/raid1/www/Hosts/bankrupt/TCR_Public/980602.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, June 2, 1998, Vol. 2, No. 107
Headlines
AVATEX: Phar-Mor Reports Stock Purchase
AVIATION GROUP: Hires Consultant to Boost Investments
BANK OF TOKYO: Moody's Issues Warning to Japan's Banks
BANK CENTRAL ASIA: Indonesia's Central Bank Extends Help
GRAND UNION: Sees Reorganization Value of $730M
HAROLD'S FURNITURE: Unusual Proposal by Lawyers
HARRAH'S JAZZ: Judge Denies Motion to Liquidate Assets
HARVARD INDUSTRIES: Exclusivity Extended
KIA: Quick Resolution Seen as Key to Korea's Problems
KIA MOTORS: Union Goes on Strike
KICHEN WORK: Files for Bankruptcy Protection
MIDOPA: Possible Tax Evasion
MONTGOMERY WARD: Intermec Technologies Receives Contract
MONTGOMERY WARD: Files 10-Q Reporting First Quarter Loss
OXFORD HEALTH PLANS: Proposes Annual Meeting
PETRO UNION: Announces Annual Meeting
QUALITY CARE: Case Summary
STRAWBERRIES INC: Seeks To Extend Exclusivity
TOWN & COUNTRY: Wider 1998 Operating, Net Losses
USMX OF ALASKA: Case Summary & 20 Largest Creditors
VORKUTAUGOL: To Go Bankrupt If Railway Picketing Continues
WINCOM: Files Bankruptcy Papers
WINWARD: State Hospital Chain Closes Doors
XINEX: Nearing Bankruptcy
Meetings, Conferences and Seminars
*********
AVATEX: Phar-Mor Reports Stock Purchase
---------------------------------------
In a Form 13D filed with the SEC by Avatex Corporation,
Phar-Mor Inc. reports purchasing a total of 174,600 Common
Shares between May 6, 1998 and May 27, 1998. The aggregate
number of Common Shares beneficially owned by Phar-
Mor is 1,366,300 shares, constituting 9.90% of the Issuer's
Common Shares issued and outstanding (based on 13,806,375
Common Shares outstanding based upon the Issuer's Quarterly
Report on Form 10-Q filed with the U.S. Securities
and Exchange Commission on February 4, 1998.)
Phar-Mor has the sole power to vote, to direct the vote of,
and to dispose and to direct the disposition of, 1,366,300
Common Shares of the Issuer.
AVIATION GROUP: Hires Consultant to Boost Investments
-----------------------------------------------------
Newly public Aviation Group Inc. has hired a Florida
consultant to boost its sagging stock price by promoting
the Dallas-based company to investors. The price of over-
the-counter stock in Aviation Group, which services the
aircraft industry, has fallen nearly 70% since the firm
went public last August. Aviation Group has hired
Continental Capital & Equity Corp. in Longwood,
Fla., to launch a comprehensive, 24-month "investor
awareness campaign."
But experts in the investment community are skeptical. They
say it could take up to a year or more for Aviation Group
to make any headway on Wall Street. Aviation Group hired
Continental after the investment banking firm that took
it public forsook equities to focus on bonds.
Aviation Group recorded revenue of $9.5 million in fiscal
1997, which ended June 30. The company will double revenue
in fiscal 1998, Morgan said. Aviation Group has posted
consecutive profits for the last two quarters, he said.
Nevertheless, the company's share price has fallen from a
high of $11.25, when Aviation Goup went public, to a low of
$3 in late April. Recently it closed at just under $4.
(Dallas Business Journal - 05/22/98)
BANK OF TOKYO: Moody's Issues Warning to Japan's Banks
------------------------------------------------------
US ratings agency Moody's Investors Service on Wednesday
issued a tough warning over Japan's banking system, cutting
its credit ratings for five top banks and putting four
others on a downgrade review. Moody's warned "Japanese
banks are facing a third wave of asset quality problems
because of the weakening domestic economy," after the Asian
economic meltdown and the collapse of the speculative
bubble economy. "The combined scale of these problems may
overwhelm many banks' internal resources and necessitate
substantial official assistance," it said. Ratings were cut
for Bank of Tokyo-Mitsubishi Ltd, the world's biggest bank,
Dai-Ichi Kangyo Bank Ltd (DKB), the Industrial Bank of
Japan Ltd (IBJ), Sakura Bank Ltd and Sumitomo Bank Ltd.
Moody's cut its long term debt ratings for DKB from "A1" to
"A3," for IBJ from "A2" to "A3," for Sakura from "A3" to
"Baa2," and for Sumitomo from "A1" to "A2." (China Daily-
05/31/98)
BANK CENTRAL ASIA: Indonesia's Central Bank Extends Help
--------------------------------------------------------
Indonesia's central bank is prepared to extend liquidity
assistance of up to 200 per cent of capital reserves to the
beleaguered Bank Central Asia (BCA), the country's largest
private bank, reports said on Wednesday. "Liquidity help
for BCA will of course be given until a certain limit,
which is up to 200 per cent of its capital reserves,"
central Bank Indonesia (BI) Governor Sjahril Syabirin was
quoted as saying by the Antara state news agency. BCA
depositors have rushed bank branches throughout the country
in the past few days, clearing out their accounts amid
rumours that the bank, owned by tycoon Liem Sioe Liong
and two of ousted President Suharto's children, was on the
brink of collapse. (China Daily - 05/31/98)
E.U. WURLITZER: Paragon Joins Eaglerock Providing Credit
--------------------------------------------------------
Paragon Capital is joining Eaglerock Capital Partners to
blaze a new path for New England's E.U. Wurlitzer, Inc.
Paragon is providing a $3 million revolving line of credit
to assist E.U. Wurlitzer in exiting bankruptcy and
expanding inventory, as the company prepares for regional
expansion. Part of the Greater Boston music scene since
1890, E.U. Wurlitzer has eight stores located in
Massachusetts and southern New Hampshire. The company
entered bankruptcy in September 1997 and came out
of bankruptcy when it was purchased by Eaglerock Capital
Partners II, LLC on May 11 of this year.
Wurlitzer sells most major brands of combo music products,
including guitars, keyboards, drums, recording equipment,
sound systems, amplifiers, music software and accessories.
It also offers a range of related services, including
repairs and rentals. New stores will range in size from
3,500 to 6,000 square feet. To round out the company's
product/service mix and help turn music enthusiasts into
music-makers, E.U. Wurlitzer is also developing
Learning Centers that will provide instruction.
GST TELECOMMUNICATIONS: Prospectus Filed with SEC
-------------------------------------------------
GST Telecommunications, Inc. filed a prospectus with the
SEC relating to the re-offer and resale by certain selling
shareholders of Common Shares, without par value of GST
Telecommunications, Inc. in connection with the purchase
by the Company of all of the outstanding capital stock of
Tri-Star Residential Communications Corp. and pursuant to a
purchase agreement entered into in connection with
debt financing for the Company's Hawaiian inter-island
submarine network and various other terrestrial
installations provided by Tomen Corporation and its
affiliates (collectively, "Tomen") and that are issuable
upon exercise of warrants issued to Tomen in connection
with the Hawaii Financing.
GRAND UNION: Sees Reorganization Value of $730M
-----------------------------------------------
Grand Union Co. estimates that its reorganization value
will be $730 million. After deducting debt of $355
million, the company said that the equity value of the new
entity will be $374.6 million. The reorganization plan
contemplates the issuance of 30 million shares to the
senior note holders. According to the company's proposed
disclosure statement, Grand Union selected a valuation
multiple of 6.2 times EBITDA for purposes of the valuation.
The company said the valuation was based on its "assumed
pro-forma EBITDA of $118 million, a review of comparable
companies' values, recent transactions and other factors."
(Federal Filings Inc. 29-May-98)
HAROLD'S FURNITURE: Unusual Proposal by Lawyers
-----------------------------------------------
Bankruptcy proceedings involving the liquidation of
Harold's Furniture have assumed a new dimension, as lawyers
in the case are at work on an unusual proposal that could
satisfy hundreds of shoppers who left down payments for
furniture the firm did not deliver. "Negotiations are
ongoing that could lead to customers getting credit for
their deposits," lawyer Richard S. Mittelman said
yesterday. Mittelman represents a family trust that is
Harold's largest creditor.
Details of the negotiations could be disclosed today, when
Louis A. Geremia, the court-appointed trustee, convenes
the public meeting of Harold's creditors in U.S. District
Court. The hearing will begin exploring the circumstances
surrounding the store's failure late last month after 48
years of operation. The collapse led to the largest
consumer-related bankruptcy case in Rhode Island in
recent memory, and has become the subject of a criminal
probe by the state police.
To date, the firm has filed schedules of its financial
affairs showing that when the store locked its doors on
April 23, it had $475,000 in assets and nearly $3.3 million
in liabilities. The same filings show the corporation owes
money or merchandise to more than 700 creditors, including
about 500 retail customers. The firm also owes wages
to its employees, some of whom remain unemployed.
Under the plan now being discussed, three key events would
occur.
First, the secured creditors would agree to subordinate
their claims. Then, the store would hold a clearance sale
to liquidate its stock, which court documents list as
having a value of $450,000. The proceeds of this sale
would be used to provide credit to the customers for their
down payments.
Next, the Homonoffs would sell personal real estate,
including the store's showrooms and warehouse, and use the
proceeds to pay off the secured debt to the city, Citizens
Bank and the Kall trust. Estimates of the real estate's
value range from $800,000 to $1.6 million.
"There's no way he could get $1.1 million," Mittelman said.
Asked why his client might risk such a loss, Mittelman said
Richard Kall appeared to be motivated by a sense of
"humanity." In order for such a distribution to occur, all
of the secured creditors must agree to it. (Providence
Journal- 05/29/98)
HARRAH'S JAZZ: Judge Denies Motion to Liquidate Assets
-------------------------------------------------------
U.S. Bankruptcy Judge Thomas Brahney III ay denied motions
to liquidate the New Orleans land casino's assets or to
remove the company from the federal bankruptcy court
protection it has been under since late 1995. (Advocate
Baton Rouge - 05/31/98)
HARVARD INDUSTRIES: Exclusivity Extended
----------------------------------------
On May 27, 1998 the court extended Harvard Industries
Inc.'s exclusive periods to file a reorganization plan and
to solicit plan acceptances to August 1, 1998 and September
30, 1998 respectively. The company is planning to file its
plan of reorganization prior to August 1.
KIA: Quick Resolution Seen as Key to Korea's Problems
-----------------------------------------------------
A quick settlement of the troubles of Kia Motors Corp is
critical to South Korea's effort to pursue swift
economic reforms, the commerce, industry and energy
minister said on Monday. Park Tae-young, 56, who took over
the trade minister's post in early March, told Reuters that
Kia Motors would be offered in an open, international bid.
"Kia would be put up for an open, international tender,"
said Park, who served as a member of President Kim Dae-
jung's transition team ahead of his inauguration on
February 25.
Last month, Ford said it was interested in increasing its
equity stake in Kia. Ford and its affiliate, Mazda Motor
Corp of Japan, jointly hold a 16.9 percent stake in Kia.
A Seoul court put Kia into receivership in April. Creditors
sought receivership for the carmaker last October, after
determining the company's estimated debt of five trillion
won ($3.57 billion) had dashed hopes of revival.
Park also said he was optimistic that direct foreign
investment would take off in the second half of 1998.
"We expect to see a sharp rise in direct foreign investment
thanks to the improved environment we have fostered," he
said. Recently adopted changes providing tax benefits,
eased regulations and free flow of capital would attract
the investment, he said. He said direct foreign
investment in 1998 was expected to surpass last
year's $6.97 billion. "Foreign investment has been
neglected too long in past governments," he said. "But it's
now key to the survival of the country."
Park said he would head an investment mission to the United
States on June 8-12 to promote foreign investment.
He also plans trips to Europe, Singapore and Japan.
"We want to inform foreign investors of great opportunities
here," Park said. "Asset values of local firms have gone
down considerably due to the Korean won's depreciation."
Asked about the outlook for exports, Park said the country
was unlikely to see an export-led recovery. Exports are
expected to stagger for the rest of this year, on a
financial crisis in Southeast Asia and problems with
importing raw materials, he said. South Korea's Free-On-
Board (FOB) exports in May dropped 2.6 percent from a
year ago, while imports on a cost, insurance and freight
(CIF) basis plunged 37.5 percent. The country posted a
customs-cleared trade surplus of $3.77 billion in May,
against a $528 million deficit for the same month last
year.
Park said the ministry had no plans yet to revise the 1998
trade surplus target of $25 billion, although the surplus
has already reached $16.08 billion in the first five months
of this year. Last year, the nation posted a trade deficit
of $8.5 billion. ($1 = 1,400 won) (Reuters:Financial-
06/01/98)
KIA MOTORS: Union Goes on Strike
--------------------------------
South Korea's Kia Motor Co. Ltd. union has
launched a full strike in protest against a 50 percent cut
in wages and unfair labor actions. A Kia Motors union
statement said more than 14,000 union members are slated
to participate in a rally Tuesday at the parent Kia Group
building in the capital Seoul.
Kia Motors labor union leader Koh Jung-hwan said: "We
have done our best to protect Kia Motors from a third-party
takeover. But the company is willing to risk everything we
have worked for to attract investment from U.S. automaker
Ford."
The statement said Kia Motors has not paid bonuses
amounting to about $6,500 per worker since the company
went bankrupt last year. Kia Group defaulted on debts
reaching more than $8.5 billion (12 trillion
won) in July 1997. The former president of the beleaguered
automaker was arrested in mid-May and is currently being
held at Seoul Detention Center.
Kim Sun-hong was is accused of fueling the nation's
December foreign currency crisis by allowing Kia
subsidiaries to cross-guarantee for bank loans and
embezzling company funds to defend his managerial
control. (UPI:International- 06/01/98)
KICHEN WORK: Files for Bankruptcy Protection
--------------------------------------------
Kichen Works, Inc. sought federal bankruptcy protection May
14 and last week closed five of its 13 stores. Lawrence
Young, a York attorney representing Kichen Works, said
Thursday that the outlook for the remaining locations
including one at the West Manchester Mall is uncertain.
Kichen Works' problem? Bigger stores were carrying
smaller, less profitable ones, Young said. Also, customers
can buy many items for less money at department stores.
Large chains' buying and advertising power give them a
considerable advantage over smaller operators.
Prior to the closings, Kichen Works had 35 full-time and 49
part-time employees. They were spread among its Loucks Road
headquarters and stores in Pennsylvania, Maryland,
Virginia, West Virginia and Washington, D.C.
The company's liabilities total about $2 million, most of
that owed to a Williamsport bank, Young said. Assets total
$1 million to $1.2 million.
The immediate cause of the filing was a request by the
Montgomery Mall in Bethesda, Md., that Kichen Works pay
$50,000 in back rent by May 15. Meanwhile, Kichen Works
thought it would be purchased by New York investors.
While Kichen Works' owners considered closing the chain,
they didn't because of the prospective sale, which fell
through.
Kichen Works' latest plan is to continue with its more
profitable locations, all of which are offering discounts,
Young said. The company laid off buyers, he said, and
instead of buying more inventory will sell off goods from
the stores it closed.
"If we can't sell what we have," he said, "there's no sense
in buying more." Kichen Works isn't alone in its
struggles. On Wednesday, Lechters Inc., the nation's
largest housewares chain, reported a first-quarter loss of
$3.6 million, or 23 cents per share of common stock, on a
slight increase in sales from the same period last year.
During the first quarter, Harrison, N.J.-based Lechters
opened three stores and closed 14 others. As of May 2,
Lechters operated 615 stores in 44 states, down from 648 a
year earlier. (York Daily Record - 05/29/98)
MIDOPA: Possible Tax Evasion
----------------------------
Midopa Corporation, Ltd. announced that the company has
filed for court receivership. The company is an operator
of deparment stores that in 1995 reported assets of $756
million. In a move to uncover possible tax evasions and
embezzlements of company assets, the National Tax
Administration launched investigations into two
bankrupt department stores of Midopa and New Core,
according to officials.
"Tax investigations are now underway to secure national tax
claims and to see if company properties have been diverted
by major shareholders and executives," an official at the
administration announced.
The probe came in the wake of a government policy
announcement, which purported to criminally prosecute
corporation owners or executives found to have committed
illicit acts, including embezzlement.
After going belly up last year, Midopa and New Core have
requested court receivership and mediation.
If owners or executives of the two department stores are
discovered to have evaded taxes or diverted company assets
to personal uses through illicit and falsified
transactions, tax authorities plan to refer them to the
prosecution for charges of fraud and others, officials
said. (Korea Economic Weekly -06/01/98)
MONTGOMERY WARD: Intermec Technologies Receives Contract
--------------------------------------------------------
Intermec Technologies Corporation announced today it
received a contract from Montgomery Ward for hand-held
computers, scanners, wireless equipment and systems for
installation in its distribution centers.
Wards purchased more than 630 units of Intermec's hand-held
T2425 TRAKKER(R) Antares(TM), a wireless data collection
terminal with built-in bar code scanning capability. Other
equipment provided under the contract includes a 2.4 GHz
wireless local area network radio system, Intermec Model
0200 controllers, Model 0111 wireless transceiver stations,
and Model 1517 BO5 long-range scanners.
The equipment is used in conjunction with bar codes for
tracking consumer goods during the receiving, storing and
shipping processes at the distribution centers. Typically,
the equipment enhances efficiency and productivity in
warehouse and material handling environments.
Intermec Technologies Corporation, a UNOVA, Inc. (NYSE:
UNA) company, develops, manufactures and integrates
automated data collection and mobile computing systems.
(Montgomery Ward Bankruptcy News Issue 27 01-June-98)
MONTGOMERY WARD: Files 10-Q Reporting First Quarter Loss
--------------------------------------------------------
The Debtors filed their Form 10-Q with the SEC, reporting a
$110,000,000 net loss on $991,000,000 in total revenue
during the First Fiscal Quarter ending April 4, 1998.
A full-text copy of the filing is available at no charge
via the Internet at:
http://www.sec.gov/Archives/edgar/data/836974/0000950131-
98-003384.txt
OXFORD HEALTH PLANS: Proposes Annual Meeting
---------------------------------------------
Oxford Health Plans, Inc. filed a Form 14A with the SEC
announciong a proposed annual meeting, the nomination of
four directors to the board, and certain stock proposals,
as set forth in the following letter to stockholders:
You are cordially invited to attend the 1998 Annual Meeting
of Stockholders (the "Meeting") of Oxford Health Plans,
Inc. (the "Company") to be held on July XX, 1998 at 10:00
a.m., local time, at the Hyatt Regency Greenwich,
1800 East Putnam Avenue, Old Greenwich, Connecticut 06870.
This year, four directors are nominated for election to the
Board. At the Meeting you will be asked to elect four Class
I Directors to serve until the 2001 Annual Meeting. You
will also be asked to consider proposals to (i) approve
the vesting of voting rights in respect of the Company's
Series B Cumulative Preferred Stock, par value $0.01 per
share, and the issuance, subject to adjustment, of up to
6,730,000 shares of the Company's common stock, par value
$0.01 per share ("Common Stock") upon exercise of the
Company's Series B Warrants; (ii) amend the Oxford Health
Plans, Inc. 1991 Stock Option Plan, as amended (the "1991
Stock Option Plan"), to, among other things, increase the
number of shares of the Common Stock that can be issued
under the 1991 Stock Option Plan from 21,580,000 shares to
25,580,000 shares; and (iii) act on two shareholder
proposals.
PETRO UNION: Announces Annual Meeting
-------------------------------------
In a Form 14A filed with the SEC, Petro Union, Inc. dba
Horizontal Ventures Inc. announces an Annual Meeting of the
shareholders of Petro Union, Inc. d/b/a Horizontal
Ventures, Inc. (the "Company") on Thursday, July 2, 1998,
or at any adjournment or postponement thereof, to act upon
the following:
1. To elect five directors to serve during the ensuing year
or if the staggered terms proposal passes, until their
successors are elected and qualified;.
2.To consider and act upon the adoption of the Company's
Amended and Restated Articles of Incorporation, attached as
Exhibit A, which containprovisions:
a. Changing the name of the Company to Horizontal Ventures,
Inc.;
b. Providing for the number of Directors to be established
by the Bylaws and further providing for staggered terms for
the Company's Directors;
c. Authorizing the issuance of 50,000,000 shares of no par
value preferred stock with rights and preferences as the
Board of Directors may
determine;
d. Changing voting requirements to:
(i) reduce the voting requirement for shareholder actions
initiated by the Board of Directors; and
(ii) increase the voting requirement for shareholder
actions not initiated by the Board of Directors; and
e. Reducing the quorum requirement from shares
representing a majority of the outstanding voting rights to
shares representing one-third of the outstanding voting
rights.
3. To approve the Petro Union, Inc. Non Qualified Stock
Option Plan.
4. To consider and act upon a resolution authorizing the
Board of Directors to issue up to 1,000,000 shares of the
Company's no par value common stock for equity offerings
both private and public and for the acquisition of
assets or businesses, and to transact any other business
which may properly come before the meeting at the time and
place scheduled or, should the meeting be adjourned, at
such time and place as it may be resumed.
Details relating to these matters are set forth in the
attached Proxy Statement. All shareholders of record as of
the close of business on April 24, 1998 will be entitled to
notice of, and to vote at, such meeting or at any
adjournment or postponement thereof.
QUALITY CARE: Case Summary
--------------------------
Debtor: Quality Care Centers of Massachusetts, Inc.
200 Lake Street Suite 102
Peabody, Massachusetts 01960
Type of business: Health Care Facility and Nursing Home
Court: District of Massachusetts - Eastern Division
Case No.: 98-15123 Filed: 05/26/98 Chapter: 11
Debtor's Counsel: Sumner Darman
Silverman & Kudisch PC
Suite 1003
Boston, Massachusetts 02114
(617) 523-1711
Total Assets: $6,000,000
Total Liabilities: $12,000,000
No. of
Amount Holders
------ -------
Fixed, liquidated secured debt $6,750,000 1
Contingent secured debt $0 0
Disputed secured debt $0 1
Unliquidated secured debt $0 0
Fixed, liquidated unsecured debt $4,400,000 250
Contingent unsecured debt $0 0
Disputed unsecured debt $0 0
Unliquidated unsecured debt $0 0
No. of shares of preferred stock 0 0
No. of shares of common stock 1
STRAWBERRIES INC: Seeks To Extend Exclusivity
---------------------------------------------
Strawberries Inc., now known as Milford Resolution Inc.,
asked the court to extend the company's exclusive periods
for filing a liquidating reorganization plan and soliciting
plan acceptances to June 29 and Aug. 27, respectively.
Strawberries stated that plan negotiations with the
official committee of unsecured creditors will "be
successfully concluded shortly; however, more time is
needed to conclude negotiations and to document and
finalize a plan of liquidation (and related
disclosure statement) which is susceptible to confirmation
by this Court." (Federal Filings Inc. 29-May-98)
TOWN & COUNTRY: Wider 1998 Operating, Net Losses
------------------------------------------------
Town & Country Corp. said it anticipates that its operating
loss for the year ended Feb. 22, will now be approximately
$27.5 million, $6.1 million worse than the $21.4 million
the company announced last month. Similarly, Town &
Country also said that it now expects its net loss for the
same period will be approximately $52.5 million, or $10.7
million wider than the expected net loss of $44.1 million
also announced by the company last month. The company also
stated its net sales would be $117.4 million rather than
the previously anticipated $118.2 million. (Federal Filings
Inc. 29-May-98)
USMX OF ALASKA: Case Summary & 20 Largest Creditors
--------------------------------------------------
Debtor: USMX of Alaska, Inc.
1560 Broadway
Suite 880
Denver, Colorado
Type of business: Mining of gold in Alaska
Court: District of Colorado
Case No.: 98-17143 Filed: 05/21/98 Chapter: 11
Debtor's Counsel: Carl E. Eklund
LeBoeuf, Lamb, Greene & Macrae LLP
633 17th St. #2000
Denver, Colorado
80202
(303) 291-2600
Total Assets: $46,504,988
Total Liabilities: $42,913,791
No. of
Amount Holders
------ -------
Fixed, liquidated secured debt $11,664,910 2
Contingent secured debt $0 0
Disputed secured debt $0 0
Unliquidated secured debt $0 0
Fixed, liquidated unsecured debt $31,248,881 100
Contingent unsecured debt $0 0
Disputed unsecured debt $0 0
Unliquidated unsecured debt $0 0
No. of shares of preferred stock 0 0
No. of shares of common stock 1,000 1
20 Largest Unsecured Creditors:
Name Nature Amount
---- ------ ------
Serrott Corp. Trade $211,107
Statewide Svcs Trade $129,212
GCI Trade $84,648
Northern Air Cargo Trade $80,414
Southern Air Transport Trade $69,839
Lyntek Trade $44,275
North Pacific Mining Trade $34,449
Airport Equipment Trade $19,200
Lynden Air Freight Trade $19,000
Chemex Labs Trade $16,808
Secorp Industries Trade $16,260
VISA Trade $14,615
Lockton Companies Trade $12,323
Alaska Department of Nat Resources Trade $12,318
F.S. Air Trade $7,245
Guess & Rudd Trade $6,069
Counsel of Alaska Trade $6,000
Waukesha Alaska Trade $5,900
World Express Trade $5,567
Robertson Geoconsultants Trade $5,463
VORKUTAUGOL: To Go Bankrupt If Railway Picketing Continues
-----------------------------------------------------------
Further picketing of the Vorkuta-Moscow railway can result
in complete bankruptcy of the Vorkutaugol coal
amalgamation, claimed here on Tuesday deputy chairman of
the Vorkuta branch of the Russian coal miners' trade union
Andrei Smirnov. In Smirnov's opinion, the railway blockade
has already outlived itself.
Nevertheless, railway picketing in Inta, situated in the
north-east of European Russia, continues. Mines in Vorkuta,
a city situated not far from Inta, stopped shipping coal:
37 trains with fuel clogged the railway. Coal is
in short supply at the Cherepovets iron and steel works. It
is also necessary for coke- chemical production in the
Vologda Region. Steelmen threaten to buy coal in the
Kuznetsk coal basin in Siberia.
Speaking in an interview with Itar-Tass on Tuesday,
chairman of the Russian Federation of Independent Trade
Unions Mikhail Shmakov said that it is necessary to review
drastically the system of coal sales. It is necessary to
switch to direct contacts so that all profits for produced
and sold coal remained at mines rather than lined the
pockets of numerous intermediaries.
It is also necessary to take other measures, including "a
programme of real state support both for mines to be closed
in order to create new jobs and for operating mines, for
their retooling to make coal-mining profitable," Shmakov
emphasised.
The local Kominform news agency reports that Inta received
for the time being 47 million roubles to pay debts in wages
and annual leaves as well as payments to invalid miners.
However, miners insist on transferring at least another 50
million.
First deputy head of the Komi Republic Anatoli Karakchiev
said on Tuesday at a ministerial meeting that "one develops
an impression that nobody now controls the situation on the
railway.
"New demands, put forth by strikers, are unfeasible.
Instead of 72 million roubles, they already demand 172
million and, besides, insist on a 40-million subsidy."
"If the blockade is not lifted, Vorkuta mines may grind to
a standstill," reported republican Minister of Industry,
Transport and Communications Yevgeni Grunis. The situation
is disquieting at the Vorgoshorskaya mine (biggest in the
Komi Republic) where 300,000 tonnes of coal have been
stockpiled, and there is a danger of its self-ignition.
(ITARTASS-05/26/98)
WINCOM: Files Bankruptcy Papers
-------------------------------
The bankruptcy filing of an affiliate of Struthers
Industries Inc. speaks volumes on the conditions of the
companies -- not by what the filing includes, but by what
is missing. Neal Tomlins, trustee for Struthers, filed
bankruptcy papers for WINCOM Corp. on Thursday in Tulsa.
WINCOM, a telecommunications company, is considered the
most important asset of Struthers and its principal
shareholder, WINCO Corp. Publicly traded Struthers and
privately held WINCO filed for bankruptcy
protection in March, and trustees have been appointed to
direct them.
Struthers was a Tulsa-based energy and dye company. It
became a telecommunications holding company in a 1996 deal
that brought it 100 percent ownership of WINCOM and made
WINCO its principal shareholder.
WINCOM, based in Century City, Calif., was formed to
develop Interactive Video and Data Services licenses, which
have been touted as the next wave in electronic gaming and
public utility record keeping. (Tulsa World - 05/30/98)
WINWARD: State Hospital Chain Closes Doors
------------------------------------------
Documents filed in bankruptcy court earlier this week in
Shreveport indicate Winward Institutes owed creditors at
least $7.2 million, including $4.5 million owed to the
Health Care Financing Administration. The administration
provides hospitals like Winward interim payments for
Medicare patients. Annual cost reports revealed the program
overpaid the hospital. Bankruptcy court officials ordered
that the first money received from the hospital's
reorganization of its debts go to pay past due wages for
its workers.
On Friday, the company asked the U.S. Bankruptcy Court in
Shreveport to approve a $500,000 loan to cover costs
ranging from payroll to patient care. However, Judge
Stephen Callaway said it was too early in the Chapter 11
reorganization to allow such a loan, because it would put
the lender first among Winward's creditors.
As he left the federal courthouse, co-owner Willie
Singleton said inquires from a couple of potential buyers
left him with some hope of an infusion of cash. However, a
previous buyout attempt failed. "The ultimate result is if
we do not get the financing, we have to close down," he
said.
Winward hospitals in Pleasant Hill and New Orleans were
closed, their administrators said Friday afternoon.
Administrators in Alexandria could not be reached for
comment. Wilson said area banks bounced his paycheck two
weeks ago, and those of several other employees.
As employees used hospital carts and bags to carry their
belongings from the hospital, he thought about the
employees' volunteer dinner earlier this month. (Advocate
Baton Rouge -05/31/98)
XINEX: Nearing Bankruptcy
-------------------------
Xinex Network Inc said Friday that it will run out of cash
this week unless it can come up with fresh finanacing.
Xinex is negotiating with an unnamed company for an
investment of C$3.6 mln. The prospect of bankruptcy sent
Xinex shares on the Alberta Stock Exchange down 57% on
Friday. The company specilaizes in software. (Copyright
1998 Resource News International - 06/01/98)
Meetings, Conferences and Seminars
----------------------------------
May 31-June 5, 1998
COMMERICAL LAW LEAGUE OF AMERICA
CLLA Credit Institute
Marquette University, Milwaukee, Wisconsin
Contact 1-312-781-2000
June 3-5, 1998
LEAGUE INTERNATIONAL FOR CREDITORS and
COMMERCIAL LAW LEAGUE OF AMERICA
1998 International Conference
Hotel Los Monteros, Marbella, Spain
Contact 1-312-781-2000
June 3-6, 1998
ASSOCIATION OF INSOLVENCY ACCOUNTANTS
14th Annual Bankruptcy & Reorganization Conference
Grand Hyatt Hotel, San Francisco, California
Contact 1-541-858-1665 or aia@ccountry.net
June 4-6, 1998
AMERICAN LAW INSTITUTE-AMERICAN BAR ASSOCIATION
Fundamentals of Bankruptcy Law
Charleston Place, Charleston, South Carolina
Contact: 1-800-CLE-NEWS
June 8-9, 1998
TURNAROUND MANAGEMENT ASSOCIATION
Advanced Education Workshop & Legislative Conference
Radisson Plaza, Charlotte, North Carolina
Contact 1-312-857-7734
June 11-12, 1998
RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
1st Annual Conference on Corporate Reorganizations
The Palmer House, Chicago, Illinois
Contact 1-903-592-5169 or ram@ballistic.com
June 11-14, 1998
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Michigan
Contact: 1-703-739-0800
July 2-5, 1998
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Institute
Jackson Lake Lodge, Jackson Hole, Wyoming
Contact 1-770-535-7722
July 16-19, 1998
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Sea Crest Resort, Falmouth, Massachusetts
Contact: 1-703-739-0800
July 23-24, 1998
THE PRACTICING LAW INSTITUTE
How to Handle Consumer Bankruptcy Cases:
A Practical Step-by-Step Guide
PLI Conference Center, New York City
Contact: 1-800-260-4PLI
July 23-25, 1998
AMERICAN LAW INSTITUTE-AMERICAN BAR ASSOCIATION
Chapter 11 Business Reorganizations (Advanced Course)
Santa Fe, New Mexico
Contact: 1-800-CLE-NEWS
July 24-27, 1998
NATIONAL ASSOCIATION OF CHAPTER 13 TRUSTEES
33rd Annual Seminar
Portland Marriott, Portland, Oregon
Contact: 1-601-355-6661
July 24-29, 1998
COMMERICAL LAW LEAGUE OF AMERICA
104th Annual Convention
Ritz Carlton, Amelia Island, Florida
Contact: 1-312-781-2000
August 6-9, 1998
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
Daufuskie Island Club & Resort,
Hilton Head, South Carolina
Contact: 1-703-739-0800
September 9-13, 1998
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
Annual Convention
Sheraton El Conquistador, Tuscon, Arizona
Contact: 1-803-252-5646
September 17-20, 1998
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
The Inn at Loretta, Santa Fe, New Mexico
Contact: 1-703-739-0800
September 17-20, 1998
COMMERCIAL LAW LEAGUE OF AMERICA
Midwest Mid-Year Meeting
Oak Brook Hills Resort & Hotel
Oak Brook, Illinois
Contact: 1-616-372-6500
September 21-23, 1998
STATES' ASSOCIATION OF BANKRUPTCY ATTORNEYS
7th Annual States' Taxation and Bankruptcy Conference
Hotel Santa Fe, Santa Fe, New Mexico
Contact: 1-505-827-0728
September 25-26, 1998
VIRGINIA CONTINUING LEGAL EDUCATION
13th Annual Mid-Atlantic Institute on
Bankruptcy and Reorganization Practice
Boar's Head Inn, Charlottesville, Virginia
Contact: 1-800-979-8253
October 8-10, 1998
AMERICAN LEGAL INSTITUTE-AMERICAN BAR ASSOCIATION
Real Estate Defaults, Workouts, and Reorganization
Charleston, South Carolina
Contact: 1-800-CLE-NEWS
October 16-20, 1998
TURNAROUND MANAGEMENT ASSOCIATION
1998 Annual Conference
The Westin Hotel, Chicago, Illinois
Contact 1-312-857-7734
October 22-25, 1998
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
72nd Annual Meeting
Wyndham Anatole Hotel, Dallas, Texas
Contact 1-803-957-6225
November 30-December 1, 1998
RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
5th Annual Conference on Distressed Debt
Plaza Hotel, New York, New York
Contact 1-903-592-5169 or ram@ballistic.com
December 3-5, 1998
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin La Paloma, Tuscon, Arizona
Contact: 1-703-739-0800
February 18-21, 1998
COMMERICAL LAW LEAGUE OF AMERICA
Annual Western District Meeting
Monte Carlo Hotel & Casino Resort,
Las Vegas, Nevada
Contact 1-702-382-9558
April 26-27, 1999
RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
Bankruptcy Sales, Mergers & Acquisitions
The Mark Hopkins, San Francisco, California
Contact 1-903-592-5169 or ram@ballistic.com
The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday. Submissions via e-mail to
conferences@bankrupt.com are encouraged.
*********
The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday. Submissions via e-mail to
conferences@bankrupt.com are encouraged.
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 * * *