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/raid1/www/Hosts/bankrupt/TCR_Public/980126.MBXT R O U B L E D C O M P A N Y R E P O R T E R Monday, January 26, 1998, Vol. 2, No. 17 Headlines AL TECH: Moves to Pay Life and Health Claims ALLIANCE ENTERTAINMENT: Debtors Employ Professionals ALLIANCE ENTERTAINMENT: Seeks Extension of Exclusivity AMRE INC.: Disputes Claim by I Rent America, Inc. BARRY'S JEWELERS: Merksamer to Head Plan Negotiations BIG RIVERS: Objects to PPM Claims BONNEVILLE PACIFIC CORPORATION: Close to Plan BUCYRUS INTERNATIONAL: Exchange Offer Reported BUCYRUS INTERNATIONAL: Milbank Agrees to Repay Fees CAMPO: Hearing Set for MetLife's Claim COUNTRY STAR: Developments for Las Vegas Restaurant ERD WASTE: Applies to Enter Premium Financing Agreements FARM FRESH: Noteholders Voted to Accept Plan FIRST CENTRAL FINANCIAL: Considering Bankruptcy Filing FOXMEYER: Seeks Approval of Letter Agreement with Schein FOXMEYER: Trustee Seeks to Retain Chicago Partners FRETTER, INC.: Judge Authorizes MBS as Counsel L.A. GEAR: Creditors' Meeting Announced LEVITZ FURNITURE: New Proposal for Vendor Chargebacks OMEGA ENVIRONMENTAL: Borrowings Exceed Limit PLASTIGONE: Seeks Protection Under Bankruptcy Code STRATOSPHERE CORP: Major Noteholders Reach Plan Pact THERMADYNE HOLDINGS: $790 Million Buyout UNITED HEALTHCARE: Registration Statement Filed US ONE: Seeks Extension of Removal Period VAN CAMP SEAFOOD: Committees File Liquidation Plan VENTURE STORES: Bankruptcy and Financial Data Available DLS CAPITAL PARTNERS: Bond Pricing for Week of 1/19/98 ********* AL TECH: Moves to Pay Life and Health Claims ------------------------------------------------ AL Tech Specialty Steel Corporation is seeking authorization to pay prepetition insurance premiums, employee prepetition claims for health related and life insurance benefits, retiree prepetition claims for health related and life insurance benefits and certain other claims under various employee benefit programs and policies. They argue that the failure to pay these claims could result in undue hardship on its 1,411 retired and 850 current employees and affect the debtor's ability to carry out its reorganization plan. Al Tech Group's life and health insurance costs of 1997 are $3,389,379 in premiums and $4,403,029 in deposit liability, for a total of $7,792,408. The proposed current amount due for pre-petition insurance claims is $187,018. ALLIANCE ENTERTAINMENT: Debtors Employ Professionals ---------------------------------------------------- The debtors, Alliance Entertainment Corp. et al have employed Timothy S. McCausland, Esq. as special counsel pursuant to a court order authorizing the debtors to retain and compensate special counsel in the ordinary course of business. The debtors have also retained Elliott & Pomeroy Inc. as ordinary course real estate brokers. The debtors have applied for an order authorizing the retention of the Blackstone Group LP as financial advisors for the debtors. A hearing will be held on this matter on February 4, 1998. ALLIANCE ENTERTAINMENT: Seeks Extension of Exclusivity ------------------------------------------------------ The debtors, Alliance Entertainment Corp., et al. are seeking extension of the period of time during which each debtor may file a plan of reorganization from February 17, 1998 through April 30, 1998, and the exclusive period during which each debtor may solicit acceptances of such plan of reorganization shall be extended from April 17, 1998 through June 30, 1998. AMRE INC.: Disputes Claim by I Rent America, Inc. ------------------------------------------------ AMRE Liquidating Company, Inc. has filed an Objection to a general unsecured claim of $5,000,000 of I Rent America, Inc. The debtors dispute liability for the claim and contend that the entire amount of the claim should be disallowed. BARRY'S JEWELERS: Merksamer to Head Plan Negotiations ----------------------------------------------------- Barry's Jewelers Inc., announced that Samuel J. Merksamer, president and chief operating officer, will concentrate his efforts on the negotiation of a plan of reorganization, and that Randy McCullough has been promoted to the position of executive vice president and chief operating officer. The company's exclusive period to file a plan of reorganization is currently set to expire on Feb. 27, 1998. BIG RIVERS: Objects to PPM Claims --------------------------------- Big Rivers Electric Corporation objects to certain claims by PacifiCorp Power Marketing, Inc., for marketing services of electricity sales. Big Rivers disputes $423,950 of an $822,007 unsecured non-priority claim and all of an unsecured priority claim of $1,483,185. Big Rivers asserts that the disputed non-priority amounts were not filed before the Bar Date of February 14, 1997. Big Rivers' main objection rests on an audit carried out by PPM, which should have been filed by the Bar Date but which instead was not filed until May 3, 1997. Big Rivers says that, following the audit, they had no indication PPM would seek to overturn the parties' entire course of performance of more than a year by asserting completely different claims. Furthermore, Big Rivers asserts that PPM did not file its priority claim, nor seek an extension to file, before the July 9, 1997, Bar Date for such claims. Subsequent amendments were filed by PPM in September and November of 1997 concerning both claims. A January 12, 1998 court order allowed PPM's initial non-priority claim of $423,949, which Big Rivers does not contest. The remaining non-priority claim of $398,058, however, remains under dispute. BONNEVILLE PACIFIC CORPORATION: Close to Plan --------------------------------------------- Bonneville Pacific Corporation filed a form 8-K with the SEC wherein it reported: For the Period December 1 -December 31, 1997 1. Beginning Cash Balance: $144,808,517.51 2. Cash Receipts: 6,720,932.84 3. Cash Disbursements: (1,065,805.09) --------------- 4. Net Cash Flow: 5,655,127.75 5. Ending Cash Balance: $150,463,645.26 Roger G. Segal, as the Chapter 11 Bankruptcy Trustee for Bonneville Pacific Corporation (BPCO), announced that he has reached conditional settlements with the holders of certain senior claims with respect to the calculation and payment of post-petition interest and with holders of certain subordinated claims and equity interests who will not oppose a Chapter 11 plan to be filed in the future by the Trustee. The agreement provides, among other things, as follows: Generally, holders of Senior Claims (bank, debenture and trade claims) would receive in full satisfaction of their approximately $100 million of senior unsecured debt, approximately $145.25 million as of December 5, 1997, plus interest after that date. Specifically, the banks would receive post- petition interest on their allowed claims of approximately $31.5 million at an effective rate of 8.03% through December 5,1997, and at 8.1% thereafter; the debentures would receive post-petition interest on their allowed claim of approximately $64.75 million at a rate of 7.32%; and allowed general unsecured trade claims of approximately $3.75 million would receive post-petition interest at 5.5%. No interest would be compounded. All payments to the Senior Claims would be in cash at the distribution date of a confirmed plan of reorganization; at the Trustee's discretion, certain senior creditors have agreed that up to $3.25 million of the payment on the Senior Claims can be in the form of a one-year 10% unsecured note; one of the senior creditors would also receive an additional $400,000.00 for attorney fees. The Trustee will file a proposed Chapter 11 plan which will propose to pay the Pre-petition Section 510(b) Selling Debenture Claims, the Post-petition Section 510(b) Selling Debenture Claims, the Deeply Subordinated Claims and Limited Partner Claims in New Common Stock of the reorganized debtor. Part of the New Common Stock would be distributed as follows: (a) For Pre-petition Section 510(b) Selling Debenture Claims, 100% of the allowed (compromised and without post-petition interest) claim in New Common Stock; (b) For Post-petition Section 510(b) Selling Debenture Claims, 70% of the allowed (compromised and without post-petition interest) claim in New Common Stock; (c) For Deeply Subordinated Claims, 10% of the allowed claim (without post-petition interest) in New Common Stock; and (d) For Limited Partner Claims, 25% of the allowed claim (compromised and without post-petition interest) in New Common Stock. After distribution of the New Common Stock as set forth above, the remaining New Common Stock will be divided one-half (50%) to Section 510(b)Equity Claims (which would also include the Cigna Claim, which will be separately classified and treated as an allowed Section 510(b) Equity Claim plus ten percent) and one-half (50%) to then existing shareholders. Complete information regarding this filing is available via the Internet at: http://www.sec.gov/cgi-bin/srch-edgar?BONNEVILLE+and+PACIFIC BUCYRUS INTERNATIONAL: Exchange Offer Reported ---------------------------------------------- On January 20, 1998, the Company filed a form 8-K with the SEC relating to the following Exchange Offer: On September 24, 1997, the Company completed the private placement of $150 million aggregate principal amount of its 9-3/4% Senior Notes due 2007 in a transaction under Rule 144A under the Securities Act of 1933. On November 13, 1997, the Company commenced an Exchange Offer of up to $150 million of its 9-3/4% Senior Notes due 2007 in exchange for a like amount of Private Notes. The Exchange Offer expired on December 18, 1997. The holders of 100% ($150 million) of Private Notes elected to exchange their Private Notes for Exchange Notes prior to the expiration time. Accordingly, as of the date of this Report, the Company has zero dollars ($0) principal amount of Private Notes issued and outstanding and one hundred fifty million dollars ($150,000,000) principal amount of Exchange Notes issued and outstanding. BUCYRUS INTERNATIONAL: Milbank Agrees to Repay Fees --------------------------------------------------- The Wall Street Journal reported on January 23, 1998, that Milbank, Tweed, Hadley & McCloy agreed to repay $1.9 million in fees, after issuing a public apology for keeping secret its simultaneous representation of attorney Lawrence Lederman clients Bucyrus International Inc. and financier Mikael Salovaara. Mr. Salovaara's investment funds were creditors in Bucyrus's bankruptcy proceedings in Milwaukee in 1994. When Bucyrus entered chapter 11 proceedings in February 1994, the U.S. Trustee in Milwaukee posed questions to Milbank about conflicts of interest concerning Mr. John Gellene, an ex-Milbank partner. Although Mr. Gellene made two disclosure statements, neither concerned the Salovaara funds. Another creditor in the bankruptcy case, Jackson National Life Insurance Co. of Lansing, Michigan, initiated the suit against Mr. Salovaara on its own. Meanwhile, in 1996, Bucyrus emerged from chapter 11 under new management and demanded the $1.9 repayment of fees. A federal investigation was launched in 1997, which resulted in Milbank's apology to the bankruptcy court and repayment of the fees in December. In the meantime Mr. Gellene has been indicted. His trial is set to begin next month. CAMPO: Hearing Set for MetLife's Claim -------------------------------------- A hearing has been set for February 9, 1998, in the Eastern District of Louisiana for valuation of MetLife Capital Corporation's collateral in the Campo Electronics bankruptcy case. MetLife asserts it has a secured claim of $2,047,000 and an unsecured claim of $1,751,819, subject to a credit of $75,737. The Honorable Thomas M. Brahney, III will preside. COUNTRY STAR: Developments for Las Vegas Restaurant --------------------------------------------------- County Star Restaurants Inc. filed an 8-K with the SEC reporting on material developments with its Las Vegas, Nevada restaurant. A full copy of this filing is available via the Internet at: http://www.sec.gov/cgi-bin/srch-edgar?COUNTRY+and+STAR The Company opened its Country Star Las Vegas restaurant on the "Strip" in Las Vegas in July, 1996. The Company, NevStar as Landlord and the other members of the Restaurant Operator have reached a settlement of their disputes and the bankruptcy proceeding. Under the term of the settlement, all of the following transactions closed simultaneously. The Company purchased the interest of Cirrus in the Restaurant Operator for aggregate consideration of $200,000 cash and 2,250,000 shares of the Company's authorized common stock. The shares of common stock were issued under section 4(2) of the Securities Act of 1933, as amended. The Company agreed to file a registration statement permitting the resale of the shares. (Prior to the settlement, Mirage Resorts, Inc. ("Mirage") a Nevada corporation, through an affiliate, Restaurant Ventures of Nevada, Inc. ("RVNI") purchased NevStar from its owners, thereby acquiring NevStar's interests as Landlord of the restaurant facility and as a member of the Restaurant Operator.) The Company sold all of its interest in the Restaurant Operator,including the interest purchased from Cirrus, to Mirage for consideration of $1,550,000 cash. Mirage became the holder of all of the interests in the Restaurant Operator. The Company agreed to pay when due all of the trade payables of the Restaurant Operator and resigned as manager of the Restaurant. RVNI agreed to a new lease of the restaurant facility directly to the Company. The new lease will take effect upon dismissal of the bankruptcy proceeding commenced by the Restaurant Operator. ERD WASTE: Applies to Enter Premium Financing Agreements -------------------------------------------------------- ERD Waste Corp., et al, debtors applied to the court for an order authorizing them to enter into insurance premium financing agreements with Acstar Insurance Company and Standard Funding Corp. The debtors' general liability, umbrella and automobile insurance carriers have informed the debtors that they will not renew the coverage. Consequently, the debtors were forced to seek other coverage. FARM FRESH: Noteholders Voted to Accept Plan -------------------------------------------- Farm Fresh Inc. filed a Form 8-K with the SEC wherein it included a copy of its joint plan of reorganization. For a complete copy of the text of the proposed plan, filed on January 7, 1998, is available via the Internet at: http://www.sec.gov/cgi-bin/srch-edgar?FARM+and+FRESH Farm Fresh, Inc., a privately-held supermarket chain based in Norfolk, Virginia, announced in its press release that its senior noteholders voted to accept its proposed plan of reorganization. Farm Fresh believes that the senior noteholder vote is sufficient to enable the company to confirm the plan of reorganization which will require the approval of the bankruptcy court. As previously announced, Farm Fresh and Richfood Holdings, Inc. executed a definitive purchase agreement pursuant to which Richfood will acquire substantially all of the operating assets of Farm Fresh. In connection with the filing, the company's existing bank group led by Fleet Capital Corporation, as agent, has agreed to provide Farm Fresh up to $40 million in debtor-in-possession financing. FIRST CENTRAL FINANCIAL: Considering Bankruptcy Filing ------------------------------------------------------ First Central Financial Corporation announced that the Board of Directors of its primary subsidiary, First Central Insurance Company, has agreed to consent to an order of rehabilitation under the provisions of the Insurance Law of the State of New York. The company with which First Central Financial Corporation had been negotiating for the sale of its two operating subsidiaries, First Central Insurance Company and Mercury Adjustment Bureau, Inc., had indicated that it was not prepared to proceed with the transaction on the terms previously reported. Such company has indicated, however, that if an order of rehabilitation is entered, it may be prepared to purchase First Central Insurance Company's expirations, rights to renew specified business and associated systems and in connection therewith to reinsure the Company with cut- throughs. The proposed purchaser has indicated that the transaction is feasible only if it can be accomplished quickly. Accordingly, First Central Insurance Company will be requesting the Insurance Department to obtain an order of rehabilitation at the earliest possible time and otherwise to act as quickly as reasonably possible in order to facilitate the proposed transaction. As a result of the rehabilitation proceedings, it is unlikely that First Central will realize any value for First Central Insurance Company in the foreseeable future and accordingly, no significant sums will be available to holders of First Central's 9% Convertible Subordinated Debentures due 2000 or to First Central's shareholders. First Central Financial Corporation is considering various options, including a filing under the United States Bankruptcy Code. FOXMEYER: Seeks Approval of Letter Agreement with Schein -------------------------------------------------------- Bart A. Brown, Jr., the permanent chapter 7 trustee of Foxmeyer Corporation, seeks approval of an agreement with Schein Pharmaceutical Inc. that addresses a chargeback claim against Schein of $1,138,512. Schein has asserted a reclamation claim against the estate of $278,947 and an unsecured claim of $5,344,777. The Agreement allows the estate's full chargeback claim. $718,314 will offset a prepetition general unsecured claim of Schein, $278,947 used as dollar for dollar reduction against and satisfaction of reclamation claim of Schein and the payment by Schein of $101,251 in cash to the trustee. The Agreement further waives Schein's reclamation claim of $278,947 to reduce the Estate's chargeback claim. The Agreement also allows Schein's unsecured claim of $4,586,463 ($5,623,724 less reclamation component of $278,947 less unsecured claim chargeback offset of $758,314). The trustee argues that this agreement is in the best interest of all parties because it results in substantial claim reduction. FOXMEYER: Trustee Seeks to Retain Chicago Partners ------------------------------------------------------- Bart A. Brown, Jr., the permanent chapter 7 trustee of Foxmeyer Corporation, is seeking an order to retain Chicago Partners, L.L.C., to provide consulting services to the trustee concerning the debtors' computer systems, effective December 15, 1997. The trustee feels Chicago Partners is uniquely qualified to handle technology claims due to its expertise in the pharmaceutical industry, distribution operations and related systems development and economics. The trustee explains that the delay in processing the engagement letter for Chicago Partners' employment was due to the holidays, although Chicago had already begun its work on behalf of the trustee. The trustee further says that there will be no overlap in the work of Chicago and that of BT Alex. Brown Inc., and Peterson Consulting LLC. FRETTER, INC.: Judge Authorizes MBS as Counsel ---------------------------------------------- On January 14, 1998, Judge Morgenstern-Clarren of the Northern District of Ohio, Eastern Division, authorized the employment of Martin, Brown & Sullivan, Ltd., as special counsel to Fretter, Inc. The debtors are authorized to retain MBS as their special counsel until February 28, 1998. L.A. GEAR: Creditors' Meeting Announced --------------------------------------- The U.S. Bankruptcy Court of the Central District of California has announced a meeting of the Creditors of L.A. Gear, Inc., on February 24, 1998, 9:45 a.m., at 221 North Figueroa Street, Room 103, Los Angeles, California. Additionally, a hearing on approval of a disclosure statement and plan of reorganization by L.A. Gear has been set for March 2, 1998, 2:00 p.m., at Courtroom 1668, 225 East Temple Street, Los Angeles, California. LEVITZ FURNITURE: New Proposal for Vendor Chargebacks -------------------------------------------------------- Levitz Furniture Incorporated, et al, debtors, are seeking authorization to settle with certain vendors regarding the debtors' vendor chargeback program. Under the motion, the debtors are seeking authority to enter into a settlement agreement to modify their post-petition VCB program by entering into a revised program through which the debtors will apply all Shop-Time VCBs processed through and including January 4, 1998 against the vendor's prepetition claim, to the extent they exist. Vendors had become upset by Levitz deducting money from postpetition payments for repairs on furniture for which they had never been paid. Several vendors believed that all In-Home VCPs on prepetition furniture should be applied against the vendors' prepetion claims, regardless of when Levitz discovered or corrected the defect. However, this would result in long term reconciliation of claims. Under the proposed settlement, the postpetiton program will be modified to recoup all Shop-Time VCBs processed during the first four months after the petition date against the respective vendors' prepetition claim. All Shop-Time VCB's processed after the four months will be charged back against the vendors' respective post-petition accounts. One vendor has agreed to this settlement, and it is believed that others will follow. The debtors favor this settlement to avoid threatened litigation. OMEGA ENVIRONMENTAL: Borrowings Exceed Limit -------------------------------------------- On January 13, 1998, Omega Environmental Inc. filed an unaudited financial statement for the months ended November 30, 1997 and October 31, 1997 with related notes with the United States Bankruptcy Court. A complete copy of the financial information filed with the SEC is available via the Internet at: http://www.sec.gov/cgi-bin/srch-edgar?OMEGA+and+ENVIRONMENTAL As of November 30, 1997, the Company's borrowings under the debtor-in-possession financing agreement with BNY Financial Corporation ("BNYFC") were $19,966,112 which exceeded the $17,000,000 borrowing limit in the debtor-in-possession financing agreement by $2,966,112. Additionally, the Company's borrowings exceeded the collateral formula by 11,000,000. The Company is in the process of negotiating an extension to its financing agreement with BNYFC which expires December 31, 1997. PLASTIGONE: Seeks Protection Under Bankruptcy Code --------------------------------------------------- Plastigone Technologies, Inc. of Ft. Myers, Florida today announced that it had exhausted all potential opportunities for restructuring its business. As a result, the Company is currently in the process of seeking protection under chapter 7 of the bankruptcy code. STRATOSPHERE CORP: Major Noteholders Reach Plan Pact ---------------------------------------------------- On January 22, 1998 Federal Filings, Inc. reported that the holders of approximately 88% of Stratosphere's 14.25% first mortgage notes have reached an agreement to "work cooperatively to quickly and efficiently bring the case to resolution." Carl Icahn's High River Limited Partnership, American Real Estate Partners L.P., and Grace Brothers Ltd. reached the agreement just before Christmas and have been working "feverishly" to draft modifications to Stratosphere's reorganization plan, but could not complete them by a Jan. 9 hearing date. THERMADYNE HOLDINGS: $790 Million Buyout ---------------------------------------- The American Banker reported on 01/23/98 that Donaldson, Lufkin & Jenrette Inc. is expected to finance its merchant bank's acquisition of Thermadyne Holdings Corp. with a combination of bank debt, high-yield bonds, and equity that it plans to lead manage. Reportedly, DLJ's merchant bank, DLJ Merchant Banking Partners LP, plans to buy a majority stake in Thermadyne, a St. Louis-based maker of cutting and welding products, for $790 million. DLJ Merchant Banking Partners II, the firm's $3 billion private equity fund, will own 82% of Thermadyne when the deal closes, DLJ said. Several investment and commercial banks, including Chase Manhattan Corp., BT Alex. Brown & Co., and Goldman Sachs & Co., have established merchant banking units in recent years. The leveraged buyouts and acquisitions the funds sponsor generate opportunities for their affiliate banks to underwrite lucrative high-yield bonds and loans. Thermadyne went through a series of leveraged buyouts and recapitalizations in the late 1980s that left it with an overwhelming amount of debt, culminating in a December 1993 Chapter 11 bankruptcy filing that lasted 60 days. UNITED HEALTHCARE: Registration Statement Filed ----------------------------------------------- United Healthcare Corporation filed a registration statement with the SEC. A complete copy of the filing is available via the Internet at: http://www.sec.gov/cgi-bin/srch-edgar?UNITED+and+HEALTHCARE The filing relates to up to 6,500,000 shares of Common Stock, par value $.01 per share, of United HealthCare Corporation. The company may offer and issue Shares from time to time in connection with acquisitions by United HealthCare or its subsidiaries of the assets or securities of other businesses. United HealthCare also may issue Shares upon the exercise of options, warrants, convertible securities or other similar securities assumed or issued by United HealthCare from time to time in connection with such acquisitions. US ONE: Seeks Extension of Removal Period ----------------------------------------- US ONE Communications Corp. is seeking an extension of its time to file notices of removal of related proceedings. The debtors assert that due to the reduction of their workforce and their focus on consolidating business, administering claims, and developing a chapter 11 plan of reorganization, they have not had sufficient time to review such actions to determine if any should be removed pursuant to required bankruptcy rules. They are seeking a 90-day extension until April 20, 1998. VAN CAMP SEAFOOD: Committees File Liquidation Plan -------------------------------------------------- Federal Filings Inc. reported on January 22, 1998 that Van Camp, its VCS Samoa Packing Co. subsidiary, and their committees of unsecured creditors filed a joint plan of liquidation on Jan. 9. The U.S. Bankruptcy Court in San Diego has scheduled a Feb. 17 hearing on the disclosure statement related to the proposed plan. VENTURE STORES: Bankruptcy and Financial Data Available ------------------------------------------------------- Bankruptcy Creditors' Service,Inc., announced publication of VENTURE STORES BANKRUPTCY NEWS. The first (free) issue of VENTURE STORES BANKRUPTCY NEWS includes, among other things: (1) background information about Venture's business operations and its so-called family value concept; (2) key case data extracted from Venture's voluntary petition filed in Delaware; (3) a listing of Venture's 20 largest unsecured creditors; (4) a calendar of key dates and deadlines related to Venture's chapter 11 cases; and (5) Up-to-date data concerning the Debtor's liquidity ($132,158,100, after drawing $123,826,800 under the BTCC DIP Facility). is available at: http://bankrupt.com/chap11.venture.html or ftp://bankrupt.com/Bankruptcy_News/Venture.txt The second issue of VENTURE STORES BANKRUPTCY NEWS (to be released early Monday morning) will provide subscribers with a detailed look at: (a) Venture's $190,000,000 DIP financing facility with BT Commercial Corporation; (b) the handfuls of emergency motions brought before the District Court in Delaware to keep Venture's retail stores operating in the ordinary course without interruption from customers' and employees' perspectives; and (c) the entourage of financial, legal and other professionals (including Pepper Hamilton LLP; Kronish, Lieb, Weiner & Hellman LLP; and The Finley Group, Inc.) who will push and pull Venture through the chapter 11 process. Bankruptcy Court Information in the case includes: JUDGE: The Honorable Roderick McKelvie CIRCUIT: Third DEBTOR'S COUNSEL: David B. Stratton, Esq. Pepper Hamilton LLP 1201 Market Street, Suite 1600 P.O. Box 1709 Wilmington, Delaware 19899-1709 U.S. TRUSTEE: John "Jack" D. McLaughlin, Esq. 601 Walnut Street, Room 950W Philadelphia, PA 19106 Twenty Largest Unsecured Creditors include: Medium-Term Note Holders Medium Term Bonds $56,000,000 Trustee, State Street Bank & Trust O'Fallon IRB HoldersIndustrial Revenue Bonds $9,400,000 Trustee, State Street Bank & Trust Griffith IRB Holders Industrial Revenue Bonds $4,910,000 Trustee, Bank One Indianapolis Procter & Gamble Trade Debt $ 3,254,911 W.B. Doner Trade Debt $1,986,256 American Greetings Trade Debt $1,869,515 Chicago Tribune Trade Debt $1,814,181 Sara Lee Knit Trade Debt $1,396,043 Kimberly Clark Trade Debt $1,390,536 Spring Industries Trade Debt $1,319,562 Handleman Company Trade Debt $1,293,450 Mattel Toys Trade Debt $1,220,301 Union Underwear Trade Debt $752,430 Clyde Duneier, Inc. Trade Debt $682,979 World Color Trade Debt $665,940 Norske Skog Trade Debt $656,552 Russell Corporation Trade Debt $654,091 U.T.M., Inc. Trade Debt $632,675 Kansas City Star Trade Debt $609,892 DLS CAPITAL PARTNERS: Bond Pricing for Week of 1/19/98 ------------------------------------------------------ The following are indicated prices for selected issues: Amer Telecasting 0/14 1/2 '04 28 - 30 APS 11 7/8 '06 34 - 37 (f) Boston Chicken 7 3/4 '04 64 - 65 Bradlees 11 '02 5 - 6 (f) Brunos 10 1/2 '05 42 1/2 - 44 1/2 CAI Wireless 12 1/4 '02 26 - 28 Cityscape 12 3/4 '04 47 - 49 Echo Bay 11 '27 79 - 82 Harrah's Jazz 14 1/4 '01 31 - 33 (f) Hechinger 9.45 '12 74 1/2 - 76 1/2 Hill's 12 1/2 '03 84 1/2 - 85 1/2 Grand Union 12 '04 53- 54 Great Bay 10 7/8 '04 79 - 81 (f) Levitz 9 5/8 '03 34 - 36 (f) Liggett 11 1/2 '99 67 - 70 Marvel 0 '98 4 3/4 - 5 Mobilemedia 9 3/8 '07 10 1/2 - 12 (f) Mosler 11 '03 78 - 82 Penn Traffic 9 5/8 '05 59 - 60 Royal Oak 11 '06 62 - 65 Trump Castl;e 11 3/4 '03 94 1/2 - 96 Wickes 11 7/8 '03 95 1/2 - 96 1/2 Prices were generally firmer across the board. --------- A listing of meetings, conferences and seminars appears every Tuesday. Bond pricing, appearing each Friday, is supplied by DLS Capital Partners, Dallas, Texas. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter, co- published by Bankruptcy Creditors' Service, Inc., Princeton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan and Lexy Mueller, Editors. Copyright 1998. All rights reserved. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *