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/raid1/www/Hosts/bankrupt/TCR_Public/980821.MBXT R O U B L E D C O M P A N Y R E P O R T E R Friday, August 21, 1998, Vol. 2, No. 164 Headlines AMERICAN RICE: To Sell Olive Division ARIZONA CHARLIE'S: Icahn Ready To Take Control BROTHERS COFFEES: Lost $63 Million in Three Months BRUNO'S INC: Albertson's Bests Kroger In Auction CROWN BOOKS: Panel Seeks To Hire Weiser As Advisor DAUPHIN TECHNOLOGY: Files Quarterly Report With SEC FIRST ALLIANCE: Stock Up 24% - No Reason Says Management GREATE BAY: Notification of Late Filing HYUNDAI: Labor Disputes Continue KIA MOTORS: Delays Opening U.S. Dealerships MOBILEMEDIA: Arch Communications on S&P Watch MOBILEMEDIA: Merger Announced ONEITA INDUSTRIES: Court Grants Exclusivity Extension PETRIE RETAIL: Seeks Interim Nod For CIT DIP, Vendor Pacts POWER COMPANY: Creditors File Bankruptcy Petition PREMIER LASER: Notification of Late Filing SEARCH FINANCIAL: Notification of Late Filing of 10-Q SOLV-EX: Plans to Send Checks to Creditots By Month-End TOUCH 1 COMMUNICATIONS: Case Summary & 20 Largest Creditors ********* AMERICAN RICE: To Sell Olive Division ------------------------------------- A declining olive market and losses of about $1 million per month are just two of the reasons American Rice Inc. decided to sell its olive division to ERLY California Food Acquisition Corp. for about $55 million. The cash flow shortfall associated with the division, which has been losing customers, is compounded by the industry's seasonality. When the California olive harvest begins next month, about $7.6 million of working capital would be needed for inventory and temporary workers to harvest the crop. The proposed buyer is a management-led entity controlled by former American Rice Chairman Gerald Murphy, the father of current Chairman Douglas Murphy. The purchase price includes about $22.7 million cash, the assumption of trade and employee payables (estimated at about $7.5 million), 1.5 million ERLY Industries Inc. common shares (ERLY Industries has an 81 percent American Rice stake), a release of further liability regarding Gerald Murphy's employment contract, and an environmental indemnification waiver with respect to the company's Visalia, Calif., facility. The U.S. Bankruptcy Court in Corpus Christi, Texas, has scheduled a sale hearing and auction, if necessary, for today. (The Daily Bankruptcy Review and ABI Copyright c August 20, 1998) ARIZONA CHARLIE'S: Icahn Ready To Take Control ---------------------------------------------- Financier Carl Icahn, known for his high-flying corporate raiding in the 1980s, is expected to win the approval of Nevada gambling regulators to take control of two bankrupt Las Vegas casinos. The approval, expected from the Nevada Gaming Control Commission, would finalize an endorsement two weeks ago by the Nevada Gaming Control Board. That panel, appointed by the governor, recommended that Icahn be given control of Stratosphere on the north end of the Las Vegas Strip, and Arizona Charlie's Inc., a small, off-the-strip hotel and casino that caters to locals. If, as expected, Icahn clears the regulatory hurdle, he would then face the challenge of turning a profit at the bigger of the two properties -- the troubled Stratosphere. A building boom is now under way that will add sparkling new casinos and thousands of hotel rooms to the strip -- the gambling mecca's most famous thoroughfare. "I wish him the best of luck," Solomon Smith Barney analyst Bruce Turner said. "Returns are going to be challenged. There are a lot of new choices customers will have in the not so distant future. History says you go to the new stuff." Stratosphere was built by Grand Casinos Inc. and a private investor. But four months after the 1,149-foot tower, casino and hotel complex opened in the spring of 1996, Stratosphere's stock began tumbling and never recovered. In November 1997, Stratosphere filed for Chapter 11 bankruptcy protection and Grand dissolved its association with the property. Grand was recently taken over by Hilton Hotels Corp. Icahn and another Stratosphere shareholder, Bradford Whitmore, had purchased Stratosphere debt as an investment and ended up with controlling equity positions after the debt was converted to stock in the bankruptcy plan. Icahn purchased Arizona Charlie's debt in a similar manner and would convert the property from a public to a private company should he receive licensing, Sayre said. Icahn's plans renovations at both properties, Frank Schreck, his Las Vegas attorney, said. "I would advise Mr. Icahn to proceed very cautiously," Turner said. "The location's terrible. You can't change that. (Reuters:Financial-08/19/98) BROTHERS COFFEES: Lost $63 Million in Three Months -------------------------------------------------- A day after announcing that it had lost $63 million in three months, Brothers Gourmet Coffees shed more light on the scope of its financial problems and also revealed that it is close to being delisted from the Nasdaq stock exchange. The company said it had attended a hearing two weeks ago with Nasdaq officials about being removed from the Nasdaq trading system because the company has failed to meet Nasdaq's minimum $4 million requirement for net tangible assets. Brothers said its net tangible asset figure stands at minus $9.5 million. Brothers Coffees stock (BEAN) also has fallen well below Nasdaq's minimum requirement of $1.00 per share. On Tuesday, the company's shares fell to their lowest value ever, closing at 19 cents, down 25 cents on the day and well below the company's 1993 initial public offering of $20 a share. Still, Brothers Gourmet has asked Nasdaq officials to put off any delisting action until the company has had a chance to try to renegotiate its debt with lenders in an effort to salvage the company. A Nasdaq spokesman declined to comment about Brothers' case. The Boca Raton-based company, which recently lost contracts to sell its coffee at Albertson's supermarkets and on Continental Airlines flights, said it has missed interest payments to lenders and is trying to renegotiate its debts. Much of the company's huge second-quarter loss was a $50.3 million write-off for "good will" - a company's intangible value for such assets as its brand name and business plan. Brothers said its financial plight has seriously devalued its future prospects.(Palm Beach Post - 08/19/98) BRUNO'S INC: Albertson's Bests Kroger In Auction ------------------------------------------------ The court authorized Bruno's Inc. to sell or lease 15 stores to Albertson's Inc. for about $46.9 million after the Boise, Idaho-based chain topped competing bidder Kroger Co. at an auction last week. The winning bid from Albertson's, the stalking horse bidder, consists of about $11 million for supermarket inventory and $35.9 million for non-inventory assets. Closing is expected within the next two weeks. (Federal Filings Inc. 20-Aug-98) CROWN BOOKS: Panel Seeks To Hire Weiser As Advisor -------------------------------------------------- Crown Books Corp.'s unsecured creditors' committee is seeking court approval to hire M.R. Weiser Co. LLP as financial advisor and accountant. The firm's services would include ascertaining the bookseller's viability, analyzing financial records and developing projections for the next 90 days, evaluating operating controls for cash receipts and disbursements, and developing reporting procedures so Crown can inform the committee about developments in the case. Weiser also would prepare a liquidation analysis and evaluate liquidation strategies to determine the maximum potential recovery by unsecured creditors. In addition, the firm also would review historical financial information and report on the circumstances surrounding the deterioration of the retailer's business. (The Daily Bankruptcy Review and ABI Copyright c August 20, 1998) DAUPHIN TECHNOLOGY: Files Quarterly Report With SEC --------------------------------------------------- Dauphin Technology Inc. reports to the SEC in its quarterly report for the quarterly period ended June 30, 1998 that total sales revenue in the second quarter of 1998 dramatically increased from the second quarter of 1997 due to operations of newly acquired RMS. Substantially all of the revenue for 1998 is attributable to RMS. Gross profit for the first quarter of 1998 was approximately 13%, which is consistent with RMS historical operating profits. The (loss) after tax increased for the second quarter of 1998 to ($990,000) or ($0.03) per share from ($316,000) or ($0.01) per share in 1997. (Loss) per common share is calculated based on the monthly weighted average number of common shares outstanding which were 36,472,158 for the three month period June 30, 1998, and 29,968,314 for the period June 30, 1997. FIRST ALLIANCE: Stock Up 24% - No Reason Says Management -------------------------------------------------------- Stock in First Alliance Corp. shot up nearly 24 percent Tuesday, closing up $1.75 a share, at $9.13. Though the Irvine-based home lender has been repurchasing its own shares in recent months _ including 80,000 shares on Tuesday _ company officials said they knew of no news or reason to explain the increase. Beginning last May, First Alliance's stock has been pounded by a series of bad news, including a threatened lawsuit by the American Association of Retired Persons and a $4.5 million write-down to reflect higher-than-expected loan prepayments. In March, the company's stock traded above $17 a share. (Orange County Register; 08/19/98) GREATE BAY: Notification of Late Filing --------------------------------------- Greate Bay Casino Corp notified the SEC that its quarterly report on Form 10-Q will be filed as soon as is reasonably practicable following the prescribed due date. Additional time is necessary in order to provide a complete and accurate report. The company expects to report a significant change in its consolidated results of operations from the corresponding periods of the prior year. On January 5, 1998, three of the Registrant's subsidiaries, including Greate Bay Hotel and Casino, Inc., the company's most significant operating subsidiary, filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey. As a result of the Chapter 11 filings, the company's control over the filing subsidiaries is subject to the supervision of the Bankruptcy Court and the company does not expect to be in control of such subsidiaries after reorganization. Accordingly, the operations of the filing subsidiaries are now accounted for under the equity method of accounting. Also, the accrual of interest on the first mortgage indebtedness of the filing subsidiaries has been suspended. HYUNDAI: Labor Disputes Continue -------------------------------- South Korea warned yesterday its shaky auto industry risked losing its international competitiveness forever if crippling labour disputes at Hyundai Motor Co are further drawn out. "Hyundai's disputes, if prolonged further, will completely destroy the domestic base and international competitiveness of our overall auto industry," a Commerce, Industry and Energy Ministry official said. The alarm was sounded as the country's auto firms, rattled by plummeting sales and the insolvency of Kia Motors Corp, wage a desperate battle to keep their heads above water. South Korea's auto production, once the world's fifth largest, plunged 35.4 per cent year-on-year to 1.53 million units in the first seven months of 1998. Auto exports also suffered a 10.1 per cent drop to US$5.45 billion. "So far this year, labour disputes have cost US$550 million in auto exports," the official said. "Hundreds of auto parts makers, including Hyundai's 302 subcontractors, have already been insolvent." The three-month-long standoff at Hyundai cost the country 1.5 trillion won (US$1.1 billion), he said. Hyundai, the country's largest car maker capable of producing some 2.4 million cars a year at home and abroad, has lost 770 billion won in production since the dispute erupted in May over a plan to sack 8,000 workers. Hyundai also suffered 540 billion won in export losses over the period, while its component producers saw revenue fall by 600 billion won. The ministry estimated Hyundai's production loss at 85,800 units over the three months and export loss at 57,200 units. "We are more concerned about parts contractors than Hyundai. Much of the country's networked parts production has already suffered incurable damage following Kia's failures," the ministry official said. (China Daily - 08/20/98) KIA MOTORS: Delays Opening U.S. Dealerships ------------------------------------------- Kia Motors Corp.'s U.S. unit said it will delay opening about 30 dealerships in the Midwest because of regional staff shortages, slowing the Korean automaker's effort to step up its U.S. marketing. The dealerships in Michigan, Wisconsin and Minnesota won't open until December instead of August and September as planned, a spokeswoman said, confirming a report in trade publication Automotive News. The company blamed a lack of employees in sales, service and parts management divisions for those states rather than a shortage of autos or the insolvency of its parent company. Kia, South Korea's third-largest automaker, is up for auction after collapsing last year under almost $10 billion debt. It's looking to the United States, its leading export market, to offset stagnant sales in recession-bound South Korea. Kia still plans to have 500 dealerships in the contiguous 48 states by the end of the year, said Monica Statz, Kia spokeswoman. Kia makes the Sephia sedan and Sportage sport utility vehicle. It started selling cars in Oregon in 1993 and has 428 dealerships in 42 states. Kia has a 0.5 percent share of the U.S. market, compared with South Korean rival Hyundai Motor Co.'s 0.6 percent. Thanks partly to more stores, Kia sales rose 97 percent, to 50,616 vehicles, through July from the year-ago period. General Motors Corp., Ford Motor Co., Hyundai, Daewoo Motor Co. and Samsung Motor Inc. have submitted letters of intent to bid for Kia Motors. The companies have until Friday to make an official bid. Ford already owns 9.39 percent of Kia. Mazda Motors Corp., which is 33 percent-owned by Ford, owns 7.52 percent. (Orange County Register - 08/19/98) MOBILEMEDIA: Arch Communications on S&P Watch --------------------------------------------- Standard & Poor's placed its ratings of Arch Communications Group Inc. and related entities on CreditWatch with positive implications. Pro forma for the acquisition, Arch's total debt is about $1.35 billion. This action follows the company's announcement that it is negotiating a definitive merger agreement to acquire MobileMedia Corp., which is in Chapter 11 reorganization. The CreditWatch placement reflects the potential improvement in Arch's financial and business risk profile as a result of this acquisition. This acquisition would result in Arch being the second-largest paging company in the U.S. with seven million subscribers. The acquisition price for MobileMedia is estimated to be $479 million plus the payment of MobileMedia's administrative expenses and debtor-in-possession borrowings. Additionally, the single-'D' rating on MobileMedia Communication Inc.'s $480 million subordinated debt, which will be exchanged for equity in the merged company, will be withdrawn. MobileMedia Communications is a subsidiary of MobileMedia Corp. Upon the receipt of the necessary shareholder and regulatory approvals, the CreditWatch listing will be resolved. Arch intends to finance the acquisition with a combination of debt and equity. About $262 million of the purchase price will be financed with bank debt and a public note offering. The remaining $217 million will be financed through the proceeds of a rights offering by Arch to MobileMedia's unsecured creditors. Upon the exercise of these rights and the purchase of warrants to own additional common stock, MobileMedia's unsecured creditors could ultimately own about two-thirds of Arch. On the other hand, MobileMedia's secured creditors, who claim $649 million in principal amount, would receive 100% of such principal amount comprised of the $479 million payment from Arch and $170 million in proceeds from MobileMedia's pending sale of its tower assets. The CreditWatch placement reflects the potential improvement in Arch's financial and business risk profile as a result of this acquisition. The additional annual cash flow of about $100 million from MobileMedia's operations is anticipated to reduce debt to earnings before interest, taxes,depreciation, and amortization to below 6 times (x) on a pro forma basis, compared to the current high level in the 7x area. In addition, annual cost savings of about $25 million resulting from this transaction and $15 million from Arch's recent restructuring, plus MobileMedia's higher revenue generating paging units should further improve Arch's financial profile. Arch's business risk profile will be enhanced due to MobileMedia's presence in 50 states with more than four million subscribers and extensive distribution channels. In addition, MobileMedia serves a larger number of corporate accounts compared to Arch, resulting in an overall higher average revenue per unit. MobileMedia's two narrowband personal communications services licenses also provide the opportunity to introduce new revenue enhancing paging products and services, Standard & Poor's said. Arch Communications Group Inc. Corporate credit rating B- Senior unsecured debt CCC Arch Communications Inc. Corporate credit rating B- Senior unsecured debt CCC+ Arch Paging Inc. Corporate credit rating B- Bank loan rating B- USA Mobile Communications Inc. II Corporate credit rating B- Senior unsecured notes CCC+ MOBILEMEDIA: Merger Announced ----------------------------- Arch Communications Group, Inc. (Nasdaq:APGR) and MobileMedia Corporation announced on August 20, 1998 a definitive merger agreement for Arch to acquire MobileMedia. The companies had announced yesterday that they were in the final stages of merger negotiations. Arch said that the combination, when consummated, will reduce Arch's leverage to approximately 5.6 times projected pro forma 1998 fourth quarter annualized EBITDA based on pro forma debt of approximately $1.35 billion. In addition, Arch expects a further increase in cash flow and decrease in leverage from estimated cost reductions and operating synergies to be implemented during the first year following the acquisition, which are currently estimated to result in annualized cost savings of $25 million when fully realized. Joseph A. Bondi, chairman-restructuring of MobileMedia and managing director of turnaround consultants Alvarez & Marsal, Inc., said, "A combination with Arch will be a very successful outcome for MobileMedia, and testimony to the substantial progress we have made in improving our operational and financial position over the past 18 months. In addition, the combination reflects a successful outcome for MobileMedia's secured and unsecured creditors, with our secured creditors being paid in full in cash and our unsecured creditors owning a substantial equity position in Arch." Holders of MobileMedia's secured bank debt, which aggregates $649 million in principal amount, will receive 100% of such principal amount in cash, comprised of a $479 million payment from Arch and $170 million in proceeds expected to be distributed upon the closing of MobileMedia's pending sale of its tower site assets to Pinnacle. Arch intends to finance the $479 million cash payment with $262 million in proceeds from additional bank debt and an additional note offering and $217 million in cash from the proceeds of the issuance of Arch common stock upon the exercise of transferable rights to be issued by Arch to MobileMedia's unsecured creditors. Certain of MobileMedia's largest unsecured creditors have agreed in connection with the transaction to act as standby purchasers with respect to any shares of Arch common stock and warrants not purchased upon the exercise of such rights. As consideration for their backup commitments, such creditors will receive warrants to purchase another 2.5% of Arch's common stock. In addition to the rights, MobileMedia's unsecured creditors, whose claims aggregate approximately $480 million, will receive between 17.2% (if the rights entitle them to purchase 52.1%) and 31.3% (if the rights entitle them to purchase 34.3%) of Arch's common stock (depending upon the market price of the Arch common stock during a designated period). Arch's existing shareholders (including its Series C preferred shareholders) will also receive warrants in connection with the transaction to purchase 7% of Arch's common stock. All warrants will have an exercise price of $8.19 per share. MobileMedia's existing shareholders will not receive any consideration under the merger or the plan of reorganization, and their shares of MobileMedia common stock will be canceled. (Business Wire: Wall Street- 08/20/98) ONEITA INDUSTRIES: Court Grants Exclusivity Extension ----------------------------------------------------- The court extended Oneita Industries Inc.'s exclusive period to file an amended reorganization plan for 90 days, rejecting the lenders' request to terminate exclusivity immediately. The court directed the parties to try to reach a compromise before Nov. 18, the new expiration of exclusivity. The clothing maker had sought a nine-month extension to pursue confirmation of its prenegotiated plan or an amended proposal. (Federal Filings Inc. 20-Aug-98) PETRIE RETAIL: Seeks Interim Nod For CIT DIP, Vendor Pacts ---------------------------------------------------------- Petrie is seeking interim approval to borrow up to $4.5 million under a scaled-down $20 million debtor-in- possession financing agreement with CIT Group/Business Credit Inc. and up to $3.5 million under a $6.5 million vendor credit line from CIT Group/Commercial Services Inc. The two new facilities are designed to replace Chase Manhattan Bank's $96 million facility, which the apparel retailer is required to retire using proceeds from the sale of its G&G Shops Inc. subsidiary. (Federal Filings Inc. 20- Aug-98) POWER COMPANY OF AMERICA: Creditors File Bankruptcy Petition --------------------------------------------------- Creditors Force Connecticut Utility into Chapter 11 New Orleans-based Entergy, Atlanta-based Southern Company and power-marketing firm American Energy Solutions Inc. filed a joint chapter 11 petition against Power Company Of America, a Greenwich, Conn.-based electricity trading company, in the District of Connecticut. Power Company defaulted on some of its contracts during some market turmoil in June. Other utility companies have reported losses of more than $500 million as a result of the market turmoil. Although a spokesman for the power company said the amount owed creditors has not yet been finalized, the company expects cooperation with its creditors. Power Company said it had planned to file chapter 11 and had reached an agreement with its creditors, but due to "missed communications," the creditors initiated the filing. (ABI 20-Aug-98) PREMIER LASER: Notification of Late Filing ------------------------------------------ Premier Laser Systems Inc. filed a notification of late filing with the SEC of its quarterly report for the period ending June 30, 1998. The company stated that it was not able to file the subject report in a timely manner because the resignation on May 22, 1998 of Ernst & Young LLP as the company's independent certified public accountant has prevented it from being able to timely complete the audit of its financial statements. SEARCH FINANCIAL: Notification of Late Filing of 10-Q ----------------------------------------------------- Since commencement of the Chapter 11 Proceedings, Search Financial Services Inc. and its subsidiaries have severely curtailed operations, including completing their exit from the non-prime automobile business, which represented approximately 90% of the assets of the company and its subsidiaries, and reducing their number of employees by over 50%. On July 2, 1998, the company filed its Plan of Reorganization and Disclosure Statement with the Bankruptcy Court. A hearing to consider approval of the Disclosure Statement and the disclosure statement related to a competing plan filed by a creditor was scheduled for August 7, 1998 and has been continued. The Plan is a liquidating plan. It provides for the sale or collection of the assets of Registrant and its subsidiaries involved in the Chapter 11 Proceedings, including the sale of a significant equity interest in, or, alternatively, the sale of all of, Registrant's consumer finance business, which is its only remaining business, and the distribution of any remaining interest in the consumer finance business and of the proceeds received from the sale of other assets to the payment, or otherwise for the benefit, of creditors and perhaps preferred stockholders. No payments to other equity holders are contemplated. The Plan specifically provides for all equity interests in Registrant, including its 9%/7% Convertible Preferred Stock and Common Stock, to be deemed cancelled and for Registrant to be dissolved upon confirmation of the Plan. The competing plan also is a liquidating plan. The Judge in the Chapter 11 Proceedings has ordered Registrant to show cause why a Chapter 11 Trustee should not be appointed for Registrant. A hearing on that order is scheduled for August 24, 1998. The appointment of a Chapter 11 Trustee may adversely affect the ability of Registrant to proceed with the Plan. Registrant's preliminary unaudited net income before dividends for the three months ended June 30, 1998 was approximately $1,371,000, an increase of approximately $1,222,000 over the net income before dividends of $148,000 for three months ended June 30, 1997. The increase in net income before dividends was primarily attributable to a preliminarily estimated gain of $960,000 on the bulk sale of loan contracts, reversals of $863,000 in various expense accruals, an overall net reduction of $1,407,000 in operating expenses and decreased interest expense of $721,000, which collectively were partially offset by charges of $2,751,000 for increased provisions for credit losses. Most of the significant differences from the prior year are a direct result of the discontinuance of the sub-prime automobile financing operations and the Chapter 11 filing of Registrant and several of its subsidiaries in March 1998. There still remain several material accounting items and issues which cannot be resolved until the resolution of various matters pending in or related to the Chapter 11 Proceedings. Final valuations of assets and recording of claims and liabilities are dependent on the outcome of these matters. These items could have a material effect on the results for the fiscal year ended March 31, 1998 as well as the results for the three months ended June 30, 1998. SOLV-EX: Plans to Send Checks to Creditots By Month-End ------------------------------------------------------- Albuquerque-based Solv-Ex Corp., fresh from the protection of bankruptcy, says it plans to send checks to its creditors by the end of the month. Solv-Ex bankruptcy attorney John Phillips said the two-week appeal period for the company's bankruptcy case ended last week and Solv-Ex can now proceed with paying its creditors. Judges in the United States and Canada signed orders on July 31 approving Solv-Ex's reorganization plan to emerge from bankruptcy. The plan calls for Solv-Ex to issue one new share of common stock for each existing share. Shareholders will also receive warrants to purchase one share of common stock for every three shares they own. Formal notice of procedures for share exchange and issuance of warrants is expected to be mailed to shareholders of record within the next week. In separate business, a suit against the company that alleges company officials defrauded investors is pending in U.S. District Court.(Albuquerque Journal; 08/18/98) TOUCH 1 COMMUNICATIONS: Case Summary & 20 Largest Creditors ----------------------------------------------------------- Debtor: Touch 1 Communications Inc. 100 Brookwood Road Atmore, Alabama 36502 Court: Southern District of Alabama, Mobile Division Case No.: 98-12260 Filed: 06/29/98 Chapter: 11 Debtor's Counsel: Robert P. Denniston Brown, Hudgens, PC P.O. Box 16818 Mobile, Alabama 36616 (334) 344-7744 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ A+Networks Trade 50,965 Ameritech Trade 341,900 APAC Teleservices Trade 47,140 Bell Atlantic Trade 2,242,125 BellSouth Trade 837,812 Bernice Bush Company Trade 75,000 Gnames Advantage Trade 145,644 GST Telecom Trade 244,968 International Business List Trade 380,751 ICG Telecom Trade 74,714 Journey Communications Trade 445,943 LCI Trade 746,329 Means/Means Telecom Trade 83,131 RMH Services Trade 113,825 Southern Micrographix Trade 74,785 Southwestern Bell Trade 251,393 Telequest Trade 88,456 Transcom USA Trade 98,357 U.S. West Trade 853,465 Universal Service Admins. Co. Trade 486,374 ************ 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. ISSN 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for 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 * * *