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         T R O U B L E D   C O M P A N Y   R E P O R T E R

            Wednesday, January 31, 2001, Vol. 5, No. 22

                            Headlines

DAIMLERCHRYSLER: Cutting 20% of Its Workforce -- 25,000 Jobs
ELCOTEL, INC.: Obtains Court's Permission to Use Cash Collateral
GENESIS HEALTH: Rejects GE Staffing-Monarch Office Lease
GLOBAL HEALTH: Files for Chapter 11 Protection in Santa Ana
IMPROVENET: Receives Delisting Warning Notification From NASDAQ

IMPROVENET: To Announce Q4 & and Year-End Results on Feb. 15
INTEGRATED HEALTH: Wants Exclusive Period to Run through Jul. 31
JOHNS MANVILLE: Berkshire Hathaway Extends Tender To Feb. 14
LETSBUYIT.COM: Former Hacker Extends $2.3MM Offer for e-Tailer
LOEWEN GROUP: Settles Claims with Gary Beasley

LOUISIANA-PACIFIC: Reports Year-End Results & Says Demand is Weak
LUCENT TECHNOLOGIES: New $4.5BB Financing to be Secured
OWENS CORNING: Asbestos Committee Says Debevois is Conflicted
PLAY-BY-PLAY: Gets Extension on Convertible Debenture Maturity
PLIANT CORPORATION: Moody's Calls Senior Subordinated Notes Junk

PLIANT SYSTEMS: Reports Year-End Results & Taking to Noteholders
SUN HEALTHCARE: Exclusive Period Extended through March 9
THERMAL ENERGY: Bounces Back In The Second Quarter
UNOVA, INC.: Moody's Lowers Senior Unsecured Rating to Caa1
U.S. OFFICE: Buys Time Under Credit Agreement Amendment

VENCOR, INC.: Agrees to Lift Automatic Stay For Insured Claimant
VIATEL INC.: Moody's Downgrades Credit Ratings to Caa2
VLASIC FOODS: Files Chapter 11 Petition in Wilmington
VLASIC FOODS: Selling Pickles & Open Pit Barbeque Sauce to Heinz
VLASIC FOODS: Case Summary & 25 Largest Unsecured Creditors

W.R. GRACE: Reports Q4 Results -- Including Asbestos Charge
WEHRENBERG THEATRES: Files Chapter 11 Petition in St. Louis
ZARING NATIONAL: Feels Sting from American Homestar's Bankruptcy

* Meetings, Conferences and Seminars

                            *********

DAIMLERCHRYSLER: Cutting 20% of Its Workforce -- 25,000 Jobs
------------------------------------------------------------
Carmaker DaimlerChrysler is reportedly set to slash roughly
25,000 jobs at its loss-making U.S. Chrysler unit, according to
the Wall Street Journal. The reduction of about 20 percent of
Chrysler's employees-part of a restructuring plan aimed at
bringing Chrysler back to profitability- will effectively shut
down at least three of its factories. The world's fifth-largest
automaker plans to eliminate some 20,000 of its 95,000
manufacturing jobs and about 5,000 of its 30,000 white-collar
jobs, the Journal reported in its online edition.

The manufacturing job cuts will be phased in over three years
with some of the positions eliminated by indefinitely idling a
few plants-a move that shutters the factories, but technically
complies with union contracts that bar outright closure during
the life of the agreements. Some of the cuts will come from
reducing production to two shifts from three at additional
plants. DaimlerChrysler executives were unavailable for immediate
comment.

U.S. unit Chrysler lost $512 million in the third quarter and is
expected to see losses continue through the fourth quarter and
2001. DaimlerChrysler blamed the high cost of launching new
vehicles and a competitive U.S. market for the woes at Chrysler.
(ABI World, January 29, 2001)


ELCOTEL, INC.: Obtains Court's Permission to Use Cash Collateral
----------------------------------------------------------------
Elcotel, Inc. (Nasdaq: ECTL) announced that the Company has
received approval to use cash collateral for on-going business
purposes from the U.S. Bankruptcy Court for the Middle District
of Florida in Tampa pending a hearing on the matter next month.
The Court ruling permits Elcotel to use funds to operate the
Company on a continuing basis.

Elcotel's corporate sales, service and support functions are in
full operation for its customers and distributors worldwide
during its restructuring process. The Company said it has
adequate funds to operate on a "business as usual" basis while it
evaluates options, as needed, for additional financing.
Mike Boyle, chairman and chief executive officer, Elcotel, Inc.
said, "We are very pleased that the Court has granted our motion
for the use of cash collateral to maintain our business
operations while we work aggressively to reorganize and
restructure our Company and our debt obligations."

Elcotel and its subsidiaries filed a voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy
Code on January 22, 2001. In its Chapter 11 petition, Elcotel
attributed the need to file to debt associated with continuing
investment in wireless products for its core payphone business
and developing its Internet appliance business.

Earlier this year, Elcotel introduced its Grapevine and e-Prism
product family of non-PC based Internet appliances and
application support services that employ "thin client"
technologies to offer a wide variety of Internet services --
including E-Mail retrieval, stock market information and product
advertising -- and provide services in such public venues as
convention centers, malls, hotels, and airports, among others.
Sarasota-based Elcotel, Inc. is a leader in providing public
access telecommunications networks and management services for
both domestic and international wireline and wireless
communication networks. For more information on the Company,
visit Elcotel's corporate website at www.elcotel.com.


GENESIS HEALTH: Rejects GE Staffing-Monarch Office Lease
--------------------------------------------------------
One of the Debtors, Genesis ElderCare Staffing Services, Inc. (GE
Staffing) recruits and places nurses on both a temporary and
permanent basis in certain of the Genesis Health Ventures, Inc. &
The Multicare Companies, Inc.'s facilities. Another Debtor,
Genesis SelectCare Corp. specializes in providing private pay and
home-care nursing services.

Exercising their business judgment, the Debtors determined to
consolidate the operations performed by GE Staffing and
SelectCare, both in Pennsylvania, into one location.

After reviewing the locations and the terms of the Leases
concerned, the Debtors decided to have the consolidated
operations in the SelectCare Offices in Broomall, Pennsylvania
rather than the GE Staffing original location at 20 South 69th
Street in Upper Darby, Pennsylvania.

The Debtors note that from a marketing location standpoint, it is
more advantageous for SelectCare to remain in the SelectCare
Offices because of the client demand for the SelectCare Services
in Broomall, Pennsylvania and its surrounding towns.

In addition, as a result of the consolidation, the Debtors will
require a larger office space to accommodate GE Staffing
personnel and SelectCare personnel. The SelectCare Offices can be
easily expanded to accommodate the GE Staffing personnel but the
GE Staffing Offices cannot.

Finally, the building in which the GE Staffing Offices are
located is in disrepair -- with rodent problems, unkempt restroom
facilities and common areas that are not properly maintained. The
GE Lease relates to 2,860 square feet of office space, at monthly
rent of $3,365. The term of the Lease is for five years, due to
expire on March 29, 2003.

In light of these factors and the respective economic values of
the Leases, the Debtors have determined that it is in the best
interest of their estates to relocate the GE Staffing operations
to the SelectCare Offices.

Accordingly, the Debtors sought and obtained the Court's
approval, pursuant to section 365 of the Bankruptcy Code, to
reject the Lease between GE Staffing and Monarch, Inc. (the
landlord). The Debtors requested authority to reject the Lease,
effective as of November 29, 2000, the date of vacation of the GE
Staffing Offices. (Genesis/Multicare Bankruptcy News, Issue No.
7; Bankruptcy Creditors' Service, Inc., 609/392-0900)


GLOBAL HEALTH: Files for Chapter 11 Protection in Santa Ana
-----------------------------------------------------------
Global Health Sciences, Inc., ("Global") announced that it filed
a voluntary petition Monday for protection under Chapter 11 of
the Bankruptcy Code in the United States Bankruptcy Court in
Santa Ana, Calif., to facilitate a sale of its business.

Global plans to sell its business as a going concern through
Section 363 of the Bankruptcy Code, which provides for a
competitive bidding process designed to maximize the company's
value. Any party interested in submitting a bid should contact
Global's financial advisor, Murphy Noell Capital, LLC 805-373-
6900.

Pending the sale, Global, a manufacturer of nutritional
supplements, will continue to serve its customers on a business
as usual basis.


IMPROVENET: Receives Delisting Warning Notification From NASDAQ
---------------------------------------------------------------
ImproveNet Inc., (NASDAQ: NM: IMPV), a leading web-based home
improvement services company, announced Friday that it has
received notification from NASDAQ that it has not met the minimum
bid price requirement of at least $1.00 for 30 consecutive
trading days as set forth in Marketplace Rule 4450(a)(5).

A separate notification stated that the ImproveNet has failed to
maintain a  minimum public float of at least $5,000,000, in
accordance with Marketplace Rule 4450(a)(2).

ImproveNet common stock will continue to trade on the NASDAQ
under the symbol IMPV. If at any time before April 4, 2001, the
closing minimum bid price of the ImproveNet's stock is at least
$1.00 for at least 10 consecutive trading days, the Nasdaq staff
will determine if the company's securities comply with the
continued listing requirements. If the minimum bid requirements
are not met by April 4, 2001, the Nasdaq staff will provide
ImproveNet with a written notice that its securities will be
delisted. At that time, ImproveNet may request a review of the
Nasdaq staff's determination pursuant to the Nasdaq rules.
ImproveNet also has 90 days, or until April 16, 2001 to regain
compliance with the public float. ImproveNet and the Nasdaq will
follow a similar procedure regarding the compliance with the
public float requirement.


IMPROVENET: To Announce Q4 & and Year-End Results on Feb. 15
------------------------------------------------------------
ImproveNet Inc., (NNM: IMPV), a leading web-based home
improvement services company, will announce its fourth quarter
and fiscal year end 2000 financial results on February 15, 2001.

The Company will also host a conference call that day at 5:00
p.m. EST. Those who wish to listen to the call can visit the For
Investors section of http://www.improvenet.com.The call will
also be available for replay on those pages shortly after its
conclusion.

                        About ImproveNet

ImproveNet Inc. (NASDAQ: IMPV) leverages the speed and
flexibility of the Internet to create an electronic marketplace
where homeowners, contractors, architects, designers,
manufacturers, lenders and real estate professionals can access
complete, reliable data to make confident decisions about all
aspects of home improvement. ImproveNet content and services are
provided on more than 350 partner and affiliate sites, including
GE Appliances, DuPont Corian, Owens Corning, Dow, Yahoo!, Ask
Jeeves, Knight-Ridder and Cox Interactive.


INTEGRATED HEALTH: Wants Exclusive Period to Run through Jul. 31
----------------------------------------------------------------
Pursuant to section 1121(d) of the Bankruptcy Code, Integrated
Health Services, Inc. sought the Court's authority for a further
extension of their (i) Exclusive Filing Period from January 31,
2001 through and including May 31,2001, and (ii) Exclusive
Solicitation Period from April 2, 2001 through and including
July 31, 2001. The Debtors also request that the Court enter a
bridge order extending the Exclusive Periods until such time as
the Court enters an Order on the Motion because a hearing on the
Motion is scheduled after the expiration of the Exclusive Periods
as established by the Second Extension Order.

The Debtors drew Judge Walrath's attention to what Exclusive
Periods were intended for -- to afford Debtors a full and fair
opportunity to rehabilitate their businesses and to negotiate and
propose one or more reorganization plans without the
deterioration and disruption of their businesses that might be
caused by the filing of competing plans of reorganization by non-
debtor parties.

To develop, negotiate and propose a meaningful plan or plans of
reorganization, the Debtors believe that they will require at
least an additional 120 days, considering their progress to date,
their business and financial objectives for the first quarter of
2001.

Significant progress has been made since the Second Exclusivity
Order, the Debtors assert.

In particular, the Debtors remind Judge Walrath that they have
successfully effectuated a change in their management, beginning
with the retention of Joseph A. Bondi as Chief Restructuring
Officer of IHS in August 2000, which will soon culminate in Mr.
Bondi's elevation to the position of Chief Executive Officer.

The Debtors report that during Mr. Bondi's tenure, substantial
progress has been made toward IHS' reorganization goals, which
includes presenting a long-term business plan to the Creditors'
Committee, the prepetition lenders and the postpetition lenders.
The Debtors indicate that during the first quarter of 2001, they
intend to further refine and adjust that plan based on their
performance through January 31, 2001.

The Debtors further reveal that, with the assistance of their
financial and legal advisors, they have already commenced the
process of analyzing chapter 11 strategic alternatives, both from
the perspective of available options for the Debtors' respective
business segments and toward the end of formulating optimal plan
of reorganization alternatives. In light of this, the Debtors
contemplate the commencement of discussions on a plan or plans of
reorganization before May 31, 2001, with the goal of making
substantial progress in formulating a plan or plans by such time.

The Debtors assert that, in addition to the progress made in
reorganization efforts, the requested extension well satisfies
other factors identified by bankruptcy courts for considering
extensions of exclusivity. First, their cases are large and
complex. Moreover, they are not seeking to use exclusivity to
pressure creditors into accepting a Plan they find unacceptable.
Recognizing this, the Creditors' Committee has consented to and
supports the requested extension of the Exclusive Periods.
The Debtors also asserts that they are generally making required
postpetition payments and effectively managing their businesses.

If the request for a further extension of the Exclusive Periods
were not granted, any party in interest would be free to propose
a plan of reorganization for each of the Debtors. This would have
a monumental, adverse impact on the Debtors' business operations
and the progress of their chapter 11 cases.

The Debtors conclude that the requested extension of exclusivity
is in the best interest of IHS, their estates and creditors and
should be granted. (Integrated Health Bankruptcy News, Issue No.
13; Bankruptcy Creditors' Service, Inc., 609/392-0900)


JOHNS MANVILLE: Berkshire Hathaway Extends Tender To Feb. 14
------------------------------------------------------------
Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B) and Johns Manville
Corporation (NYSE: JM) announced that Berkshire Hathaway has
extended the expiration date of its tender offer for Johns
Manville Corporation to 5:00 p.m., New York City time, on
Wednesday, February 14, 2001. The Offer was previously scheduled
to expire at 12:00 midnight, New York City time, on Monday,
January 29, 2001.

The tender offer was commenced on December 29, 2000, by J
Acquisition Corporation, a wholly owned subsidiary of Berkshire
Hathaway, for all of the outstanding shares of common stock of
Johns Manville, at the cash price of $13.00 per share. As a
consequence of the extension of the expiration date of the tender
offer, holders of Johns Manville common stock may tender or
withdraw shares until 5:00 p.m. on February 14, 2001, unless the
offer is further extended.

Berkshire Hathaway is extending the offer because not all
necessary clearances have been obtained, or waiting periods
expired, under applicable antitrust laws. The waiting periods
under the United States Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, and the Canadian Competition Act,
applicable to the tender offer have expired. However, the waiting
period with respect to applicable antitrust laws in the European
Union is not presently scheduled to expire until February 23,
2001, although it may be terminated earlier or extended at the
election of the appropriate authorities.

Pursuant to the terms of the Agreement and Plan of Merger among
Johns Manville, J Acquisition Corporation, and Berkshire
Hathaway, upon successful completion of the tender offer, J
Acquisition Corporation will merge with and into Johns Manville.
As a result of this merger, any stockholders of Johns Manville
who did not tender their shares in the tender offer will receive
the same amount per share as paid in the tender offer, and Johns
Manville will become a wholly owned subsidiary of Berkshire
Hathaway.

EquiServe Trust Company, N.A., the depositary for the tender
offer, has advised Berkshire Hathaway that, based on the latest
count of tendered shares, approximately 118,996,354 shares of
Johns Manville common stock (including guaranteed deliveries),
representing approximately 86.5% of the shares currently
outstanding, were validly tendered and not withdrawn pursuant to
the tender offer. The Manville Personal Injury Settlement Trust,
owner of approximately 72% of the outstanding Johns Manville
shares, tendered all its shares of Johns Manville following its
receipt, on January 23, 2001, of an order of the Federal
Bankruptcy Court for the Southern District of New York approving
the tender of the Trust's shares.


LETSBUYIT.COM: Former Hacker Extends $2.3MM Offer for e-Tailer
--------------------------------------------------------------
The white knight who pulled European e-tailer LetsBuyIt.com from
bankruptcy at the last minute this week is a convicted hacker
turned venture capitalist, according to EcommerceTimes.com. The
Manchester Guardian reported that a German venture fund that
supplied $2.3 million to LetsBuyIt.com this week is led by Kim
Schmitz who was sentenced to four years in prison on computer
hacking charges in 1996. Schmitz had been convicted of breaking
into the computer network of AT&T and of using a computer to
reduce then-German Chancellor Helmut Kohl's credit rating, the
Guardian reported. After turning himself in to authorities,
Schmitz served three months probation. (ABI World, January 29,
2001)


LOEWEN GROUP: Settles Claims with Gary Beasley
----------------------------------------------
Based upon a Promissory Note dated June 2, 1998, Gary Beasley
filed:

      (a) proof of claim (no. 8995) in the amount of $317,917 plus
interest as an unsecured claim against the estate of Loewen Group
Acquisition Corp. (LGAC);

      (b) proof of claim (no. 8994) in the amount of $317,917 plus
interest as an unsecured claim against the estate of LGII, based
upon a Guaranty of LGAC's obligations under the Promissory Note
(the First LGII Claim);

      (c) proof of claim (no. 4127) in the amount of $317,917 plus
interest against the estate of LGII as an unsecured claim based
upon the Guaranty (the Second LGII Claim).

The Promissory Note that LGAC and Gary Beasley allegedly entered
into obligates LGAC to make 120 monthly payments to the Claimant,
each in the amount of $2,917 through June 2, 2008. LGII allegedly
guaranteed LGAC's obligations to the Claimant under the
Promissory Note under a Guaranty between LGII and Gary Beasley.

By their Motion for Omnibus Claims Objection No. 8 - Duplicative
Claims, the Debtors seek to disallow the First LGII Claim as
duplicative of the Second LGII Claim. The Claimant, however,
opposes the relief requested in the Motion.

To resolve certain of their disagreements, the parties agree and
stipulate that, and have obtained the Court's approval to their
stipulation, which provides that:

      -- The First LGII Claim (proof of claim numbered 8994) is
disallowed in its entirety and expunged in all respects pursuant
to section 502 of the Bankruptcy Code;

      -- The LGAC Claim and the Second LGII Claim are not effected
in any manner by the Stipulation and Order.

      -- The Debtors reserve their rights to object to the LGAC
Claim and the Second LGII Claim on all applicable legal and
factual grounds. (Loewen Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


LOUISIANA-PACIFIC: Reports Year-End Results & Says Demand is Weak
-----------------------------------------------------------------
Louisiana-Pacific Corp. (NYSE:LPX) reported a fourth quarter net
loss, excluding unusual credits and charges and LP's share of a
restructuring charge of an equity investee ("unusual items"), of
$28 million, or $0.27 per diluted share, on sales of $569
million.

Including unusual items, fourth quarter results were a loss of
$52 million, or $0.50 per diluted share. In the fourth quarter of
1999, net income excluding unusual items was $32 million, or
$0.31 per diluted share. Including unusual items, fourth quarter
1999 income was $35 million, or $0.34 per diluted share, on sales
of $764 million.

For 2000, LP reported income, excluding unusual items, of $32
million, or $.31 per diluted share, compared to income of $222
million, or $2.09 per diluted share for 1999. Sales declined
slightly in 2000 to $2.9 billion from $3.1 billion almost
entirely due to lower commodity pricing. Including unusual items,
year end 2000 results were a net loss of $14 million, or $.13 per
diluted share, compared to income in 1999 of $217 million, or
$2.04 per diluted share.

"Very weak building products prices have continued to affect our
results," said Mark A. Suwyn, LP's chairman and CEO. "Prices on
key commodity products were down as much as 50 percent from the
fourth quarter of last year and 10 percent from the previous
quarter. Sharply higher energy costs and extensive downtime also
had a negative impact on operating results."

During the fourth quarter, LP responded to poor market conditions
by curtailing production at a number of its mills and permanently
closing several high-cost, non-competitive mills. Combined with
restructuring at the corporate level, these actions have reduced
LP's workforce by approximately 1,800 employees (15 percent of
the workforce).

Suwyn noted that despite the recent decrease in interest rates,
current poor market conditions have not yet improved. He
cautioned that low pricing could continue for the next several
months.

"Cost reduction is the primary focus of LP management --
aggressive actions are being taken at both our manufacturing
operations and administrative offices. We have postponed or
eliminated planned capital expenditures and will continue to
streamline operations to take additional cost out of our
businesses," said Suwyn. "This is not only a prudent course of
action to take in these market conditions, but will also better
position us to emerge as a more competitive company when the
cycle improves."

LP is a premier supplier of building materials, delivering
innovative, high-quality commodity and specialty products to its
rapidly growing retail, wholesale, homebuilding and industrial
customers. For more information about LP, visit the company's
website at www.lpcorp.com.


LUCENT TECHNOLOGIES: New $4.5BB Financing to be Secured
-------------------------------------------------------
Troubled telecommunications-equipment maker Lucent Technologies
Inc. said that its new $4.5 billion, 364-day term credit
facilities with J.P. Morgan and Salomon Smith Barney will be
secured by the company's assets, according to a newswire report.
The terms of the loans, arranged as part of a broad company
restructuring plan, suggested that the banks are questioning
whether Lucent is truly investment grade, said Standard & Poor's
Bruce Hyman. Hyman won't make any changes to Lucent's credit
rating before February, following a planned meeting with the
company and full review. But Moody's Investors Service, noting
Lucent's weakened position in relation to the banks, wasted no
time. "In our view, the fact that the banks sought security sends
a signal that the bank group is concerned about credit quality,"
said Moody's.

"The downgrade of the long-term debt reflects concerns that
Lucent's operating problems and restructuring may go deeper than
we originally expected, as well as the possibility that
noteholders will rank behind a large amount of secured bank
debt," Moody's said.

The loan terms reshuffle the list of who among creditors gets
first access to Lucent's assets in the unlikely case that
bankruptcy caused their liquidation. "It's a reasonable business
decision by the banks," said Hyman. "It's not an especially great
sign for Lucent." For now, the banks are able to shift the
discomfort to Lucent, which posted disappointing first-quarter
results Wednesday and announced a seven-point restructuring. (ABI
World, January 29, 2001)


OWENS CORNING: Asbestos Committee Says Debevois is Conflicted
-------------------------------------------------------------
The firm of Kelley & Ferraro, LLP, representing certain asbestos
claimants, interposed an objection to Owen Corning's employment
of Debevoise & Plimpton as special counsel in these chapter 11
cases.

The objectors told Judge Walrath that D&P failed to disclose to
the Court the existence of its tobacco-related conflicts and its
representation of 81 insurance entities which attorney Mary Beth
Hogan of D&P admitted have an interest in the Debtors' cases, in
what the objectors describe as a "blatant attempt" to circumvent
the express requirements of the Bankruptcy Code. The objectors
assert that this failure alone is sufficient ground to preclude
D&P's retention in these cases.

However, Ms. Hogan also stated under oath that D&P's
representation of the insurance entities generally has not
involved coverage disputes. However, the Objectors cited a
decision by a New York court in which Roger Podesta and Ms. Hogan
appeared as counsel where the sole issue before the court was
whether a reinsurance agreement was an "occurrence-based" policy
or a "claims made" policy. The Objectors conclude that Ms.
Hogan's sworn representation to the Court is therefore incorrect.

The Objectors also note that D&P has failed to disclose until
recently that it has acted as national legal counsel for the
Council for Tobacco Research, USA. It was only after the
Objectors raised the issue that the disclosure was made. Now D&P
has disclosed that it has acted as legal counsel for CTR for
fourteen years, and that it also represents Phillip Morris, a
cigarette manufacturer, in tobacco litigation. What the Objectors
say disturbs them most about the absence of this disclosure when
application for employment was made is that it was in 1998 that
D&P began advising Phillip Morris generally concerning procedural
aspects of international, tort-related, health litigation, while
simultaneously increasing its role on behalf of Owens Corning and
Fibreboard from supervising and directing other law firms, to
direct representation. The Objectors assert that by 1998 it was
apparent that there existed extensive liability of tobacco
manufacturers and their agents, such as Phillip Morris and CTR,
to manufacturers of asbestos products such as Owens Corning and
Fibreboard. The Objectors claim that, while the synergistic
effect of smoking, prior asbestos exposure, and the ultimate
liability of asbestos companies versus tobacco companies was
being forcefully litigated, D&P was "actively representing both
sides of the fence". Now, the Objectors asserted, D&P has asked
the Court not only to permit them to continue the conflict, but
to fund it from the bankruptcy estate to the detriment of the
asbestos creditors.

Moreover, the Objectors assert that, in a "blatant disregard of a
direct conflict situation, [D&P] were forced to acknowledge that
that it actually represented Phillip Morris and CTR in litigation
filed by Owens Corning and Fibreboard". The fact that D&P
ultimately withdrew from being listed as counsel of record for
Phillip Morris and CTR in two cases provides little comfort to
the Objectors since it is clear that D&P, as national counsel
for CTR, has developed the litigation strategy that has protected
the CTR in litigation since 1986.

D&P has admitted, the Objectors say, that its alleged "ethical
wall" is without substance when it advised this Court that "[i]n
one instance, a lawyer who had completed work for Owens Corning
went on to represent CTR". The Objectors ask that if it is that
easy to climb the wall, what other information is being passed to
the detriment of the Debtors and these estates?

The Objectors also assert that it is clear that D&P could be
called as a fact witness in subsequent asbestos litigation,
requiring disqualification. While D&P has represented to the
Court that its role involves only negotiating the disposition of
unpaid asbestos claims, the Objectors assert that D&P has again
failed to disclose initial facts to the Court. The Objectors cite
as an example a case named Holbrook v. Acands, of which D&P is
claimed to have actual knowledge, where issue before the trial
court involved the terms of the settlement agreement which
incorporated numerous correspondent of D&P attorney Roger
Podesta. In determining the existence of the settlement
agreement, the Holbrook court noted that the settlement
agreement was contained in a series of letters between Roger
Podesta as national counsel for Owens Corning, and another party.
The Objectors cite this as a concrete example of the degree to
which D&P are factually entrenched in the Owens Corning
Settlement Agreements which the Objectors assert are the "heart
of this bankruptcy".

In sum, the Objectors assert that D&P cannot be retained as
counsel for the Debtors until an independent inquiry has reviewed
the legal guidance D&P has provided to Owens Corning and
Fibreboard with regard to those companies' pursuit of tobacco-
related claims against Phillip Morris and CTR. To the Objectors,
the issue is whether D&P has provided Owens Corning and
Fibreboard with proper and timely advice. If no thorough analysis
of these potential claims was presented to the Debtors, then the
Debtors may have an adverse claim against D&P. If the Debtors
knew of these claims, and of D&P's representation of Phillip
Morris and CTR, then the Objectors urge that an inquiry into
their breach of their fiduciary duty must also occur. (Owens
Corning Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


PLAY-BY-PLAY: Gets Extension on Convertible Debenture Maturity
--------------------------------------------------------------
Play-By-Play Toys & Novelties, Inc. (Nasdaq: PBYP) announced that
it has secured forbearance until February 2, 2001 of the final
maturity of its Convertible Debentures. The debentures, with a
current principal balance outstanding of $14.6 million, matured
on December 31, 2000. The Company remains in negotiations with
the holders of the Convertible Debentures to restructure the
debentures, including an extension of the final maturity.

The Company also announced that it has reached a tentative
agreement with Warner Bros. Consumer Products that provides for
the rescheduling of royalty obligations due under certain
significant entertainment character licensing agreements, thus
preserving its rights under these agreements. The Company has
received an extension of the termination deadline from Warner
Bros. until February 5, 2001 in order to allow the Company
additional time to complete negotiations with the holders of its
Convertible Debentures and to allow the parties sufficient time
to prepare necessary documentation. The Company had received
notices of termination on several significant entertainment
character licensing agreements from Warner Bros. due to the non-
payment of past due royalties totaling approximately $3.2
million.

The Company previously announced on January 16, 2001, that if it
was unable to restructure or modify the terms of these material
licensing agreements, and the licensor elected to terminate the
agreements, such action would result in the loss of licensing
rights, as well as the immediate demand for payment by the
licensor of approximately $21.0 million of past due royalties and
guaranteed minimum royalties which would exceed available cash
and would have an immediate and material adverse impact on the
Company.

Mr. Arturo G. Torres, Chairman and Chief Executive Officer of
Play-By-Play Toys & Novelties, Inc. said, "We are encouraged by
the tentative agreement with Warner Brothers and believe that we
will have a positive resolution with the Company's sub-debt
holders, which will enable us to continue our business plan. As
part of our plan, the Company intends to remain focused on
streamlining our core business, improving relationships with key
customers, enhancing our already strong distribution
capabilities, and capitalizing on new product introductions such
as our recently announced license agreement for the new 'N Sync
line of consumer electronics."

Play-By-Play Toys & Novelties, Inc. designs, develops, markets
and distributes a broad line of quality stuffed toys, novelties
and consumer electronics based on its licenses for popular
children's entertainment characters, professional sports team
logos and corporate trademarks. The Company also designs,
develops and distributes electronic toys and non-licensed stuffed
toys, and markets and distributes a broad line of non-licensed
novelty items. Play-By-Play has license agreements with major
corporations engaged in the children's entertainment character
business, including Warner Bros., Paws, Incorporated, Nintendo,
and many others, for properties such as Looney Tunes(TM),
Batman(TM), Superman(TM), Scooby-Doo(TM), Garfield(TM) and
Pokemon(TM).


PLIANT CORPORATION: Moody's Calls Senior Subordinated Notes Junk
----------------------------------------------------------------
Moody's Investors Service took actions on Pliant Corporation's
ratings as follows:

      * The rating for the $220 million 13% senior subordinated
        notes, due 2010, was lowered to Caa1 from B3

      * The senior unsecured issuer rating was lowered to B3 from
        B2

      * The $580 million secured facility rating consisting of a
        $100 million revolver, $200 million term A loans, and $280
        million term B loans were lowered to B2 from B1.

      * The senior implied rating is B2.

The ratings outlook is negative. Accordingly, these actions
conclude the ratings review initiated on November 29, 2000.

According to Moody's, the downgrades reflect deteriorating
profitability, which has elevated financial leverage and weakened
coverage of interest expense. Also, softer than expected volume,
primarily caused by inventory de-stocking coupled with insourcing
of a product by a significant customer, drove the reduction in
operating results, Moody's said, while higher average raw
material costs, less than optimal product mix, plant
inefficiencies, and excessive overhead have depressed margins and
fueled deficit retained cash.

Mody's relates that the ratings recognize Pliant's efforts to
restructure operations principally through workforce reductions,
line consolidations, and plant closures. The company appears to
have maintained market share in its core businesses, Moody's
said.

Moody's expressed that the company's credit statistics will
likely be under pressure for a prolonged period as reflected in
the negative ratings outlook. According to Moody's, the outlook
also incorporates the unfavorable fluctuations in raw material
costs and the challenge of sustained price increases.

Pliant Corporation is based in Schaumberg, Illinois. It produces
polymer-based, value-added films for flexible packaging, personal
care, medical, agricultural and industrial applications
worldwide.


PLIANT SYSTEMS: Reports Year-End Results & Taking to Noteholders
----------------------------------------------------------------
Pliant Systems Inc. (OTC Bulletin Board: PLNS) announced results
for the fourth quarter and fiscal year ended December 31, 2000.

Net revenues for the quarter were $4.4 million, compared with
$9.4 million for the same period last year. Product sales and
contract revenues declined in the current quarter, due to the
January 2000 cancellation of the Lucent Manufacturing Agreement.
Services revenue increased in the current quarter by $1.3
million, due to the transfer of the remaining manufacturing
obligation to the 1998 Lucent Research and Development Agreement.
During the quarter, the company received approximately $1.3
million in orders for its new product, the Pliant 3000 Integrated
Access Platform, and recognized revenue against some of these
orders.

The company reported a fourth quarter net loss of $9.7 million or
$(0.71) per share, compared to a net loss of $10.9 million or
$(0.80) per share for the same period in 1999. The prior year
period included a $2.3 million debt-restructuring charge related
to the discontinued 1999 debt-restructuring activities. The lower
costs and expenses in 2000, as compared to the prior year, are
due primarily to the cancellation of the Lucent contract
manufacturing in January 2000.

For the 2000 fiscal year, total revenues were $18.7 million,
compared with $34.0 million for the prior year. In 1999, the
company recognized the earning of $2.3 million of one-time
revenue from a customer for a nonrefundable payment. Pliant
Systems also recognized revenues from the Lucent Manufacturing
Agreement. The company reported a net loss of $36.7 million or
$(2.69) per share, compared with a net loss of $26.4 million or
$(1.96) per share for the prior year. The operating results for
2000 reflect the planned increases in the Pliant 3000 marketing
and sales activities, as well as the successful development
efforts with the first and second releases of the product.

"The operating results for the year do not reflect the excellent
progress the company has made towards completing development and
the market readiness of the Pliant 3000 Integrated Access
Platform," stated President and CEO, David E. Orr. "As we
disclosed in our Form 8-K filing with the SEC on January 23,
2001, we received 15 customer trial commitments/first office
applications and completed five of these trials in 2000. During
the fourth quarter and early January, we increased our customer
field trial activity significantly. We have approximately 100
outstanding proposals, most of which are to incumbent operating
companies and targeted competitive local exchange carriers. We
are excited about the initial customer acceptance of our
product," he stated.

According to Orr, the second release of the Pliant 3000, which
incorporates fiber optic transport, DSL services and many other
product enhancing features and functionality, has become
available for trial upgrades as well as new installations. The
company will announce commercial availability of the second
release and demonstrate the product's potential at COMNET, an
industry trade show, in Washington D.C. tomorrow. Orr added that
he is pleased with the Pliant 3000's field performance and
believes the company is positioned to support anticipated
customer demand.

The company is working with its investment bankers to restructure
the $115.0 million convertible notes due May 15, 2001 and raise
additional capital for the company. The company is currently in
discussions with a committee representing a majority of the note
holders. Although some activities to raise additional capital
have been completed, the current capital markets make it
difficult for Pliant Systems to raise capital. Therefore,
substantial dilution to current shareholders may occur as a
result of its financing and debt-restructuring activities, in
spite of the initial positive customer reaction to the Pliant
3000.

Pliant Systems Inc. designs, manufactures and markets integrated
multi-service access platforms for the telecommunications
industry. The company provides competitive local exchange
carriers and incumbent local exchange carriers with integrated
access systems capable of delivering voice, data and video
services over diverse network topologies. The company's primary
product, the Pliant 3000 Integrated Access Platform, is designed
to relieve the strain on digital loop carrier systems caused by
the Internet explosion, utilizing a distributed architecture to
deliver traditional telephony and emerging high-bandwidth
services deep into the access network. The company's web site is
www.pliantsystems.com.


SUN HEALTHCARE: Exclusive Period Extended through March 9
---------------------------------------------------------
Sun Healthcare Group, Inc. sought and obtained the Court's
approval for a further extension of the Exclusive Period during
which they may file a plan of reorganization from January 8, 2001
to and including March 9, 2001, and if a plan is filed within
such time, for an extension of the Exclusive Period to solicit
acceptances from March 9, 2001 to and including May 8, 2001.

The Debtors drew the Court's attention to their negotiations with
the federal government, for which they previously obtained an
extension of the exclusive periods to continue with their efforts
to reach a global settlement of claims to effectuate the
dispositions of certain skilled nursing facilities.

The Debtors believe they have made significant progress in this
direction but the issues involved are complex and are taking
longer to resolve than anticipated. The Debtors note that until
some of the remaining outstanding issues are closer to
resolution, they will not be able to accurately assess the
changes that will have to be made to the existing agreement in
principle with their bank lenders and senior subordinated
noteholders. Therefore, the Debtors believe that the requested
extension is warranted to complete these matters and propose a
plan of reorganization.

The Debtors relate that they continue to review their business
operations, facilities and business strategies to identify
operations that can be improved. However, negotiations with
landlords have been extremely difficult and such delay has pushed
back the Debtors' original schedule for emerging from chapter 11.

With respect to areas of progress made, the Debtors report that
they have:

      -- obtained court approval for the closure of seven
facilities in California, Florida, Texas and Washington and the
transfer of operational and financial responsibility for sixteen
facilities located in Arizona, Ohio, New Mexico, Tennessee and
Texas;

      -- filed notices of transfer for six other facilities in
Louisiana;

      -- developed and implemented an overhead and other cost-
cutting program;

      -- obtained court approval for the recertification of one
facility into the Medicare program, which will increase revenue
by approximately $80,000 to $100,000 per month;

      -- filed a motion with the court for authorization to sell
vacated land located in Chicago, Illinois, with expected
consideration of approximately $1.65 million.

The Debtors note that as a result of the progress, they are
significantly closer to filing a plan of reorganization and
disclosure statement and the extension will help to bring what
has been achieved to completion.

With respect to other factors identified by courts for the
consideration for extension of exclusive periods, the Debtors
reiterate that their cases are large and complex, that they are
not seeking to use exclusivity to pressure creditors into
accepting a plan of reorganization, and they are generally making
required postpetition payments and effectively managing their
businesses and properties.

The Debtors submit that they have made good faith progress
towards rehabilitation and development of a consensual plan of
reorganization and additional time will help to complete that
process. (Sun Healthcare Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


THERMAL ENERGY: Bounces Back In The Second Quarter
--------------------------------------------------
Thermal Energy International Inc. (CDNX:TMGO.CX) announced
profitable results for its second quarter of fiscal 2001.

Revenue for the quarter ended November 30, 2000, was $496,345
compared to $48,143 a year earlier. Net earnings for the quarter
were $6,386 ($0.00 per share) compared with a loss of $177,327
(-$0.01 per share) in the same period a year ago. This is the
third consecutive quarter of growth. Revenue for the first six
months of fiscal 2001 stands at $595,190 and a net loss of
$423,134 (-$0.01 per share), compared to revenue of $92,534 and a
net loss of $1.8 million (-$0.09 per share) a year ago. All
figures are in Canadian dollars.

Highlights for the recent quarter include:

* A strategic alliance with American Electric Power (NYSE:AEP).

AEP will install the first commercial demonstration of Thermal
Energy's THERMALONOx(TM) nitrogen oxides emissions control
technology at its Conesville, Ohio, power plant and become the
exclusive licensee to install THERMALONOx(TM) at North American
coal-fired power plants with Wet Flue Gas Desulphurization
scrubbers. AEP also has a right to acquire up to 20% of Thermal
Energy.

* A Joint marketing alliance with Astaris LLC was completed.

Astaris is the sole supplier of elemental phosphorus for
THERMALONOx(TM) and provides marketing and engineering design
support. Astaris is a joint venture of FMC Corp. (NYSE:FMC) and
Solutia Inc. (NYSE:SOI).

* Installation of one of three FLU-ACE(R) units under
contracts earlier announced through Honeywell Ltd. (NYSE:HON) for
a major North American automotive manufacturer. A second
FLU-ACE(R) unit will be delivered this week for installation and
all three are expected to be installed and operational this year.

* Significant resources were devoted to advancing sales of
FLU-ACE(R) systems in the pulp and paper sector and other
industrial markets. Discussions also advanced with other
utilities and power producers for additional commercial
demonstrations of THERMALONOx(TM).

"When Thermal Energy undertook a restructuring which focused on
developing strategic alliances with Fortune 500 partners, we knew
this was the right route to success for us and for our
shareholders," said Thermal Energy President and CEO Thomas
Hinke. "The results of the second quarter show this is the right
formula and one that we expect will continue to accelerate growth
throughout the rest of this year and beyond." Full financial
results have been posted to SEDAR at www.sedar.com and on Thermal
Energy's web site at www.thermalenergy.com.

Thermal Energy International Inc. is a leading provider to
industry of unique cost-effective energy conservation and
environmental compliance solutions headquartered in Ottawa,
Canada. More on Thermal Energy can be found at
www.thermalenergy.com. FLU-ACE(R) and THERMALONOx(TM) are
trademarks of Thermal Energy. Common shares of Thermal Energy are
traded on the Canadian Venture Exchange (CDNX) under the symbol
TMG.


UNOVA, INC.: Moody's Lowers Senior Unsecured Rating to Caa1
-----------------------------------------------------------
Moody's Investors Service downgraded the following:

      * senior, unsecured long-term debt rating of UNOVA, Inc.
        to Caa1

      * secured, senior bank credit facility rating to B2.

The rating actions incorporate the enterprise value of UNOVA and
the value of the collateral available to the secured bank
creditors, Moody's says. The rating actions also reflect that the
company continues to experience difficulty in acquiring new
financing commitments. According To Moody's, it also reflects
continued poor financial performance expected for the fourth
quarter of 2000 and for the near-to-intermediate-term. Expected
operating losses at UNOVA's Automated Data Systems (ADS) is said
to offset operating profits from the Industrial Automation (IAS)
business segment. In addition, the timing of debt paydown through
realization of proceeds from planned asset sales or monetization
of intellectual property is uncertain, Moody's says.

Moody's downgraded these ratings: senior, unsecured long-term
rating for notes to Caa1 from B2; for securities issued under its
415 shelf registration - senior debt securities to (P)Caa1 from
(P)B2, subordinated debt securities to (P)Caa3 from (P)Caa1, and
preferred stock to (P)"ca" from (P)"caa"; senior, secured bank
credit facilities to B2 from B1.

The rating outlook for existing UNOVA operations is negative.

Moody's relates that, UNOVA's bank revolving credit facility was
collateralized by domestic inventory, accounts receivables,
intangibles, and equipment through a waiver of certain financial
covenants. With this waiver, the company may borrow up to $245
million under the bank facility, which is now fully-drawn.

While the company may feel that its cash flow and cash on hand in
excess of $100 million provides more than adequate liquidity,
Moody's notes, however, that the company may have limited
downside protection in the event of any unforeseen events,
particularly during this confidence-sensitive period in the
credit markets. The rating agency also noted that the waiver
expires January 31, 2001, and that the company must establish a
more permanent bank arrangement before that time or seek another
waiver. UNOVA's financial statements for the period ending
September 30, 2000 showed that accounts receivables and
inventories totaled approximately $760 million providing full
cover for the secured banks. Historically, the fourth quarter
generates positive cash flow and the rating agency expects
similar results for the last quarter of 2000, Moody's says.

Located in Woodland Hills, CA., UNOVA, Inc. provides design and
integration of manufacturing systems for the global automotive,
diesel engine, and aerospace industries and specializes in mobile
information technology for supply-chain execution and e-commerce
fulfillment.


U.S. OFFICE: Buys Time Under Credit Agreement Amendment
-------------------------------------------------------
US Office Products Company (OTC Bulletin Board: OFIS) announced
that it has reached an agreement with its lenders to amend its
credit facility. The amendment gives the Company additional time
to negotiate and close asset sale transactions in order to reduce
outstanding debt.

"We greatly appreciate the continued support of our lenders as we
pursue our strategy of reducing debt through the sale of certain
businesses and improving the operations of the North American
Office Supplies and middle-market furniture businesses," said
Warren D. Feldberg, president and chief executive officer of US
Office Products.

The amended credit agreement will give the Company access to $20
million in additional liquidity, by permitting it to retain $10
million from the proceeds of each of the Company's next two asset
sales. In conjunction with the revised credit agreement, The
Chase Manhattan Bank is permitted to extend a $10 million
revolving credit line to US Office Products, if necessary, which
will be available to the Company until its next asset sale has
been completed.

The amendment waives all financial covenants relating to earnings
contained in the credit agreement through June 1, 2001. The
waiver will be subject to the Company negotiating and completing
a sale of a business unit by March 15, 2001, and generating net
cash proceeds from asset sales of at least $250 million by April
28, 2001.

US Office Products is one of North America's leading providers of
office supplies, office furniture, and office coffee and vending
services. The Company also owns Mail Boxes Etc., the world's
largest franchiser of business, communications and postal service
centers, with more than 4,300 locations in 29 countries around
the world. In addition, US Office Products' Blue Star subsidiary
owns commercial printing and retail book and stationery
operations throughout New Zealand and Australia, and the Company
also holds a 49% interest in Dudley Stationery Limited, a leading
U.K. contract stationer. The Company's corporate web site address
is www.usofficeproducts.com.


VENCOR, INC.: Agrees to Lift Automatic Stay For Insured Claimant
----------------------------------------------------------------
Vencor Nursing Centers East, L.L.C., d/b/a Colonial Oaks
Rehabilitation Center-Fort Myers is a defendant in the action
captioned Robert L. McCray, with Power of Attorney For Lee Ona
Lee, vs. Vencor Nursing Centers East, L.L.C., d/b/a Colonial Oaks
Rehabilitation Center of Fort Myers, Case No. 99-9338 CA JBR, In
the Circuit Court of the Twentieth Judicial Circuit In and For
Lee County, Florida.

Vencor, Inc. consented to and have obtained Judge Walrath's stamp
of approval for lifting the automatic stay to permit the
plaintiff in the action to prosecute her claim and to collect any
judgment in respect of any recovery of damages in the action from
any available insurance proceeds.

The Debtors have determined that there is an insurance policy
issued in favor of Vencor. Any settlement of or recovery of a
judgment for damages in the Underlying Action will be limited to
applicable insurance proceeds, and the plaintiffs will be
permitted to continue to assert an unsecured perpetition claim in
the Debtors' chapter 11 cases solely for the portion of the
judgment that cannot be satisfied by available insurance
proceeds.

Except as specifically provided in the stipulation, the
Plaintiffs shall not engage in any efforts to collect any amount
from the Debtors or any of Debtors' current and former employees,
officers and directors, or any person or entity indemnified by
Debtors.

The parties also agree to mutual general release of claims over
the matter. (Vencor Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


VIATEL INC.: Moody's Downgrades Credit Ratings to Caa2
------------------------------------------------------
Moody's lowered the ratings of Viatel, Inc. from B3 to Caa2,
while rating outlook is negative. Moody's declared affected
ratings as follows:

Ratings at Caa2:

      * Senior implied rating

      * Unsecured issuer rating

      * $500.0 million 12.5% senior discount notes due 2008

      * $400.0 million 11.25% senior notes due 2008

      * DEM 226.0 million 12.4% senior discount notes due 2008

      * DEM 178.0 million 11.15% senior notes due 2008

      * EUR 300 million 12.75% senior notes due 2008

      * $200 million 11.50% senior notes due 2009

      * EUR 150 million 11.50% senior notes due 2009

      * $269.5 million 11.50% senior notes due 2009

Viatel Financing Trust I - Rating at Ca:

      * $180 million 7.75% trust convertible preferred securities
        due 2015

The ratings of Viatel were placed under review for possible
downgrade on January 18, 2001, following a negative outlook in
November 2000. According to Moody's, the review was prompted by
the announcement by the company that it would re-focus its
operations towards the Corporate and Broadband segment, close
down consumer-oriented operations in several European countries,
and reduce staff by approximately 30.0%.

Moody's also says that the downgraded ratings reflects Viatel's
continued underperformance against the rating company's
expectations, its deteriorating liquidity and credit profile, and
the uncertainty regarding management's refocused business plan.

Although Moody's recognises the strategic necessity of the
proposed re-structuring, it said that the new plan will likely to
lead to a significant and immediate curtailment of Viatel's
revenues, asset base, and cash flow generation ability going
forward.

According to Moody's, the ratings also reflect concerns that the
proposed streamlining of Viatel's operations and the potential
ensuing reduction in consolidated cash flows may impair the
company's ability to service interest payments on approximately
$1.9 billion in long-term debt outstanding. Moody's also
recognizes the possibility that Viatel's capital structure may
change as a result of the re-structuring. The extent to which the
company is able to operate within existing liquidity constraints
will strongly depend on management's ability to successfully
implement their proposed cost cutting in a timely manner to stem
losses, and to appropriately allocate capital expenditures to
develop the smaller but more focused entity, Moody's says.

Also, Moody's thinks that the proposed re-structuring over the
intermediate-term without the support of third party funding may
negatively affect the company's overall liquidity profile. The
company reported an unrestricted cash balance of approximately
$464.4 million (at September 30, 2000), which provides a
liquidity cushion over the short-term.

Moody's said the ratings also factor considerable uncertainty as
to the outcome of the re-structuring plan, both in terms of
corporate structure, and in terms of the immediate and longer-
term financial impact on Viatel (including potential debt
divestitures, asset write-downs and impairments, and direct
costs associated with the re-structuring). The ratings also take
into consideration execution risks associated with the proposed
re-structuring, including potential M&A activity in divesting
certain businesses (and uncertain valuations thereof), potential
changes in the company's shareholder structure, and significant
strain on management resources, Moody's states.

Accordingly, the negative outlook reflects: (i) Moody's caution
regarding the formulation and execution of Viatel's revised
business plan, (ii) immediate concerns over management's ability
to execute the proposed remedial action in a timely manner, and
(iii) uncertainty as to the company's corporate and capital
structure, with potentially significant impact on the company's
future cash flow generation ability.

Viatel provides integrated communications services to
corporations, ISPs, ASPs and other carriers in Europe and North
America. Viatel currently operates one of Europe's largest pan-
European networks, with international gateways in New York City
and London; state-of-the-art network operations centers in Egham,
England and Somerset, New Jersey


VLASIC FOODS: Files Chapter 11 Petition in Wilmington
-----------------------------------------------------
Vlasic Foods International (NYSE: VL) announced that it and all
of its U.S. operating subsidiaries filed voluntary petitions on
January 29 in the U.S. District Court in Wilmington, Del., under
Chapter 11 of the U.S. Bankruptcy Code in order to implement sale
of certain assets.

Bankruptcy Creditors' Service, Inc., launched publication of
VLASIC FOODS BANKRUPTCY NEWS yesterday morning.  A free copy of
the first issue is available at http://bankrupt.com/vlasic.txt


VLASIC FOODS: Selling Pickles & Open Pit Barbeque Sauce to Heinz
----------------------------------------------------------------
Heinz North America, an affiliate of H.J. Heinz Company
(NYSE:HNZ), announced that it has signed an agreement to acquire
two leading brands from Vlasic Foods International, subject to
bankruptcy court and regulatory approvals. The brands are
Vlasic(R) pickles, the best-selling brand of pickles in the
United States, and in retail channels, Open Pit(R) barbecue
sauce. The acquisition price is a $195 million, subject to
closing adjustments.

"This complementary acquisition of two outstanding brands will
boost our leadership in the condiments category by making Heinz
the No. 1 pickle producer in the United States," said Joseph
Jimenez, president and CEO of Heinz North America. "This
acquisition is consistent with Heinz's growth strategy,
particularly in the key area of Flavor/Taste Solutions, where the
transaction enhances our ability to give consumers flavor variety
and the ability to personalize their food."

"The Vlasic pickle and Open Pit barbecue sauce businesses are in
the same aisle of the supermarket as ketchup, which will enhance
our overall leadership in this area and deliver significant
synergies. In addition, Heinz intends to drive consumption
through product and package innovations. Sales of Heinz's
ketchup, condiments and sauces have grown at a seven percent CAGR
since fiscal 1998," Jimenez said.

Vlasic is the leader in the $1.1 billion retail pickles, peppers
and relish category in the U.S., with a 24 percent share in the
52-week period ending November 4, compared with Heinz's 3 percent
share. Annual sales of Vlasic pickles and Open Pit barbecue sauce
are more than $275 million. Vlasic pickles products include
Vlasic(R) kosher dill pickles, Sandwich Stackers(R) and Hamburger
Stackers(R), which cover an entire burger or sandwich with a
slice, as well as a complete line of relishes and peppers.

"The addition of Vlasic pickles, a venerable brand with a history
of excellence, quality and market innovation, will provide
another condiment category with a No. 1 brand for Heinz," Jimenez
said. "The Vlasic and Heinz pickle brands are a complementary
fit. Heinz plans to continue both brands, giving the company a
much larger presence in the condiment aisle."

Open Pit is the leading barbecue sauce in its core Midwest market
of Detroit, Chicago, Cleveland, Milwaukee and Grand Rapids. The
U.S. barbecue sauce category is currently a $360 million market.
"This acquisition builds our strength in the important
flavor/taste solutions area, where Heinz is already energizing
the category and exciting consumers with the recent launch of
Heinz EZ Squirt(R)," Casey Keller, managing director of Heinz
North America's Ketchup, Condiments and Sauces business unit
said. "Heinz will now bring innovation to meet consumer needs in
the pickle category, including the introduction of pickle relish
in squeezable bottles."

Vlasic says that Vlasic Pickle and Open Pit barbecue sauce
businesses have combined fiscal year 2000 sales of approximately
$300 million and have more than 550 full-time and 450-550
seasonal employees, principally at two manufacturing facilities
located in Imlay City, Mich., and Millsboro, Del.

Mark McCallum, President of Vlasic Foods' North American
division, noted that the Heinz transaction makes sense because
Heinz is in an excellent position to capitalize on the growth
potential of the brands. "The Vlasic brand is an icon with
exceptional consumer recognition and distribution in the shelf-
stable segment of the grocery business. The brand presents
significant extension opportunities across a variety of food and
condiment categories beyond its current pickle, pepper and relish
offerings including a variety of vegetable products in numerous
packaging forms. In addition, we have recently begun to make
inroads into the refrigerated segment with Vlasic and growth
opportunities there are also significant. The Open Pit brand has
broad applicability across the condiment category."

ABOUT HEINZ: With sales over U.S. $9 billion, H. J. Heinz Company
is one of the world's leading marketers of branded foods to
consumers everywhere, whether in supermarkets, restaurants or on
the go. Its 50 companies operate in some 200 countries, with more
than 20 power brands, including the Heinz(R) brand with nearly $3
billion in annual sales. Among the company's famous brands are
Heinz, StarKist(R), Ore-Ida(R), 9-Lives(R), Wattie's(R),
Plasmon(R), Farley's(R), Smart Ones(R), Bagel Bites(R), John
West(R), Petit Navire(R), Kibbles 'n Bits(R), Pounce(R), Pup-
Peroni(R), Orlando(R), ABC(R), Olivine(R), Juran(R) and
Pudliszki(R). Heinz also uses the famous brands Weight Watchers,
Boston Market and Linda McCartney under license. Information on
Heinz is available at http://www.heinz.com.


VLASIC FOODS: Case Summary & 25 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Vlasic Foods International, Inc.,
         A New Jersey Corporation
         Vlasic Plaza, Six Executive Campus
         Cherry Hill, NJ 080024112

Debtor affiliates separately filing for Chapter 11 petitions in
the same court:

      Debtor                             State of Incorporation
      ------                             ----------------------
      Aligar, Inc.                       Delaware
      Cargal, Inc.                       Delaware
      Vlasic Foods Distribution Company  Arkansas
      VF Brands, Inc.                    Delaware
      Vlasic Standards, Inc.             New Jersey
      Vlasic International Brands Inc.   Delaware
      Vlasic International Sales Inc.    New Jersey

Type of Business: The Debtor and its affiliates are leading
                   producers, marketers and distributors of
                   premium branded food products, including Vlasic
                   pickles, peppers and relish, OpenPit barbeque
                   sauces, and others.

Chapter 11 Petition Date: January 29, 2001

Court: District of Delaware

Bankruptcy Case Nos.: 01-00285 through 01-00292

Debtors' Counsel: David R. Hurst, Esq.
                   Skadden, Arps, Slate, Meagher & Flo
                   One Rodney Square
                   P.O. Box 636
                   Wilmington, DE 19899-0636
                   (302) 651-3000

                        and

                   Sally McDonald Henry, Esq.
                   Skadden, Arps, Slate, Meagher & Flom LLP
                   4 Times Square
                   New York, NY 10036
                   (212) 735-3000

Total Consolidated Assets: $458,317,000

Total Consolidated Debts: $649,989,000


Consolidated List of Debtors' 25 largest Unsecured Creditors:

Entity                          Nature of Claim   Claim Amount
------                          ---------------   ------------

The Bank of New York            10% Sr. Subordi-  $197,226,000
101 Barclay Street, 21 West     nated Notes due
NewYork, NY 10286               2009, issued
Attn: Mary Lacumina             under indenture
Corporate Trust Trustee Admin.  dated as of June
P: (212) 815-5284               29, 1999
F: (212) 815-5915

Falkner Produce                 Trade Debt            $352,994
51450 CR 352
Decatur, MI 49045
John Falkner
P: (616) 423-7503
F: (616) 423-2041

ABB Flexible Automation, Inc.   Trade Debt            $319,065
2487 Commerce Drive
New Berlin , WI 53151
Attn: Brian Thelen
P: (414) 785-3400
F: (414) 780-5149

Southeastern Wisconsin Prods    Trade Debt            $195,863
500 W. Edgerton Avenue
Milwaukee, WI 53207
P: (414) 482-1730
F: (414) 482-2812

G.D. McDonald & Associates,Inc. Trade Debt            $195,138
5661 W. Fillmore Road
Ithaca, MI 48847
P: (517) 875-4719
F: (517) 875-8821

Fort James Corp-PA              Trade Debt            $177,948
5 Great Valley Pky
Suite 180
Malvern, PA 19355
Attn: Linda Cahill
P: (610) 647-6333
F: (203) 452-3517

Whiting Distribution SVS, Inc.  Trade Debt            $134,506
P.O. Box 33881
Detroit, MI 48232-8150
P: (313) 664-4126
F: (313) 664-4200


Simmons/MC Alester              Trade Debt            $133,370
P.O. Box V
Van Buren, AR 72957
P: (918) 426-2002
F: (918) 426-1221

Weyerhaeuser Company            Trade Debt            $126,451
P.O. Box 640160
Pittsburgh, PA 15264
Attn: Stan Bigalow/Bud
P: (816) 364-2341 x331-5100
F: (908) 247-9569

Detroit Edison                  Trade Debt            $115,239
P.O. Box 67-069A
Detroit, MI 48267
P: (313) 235-8000
F: (248) 223-2530

Northeastern Product            Trade Debt             $98,471
Products Company
Division of Campbell Soup Company
3500 S. Clinton Avenue
South Plainfield, NJ 07080
P: (908) 501-1610
F: (908) 769-9200

Burt Lewis, Inc.                Trade Debt             $89,760
1301 West 22nd Street
Oak Brook, IL 60521
P: (708) 571-3131
F: (630) 571-3134

Hydrite Chemical Company        Trade Debt             $84,291
2815 WCF&N Drive
Waterloo, IA 605
Attn: Dave Burger
P: (800) 373-2925
F: (319) 232-1112

Consume Insights                Trade Debt             $81,066
4008 Bay Pointe Drive
Gulf Breeze, FL 32561
P: (850) 934-4408
F: (850) 932-0388

United Feature Syndicate, Inc.  Trade Debt             $80,000
P.O. Box 85271
Cincinnati, OH 45264
P: (513) 977-3000
F: (513) 977-3922

City of Fayettville             Trade Debt             $71,677
113 West Mountain St.
Fayetteville, AR 72701
P: (501) 521-7700
F: (501) 575-8241

Fleming Geneva                  Trade Debt             $70,648
1015 W. Magnolia Avenue
P.O. Box 398
Geneva, AL 36340
P: (334) 684-3631 x5264
F: (334) 684-5224

Chep USA                        Trade Debt             $69,746
P.O. Box 101475
Atlanta, GA30392
F: (610) 334-0372

Nash Finch/MDV                  Trade Debt             $67,255
1133 Kingwood Avenue
Norfolk, VA 23502
Attn: Hank Sheffer
P: (757) 855-0114
F: (757) 853-9066

Oregon Potato Company           Trade Debt             $65,648
P.O. Box 169
Boardman, OR 97818
P: (800) 336-6311
F: (541) 481-2483

Mooney DE                       Trade Debt             $63,667
39 Lackwanna Place
Bloomfield, NJ 07003
Attn: Joan Mooney
P: (973) 748-4966
F: (973) 748-4005

Leprino Foods Company           Trade Debt             $63,612
P.O. Box 502758
St. Louis, MO 63150
Attn: Jim Launderdale
P: (303) 480-2760
F: (303) 480-2605

Campbell Soup Company           Trade Debt             $58,713
6200 Franklin Boulevard
Sacramento, CA 95824
Attn: Jorge Danino
P: (916) 428-7890
F: (916) 421-6125

SuperValu Tacoma                Trade Debt             $52,490
1525 East D Street
Tacoma, WA 98401
Attn: Helmut Wilp
P: (206) 593-3181
F: (253) 404-4589

Information Resources, Inc.     Trade Debt             $50,000
P.O. Box 71156
Chicago, IL 60694
P: (312) 726-1221
F: (312) 474-3517


W.R. GRACE: Reports Q4 Results -- Including Asbestos Charge
-----------------------------------------------------------
W. R. Grace & Co. (NYSE: GRA) reported a loss from continuing
operations in the fourth quarter 2000 of $107.6 million, or $1.65
per diluted share (EPS), compared to income of $48.2 million or
$0.66 in the fourth quarter of 1999.

The 2000 results include a net asbestos charge (after expected
insurance recovery and tax benefits) of $135.2 million, $2.07 per
diluted share, taken in the fourth quarter to account for adverse
experience in the latter part of 2000 compared to certain
assumptions used to estimate Grace's previously recorded
liability for asbestos-related litigation. Earnings in 1999
include after-tax gains of $11.8 million, $0.16 per diluted
share, from the settlement of notes received as partial
consideration for a business divested in 1994 and of $3.1
million, $0.04 per diluted share, from sales of non-core real
estate. Excluding the unusual items in 2000 and 1999, EPS from
continuing operations was $0.42 for the 2000 quarter and $0.46
for the 1999 quarter.

Sales for the quarter totaled $384.4 million compared to $395.2
million in the prior year quarter, a 2.7% decrease. Excluding the
negative impact of currency translation, principally from weak
European currencies, total sales increased 2.7%. Pretax income
from core operations was $35.6 million compared to $51.3 million
in the fourth quarter of 1999. The quarterly operating margin on
core operations was 9.3%, down 3.7 percentage points compared to
1999.

"It has been a difficult end to an otherwise good year," said
Grace Chairman, President and Chief Executive Officer Paul J.
Norris. "Asbestos litigation continues to be our Company's
biggest challenge. During 2000 we have seen the litigation
environment worsen and become more uncertain. This caused us to
take a charge in the quarter to reflect adverse experience in the
number of claims filed and the cost to resolve them. Any
prediction of future trends in this environment is difficult."
On operations Norris stated, "Our results in the fourth quarter
suffered from the general slowdown in some of our end-use
markets, especially in late November and December and adverse
weather impacting construction activity throughout the quarter.
Additionally, negative currency effects in Europe and, more
recently, Asia Pacific continue to impact results. As expected,
margins were hurt by escalating natural gas prices and energy-
driven raw material costs."

For the year ended December 31, 2000, Grace reported net sales of
$1,569.4 million, a 2.9% increase versus 1999. Excluding the
negative impact of currency translation, annual sales were up
6.8%. The full year loss including unusual items was $14.7
million compared to net income of $135.9 million in 1999.
Excluding unusual items in both years, net income from continuing
operations was $120.5 million in 2000, up 7% from $112.2 million
in 1999. On the same basis, 2000 EPS of $1.78 was up by 17% from
$1.52 in 1999.

                         CORE OPERATIONS

                        Davison Chemicals

Refining Catalysts, Chemical Catalysts and Silica Products

Fourth quarter sales for the Davison Chemicals segment were
$197.1 million, down 2.3% from the prior year.  Excluding the
impact of currency translation, sales were up 4.5%.  Operating
income of $27.6 million was down from $38.0 million in 1999 and
operating margin of 14.0% was 4.8 percentage points below the
1999 fourth quarter.  Operating income and margins were
negatively impacted by higher natural gas prices, the weak Euro
and sales volume declines in some areas.  For the year, sales
totaled $783.9 million, up 4.4% from 1999 (excluding currency
translation impacts, sales were up 9.6%), with operating income
of $131.6 million, up 5.9% versus the year-ago period.

Sales of refining catalysts, which include fluid cracking
catalysts (FCC) and additives and hydroprocessing catalysts, were
down 4.3% (up 1.9% excluding currency translation impacts)
compared to the 1999 fourth quarter.  Sales were down in North
America from lower FCC volumes and in Europe from a 17% negative
currency impact.  Latin American sales were strong, driven by
hydroprocessing volumes, and Asia Pacific sales were up due to
FCC volumes.  Sales of chemical catalysts decreased 12.8% over
the fourth quarter of 1999 due to decline in demand for
polyolefin catalysts, especially in North America.  Sales of
silica products were up 8.4% (18.4% before currency translation),
primarily from the Ludox(R) colloidal silicas acquisition and
strong volume growth in Europe and Asia Pacific.

                      Performance Chemicals

Construction Chemicals, Building Materials and Container Products

Fourth quarter sales for the Performance Chemicals segment were
$187.3 million, down 3.2% from the prior year.  Excluding the
impact of currency translation, sales were up 0.9% in the
quarter.  Operating income was $14.7 million, down from $25.8
million in the prior year quarter.  Operating margin was 7.8%, a
5.5 percentage point decrease from the 1999 fourth quarter.
Quarterly operating income and margins were affected by lower
sales and higher petroleum-based raw material and freight costs.
For the year, sales were $785.5 million, up 1.5% from 1999 (up
3.8% excluding currency translation), while operating income was
$95.5 million, down 9.7% versus the year-ago period.

Sales of specialty construction chemicals, which include concrete
admixtures, cement additives and masonry products, were down 5.0%
versus a strong year-ago quarter, caused primarily by a decline
in concrete admixture sales largely due to soft construction
markets in Australia and Singapore, and weather-related project
delays in North America.  Sales of specialty building materials,
which include waterproofing and fire protection products, were
down 4.3% for the quarter, reflective of depressed construction
activity and project delays due to severe weather.  Sales of fire
protection products, up 9.3%, remained strong due to firestop
sales, while sales of waterproofing products were down
approximately 12%.  Sales of container products, which include
container sealants, closure systems and coatings, were flat with
the fourth quarter of 1999 (but up 7.0% before the effect of
currency translation). The results reflect the positive impact of
the Hampshire Polymers business acquired in July as well as
market share gains in specialty coatings products, offset by
decreases in can and closure sealants sales.

                     NONCORE ACTIVITIES

Expenses of noncore activities totaled $194.7 million for the
quarter and $188.4 million for the year compared to income of
$27.4 million for the fourth quarter of 1999 and $37.2 million
for the year 1999. The fourth quarter of 2000 includes gains on
sales of marketable securities as well as the pre-tax net charge
for asbestos-related litigation of $208.0 million ($293.6 million
gross, offset by $85.6 million of expected insurance recovery)
which is discussed below. The fourth quarter of 1999 includes
pretax gains of: 1) $18.5 million on the settlement of notes
received as partial consideration when Grace sold its printing
products business in 1994; and 2) $4.8 million from sales of
noncore real estate.

                  Asbestos-Related Litigation

Grace estimates its asbestos-related liabilities based on its
experience with, and recent trends in, asbestos litigation. Its
recorded liabilities cover indemnity and defense costs for
pending property damage claims and for pending and projected
future bodily injury claims. The amounts recorded at each balance
sheet date reflect Grace's latest estimate, based on measures
governed by generally accepted accounting principles, of probable
and estimable liabilities for asbestos-related litigation in all
material respects.

During 2000, the number of bodily injury claims made against
Grace have increased significantly compared to 1999 and prior
year claim levels, with a total of 48,786 bodily injury claims
being received in 2000 -- an 81% increase over 1999 -- and higher
than any past year. Also, costs to resolve asbestos litigation
were higher than expected for certain property damage and bodily
injury claims. In addition, Grace was served with lawsuits
alleging damages from a former attic insulation product which has
never previously been the subject of property damage litigation.
At December 31, 2000 Grace has pending: 7 property damage
lawsuits, 9 attic insulation class action lawsuits, and 124,907
bodily injury claims.

As a result of these recent developments, Grace's evaluation of
its recorded liability for asbestos-related litigation as of
December 31, 2000 has led to an additional charge of $135.2
million (net of expected insurance recovery and tax benefits) to
account for the unexpected claims volume, new risk factors and
recent cost experience. After this adjustment, Grace's recorded
liability for asbestos-related litigation is $1,105.9 million
gross, $733.9 million net of insurance recovery and $469.9
million net of insurance recovery and tax benefits. The estimated
gross liability represents an undiscounted stream of payments
that are projected to be made in decreasing amounts over
approximately 40 years. Payments in 2001 are currently estimated
to be $178.4 million gross and $94.6 million after insurance
recovery. With respect to attic insulation class action lawsuits,
Grace continues to believe this product is safe for its intended
purpose and has reserved for estimated defense costs only.
Recent adverse events in asbestos bodily injury litigation,
including petitions for bankruptcy reorganization by several
codefendant companies, have caused an environment that increases
the risk of more claims being filed than previously projected,
with higher settlement demands. As a result, any projection of
future claims and costs could differ materially from actual
experience.

                        Liquidity

Grace's current liquidity position of nearly $400 million
(reflected in the combination of cash and cash equivalents, net
cash value of life insurance and unused committed credit
facilities) is sufficient for normal operating and investment
needs. The Company's 364-day bank credit facility matures in May
2001. This facility totals $250 million with $150 million drawn
at December 31, 2000. The current bank credit environment, which
has tightened over the past several months, coupled with the
uncertainties in the asbestos litigation environment, has
increased the risk that this facility may not be renewed. If
Grace were unable to renew this facility under acceptable terms,
$150 million of outstanding bank loans would be due in May 2001
and the $100 million of unused committed credit would lapse.
Additionally, Grace's receivables sales program, covering amounts
up to $80 million, is also subject to renewal risk.

The strength of Grace's businesses and the consistency of their
cash flows have historically been sufficient to obtain lender
support for operating and investment needs, and to fund cash
outflows for noncore obligations. However, given the current
asbestos and banking environment, Grace's continued access to
liquidity will likely require a restructuring of its existing
credit facilities, and/or accessing other potential sources of
long-term capital if available. In addition, Grace and its
advisors are reviewing the strategic and operating issues
associated with continuing to defend asbestos litigation through
the court system versus seeking a resolution of such litigation
through reorganization under Chapter 11 of the U.S. Bankruptcy
Code. Grace continues to support consensus legislation that would
fairly address concerns of claimants and defendants.

                     EXPECTATIONS FOR 2001

With respect to Grace's targets for 2001, Mr. Norris said, "We
are projecting 4-6% growth in revenues and growth in core
earnings of 5-10% -- coming in the second half of the year. The
margin challenges we face today will continue into 2001, so we
are redoubling our productivity efforts to maintain earnings
growth. On a net earnings basis before unusual items, we expect
to be about flat with 2000 as a result of higher net interest
expense on borrowings to fund operations and legacy obligations."
Grace is a leading global supplier of catalysts and silica
products, specialty construction chemicals and building
materials, and container products. With annual sales of
approximately $1.6 billion, Grace has over 6,000 employees and
operations in nearly 40 countries. For more information, visit
Grace's website at http://www.grace.com


WEHRENBERG THEATRES: Files Chapter 11 Petition in St. Louis
-----------------------------------------------------------
Wehrenberg Theatres, One of Missouri's largest movie theater
chains, filed for bankruptcy protection Friday. Wehrenberg
operates approximately 200 screens, mostly in the St. Louis area
but also in Cape Girardeau, Osage Beach and Springfield in
Missouri and Prescott, Ariz. The company filed for reorganization
under Chapter 11 in U.S. Bankruptcy Court in St. Louis. It marked
the second time in two days that a major Missouri theater chain
announced financial hardship. On Thursday, Kansas City-based AMC
Entertainment Inc. announced plans to close about 300 screens
over the next three to four years. (New Generation Research,
January 29, 2001)


ZARING NATIONAL: Feels Sting from American Homestar's Bankruptcy
----------------------------------------------------------------
Zaring National Corp. said the chapter 11 bankruptcy filing by
American Homestar Corp. could have several effects on the
company, including the potential bankruptcy of its HomeMax unit,
according to Dow Jones. In a filing on Thursday with the
Securities and Exchange Commission, Zaring said it expects that
recovery of nearly $3 million outstanding under a note payable to
American Homestar in March 1999 could be substantially
diminished. As a result, Zaring shareholders' equity would be a
negative number as of Dec. 31 because its liabilities exceed its
assets. The company had total shareholders' equity of $1.6
million as of Sept. 30. Zaring had scheduled for Jan. 31 a
shareholder meeting to vote on the proposed sale. The company has
postponed the meeting until Feb. 2.

American Homestar filed for chapter 11 bankruptcy on behalf of
itself and 21 units, citing a severe and prolonged decline in
manufactured home sales throughout the industry. On Sept. 30, the
company listed total assets of $363 million and total liabilities
of $279 million. (ABI World, January 29, 2001)


* Meetings, Conferences and Seminars
------------------------------------
February 8-10, 2001
    American Bankruptcy Institute
       Rocky Mountain Bankruptcy Conference
          Adam's Mark Hotel, Denver, Colorado
             Contact: 1-703-739-0800 ot http://www.abiworld.org

February 22-23, 2001
    ALI-ABA
       Commercial Real Estate Defaults, Workouts,
       and Reorganizations
          Wyndham Palace Resort, Orlando
          (Walt Disney World), Florida
             Contact: 1-800-CLE-NEWS

February 25-28, 2001
     NORTON INSTITUTES ON BANKRUPTCY LAW
        Norton Bankruptcy Litigation Institute I
           Marriot Hotel, Park City, Utah
              Contact: 770-535-7722 or Nortoninst@aol.com

February 28-March 3, 2001
    TURNAROUND MANAGEMENT ASSOCIATION
       Spring Meeting
          Hotel del Coronado, San Diego, CA
             Contact: 312-822-9700 or info@turnaround.org

March 4-6, 2001
    International Bar Association
       2001: An Insolvency Cyberspace Odyssey
          The Ritz Hotel, Lisbon, Portugal
             Contact: 011-440-20-7629-1206 or confs@int-bar.org

March 8-9, 2001
    ALI-ABA
       Corporate Mergers and Acquisitions
          Renaissance Stanford Court, San Francisco, California
             Contact: 1-800-CLE-NEWS

March 16, 2001
    American Bankruptcy Institute
       Bankruptcy Battleground West
          Century Plaza Hotel, Los Angeles, California
             Contact: 1-703-739-0800 ot http://www.abiworld.org

March 28-30, 2001
    RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC.
       Healthcare Restructurings 2001
          The Regal Knickerbocker Hotel, Chicago, Illinois
             Contact: 1-903-592-5169 or ram@ballistic.com

March 29-April 1, 2001
    NORTON INSTITUTES ON BANKRUPTCY LAW
       Norton Bankruptcy Litigation Institute II
          Flamingo Hilton; Las Vegas, Nevada
             Contact: 1-770-535-7722 or Nortoninst@aol.com

April 19-21, 2001
    ALI-ABA
       Fundamentals of Bankruptcy Law
          Pan Pacific Hotel, San Francisco, California
             Contact: 1-800-CLE-NEWS

April 19-22, 2001
    American Bankruptcy Institute
       Annual Spring Meeting
          J.W. Marriott, Washington, D.C.
             Contact: 1-703-739-0800 ot http://www.abiworld.org

April 26-29, 2001
    COMMERCIAL LAW LEAGUE OF AMERICA
       71st Annual Chicago Conference
          Westin Hotel, Chicago, Illinois
             Contact: Comlawleag@aol.com

May 14, 2001
    American Bankruptcy Institute
       NY City Bankruptcy Conference
          Association of the Bar of the City of New York
          New York, New York
             Contact: 1-703-739-0800 ot http://www.abiworld.org

May 17-18, 2001
    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

June 7-10, 2001
    American Bankruptcy Institute
       Central States Bankruptcy Workshop
          Grand Traverse Resort, Traverse City, Michigan
             Contact: 1-703-739-0800 ot http://www.abiworld.org

June 13-16, 2001
     Association of Insolvency & Restructuring Accountants
        Annual Conference
           Hyatt Newporter, Newport Beach, California
              Contact: 541-858-1665 or aira@ccountry.com

June 28-July 1, 2001
    NORTON INSTITUTES ON BANKRUPTCY LAW
       Western Mountains, Advanced Bankruptcy Law
          Jackson Lake Lodge, Jackson Hole, Wyoming
             Contact:  770-535-7722 or Nortoninst@aol.com

June 28-July 1, 2001
    American Bankruptcy Institute
       Hawaii CLE Program
          Outrigger Wailea Resort, Maui, Hawaii
             Contact: 1-703-739-0800 ot http://www.abiworld.org

July 12-15, 2001
    American Bankruptcy Institute
       Northeast Bankruptcy Conference
          Stoweflake Resort, Stowe, Vermont
             Contact: 1-703-739-0800 ot http://www.abiworld.org

July 26-28, 2001
    ALI-ABA
       Chapter 11 Business Reorganizations
          Hotel Loretto, Santa Fe, New Mexico
             Contact: 1-800-CLE-NEWS

August 1-4, 2001
    American Bankruptcy Institute
       Southeast Bankruptcy Conference
          The Ritz-Carlton, Amelia Island, Florida
             Contact: 1-703-739-0800 ot http://www.abiworld.org

September 6-9, 2001
    American Bankruptcy Institute
       Southwest Bankruptcy Conference
          The Four Seasons Hotel, Las Vegas, Nevada
             Contact: 1-703-739-0800 ot http://www.abiworld.org

September 14-15, 2001
    American Bankruptcy Institute
       ABI/Georgetown Program "Views from the Bench"
          Georgetown University Law Center, Washington, D.C.
             Contact: 1-703-739-0800 ot http://www.abiworld.org

October 3-6, 2001
    American Bankruptcy Institute
       Litigation Skills Symposium
          Emory University School of Law, Atlanta, Georgia
             Contact: 1-703-739-0800 ot http://www.abiworld.org

November 29-December 1, 2001
    American Bankruptcy Institute
       Winter Leadership Conference
          La Costa Resort & Spa, Carlsbad, California
             Contact: 1-703-739-0800 ot http://www.abiworld.org

April 18-21, 2002
    American Bankruptcy Institute
       Annual Spring Meeting
          J.W. Marriott, Washington, D.C.
             Contact: 1-703-739-0800 ot http://www.abiworld.org

June 6-9, 2002
    American Bankruptcy Institute
       Central States Bankruptcy Workshop
          Grand Traverse Resort, Traverse City, Michigan
             Contact: 1-703-739-0800 ot http://www.abiworld.org

December 5-8, 2002
    American Bankruptcy Institute
       Winter Leadership Conference
          The Westin, La Plaoma, Tucson, Arizona
             Contact: 1-703-739-0800 ot http://www.abiworld.org

April 10-13, 2003
    American Bankruptcy Institute
       Annual Spring Meeting
          Grand Hyatt, Washington, D.C.
             Contact: 1-703-739-0800 ot http://www.abiworld.org

December 5-8, 2003
    American Bankruptcy Institute
       Winter Leadership Conference
          La Quinta, La Quinta, California
             Contact: 1-703-739-0800 ot http://www.abiworld.org

The Meetings, Conferences and Seminars column appears in the TCR
each Wednesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.

                           *********

Bond pricing, appearing in each Monday's edition of the TCR, is
provided by DLS Capital Partners in Dallas, Texas.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

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 USA, and Beard
Group, Inc., Washington, DC USA. Debra Brennan, Yvonne L.
Metzler, Aileen Quijano and Peter A. Chapman, Editors.

Copyright 2001.  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 6 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 ***