MBX T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 14, 2000, Vol. 4, No. 51 Headlines CARTON CRAFT: Files Chapter 11 DIAMOND ENTERTAINMENT: Annual Meeting Set For April 27, 2000 EGGHEAD COM: Offers Shares Of Common Stock ELDER BEERMAN: Shareholder Complains About Market Valuation EMPLOYEE SOLUTIONS: S&P Cuts Debt FLOORING AMERICA: Cramer Rosental McGlynn Report Holdings GENICOM: Files For Chapter 11 Protection GENICOM: Officials Say Firm Is For Sale ICO GLOBAL: Satellite Launch Results in Failure INTEGRATED HEALTH: Taps Warburg Dillon as Financial Advisor INTEGRATED HEALTH: First Meeting of Creditors Set For March 24 IRIDIUM: Motorola Tells Customers That Iridium Service May End JOAN & DAVID: Quick Expansion and Family Feud Create Bankruptcy KAISER GROUP: Common Stock Suspended MCMS, INC.: Moody's Downgrades Notes MGC COMMUNICATIONS: Moody's Upgrades Senior Notes From Caa1 To B3 PATHMARK: S&P Drops Rating For Credit, Debt and Bank Loans PREMIER LASER: Announces Chapter 11 Reorganization PRIMARY HEALTH SYSTEMS: Negotiates Agreement with Cleveland READ-RITE: Announces Conversion Price for Exchange Offer REGAL CINEMAS: Moody's Lowers Sr/Sub Debt Ratings REV HOLDINGS, INC.: Moody's Lowers Debt Ratings ROBERDS: Court Approves DIP Financing SAFETY COMPONENTS: Cramer Rosenthal McGlynn Report Holdings SAFETY-KLEEN SERVICES: Moody's Downgrades Notes; Negative Outlook TRANS ENERGY: Cool Reports Holdings TRANS ENERGY: South County Investors Reports Holdings VENTAS INC: Cramer Rosenthal McGlynn Reports Holdings WESTMORELAND COAL: Virginia Power Case Remanded To Trial Court WINSTAR COMMUNICATIONS: S&P UPS SNR UNSEC DEBT Meetings, Conferences and Seminars ********* CARTON CRAFT: Files Chapter 11 ------------------------------ The Buffalo News reports on March 11, 2000, that Carton-Craft, a Buffalo printing company that makes juvenile board books for Disney and other publishers, has filed for Chapter 11 bankruptcy protection. Timothy S. Ortolani, president and chief executive officer, blamed the collapse of Buffalo's commercial real estate market, and reluctance of banks to refinance the mortgage on the company's Ash Street plant for forcing the business into bankruptcy. "I bought that property for $ 2 million back in 1986 and it was recently appraised at less than $ 200,000. I can't get any bank to refinance the mortgage," said Ortolani, who owns the private company. He said the company owes HSBC Bank USA a balloon payment of almost $ 1 million on its mortgage. Carton-Craft, founded locally in 1946, employs as many as 275 workers during peak operating periods. The company will continue daily operations while negotiating a reorganization plan with creditors. Ortolani said he is considering a range of other options, which include selling the company or relocating to Alabama or Texas. He plans to seek public sector help to handle the company's financial bind. "Moving would be a last resort, but it's an option we have considered in the past and we'll have to look at it given our present situation," he said. "Our business is strong, but we're in a bind because of the weak local economy and its effect on property values. Our best-case scenario is to obtain some help from the public sector and arrange new financing so we can stay here." Workers at the plant are represented by the International Association of Machinists & Aerospace Workers. DIAMOND ENTERTAINMENT: Annual Meeting Set For April 27, 2000 ------------------------------------------------------------ Diamond Entertainment Corporation, a New Jersey corporation, is inviting its stockholders to the annual meeting of shareholders to be held on April 27, 2000 at 3:00 P.M., local time, at the offices of Diamond Entertainment Corporation, 800 Tucker Lane, Walnut, California 91789. At the annual meeting, stockholders will be asked to consider and vote upon (I) the election of one (1) Class 1 directors and two (2) Class 2 directors to the Board of Directors of the company for term of three years; (II) the ratification of Merdinger, Fruchter, Rosen & Corso, P.C. as the independent certified public accountants of the company; (III) the increase of the authorized common stock of the company from 100,000,000 shares of common stock, no par value, to 600,000,000 shares; (IV) the approval and consent giving the Board of Directors of the company the authority and power to effectuate a reverse stock split up to a maximum ratio of 10 to 1 of the authorized shares of the common stock of the company; and (V) such other business as may properly come before the annual meeting. Time will be set aside during the meeting to discuss each item of business described in the Proxy Statement and for other questions relating to the company. Representative members of management will be on hand for this purpose, including a representative from the auditor. EGGHEAD COM: Offers Shares Of Common Stock ------------------------------------------ Egghead.com, Inc. is offering 702,947 shares of common stock pursuant to a common stock purchase agreement with Acqua Wellington North American Equities Fund, Ltd. The company has released a prospectus supplement which relates to the first settlement date of the first draw down under the purchase agreement. The common stock is being purchased at an average price of $10.67 per share, which price is based on the recent trading prices of the common stock on the Nasdaq National Market and reflects a 5.60% discount. The common stock is quoted on the Nasdaq National Market under the symbol "EGGS." On March 2, 2000, the closing sale price of the common stock was $9.44 per share. ELDER BEERMAN: Shareholder Complains About Market Valuation ----------------------------------------------------------- PPM America CBO II Management Company, PPM America Fund Management GP, Inc., PPM America Inc/IL, PPM America Special Investment Fund, L. P., PPM American Special Investments CBO, II L.P., PPM America Inc., are all involved to one degree or another in ownership of the common stock of Elder Beerman Stores Corporation. PPM believes that Elder Beerman's current policies and method of doing business reflect a lack of concern for maximizing the value of the company for the benefit of its shareholders. PPM states it believes that this is starkly evidenced by the fact that the aggregate market value of the company's common stock is only about 35% of the company's book value. PPM accordingly has concluded that the market valuation of the company should be at least three times greater than it is. PPM further believes that Elder Beerman's management and board of directors have a fiduciary duty to take prompt and effective action to substantially increase shareholder value. By letter dated February 22, 2000, counsel to PPM on behalf of PPM advised Elder Beerman Stores Corporation that it should either: (i) put the company up for sale to the highest bidder; or (ii) conduct a Dutch auction for its shares for the equivalent of at least $17 million or the full amount of cash remaining under the company's share repurchase plan. Although PPM is aware from the filings of other significant stockholders of the company, made with the Securities and Exchange Commission, that such other stockholders may also be disenchanted or unhappy with the state of affairs at the company at this time, PPM intends to avoid taking any action, including but not limited to entering into agreements or understandings with other stockholders of the company, which would make PPM part of a larger group of stockholders. Nevertheless, subject to and in light of the foregoing, and if the company does not provide a concrete and constructive response to the need to maximize shareholder value, PPM may take unilateral action to implement its goal of enhancing shareholder value, which may include but not be limited to: (i) influencing the management and board of the company in order to enhance shareholder value; (ii) soliciting proxies for the election of directors acceptable to PPM at the company's next annual meeting; (iii) soliciting bids for the sale of the company or otherwise causing the company to become privately owned; or (iv) pursuing claims against the company's management and directors for breach of fiduciary duty, waste, self dealing and other injury. On February 24, 2000 PPM had advised Elder Beerman Stores, among other things, that PPM had determined that the company has a duty to take prompt action to enhance shareholder value and that PPM required a "concrete" response from the company by February 28, 1999. Later on February 24, a representative of the firm of Wasserstein Perrella & Co. contacted counsel to PPM and invited PPM to a meeting to be held at the offices of the company's counsel in Chicago on February 28, 2000. PPM was also advised that the company would be issuing a press release the morning of the meeting and that the contents of the press release would be discussed at the meeting. The Wasserstein representative declined to indicate what the subject matter of the press release would be. PPM responded that it would be happy to attend such a meeting but that it did not want to be advised of non-public information at the meeting that would restrict PPM from trading in the company's securities for more than a limited period of time. The Wasserstein representative later replied that the company would not agree to conduct the meeting in that manner and that PPM could make its own determination as to whether or not, or at what point, PPM should leave the meeting in order to avoid becoming restricted from trading. PPM declined to attend the meeting on that basis. The press release issued by the company on February 28, 2000 indicated that the company had retained Wasserstein to "explore alternatives that could include the sale of the company". It is PPM's understanding, however, that Wasserstein has been working with the company since early 1998. PPM accordingly believes that the company's press release was misleading, disingenuous and did not constitute a "concrete" response to PPM's February 22 letter to the company. Moreover, according to PPM, given that the company has experienced over a 50% drop in its share price during Wasserstein's tenure in that its stock price has fallen from $11- 9/16 per share on December 31, 1998 to close on March 2, 2000 at a price of $5-11/16 per share, PPM has no confidence at all that Wasserstein will help enhance the company's shareholder value. In PPM's initial stockholdeer filing almost six months ago, PPM stated that the company should take three actions which PPM believed would enhance shareholder value: (i) install two additional independent directors; (ii) amend the company's Articles of Incorporation and Code of Regulations to eliminate "super-majority" voting requirements; and (iii) separate the role of the Chairman of the Board from the role of the Chief Executive Officer. While the company did install two additional directors to its board of directors, the incumbent directors significantly outnumber these new directors and PPM accordingly believes that this disparity in numbers effectively neuters the new directors' ability to be agents of change. Beyond that, PPM believes that the company has failed to satisfy any of the requests of its largest shareholders. In PPM's amendment to its stockholder schedule, PPM stated that the company must either put itself up for sale to the highest bidder or conduct a Dutch auction for its shares, which it could effectuate immediately under its existing stock buyback program. So far, states PPM, the company's only response has been to announce the two year old news that it is working with Wasserstein. PPM says it will continue to insist that the company comply with PPM's as yet unmet requests. PPM believes that the company must respond to PPM's requests no later than March 17, 2000. PPM intends to file a further amendment to its stockholder schedule on or about March 20, 2000 to state whether or not the company has responded to PPM's requests in a satisfactory manner and to specify further action which PPM is prepared to take. EMPLOYEE SOLUTIONS: S&P Cuts Debt --------------------------------- Standard & Poor's lowered its corporate credit and senior unsecured debt ratings for Employee solutions Inc. to double-'C' from single-'B'-minus. In addition, the ratings are placed on CreditWatch with negative implications. The rating actions reflect the company's recent announcement that it has begun negotiations with its bondholders in order to reorganize its capital structure. In addition, Employee Solutions' independent auditors have advised the company that a going concern modification for its 1999 financial statements will likely be issued in light of net losses from 1997 through 1999, as well as the uncertainty surrounding the negotiations. If the negotiations result in an offer to bondholders for materially less than par value, such circumstances would be tantamount to a default, in Standard & Poor's view. In this event, Standard & Poor's would lower its ratings for the company to 'D'. FLOORING AMERICA: Cramer Rosental McGlynn Report Holdings --------------------------------------------------------- Cramer Rosenthal McGlynn, LLC, investment advisers, beneficially own 1,270,000 shares of the common stock of Flooring America Inc. Shared voting and dispositive powers are held over the shares, the aggregate total of which equals 6.671% of the outstanding common stock shares of the company. GENICOM: Files For Chapter 11 Protection ---------------------------------------- GENICOM Corporation announced that it has filed for Chapter 11 bankruptcy protection in Delaware. As previously reported, GENICOM Corporation has been operating in violation of its credit facility since the third quarter of 1999. On February 25, 2000, GENICOM received formal notice from its lender group of the occurrence of certain events of default under the credit facility, including the Company's failure to make required principal and interest payments. The notice also stated that all amounts due under the credit facility had been accelerated and were fully due and payable. The lenders immediately began exercising all of their rights and remedies, including their right to offset the Company's bank accounts and foreclose on their collateral. In prior press releases, GENICOM had identified uncertainties related to the Company's ability to maintain itself as a going concern and noted that the absence of lender support could make the initiation of bankruptcy proceedings appropriate. On March 3rd, the Company was able to meet its payroll obligations after its current lender group released sufficient funds from previously offset money collected as the result of exercising its default remedies. Since then, the Company has been unsuccessful in negotiating remedies to the default occurrences and has thus filed for bankruptcy protection. Subsequent to the filing, the Company and its lenders have agreed upon the terms of a DIP loan facility of $6.9 million and a cash collateral order that will be submitted to the court for approval. This agreement will enable the Company to continue operations including the funding of payroll, materials, goods and services on an ongoing basis. It is the Company's intention, in the near future, to ask the court to approve a procedure that will allow interested parties to submit proposals to purchase the Company's business in whole or in part. In addition, the Company has determined not to proceed with an appeal of its delisting from Nasdaq at this time. In further developments, GENICOM announced the appointment of Shaun Donnellan to act as President and Chief Executive Officer during the bankruptcy proceedings, replacing Paul Winn. Concurrently, the Company's Senior Vice President of Finance and CFO, James Gale, was replaced. The Company has also received Abraham Ostrovsky's resignation, effective March 2nd, from his position as Director. GENICOM Corporation is a global provider of integrated network solutions, multivendor services and printer solutions focusing on the midrange, client/server market. GENICOM is headquartered within metropolitan Washington, DC. For more information on the company and its portfolio of enterprise printer and service solutions, access the GENICOM web site at http://www.genicom.comor the ESSC web site at http://www.essc.com. GENICOM: Officials Say Firm Is For Sale --------------------------------------- According to a report in The Washington Post on March 13, 2000, Genicom Corp., filed for Chapter 11 bankruptcy protection on Friday after its lenders declared the company in default. According to the report, Genicom officials said in a statement they would put the firm up for sale. Genicom had been operating in violation of its credit agreement with a group of banks led by Bank of America since the third quarter last year. Genicom was given a formal notice of default on February 25. According to the debtor, it is seeking approval of a $6.9 million credit line. Genicom reported $ 452 million in revenue in 1998. ICO GLOBAL: Satellite Launch Results in Failure ----------------------------------------------- A spokesperson for ICO Global Communications said that the first of 12 telecommunications satellites built for the company has been lost in the Boeing-led international Sea Launch, according to Reuters. The launch yesterday was part of the multinational Sea Launch project, and the rocket lifted off successfully on time, but "it suffered an anomaly after launch," Boeing said. ICO Global, established five years ago, is planning to build a satellite-based mobile phone network; it filed chapter 11 in August. The ICO Global spokesperson said that the satellite, built by Hughes Space and Communications Co., was fully insured, and that the company hopes the crash will have a minimal impact on its business plan. He also said that ICO needed only 10 of the 12 satellites ordered to operate its network, but that it had two spares for this sort of problem. (ABI 13-Mar-00) INTEGRATED HEALTH: Taps Warburg Dillon as Financial Advisor ----------------------------------------------------------- Integrated seeks the Court's authority, pursuant to 11 U.S.C. Sec. 327(a), to retain Warburg Dillon Read LLC as its investment banker and financial advisor in these chapter 11 cases. Specifically, Warburg will: (a) assist the Company in assessing their financial condition, financial strategy and business plan; (b) assist the Company and its other professionals in developing a business plan, financial forecasts, and an analysis of the Debtors' debt capacity for purposes of the chapter 11 proceedings; (c) assist the Company and its other professionals in evaluating the impact on the Company of proposals regarding future dispositions of assets of the Company and its affiliates; (d) advise and assist the Company in connection with any [Restructuring Transaction], including, without limitation, any repayment, exchange, or conversion of any liabilities of the Company outstanding on [January 28, 2000], or any modification, amendment, deferral, restructuring, rescheduling, moratorium or adjustment of the terms and/or conditions of any liabilities of the Company . . . whether pursuant to a chapter 11 plan or reorganization, order of the Bankruptcy Court or otherwise; (e) assist the Company and its other professionals in formulating and negotiating a chapter 11 plan of reorganization; (f) advise the Company in connection with any [M&A Transaction] involving, directly or indirectly, any business combination, whether by acquisition, merger, consolidation, negotiated purchase, tender or exchange offer, reorganization, recapitalization or otherwise, or any direct or indirect sale, transfer or other disposition, whether in one or in a series of transactions, or all or any portion of the capital stock or assets of the Company or any subsidiary of the Company, whether pursuant to a chapter 11 plan of reorganization, order of the Bankruptcy Court or otherwise; (g) advise the Company regarding any proposed [Financing Transaction, including a] sale or placement of the Company's equity or debt securities or obligations with one or more lenders and/or investors, or any other loan or financing arrangement undertaken during the course of the chapter 11 proceedings or in connection with the implementation of any chapter 11 plan or reorganization (including, without limitation, and "exit financing", hybrid financing or rights ordering), but excluding "debtor in possession financing"; (h) assist the Company and its other professionals in communicating with any official committees in the chapter 11 proceedings regarding matters within the scope of WDR's engagement; (i) provide testimony, as necessary, in any proceedings before the Bankruptcy Court regarding matters within the scope of WDR's engagement. The Debtors agree to pay Warburg: * a flat $200,000 monthly advisory fee for its services; * a Restructuring Fee equal to 0.35% of the aggregate principal amount of the liabilities restructured in connection with any Restructuring Transaction; * M&A Fees equal to a percentage of the Cumulative Aggregate Consideration received by the Debtors on account of any M&A Transactions: Cumulative Aggregate Consideration Applicable Percentage ---------------------------------- --------------------- Less than $50,000,000 0.0% $50,000,000 to $200,000,000 1.5% In excess of $200,000,000 1.0% * Financing Fees equal to a percentage of the total amount raised: Type of Financing Fee Percentage ----------------- -------------- Senior Debt 2.75% Subordinated Debt 3.50% Convertible Securities 4.50% Public Equity 5.5% Private Equity 7.0% L. Thomas Sperry, Executive Director for Warburg, makes no secret of the fact that Warburg does deals around the globe, and is an affiliate of UBS AG. That being the case, Warburg has many, many relationships with the Debtors' creditors, lessors, bondholders, bank lenders, and all of their respective professionals. Mr. Sperry assures Judge Walrath that all of these relationships are in matters unrelated to Integrated's chapter 11 proceedings. Accordingly, Mr. Sperry is confident, Warburg is disinterested within the meaning of 11 U.S.C. Sec. 101(14). (Integrated Health Bankruptcy News Issue 3; Bankruptcy Creditor's Service Inc.) INTEGRATED HEALTH: First Meeting of Creditors Set For March 24 -------------------------------------------------------------- The United States Trustee for Region III will convene the first meeting of the Debtors' creditors, pursuant to 11 U.S.C. Sec. 341(a) on March 24, 2000, at 1:00 p.m. The meeting will be held in Room 2313 at 844 King Street in Wilmington. IRIDIUM: Motorola Tells Customers That Iridium Service May End -------------------------------------------------------------- Motorola Inc. has notified customers of service from Iridium LLC that service will end on March 17, Friday, unless a buyer for Iridium comes forward, according to Reuters. Schaumburg, Ill.- based Motorola, sent a letter this past week to customers who bought Iridium phones directly form Motorola. Iridium, which filed for chapter 11 protection last August, will dismantle its satellite telephone system if a buyer is not found this week. Iridium had secured a $3 million loan from lenders to keep it in business until Friday. (ABI 13-Mar-00) JOAN & DAVID: ----------------------------------------------------------------- The New York Post reported on March 11, 2000, that the recent bankruptcy filing by Joan & David, Inc., famous for pricey shoes and accessories, expanded too quickly, amassing $33 million in debt. Joan & David Inc. filed for bankruptcy protection after negotiations to sell to a Boston-based liquidator, reported by The Post in December, fell through. Complicating the issue, the report claims that there was a family feud, with David Sr., Joan's husband and co-founder of the business, wanting to sell the business for some time, but Joan refused. David Jr., their son and an executive in the business, reportedly sided with his father. The company's rapidly deteriorating finances finally changed Joan's mind. Bankruptcy documents show that Joan & David Inc. has lost money for the last five fiscal years. The company took out a $15 million loan last summer from BankBoston Retail Finance. Some of the 67 stores in the U.S. will be closed, according to the bankruptcy filing. The report states that Bob Pressman, of Barney's fame runs a retail consulting firm, and is advising the Helperns on the restructuring. KAISER GROUP: Common Stock Suspended ------------------------------------ Kaiser Group International, Inc.'s common stock has been suspended from trading on the New York Stock Exchange. As a consequence the company will make the appropriate filings with the Securities & Exchange Commission. The company's common stock will trade on the National Association of Securities Dealers' OTC Bulletin Board Service. The action results from the fact that the closing price of the company's common stock on a 30 trading- day average has been less than $1.00 per share for the past six months. Additionally, the company decided not to implement the reverse split of its common stock previously approved by the company's shareholders at the November 4, 1999 annual meeting. MCMS, INC.: Moody's Downgrades Notes ------------------------------------ Moody's Investors Service lowered to Caa3 from B3 the rating on MCMS Inc.'s $145 million 9-3/4% senior subordinated notes, and assigned a Caa3 rating to the $30 million floating interest rate subordinated term securities, both due 2008. At the same time, Moody's lowered to "c" from "caa" its rating on the $30 million 12-1/2% PIK senior exchangeable preferred stock, due 2010, and assigned a B3 rating to the company's $60 million senior secured revolving credit facility, due 2004. The company's senior implied rating has been lowered to Caa1 from B1, while its senior unsecured issuer rating has been lowered to Caa2 from B2. The ratings outlook is negative. Moody's ratings downgrade is based on MCMS' stringent liquidity position, resulting from continuing losses since its leveraged recapitalization and establishment as an independent company two years ago. Under the company's revolving credit facility, only about $11 million of borrowing capacity was available for use in a business with increasing working capital requirements as of the FY2000Q1 end. MCMS has no significant debt repayments scheduled before 2008. However, annual interest expense is substantial. Total debt, including preferred stock and the capitalization of operating leases, was a weighty 12.2 times EBITDA plus rents, for the LTM ended December 2, 1999. EBITDA plus rents failed to cover fixed charges (interest and rents) for the same LTM period. MCMS, Inc., headquartered in Nampa, Idaho, provides electronic manufacturing services to OEMs in the networking, telecommunications, computer services, and other rapidly growing sectors of the electronics industry, and maintains facilities in Durham, North Carolina; Colfontaine, Belgium; Penang, Malaysia; Monterrey, Mexico and Singapore. MGC COMMUNICATIONS: Moody's Upgrades Senior Notes From Caa1 To B3 ----------------------------------------------------------------- Moody's Investors Service has upgraded the rating on MGC Communications, Inc.'s $160 million senior secured notes due 2004, from Caa1 to B3. The senior implied and issuer ratings were also raised from Caa1 to B3. Moody's has also assigned a rating of "caa" to the recently issued $207 million 7.25% series "D" convertible redeemable preferred stock. The outlook has been changed from positive to stable. MGC is in the process of changing its name to Mpower Communications. Over the past year the company has attracted financial partners, strengthened the management team and reformed its business strategy. These changes have contributed to Mpower's success in raising additional debt and equity. From a ratings prospective, in December 1999 Moody's upgraded the bonds from Caa2 to Caa1, reflecting the management team improvements, a stronger strategic focus and the improved capital structure. At that time we also stated that we would consider a further upgrade upon the planned issuance of additional junior capital. In fact Mpower raised approximately $333 million in new common stock and $207 million in preferred in February 2000. The ratings recognize the risks involved with the substantial geographic expansion of the business and management of the related growth. MGC Communications, Inc. (Mpower Communications) is headquartered in Rochester, New York. PATHMARK: S&P Drops Rating For Credit, Debt and Bank Loans ---------------------------------------------------------- The Home News Tribune reported on March 11, 2000, that the outlook for Pathmark Stores Inc., the cash-strapped supermarket chain, became bleaker when Standard & Poor's lowered its ranking for corporate credit, debt and bank loans on the Carteret-based grocer. Pathmark ratings dropped from single B to triple C-plus for its corporate-credit rating; its subordinate-debt rating went from triple C-plus to triple C-minus and its bank-loan rating from single B-plus to single B'-minus, according to a press release issued by Standard and Poor's. Harvey Gutman, senior vice president for Pathmark said Pathmark's debt problems go back to when the stores were under the Supermarkets General Holdings Corp. umbrella. In 1987, there was hostile takeover attempt on Supermarkets General made by the Dart Group out of Maryland. To avoid the takeover, Pathmark went private and took on $ 2 billion in debt, he said. According to the article, the latest rating action by S&P reflects its view that Pathmark will have a hard time satisfying upcoming debt maturities in the near future. Pathmark has a $ 50 million sinking fund payment obligation due June 15, relating to the company's $ 200 million subordinated notes due in 2002, according to an S&P press release. If Pathmark satisfies this obligation, S&P believes the company would further reduce its already weak liquidity position and would have difficulty refinancing $ 370 million of debt maturities in 2001. Pathmark, whose major lender is Chase National Bank, has about $ 70 million available under its $ 200 million revolving credit facility. Pathmark operates 62 stores in New Jersey. Pathmark had losses of $ 28.5 million in 1998 on revenues of $ 3.65 billion. PREMIER LASER: Announces Chapter 11 Reorganization -------------------------------------------------- Premier Laser Systems Inc. (Nasdaq: PLSIA) announced today that it has filed a voluntary petition for protection and reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court in Santa Ana, California. The filing was necessitated by the Company's lack of liquidity, the overhang of prior obligations and the need to seek protection from certain creditors' activities. Under the Chapter 11 proceeding, the Company will seek to maximize the value of the Company and its assets for the benefit of all of its stakeholders including its creditors, customers, shareholders and employees. Premier Laser Systems develops, manufactures and markets diagnostic and therapeutic products for the eyecare, dentistry and surgical markets including lasers, fiber optic delivery systems and associated products for a variety of applications. PRIMARY HEALTH SYSTEMS: Negotiates Agreement with Cleveland ----------------------------------------------------------- Primary Health Systems, Inc. (PHS) announced that, together with the Cleveland Clinic Foundation, it has negotiated a proposed agreement with the City of Cleveland that would keep St. Michael Hospital open. Mayor Michael R. White presented the negotiated agreement to the community for discussion in a public meeting today. PHS stated, "We are pleased to have negotiated a proposed agreement that, if approved, would enable St. Michael Hospital to continue its mission of serving the health care needs of the community. As an institution with a concern for the well-being of our patients, we certainly wish it were not necessary to close any facilities, and we are grateful that the concern and involvement of Mayor White has enabled us to reach a constructive solution. In addition, this solution would permit PHS to proceed with our prior agreement with the Cleveland Clinic Foundation - which would keep the Mt. Sinai Integrated Medical Campus as an operational facility under new, financially sound ownership and allow our remaining unit, Deaconess Hospital, to continue to serve the public." PHS noted that a temporary restraining order issued earlier this week by the Court of Common Pleas for Cuyahoga County, Ohio, enjoining PHS from closing two hospitals, remains in effect. Pursuant to the proposed settlement, however, PHS has requested that the City agree to request dissolution of the TRO to allow PHS to proceed with its prior agreement with the Cleveland Clinic Foundation. The Company also noted that agreement has not yet been reached with the Cuyahoga County Board of Commissioners, the other party to the litigation. "By addressing the County's concerns through this negotiation, which was led by the City, we are hopeful that the County will support the proposed agreement, and that the remaining litigation will be settled," PHS stated. Prior to reaching the proposed agreement with the Mayor's office, PHS filed a complaint in the U.S. Bankruptcy Court for the District of Delaware seeking to enjoin a group of physicians and public officials from preventing the closing of St. Michael Hospital and Mt. Sinai Medical Center-East in Richmond Heights. The complaint asks that the Bankruptcy Court assert its jurisdiction in this matter to prevent further erosion of PHS' financial position. Notwithstanding this complaint, PHS continues to work toward a possible settlement of the matter. PHS also said that the agreement with the Cleveland Clinic Foundation was not challenged on anti-competitive grounds by either the U.S. Department of Justice or by the Federal Trade Commission in their review of the proposed transaction, giving further support to the Company's position that there is no legal basis for the challenges to the sale brought in state and federal court in Cleveland. READ-RITE: Announces Conversion Price for Exchange Offer -------------------------------------------------------- In connection with its offer to exchange up to $345,000,000 of its 6 1/2% Convertible Subordinated Notes due September 1, 2004 (or such lesser number as properly tendered) into its 10% Convertible Subordinated Notes due September 1, 2004, upon the terms and subject to the conditions set forth in Read-Rite Corporation's Registration Statement Read-Rite Corporation subsequently announced that conversion price for the exchange offer was set at $4.42, which is a 15% premium over the volume weighted average price of the company's common stock for the period February 28, 2000 through March 3, 2000. The offer was scheduled to expire at 5:00 p.m. Eastern Standard Time on March 8, 2000. Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Milpitas, California and has operations in Japan, Thailand, the Philippines and Singapore. REGAL CINEMAS: Moody's Lowers Sr/Sub Debt Ratings ------------------------------------------------- Moody's Investors Service lowered the debt ratings of Regal Cinemas, Inc. (Regal), taking the former Caa1 and B1 ratings for $800 million of senior subordinated notes and $1.0125 billion of senior secured (stock only) bank credit facilities to Caa2 and B2, respectively. Moody's also lowered the company's senior implied and senior unsecured issuer ratings to B2 and Caa1, from B1 and B3, respectively. The outlook for all ratings remains negative. The downgrades specifically reflect the continued weak operating performance of the company, which has been lower than both Moody's and management's expectations since the initial review began, and the diminished liquidity cushion that now exists as a direct result thereof. Moody's also noted concerns over the company's ability to adequately service its large debt burden over the near term given its expectation for the continued absence of compelling and long-lived film product at the box office, which will be exacerbated by heightened competitive pressures industry-wide, and the corresponding implications for reduced recovery prospects today for the company's creditors in the event of a further distressed scenario. Additionally and more broadly, the revised ratings continue to reflect the company's highly leveraged balance sheet, particularly in consideration of its sizeable and growing operating lease commitments; thinning coverage of interest and rents by pre-rent cash flow, which will be further weakened as new theaters are constructed/opened and expected off-balance sheet lease financings are arranged; and a still aggressive new theater buildout program, notwithstanding some recent curtailing of the same, and the added financial strain that will result therefrom. The negative outlook further incorporates Moody's expectation that the company's operating environment is likely to worsen before it gets better, adding to the current financial strain. While the company's newer theaters that have recently come on line appear to be performing well and will likely improve over the coming periods, the less modern Act III circuit in particular continues to suffer market share erosion to newer competing theaters in the western part of the country. It is also anticipated that more of the core Regal circuit will face stiffer competition in the coming months as the lofty pace of screen growth throughout the industry approaches its peak, and hence the comparatively stronger performance of Regal's own newer theaters will continue to be masked and likely more than offset by this phenomenon. Notwithstanding these concerns, Moody's continues to note that Regal remains one of the leading theater circuit operators with an above average quality asset base. Moody's also believes that management will ultimately be able to renew its focus on driving margin improvement through cost containment initiatives now that it has begun to scale back its capital expansion program, although further downward pressure on the company's debt ratings can be expected in the absence of renewed cash flow growth and debt reduction. Regal Cinemas is one of the largest domestic motion picture exhibitors with 4,395 screens in 426 theaters located in 32 states. The company maintains its headquarters in Knoxville, Tennessee. REV HOLDINGS, INC.: Moody's Lowers Debt Ratings ----------------------------------------------- Moody's Investors Service lowered the following debt rating of REV Holdings, Inc. ("HoldCo") and Revlon Consumer Products Corporation ("RCPC"): � $770 million (face amount) senior subordinated discount notes, due 2001, to Ca from Caa3 Revlon Consumer Products Corp.: � $250 million of 9.0% senior notes, due 2006, to Caa1 from B3 � $250 million of 8.125% senior notes, due 2006, to Caa1 from B3 � $650 million 8.625% sr sub notes, due 2008, to Caa3 from Caa2 � $723 million secured credit facility to B3 from B2 Concurrently, Moody's lowered the company's senior implied rating to B3 from B2 and its senior unsecured issuer rating to Caa2 from Caa1. This concludes Moody's review of the company that began on October 6, 1999. The downgrades reflect Revlon's weaker-than-expected operating results for fiscal 1999 and Moody's expectation that its cash flow will remain weak in the near term, especially relative to its enormous $2.5 billion consolidated debt burden at HoldCo. The company may be challenged in its efforts to generate EBITDA of $200 million in fiscal 2000, which is the minimum requirement under its bank credit agreement. Even if the company is able to generate $200 million of EBITDA, and sell some non-core assets, its leverage, as measured by EBITDA minus capex-to-total debt, will still be very high and its EBITDA minus capex interest coverage extremely thin. Risks associated with RCPC's high leverage are heightened by the competitiveness of the industry in which it competes, as well as HoldCo.'s $770 million (face amount) of senior discount notes which are due in March 2000. There is substantial refinancing risk associated with the HoldCo. notes. Revlon's near term liquidity should be enhanced through the sale of its worldwide Professional Products business for $315 million, as well as the possible sale of its non-core Latin American brands. Nevertheless, liquidity concerns could heighten if the company fails to materially improve its cash flow from operations or it fails to meet the revised financial convenants contained in its bank credit agreement. The significant costs associated with Revlon's heavy debt burden may continue to limit the company's financial flexibility. These costs could also make it more difficult for the company to compete against stronger and less leveraged competitors. Moody's is concerned over the company's market share losses, despite some stabilization in January 2000. During the second half of 1999, Revlon generated substantial operating losses while it reduced nearly $280 million of excess warehouse inventory in the drug store channel. The company's sales and earnings were also hurt by year-over-year and period- to-period declines in its market share, delays in launching new products, and various management changes. Lower sales volume, combined with heavy advertising aimed at supporting its own brands and strong competitive pressures, resulted a substantial operating loss of $213 million in 1999 (a $150 million loss before restructuring and executive separation costs). Interest expense totaled approximately $140 million at RCPC and more than $200 million on a consolidated basis at HoldCo. Although management has indicated that inventory levels came down significantly during the third and fourth quarters of the year, the drug store de-stocking issue may linger through the first quarter of fiscal 2000 and negatively impact the company's annual sales. Although Moody's recognizes the positive steps that management has taken in order to improve the company's operating performance, including recent restructuring initiatives which could produce annual savings of $30-40 million, the tangible impacts of these initiatives on the company's earnings and cash flow remain to be seen. Moody's believes Revlon's operating performance may be fairly volatile in the intermediate term. Revlon has sold its professional products business for approximately $315 million. Net proceeds should approach $270 million, of which 60% will be used to permanently reduce debt. Although Revlon has not sold its Latin American brands, management believes it will do so in the near term. Combined, these non-core asset sales could provide Revlon with approximately $100 million of additional availability under its bank credit facility. Currently, unused availability under this facility is approximately $55 million. Headquartered in New York, New York, Revlon Consumer Products Corporation is a leading mass market cosmetics, skin care, personal care and professional products company. ROBERDS: Court Approves DIP Financing ------------------------------------- Roberds Inc., Dayton, Ohio, announced Friday that it has received final approval from a bankruptcy court for its debtor-in- possession financing of $25 million. President Robert Wilson said, "We now have permanent financing in place that permits us to begin to restore the normal flow of goods into the business." In January, the company said it would close all of its home furnishings stores in Tampa, Fla., and seek chapter 11 because of stiff competition. (ABI 13-Mar-00) SAFETY COMPONENTS: Cramer Rosenthal McGlynn Report Holdings ----------------------------------------------------------- Cramer Rosenthal McGlynn, LLC, are the beneficial owners of 671,100 shares of the common stock of Safety Components International Inc. This represents 13.067% of the outstanding common stock of the company. The investment adviser firm exercises shared voting and dispositive powers over the stock. SAFETY-KLEEN SERVICES: Moody's Downgrades Notes; Negative Outlook ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of both Safety- Kleen Corp., and its wholly-owned subsidiary, Safety-Kleen Services, Inc. The affected ratings include:- Safety-Kleen Services, Inc.: $1.875 billion, guaranteed secured credit facility maturing 2006, to Caa1 from Ba3; $325 million issue of 9.25% guaranteed, senior subordinated notes due 2008, to Ca from B2. Safety-Kleen Corp.: $225 million issue of 9.25% senior notes due 2009, to Ca from B3 The Senior Implied Rating of Safety-Kleen Corp. is now Caa1 and the Issuer Rating is Ca. The outlook on the ratings is negative. The downgrade was prompted by the company's March 6th announcement of an internal investigation of prior reported financial results and certain of its accounting policies and practices, following the receipt by the company's Board of Directors of information alleging possible accounting irregularities that may have affected the previously reported financial results of the company since fiscal year 1998. Pending the outcome of the investigation, the Board placed the company's Chief Executive Officer, its Executive Vice President and Chief Operating Officer, and its Chief Financial Officer on administrative leave. The downgrade also reflects Moody's concern about the continuing availability of funds under the bank agreement to provide needed liquidity. Safety-Kleen Corp. is a holding company based in Columbia, SC. Through its wholly-owned operating company, Safety-Kleen Services, Inc., the company is the leading North American provider of hazardous and industrial waste services. Laidlaw Inc. holds a 44% stake in the company. TRANS ENERGY: Cool Reports Holdings ----------------------------------- James F. Cool reports that he is the beneficial owner of 828,104 shares of the common stock of Trans Energy Inc. Mr. Cool has sole power to vote or dispose of the stock. The holding represents 8% of the outstanding common stock of Trans Energy. TRANS ENERGY: South County Investors Reports Holdings ----------------------------------------------------- South County Investors (partnership), with prinicpal business office in St. Louis, Mo., is the beneficial owner of 802,127 shares of the common stock of Trans Energy Inc. South County holds sole powers over the stock which represents 7.8% of the outstanding common stock of the company. VENTAS INC: Cramer Rosenthal McGlynn Reports Holdings ----------------------------------------------------- Cramer Rosenthal McGlynn, LLC, are the beneficial owners of 6,403,200 shares of the common stock of Ventas Inc., representing 9.422% of the outstanding common stock of Ventas. The firm, investment advisers, share the power to vote, or to direct the vote of; to dispose, or direct the disposition of, the stock. WESTMORELAND COAL: Virginia Power Case Remanded To Trial Court -------------------------------------------------------------- Westmoreland Coal Company reports that, in an appeal by Virginia Power of an earlier trial court decision in favor of Westmoreland regarding payments withheld by Virginia Power, the Virginia Supreme Court has reversed that ruling insofar as the trial court limited its inquiry to the intent of the parties at the time the original contact was entered into in 1989, and remanded the case to trial court for further proceedings. The remand indicates that the trial court should have taken evidence on the parties' intent regarding Virginia Power's obligations under 1990 and 1991 amendments and restatements of the original Power Purchase Agreement as well, even though the language of the disputed provisions never changed. Any request for a rehearing must be filed within ten days. The remand to the trial court will have no adverse effect on the company's financial results. The company has not recognized any revenue in its financial statements for its share of the withheld payments or projected such payments in the future. Virginia Power has withheld capacity payments for all Roanoke Valley Independent Power Facility Unit I forced outage days since commencement of commercial operation in 1994. Roanoke Valley Independent Power was developed and is owned by the Westmoreland- LG&E Partnership, a 50/50 partnership between Westmoreland's wholly owned subsidiary, Westmoreland Energy, Inc., and LG&E Power Inc., a subsidiary of LG&E Energy Corp. Generally, a forced outage day is a day when a generation facility is unable to generate a specified level of electrical output due to unexpected operational constraints. All generating facilities experience such forced outages, so planned availability in the industry is less than 100%. WLP disputed Virginia Power's interpretation of the power purchase contract and had sought payment of withheld capacity payments plus interest. WLP obtained a ruling in its favor from the Circuit Court of the City of Richmond, Virginia on December 2, 1998. W. Michael Lepchitz, President of Westmoreland Energy, Inc., commented: "The question before the trial court now will be whether the intent of the parties changed between 1989 and 1991, even though the language of the disputed provisions did not. The remand back to trial court is frustrating, but in no way diminishes the correctness of our position or our resolve to see this matter through." Christopher K. Seglem, Westmoreland's Chairman, President and CEO, stated: "Since its inception, the Roanoke Valley project has been an exceptional project for us and we are very proud of its performance. Throughout the period of the dispute, the project has acted prudently and stepped up efforts to further reduce forced outage days and the potential adverse financial impacts of Virginia Power's interpretation of the contract. This delay in the final resolution of the dispute with Virginia Power is disappointing, but due to the success of the project's efforts, should have minimal impact on the project going forward and will have no material adverse impact on the project's continued financial performance. We believe the decision's principal financial impact will be to require the company to expend additional monies to obtain what is owed to it and to delay the availability of the sums due which could be used for development and other purposes. However, in February the company obtained a distribution of over $6 million from its overfunded Black Lung Trust, so that additional infusion of cash is now available to support our efforts. We will be addressing Westmoreland's growth plans and those efforts shortly in connection with our annual report to shareholders." The Roanoke Valley facility, fueled by pulverized coal, has had an exceptional operating history. Named a "Project of the Year" by Power Engineering and Power Engineering International Magazines in 1997, it was honored as a "clean" project due its innovative use of environmental controls and was also recognized by the magazines for the significant positive economic and social impact it has had on the local community. The facility is located in Weldon, North Carolina. Westmoreland Coal Company is a diversified energy company headquartered in Colorado Springs, Colorado. It is currently engaged in western Powder River Basin coal mining through its 80%-owned subsidiary Westmoreland Resources, Inc. and independent power production through its wholly owned subsidiary Westmoreland Energy, Inc. The company also holds a 20% interest in Dominion Terminal Associates, a coal shipping and terminal facility in Newport News, Virginia. WINSTAR COMMUNICATIONS: S&P UPS SNR UNSEC DEBT ---------------------------------------------- The rating on Winstar's senior unsecured debt is one notch lower than the company's corporate credit rating, reflecting the substantial vendor and secured bank financing expected to be incurred over the next few years. The senior unsecured debt rating assumes, however, that the concentration of total priority obligations relative to consolidated asset value will not reach Standard & Poor's 30% threshold. The $2 billion proceeds from the new note issues will be used for a capital restructure through the redemption and/or exchange of $1.3 billion in existing debt, repayment of $836 million in outstanding borrowings under the company's Lucent vendor financing agreement, and exchange of $231 million in Series C preferred stock. The remaining proceeds, net of fees, expenses, and redemption premiums, will be used to fund operating and capital requirements associated with the company's continued market buildout plan. The ratings upgrade reflects Winstar's success in expanding its business base over the past year, and expectations that its customer base will experience significant additional expansion in the next few years as the company extends its switched voice services to 60 markets from the current 45 markets. Execution risk during this time frame is mitigated by the substantial cash balances the company has amassed, including the recent private $900 million preferred stock investment by Microsoft, Credit Suisse First Boston, and Welsh, Carson, Anderson and Stowe. Winstar is a competitive exchange carrier that provides local telecommunications connectivity to small and midsize businesses, as well as large corporate users and application service providers utilizing high-frequency radio equipment. The company targets data-intensive multi-tenant buildings currently unserved by fiber facilities from the incumbent localexchange carrier or from fiber-based competitive local exchange carriers (CLECs). Small and midsize business customers in targeted buildings have increasingly signed up under long-term contracts for bundled service offerings, including high-speed Internet access and long- distance services, in exchange for service incentives. Although Winstar currently serves only about 34% of its 618,000 access lines through on-network facilities, this number is expected to expand significantly in the next one to two years as the company adds long-haul and local fiber purchased from Williams Communications Group Inc. and Metromedia Fiber Network Inc. through year-end 2001. Addition of this capacity will allow the company to expand its capabilities in serving customers, with resultant improvement in its gross profit margins, which are expected to increase to nearly 60% by 2002 from the 35% level of year-end 1999. Moreover, in executing its aggressive buildout plans, Winstar benefits from substantial cash balances and access to additional bank and vendor facilities, which are expected to provide adequate funding through 2001. Yet, given the substantial up-front marketing and administrative costs involved in entering new markets, the company is not expected to generate positive levels of consolidated earnings before interest, taxes, depreciation, and amortization until 2002. OUTLOOK: POSITIVE Although Winstar's financial profile will continue to be weak in the next one to two years, increased penetration in existing markets and the rollout of new data applications, coupled with higher on-net traffic through successful integration of Winstar's local and long-haul fiber facilities, will enable the company to achieve an improved longer-term credit profile, Standard & Poor's said. RATINGS RAISED AND REMOVED FROM CREDITWATCH POSITIVE Winstar Communications Inc. TO FROM Corporate credit B B- Senior unsecured debt B- CCC+ Senior subordinated debt CCC+ CCC Preferred stock: Series C convertible CCC CCC- Series D senior cumulative convertible CCC CCC- Series F senior cumulative convertible CCC CCC- Winstar Equipment Corp. Senior secured debt (Guaranteed by Winstar Communications Inc.) B- CCC+ RATINGS ASSIGNED Winstar Communications Inc. $1 billion senior notes due 2010 B- $750 million senior discount notes due 2010 B- Euro 250 million senior notes due 2010 B- Meetings, Conferences and Seminars ---------------------------------- March 23-25, 2000 SOUTHEASTERN BANKRUPTCY LAW INSTITUTE, INC. 26th Annual Southeastern Bankruptcy Law Institute Marriott Marquis Hotel, Atlanta, Georgia Contact: 1-770-451-4448 March 23-25, 2000 ALI-ABA Partnerships, LLCs, and LLPs -- Uniform Acts, Taxation, Drafting, Securities and Bankruptcy Doubletree Paradise Valley Hotel, Scottsdale, Arizona Contact: 1-800-CLE-NEWS March 30-April 2, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute II Flamingo Hilton Hotel, Las Vegas, Nevada Contact: 1-770-535-7722 April 3-4, 2000 PRACTISING LAW INSTITUTE 22nd Annual Current Developments in Bankruptcy and Reorganization Conference PLI Conference Center, New York, New York Contact: 1-800-260-4PLI April 5-8, 2000 TURNAROUND MANAGEMENT ASSOCIATION Spring Meeting The Pointe Hilton Squaw Peak Resort Phoenix, Arizona Contact: 1-312-822-9700 or info@turnaround.org April 6-7, 2000 ALI-ABA Commercial Securitization for Real Estate Lawyers Walt Disney World, Orlando, Florida Contact: 1-800-CLE-NEWS April 10-11, 2000 PRACTISING LAW INSTITUTE 22nd Annual Current Developments in Bankruptcy and Reoorganization Conference Grand Hyatt Hotel, San Francisco, California Contact: 1-800-260-4PLI April 27-30, 2000 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting J.W. Marriott, Washington, D.C. Contact: 1-703-739-0800 May 4-5, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Bankruptcy Sales & Acquisitions The Renaissance Stanford Court Hotel San Francisco, California Contact: 1-903-592-5169 or ram@ballistic.com May 15, 2000 AMERICAN BANKRUPTCY INSTITUTE 2nd Annual New York City Bankruptcy Conference Association of the Bar of the City of New York, New York, New York Contact: 1-703-739-0800 May 26-29, 2000 COMMERCIAL LAW LEAGUE OF AMERICA 52nd Annual Meeting of the New England Region Colony Hotel, Kinnebunkport, Maine Contact: 1-617-742-1500 or richard@landayleblang.com June 8-11, 2000 AMERICAN BANKRUPTCY INSTITUTE 7th Annual Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800 June 14-17, 2000 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 16th Annual Bankruptcy and Restructuring Conference Swissotel, Chicago, Illinois Contact: 1-541-858-1665 or aira@ccountry.net June 29-July 2, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: 1-770-535-7722 July 13-16, 2000 AMERICAN BANKRUPTCY INSTITUTE 7th Annual Northeast Bankruptcy Conference Doubletree Hotel, Newport, Rhode Island Contact: 1-703-739-0800 July 21-24, 2000 National Association of Chapter 13 Trustees Annual Seminar Adams Mark Hotel, St. Louis, Missouri Contact: 1-800-445-8629 or info@nactt.com August 3-5, 2000 ALI-ABA Fundamentals of Bankruptcy Law Somewhere in Boston, Massachusetts Contact: 1-800-CLE-NEWS August 9-12, 2000 AMERICAN BANKRUPTCY INSTITUTE 5th Annual Southeast Bankruptcy Workshop Hyatt Regency, Hilton Head Island, South Carolina Contact: 1-703-739-0800 August 14-15, 2000 TURNAROUND MANAGEMENT ASSOCIATION Advanced Education Workshop Loews Vanderbilt Plaza, Nashville, Tennessee Contact: 1-312-822-9700 or info@turnaround.org September 12-17, 2000 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Convention Doubletree Resort, Montery, California Contact: 1-803-252-5646 or info@nabt.com September 15-16, 2000 AMERICAN BANKRUPTCY INSTITUTE Views From the Bench 2000 Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800 September 21-22, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. 3rd Annual Conference on Corporate Reorganizations The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com September 21-23, 2000 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Emory University School of Law, Atlanta, Georgia Contact: 1-703-739-0800 September 21-24, 2000 AMERICAN BANKRUPTCY INSTITUTE 8th Annual Southwest Bankruptcy Conference The Four Seasons, Las Vegas, Nevada Contact: 1-703-739-0800 November 2-6, 2000 TURNAROUND MANAGEMENT ASSOCIATION Annual Conference Hyatt Regency, Baltimore, Maryland Contact: 312-822-9700 or info@turnaround.org November 27-28, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Third Annual Conference on Distressed Investing The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com November 30-December 2, 2000 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800 The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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. 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