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/raid1/www/Hosts/bankrupt/TCR_Public/980217.MBX T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 17, 1998, Vol. 2, No. 32 Headlines ALLIANCE ENTERTAINMENT: Exclusivity Extended to April 30th AUTO WORKS: Moves to Sell Accounts Receivable CALDOR: Receives Yet Another Extension DOW CORNING: Insurance Company Seeks to Adjudicate Dispute FARM FRESH: Confident that Plan will be Confirmed GLOBAL ASSOCIATES: Files for Chapter 11 Reorganization GOLDRUSH CASINO: Reorganization Plan Approved HARRAH'S JAZZ: Court Oks Continued Use of Cash Collateral HARRAH'S JAZZ: Entry of Confirmation Order HOMEPLACE: To Close 10 Stores MOBILEMEDIA: Extension of Time to Assume or Reject Leases OXFORD HEALTH: Buyout Firms to Provide Financing PARAGON TRADE: Stock Ownership Update POWER PLUS USA: Pager Company Files for Bankruptcy RELIANCE ACCEPTANCE: Case Summary & 20 Largest Creditors RESURGENS: Acquired by World Access, Inc. SOLV-EX: United Tri-Star to Acquire Working Interest TOWN & COUNTRY: Creditors Accept Reorganization Plan VENTURE: Expects Over $32M From GOB Sales VOICE POWERED TECHNOLOGY: Files Statement and Plan WASTEMASTERS: Eliminates $16 Million of Debt WESTERN PACIFIC: Denver Airport Presses WestPac for Taxes DLS CAPITAL: Bond Pricing for Week of February 9, 1998 ******* ALLIANCE ENTERTAINMENT: Exclusivity Extended to April 30th ---------------------------------------------------------- Alliance Entertainment Corp. (OTC Bulletin Board: AETTQ), announced February 13, 1998 that the Court approved the Company's request to extend to April 30, 1998 the period in which the Company has the exclusive right to file a plan of reorganization. Eric Weisman, president and chief executive of the Company, said, "We have retained The Blackstone Group to assist us in the completion of the sale of certain non-core assets such as our Castle and Concord labels. Blackstone will also advise the Company as it moves through the reorganization process and the evaluation of various reorganization alternatives, including participation of equity sponsor groups and/or a Company led stand-alone plan of reorganization." In the monthly operating report filed by the Company with the Office of the United States Trustee, for the month ended December 31, 1997, Alliance reported on a consolidated basis a net loss of $121.6 million. Of the reported net loss, $115.9 million related to losses from non-core operations and non-recurring and restructuring charges attributed to write downs of inventory and accounts receivable impacted by the closure of various operations; costs related to the consolidation of the Company's Santa Fe Springs facility into its Coral Springs Florida facility; and asset impairment charges due to discontinuing certain business and sales of non-core assets. AUTO WORKS: Moves to Sell Accounts Receivable -------------------------------------------- On March 4, 1998 the debtor, Auto Works, Inc. will move the court for an order authorizing the debtor to sell to Great Lakes Bureau, Inc. all of its accounts receivable out of the ordinary course of business. Great Lakes Bureau, Inc. has offered to pay 20 cents on the dollar for the receivables of the debtor. The debtor will also move the court for an order setting April 30, 1998 as a bar date for both administrative claims and for pre-petition claims. CALDOR: Receives Yet Another Extension -------------------------------------- The Caldor Corporation announced on February 13, 1998 that the U.S. Bankruptcy Court for the Southern District of New York has granted the Company an extension of the period under which it has the exclusive right to file a plan of reorganization with the Court. With the support of its creditor, bank and equity committees, Caldor received an extension of the exclusivity period through September 1, 1998. Likewise, the period in which the Company can solicit acceptances for the reorganization plan has been extended through October 30, 1998. This represents a six-month extension of the exclusivity period, which had previously run through February 28, 1998. Warren D. Feldberg, Chairman and Chief Executive Officer, commented, "Over the past year, we have implemented new strategies under our five-year Business Plan that have led to significant improvements in Caldor's performance, including EBITDAR in excess of $50 million for the 1997 fiscal year, an increase of more than $120 million from 1995." He also said that the company plans to emerge from bankruptcy in the spring of 1998. In obtaining the extension, the Company cited the significant progress made towards its reorganization, including, among other things: increasing gross margin levels, significantly reducing operating expenses, increasing efficiencies, increasing the percentage of non- promotional sales, raising customer satisfaction levels and gaining greater support and more favorable terms from trade creditors. DOW CORNING: Insurance Company Seeks to Adjudicate Dispute ---------------------------------------------------------- Federal Insurance Company is asking Judge Arthur J. Spector of the Eastern District of Michigan, Northern Division, to take another look at its dispute with Dow Corning Corporation involving a $25 million Directors and Officers Liability Insurance Policy. Federal asserts its policy does not provide coverage for the defense of claims raised in certain shareholder class and derivative actions. In November 1996, the court denied Federal's initial motion to lift the stay, but left the door open to review the matter at another time if circumstances in the case changed. The underlying securities litigation that started the dispute between Dow and Federal has been dismissed as against the defendant Dow Corning officers and directors. Therefore, Federal asserts that this is the perfect opportunity to review the insurance coverage dispute. Additionally, Federal does not believe Dow Corning's assertion that the Debtor's reorganization will somehow resolve the dispute. FARM FRESH: Confident that Plan will be Confirmed ------------------------------------------------- As reported in the Virginian Pilot Ledger Star February 11, a federal bankruptcy judge will decide Friday or Monday whether to confirm Farm Fresh Inc.'s reorganization plan, which would allow the proposed acquisition of the Norfolk- based grocery chain by Richfood Holdings Inc. to proceed. On Tuesday, Chief Judge Joseph J. Farnan Jr. of the federal bankruptcy court heard objections to the plan from creditors and arguments against those objections by attorneys for Farm Fresh. If Judge Farnan confirms the reorganization, Richfood would continue operating the chain under the Farm Fresh name and would invest $80 million to $100 million to upgrade the 44 stores it is acquiring in Hampton Roads. Three Rack & Sack warehouse stores would be converted to conventional upermarkets. Nearly all of Farm Fresh's 5,200 employees would retain their jobs. The majority of Farm Fresh's creditors will be mostly repaid under the proposed structure of the reorganization, but creditors of the holding company receive nothing. Farm Fresh and FF Holdings are shedding more than $150 million in debt through the bankruptcy. Ellen W. Slights, assistant U.S. attorney for the District of Delaware, objected to confirmation on behalf of the Internal Revenue Service and other U.S. agencies. She told the judge that the government had not received adequate notification of the bankruptcy, the plan and the confirmation hearing. Slights asked the court to delay the payout to creditors for six months while government claims, which take priority, are resolved. She also questioned other aspects of the plan, including the tax ramifications of the sale to Richfood, the status of three federal job discrimination complaints against Farm Fresh, the nature of environmental liability at two sites being acquired by Richfood and the release of current and former executives and directors from liability. GLOBAL ASSOCIATES: Files for Chapter 11 Reorganization ------------------------------------------------------ As reported in the Washington Business Journal on January 23, Global Associates Ltd., an information technology government contractor, has filed for Chapter 11 bankruptcy reorganization. In its Jan. 8 filing at U.S. Bankruptcy Court in Greenbelt, the privately held company listed approximately $21.5 million in assets and $31.2 million in debt. Global estimated it has more than 1,000 creditors. Global, which has offices in Arlington and Falls Church, VA, and Silver Spring, MD, employs 340 people. The Department of Defense, which uses Global's software for systems analysis and warfare simulation, is its primary customer. The company issued a statement that said the action was taken "after long and exhaustive efforts" to restructure its debt failed to achieve viable results. Paul Sweeney, an attorney with Linowes and Blocher in Silver Spring and counsel for Global, said the filing is primarily the result of a dispute with the company's main creditor and not a reflection of Global's financial performance, which he described as healthy. He declined to disclose company earnings. Global's main creditor, Princeton Capital Finance of Princeton Junction, N.J., has a claim of approximately $13.1 million, according to the Chapter 11 filing. "We're trying to overcome our difficulties with Princeton and have made some progress on an interim agreement," Sweeney said. "Failing that, we'll be looking at alternatives to get a new lender." Global employees apparently will be unaffected by the bankruptcy filing, at least in the short run. Sweeney said they will continue to be paid and that while cost-cutting measures are being looked at, those measures are not expected to include layoffs. Global, established in 1986, also owes more than $100,000 each in fees to law firms Holland & Knight and Howrey & Simon, both in the District of Columbia. Jim Hobrock, controller for BGS&G Investment Service of Cumberland, Md., which is owed more than $208,000, expressed confidence in Global's ability to pay. GOLDRUSH CASINO: Reorganization Plan Approved --------------------------------------------- Goldrush Casino & Mining Corporation announced February 13, 1998 that its wholly owned subsidiary, Dynasty, Inc., a Nevada Corporation, received approval on February 12, 1998 from the United States Bankruptcy Court on the Dynasty Plan of Reorganization that was presented to the court and Dynasty's secured and unsecured creditors. As previously reported, on February 6, 1998 Dynasty completed its court approved twelve-percent, 12-month US $12,000,000 loan from Jockey Games, LLC (JG). The proceeds were used to retire the Shaco Inc. first and second mortgages thereby preempting a foreclosure action from occurring on March 2, 1998. An additional US $4,000,000 court approved twelve-month (JG) loan at 14% will complete Dynasty's Bankruptcy emergence The Bankruptcy Court also granted (JG) a US $46,500,000 5- month option to purchase the Dynasty Las Vegas property. The 5-month option commenced with today's approval of the Plan of Reorganization. Management believes that the option to purchase will be exercised on or before the court approved time frame. Management is working closely with a major tax planning firm to strategically structure its emergence from bankruptcy in a manner enabling it to maximize future investment and development opportunities on behalf of its Shareholders. HARRAH'S JAZZ: Court Oks Continued Use of Cash Collateral --------------------------------------------------------- The debtor is authorized to use cash collateral other than the minimum cash reserve as defined in the Final DIP Order and loan proceeds for expenses payable from February 1- February 28, 1998. The debtor may pay rent as provided in the City Agreement to RDC. HARRAH'S JAZZ: Entry of Confirmation Order -------------------------------------------- On February 2, 1998 the court entered an order confirming the third amended joint plan of reorganization filed by the debtor and debtors in possession Harrah's Jazz Company, Harrah's Jazz Finance Corp. and Harrah's New Orleans Investment Company, together with the plan proponent Harrah's Entertainment Inc. HOMEPLACE: To Close 10 Stores ----------------------------- HomePlace Stores, Inc. announced that as part of its restructuring it will seek the court's approval to close 10 underperforming stores in six states. To facilitate the store closing sales, Home Place plans to enter into an agreement with Gordon Brothers Companies to act as HomePlace's exclusive liquidation agent for stores, subject to the court's approval. Last week, the company received final court approval for $110 million in debtor-in-possession financing, which is being used to fund all post-petition trade and employee obligations. MOBILMEDIA: Extension of Time to Assume or Reject Leases -------------------------------------------------------- A hearing will be held on February 23, 1998 on the motion of the debtors, MobileMedia Corporation, MobileMedia Communications, Inc., and subsidiaries for entry of an order extending until confirmation of the debtors' joint plan of reorganization the period within which the debtors may assume ore reject unexpired leases of nonresidential real property. The debtors have not yet made a decision as to how each of the debtors' local sales offices and retail stores will be utilized under the debtors' business plan, and believe that a more current strategic review of these leases presents an opportunity for significant cost saving. It is expected that this process will take at least 90 days, by which time the debtors anticipate that the Disclosure Statement relating to the plan will have been approved and the debtors will be proceeding towards confirmation. OXFORD HEALTH: Buyout Firms to Provide Financing ------------------------------------------------ As reported in the New York Times February 13, 1998, Kolhberg Kravis Roberts & Company and the Texas Pacific Group are proposing putting $600 million of capital into Oxford Health Plans. The two buyout firms would provide $300 million in equity financing and raise an additional $300 million in debt for Oxford. The firms could end up with 15 to 20 percent of the company. A person close to the talks said that for the deal to go through, KKR was insisting that Norman Payson, a physician and former chief executive of a rival company, become Oxford's new chief executive. A possible obstacle to the deal could be the company's rising stock price. Other investment firms are also said to be looking at Oxford. PARAGON TRADE: Stock Ownership Update ------------------------------------- A SCHEDULE 13G was filed by The Capital Group Companies, Inc., Capital Research and Management Company, and SMALLCAP World Fund, Inc. with the SEC with respect to the common stock of Paragon Trade Brands, Inc. SMALLCAP World Fund, Inc., an investment company registered under the Investment Company Act of 1940, which is advised by Capital Research and Management Company, is the beneficial owner of 649,800 shares or 5.4% of the 11,948,000 shares of Common Stock believed to be outstanding. The remaining shares reported as being beneficially owned by The Capital Group Companies, Inc. are beneficially owned by other subsidiaries of The Capital Group Companies, Inc. none of which by itself owns 5% or more of the outstanding securities. POWER PLUS USA: Pager Company Files for Bankruptcy -------------------------------------------------- As reported in the Sarasota Herald-Tribune February 12, 1998 a Sarasota-based pager company has filed for bankruptcy protection and closed its 16 stores outside of Florida, its attorney said Wednesday. Power Plus USA, the parent company of Powerful Stuff, filed for reorganization under Chapter 11 of the federal bankruptcy code January 31. According to bankruptcy records, the company has 16 stores in Florida and plans to open six more. However, the company's headquarters, at 1575 Main St. in downtown Sarasota, is no longer open to walk-in traffic. Court records show that the company has $3.8 million in assets and $10.5 million in liabilities - most of it overdue rent and debts for air time. Powerful Stuff sells electronic equipment such as cellular phones and palmtop computers, but the bulk of its business is pagers. At least 30,000 people have pagers from Powerful Stuff, most of them in Florida. In November, about 10 of Powerful Stuff's approximately 100 workers resigned after the company delayed issuing paychecks by three days. RELIANCE ACCEPTANCE: Case Summary & 20 Largest Creditors -------------------------------------------------------- Debtor: Reliance Acceptance Group, Inc. 400 North Loop 1604 East Suite 210 San Antonio, Texas Type of business: Owner and Servicer of Automobile Loans through Indirect Subsidiaries Court: District of Delaware Case No.: 98-288 Filed: 02/09/98 Chapter: 11 Debtor's Counsel: Kirkland & Ellis 200 East Randolph Dr. Chicago, Ill. 312/861-2000 Young, Conaway, Stargatt &Taylor 11th Floor Wilmington, Delaware 19899 302/571-6600 Total Assets: $340,826,080 Total Liabilities: $207,859,000 No. of Amount Holders ------ ------- Fixed, liquidated secured debt $0 0 Contingent secured debt $184,315,000 0 Disputed secured debt $0 0 Unliquidated secured debt $0 0 Fixed, liquidated unsecured debt $23,541,000 52 Contingent unsecured debt unknown unknown Disputed unsecured debt $0 0 Unliquidated unsecured debt $0 0 No. of shares of preferred stock 0 0 No. of shares of common stock 10,907,303 531 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ IBJ Schroeder Bank Successor Trustee $25 million Piper Jaffray, Inc. $10,378,000 Wilmington Trust Co. $3 million Fifth Third Bank $2 million Northern Trust Co. $1,168,000 ABN Amro Chicago Corp. $917,000 Mercantile Bank/St. Louis $500,000 J.A. Glynn & Co. $493,000 Prudential Securities Inc. $448,000 Interra Clearing Services, Inc. $436,000 Bank One Trust Co. $425,000 Smith Barney, Inc. $378,000 Robert W. Baird & Co., Inc. $360,000 Everen Clearing Corp. $340,000 Corporate Travel Planners Trade Debt $259,613 Roney & Co. $252,000 Pardata Trade Debt $233,016 BT Alex Brown Inc. $231,000 A.G. Edwards & Sons, Inc. $223,000 American Nat'l. Bank & Trust/Chicago $200,000 NOTE: The nature of all claims not identified in the above table are all holders of 9% subordinated notes issued by Reliance Acceptance Group, Inc. and due 6/15/2001 RESURGENS: Acquired by World Access, Inc. ----------------------------------------- World Access, Inc. (Nasdaq: WAXS), announced February 12, 1998 that it has signed a letter of intent to acquire Cherry Communications Incorporated (d/b/a Resurgens Communications Group)in a merger transaction upon terms to be negotiated. Resurgens, currently operating under the protection of Chapter 11 of the United States Bankruptcy Code, is a facilities-based provider of international network access, commonly referred to in the industry as a carriers' carrier. Resurgens had revenues of approximately $180 million in 1997. The transaction is subject to, among other things, the satisfactory completion by World Access of its due diligence investigation of Resurgens, the preparation and execution of a definitive merger agreement, the receipt of the requisite corporate and regulatory approvals and the confirmation of Resurgens' Plan of Reorganization. World Access has retained The Robinson- Humphrey Company, Inc. as its financial advisor in connection with the transaction. In October 1997, John D. ("Jack") Phillips entered into a series of agreements whereby, among other things, he became the new Chairman and Chief Executive Officer of Resurgens and Resurgens was placed into bankruptcy. WorldCom, Inc., a major customer and vendor of Resurgens, has subsequently agreed to provide Resurgens up to $28 million in financing in the form of a debtor in possession facility and other credits. Upon consummation of the anticipated Plan of Reorganization, WorldCom is expected to own approximately 55% of the outstanding stock of Resurgens. Steven A. Odom, Chairman and Chief Executive Officer of World Access, said, "The acquisition of Resurgens would be in line with the Company's strategy to provide its customers with a complete telecommunications network solution, including switching, transport and access products and related services. The international network access product offered by Resurgens is a critical element of new and expanded networks currently being planned or implemented by many customers of World Access. We believe the ability to offer both equipment and network access would provide World Access with a more comprehensive and cost-competitive product offering, especially for international competitive local exchange providers ('CLECs') and other providers of phone service in emerging growth markets. World Access, Inc. develops, manufactures and markets wireline and wireless switching, transport and access products primarily for the United States, Caribbean Basin and Latin American telecommunications markets. The Company's SEC reports include the Company's Annual Report on Form 10-K for the year ended December 31, 1996; the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 1997, June 30, 1997 and September 30, 1997; and the Company's Registration Statement on Form S-3 (No. 333-07087). SOLV-EX: United Tri-Star to Acquire Working Interest ---------------------------------------------------- United Tri-Star Resources Ltd. announced that it has entered into a binding agreement with Solv-Ex Corporation, Solv-Ex Canada Limited and Solv-Ex Canada Limited Partnership (collectively, "Solv-Ex") to acquire from Solv- Ex its 12 percent working interest in certain properties and interests, principally Alberta oil sands leases and certain technology, on certain conditions. Solv-Ex is presently involved in a restructuring under the Companies Creditors Arrangement Act (Canada) and under Chapter 11 of the Bankruptcy Code in the United States. As part of the restructuring proceedings, Solv-Ex has entered into an agreement with Koch Exploration Canada, Ltd. pursuant to which Koch will acquire a 78 percent working interest in those properties and Solv-Ex will acquire a 12 percent working interest in the properties. UTS has previously announced that pursuant to that agreement it would retain a 10 percent working interest in those properties. UTS and Solv-Ex have now agreed that UTS will acquire Solv- Ex's 12 percent working interest, for an aggregate of a 22 percent working interest in those properties. UTS will also acquire from Solv-Ex certain participation rights with respect to metal extraction technologies and hydrocarbon extraction technologies developed by Solv-Ex. The consideration payable to Solv-Ex will be 5,000,000 common shares of UTS and a cash payment of Cdn. $4.4 million. The transaction with Solv-Ex is subject to a number of conditions including receipt of necessary court approval in the United States and Canada. The arrangements between Solv-Ex and Koch require, among other matters, that Koch, Solv-Ex and United Tri-Star enter into a joint venture agreement relating to the properties. The joint venture agreement is presently being negotiated but is expected to include a right of first refusal among the parties. UTS has agreed to issue to Koch a warrant entitling Koch to acquire 2,000,000 common shares of UTS at Cdn. $0.65 per share in consideration of Koch allowing UTS to enter into the binding agreement with Solv-Ex as noted above. TOWN & COUNTRY: Creditors Accept Reorganization Plan ---------------------------------------------------- Town & Country Corporation (AMEX:TNC), the international jewelry manufacturer, announced February 12, 1998 that the company's reorganization plan under Chapter 11 of the Bankruptcy Code has been accepted by all classes of creditors whose votes were solicited. As previously announced, the proposed plan provides for conversion into equity of most of the publicly-held bonds issued by Town & Country Corporation. The proposed plan does not affect obligations of the company's subsidiaries, which are not in bankruptcy. The Chapter 11 plan was accepted by more than 90 percent in dollar amount of the ballots cast, and by a substantial majority of creditors. Bankruptcy law requires acceptance by two-thirds in dollar amount, and a majority of creditors, in each class. Town & Country Corporation also announced that the Bankruptcy Court has rescheduled the hearing on confirmation of the Chapter 11 plan to March 10, 1998. Postponement of the hearing, originally scheduled for today, was requested by the United States Trustee, a federal official with administrative responsibilities in bankruptcy cases, who objected to two provisions of the plan. According to the company, resolution of these issues will have no effect on provisions of the plan establishing amounts to be distributed to creditors. VENTURE: Expects Over $32M From GOB Sales ----------------------------------------- Federal Filings Inc. reported on February 12, 1998 that Venture is seeking approval of a liquidation agreement with Hilco/Great American Group and Gordon Brothers Retail Partners that guarantees a 45.26% minimum return from the sale of at least $70 million of inventory at the retailer's distribution center and 20 stores slated for closure. Venture solicited bids from several interested parties and, after discussions with three parties who submitted offers by the Feb. 6 deadline, determined that the Hilco joint venture represented the highest and best proposal. VOICE POWERED TECHNOLOGY: Files Statement and Plan -------------------------------------------------- Voice Powered Technology International, Inc. has announced the order dated January 23, 1998 approving its Amended Disclosure Statement and fixing time for filing acceptances or rejections of its plan of reorganization. Any party wishing to object to confirmation of the plan must file a preliminary statement not later than March 9, 1998. A hearing has been scheduled on April 23, 1998 at 3:00 p.m. in Los Angeles for confirmation of the plan. The Debtor has offered a description and treatment of claims in its amended disclosure statement dated January 21, 1998. Class Claim Treatment ----- ----- --------- 1 Secured Claim of Franklin 80% of Debtor's Electronic Publishing Equity as of the Effective Date 2A Secured Claim of KBK Previously Satisfied Financial, Inc. 2B Other Allowed Secured None Expected Claims 3 Allowed Priority $17,000 as of Unsecured Claims and Effective Date Priority Tax Claims 4 Allowed General $218,000, 90 days Unsecured Claims from Effective Date 5 Equity--Preferred Stock Denied GSS/Array Technology, Inc. 6 Equity Common Stock Denied 7 Options or Other Rights Denied to Acquire Stock of Debtor The estimated fair market value of all assets as of the filing of the Petition was $1,027,000 and is currently estimated to be $1,008,000 (subject to post-petition liens of $185,000). Total estimated liabilities equal $2,953,000, excluding disputed claims, which could exceed $600,000, and excluding post-petition obligations. WASTEMASTERS: Eliminates $16 Million of Debt -------------------------------------------- WasteMasters, Inc. (Nasdaq: WAST) announced February 12, 1998 that its new management team has begun the process of "cleaning up" and strengthening WasteMasters' balance sheet as the first step toward the transformation of WasteMasters into one of the premier waste management companies in North America. After a series of protracted negotiations between WasteMasters and the holders of convertible debentures that have been in default for almost one year, a mutually beneficial agreement has been reached which will result in the conversion of all principal, interest and penalties into restricted shares of WasteMasters common stock. As part of the agreement, the Company also issued stock purchase warrants to the former creditors to purchase up to 100 million restricted shares of WasteMasters common stock at an average price in excess of $1.50 per share. In a related move, WasteMasters today announced that it has begun the process of placing certain wholly owned subsidiaries of the Company into bankruptcy. Most of the Company's wholly owned Subsidiaries have no tangible assets and no operations. While they add little or no value to the Company, they are heavily burdened with debt. WESTERN PACIFIC: Denver Airport Presses WestPac for Taxes --------------------------------------------------------- As reported in the Denver Post February 12, 1998 WestPac and its lender must either bring past-due aircraft lease payments current or watch lessors repossess their planes and try to fly them out of Denver. In a motion filed in bankruptcy court Wednesday, Denver officials said WestPac owes the city $203,444 in 1998 personal property taxes. Officials said they were concerned that personal property of WestPac "may soon be moved outside of Colorado" or "otherwise dissipated," and the city wants the planes to remain at DIA as collateral. Brooks did order the Sabre computerized reservations system to continue to provide reservations services to WestPac over the next two weeks so the defunct carrier can reaccommodate its passengers on United Airlines flights. But Brooks ordered WestPac and Smith Management to prepay Sabre for those services, which cost about $30,000 a month. DLS CAPITAL: Bond Pricing for Week of February 9, 1998 ------------------------------------------------------ Following are indicated prices for selected issues: Amer Telecasting 0/14 1/2 '04 22 - 25 APS 11 7/8 '06 20 - 23 (f) Boston Chicken 7 3/4 '04 71 - 72 1/2 Bradlees 11 '02 5 1/2 - 7 (f) Brunos 10 1/2 '05 23 - 24 (f) CAI Wireless 12 1/4 '02 19 - 22 Cityscape 12 3/4 '04 36 - 40 Harrah's Jazz 14 1/4 '01 30 - 32 (f) Hechinger 9.45 '12 75 - 77 Hills 12 1/2 '03 86 - 87 Great Bay 10 7/8 '04 84 - 85 (f) Levitz 9 5/8 '03 40 - 43 (f) Liggett 11 1/2 '99 68 - 70 Marvel 0 '98 5 - 5 3/4 Mobilemedia 9 3/8 '07 10 - 12 (f) Mosler 11 '03 82 - 85 Penn Traffic 9 5/8 '05 46 - 47 Royal Oak 11 '06 76 - 78 Trump Castle 11 3/4 '03 97 - 98 Wickes 11 7/8 '03 96 - 97 The wireless cable sector was in hard for a second week. Cityscape was in 10 points following profit forecasting warnings. ******** A listing of meetings, conferences and seminars appears each 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 * * *