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/raid1/www/Hosts/bankrupt/TCR_Public/981201.MBXT R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 1, 1998, Vol. 2, No. 234 Headlines 2CONNECT EXPRESS: October 1998 Operating Report ABRAXAS PETROLEUM: Negative Trends in Financial Condition ACME METALS: Committee Seeks Order Permitting Trading ALLIANCE ENTERTAINMENT: Concord Seeks Extension CONCORD ENERGY: September 1998 Operating Report DANKA: May Avoid Bankruptcy DEMERT & DOUGHERTY: To File Chapter 11 ELDER-BEERMAN: Rights Offering Expiration Date Extended GLOBAL MOTORSPORT: Bidder Sues Target & Stonington GULFPORT ENERGY: Third Quarter Results GUY F. ATKINSON: Opposes Motion For Examiner HAYES CORP: Will It Survive? INTERNATIONAL HERITAGE: Delays Filing of Form 10-Q MOLTEN METAL: Sale To ATG To Close Next Week OKURA & CO: Seeks Extension of Exclusivity OLYMPIA & YORK: Court Confirms Plan ONCOR, INC.: Insufficient Cash to Meet Obligations ONEITA INDUSTRIES: Needs Time To Reject or Assume Leases PARADISE BAKERY: Creditor Fights Committee Administration PRECISION AUTO: Auto Concern's Restructuring is Underway RAND ENERGY: Debtor's Response To Change of Venue RINCON ISLAND: Seeks Extension of Exclusivity SCOTT CABLE: Confirmation Ruling Pending STAR NEWCO: Seeks Approval of Sale of Elgen Division SYQUEST TECHNOLOGY: Receives Second Offer TELECOM SERVICES: To Emerge from Bankruptcy as CyberSentry TORONTO'S SKYDOME: Granted Protection from Creditors WESTERN DIGITAL: Stockholder Rights Plan Document Available WINDSOR ENERGY: Seeks Extension of Exclusive Periods Meetings, Conferences and Seminars ********* 2CONNECT EXPRESS: October 1998 Operating Report ----------------------------------------------- 2Connect Express, Inc., filed its monthly operating report with the U.S. Bankruptcy Court in Florida for October, 1998. A copy of the report was delivered to the SEC under cover of Form 8-K. A full-text copy of the SEC filing is available at http://www.sec.gov/edgar/Archives/data/0001021294/000095014 4-98-013118.txt at no charge via the Internet. ABRAXAS PETROLEUM: Negative Trends in Financial Condition --------------------------------------------------------- Abraxas Petroleum Corporation and its subsidiaries, for the three-month period ending September 30, 1998, reports a $5.7 million net loss on $13.7 million in revenues. Shareholder equity slipped on the Company's September 30 balance sheet to $3.4 million from $26.8 million at December 31, 1997. At September 30, 1998, the Company had current assets of $81.1 million and current liabilities of $27.3 million resulting in working capital of $53.8 million. This compares to a working capital deficit of $9.2 million at December 31, 1997 and working capital of $9.6 million at September 30, 1997. ACME METALS: Committee Seeks Order Permitting Trading ----------------------------------------------------- The Official Committee of Unsecured Creditors seeks an order permitting securities trading by Committee members in certain circumstances. The Committee states Committee member trading in the debtors' stock, notes, bonds, debentures, participation in any of the debtors' debt obligation will not violate their duties as Committee members provided that any member carrying out such trades establishes and implements policies and procedures, such as a "Chinese Wall" to prevent the misuse of non-public information obtained through its activities as a Committee member. Particularly Alliance Capital Management LP manages the Alliance High Yield Open Fund is a member of the Committee and a registered investment adviser. The SEC pointed out in the Federated bankruptcy that large institutional creditors have skills that are valuable to the committee, and that there is no legal impediment to permitting such entities on official committees. ALLIANCE ENTERTAINMENT: Concord Seeks Extension ----------------------------------------------- The debtor, Concord Records Inc. seeks a 120 day extension of its exclusive solicitation period. Although Concord expects fully to confirm the proposed plan in the coming months, the debtors have delayed approval of the Disclosure Statement in order to ensure that significant estate funds are not needlessly expended in the event that a transaction materially impacts the terms of the proposed plan. The debtors believe that the proposed plan will be ultimately confirmed, and this extension is sought out of caution. CONCORD ENERGY: September 1998 Operating Report ----------------------------------------------- Concord Energy Incorporated filed its monthly operating report with the U.S. Bankruptcy Court in San Antonio for September, 1998. A copy of the report was delivered to the SEC under cover of Form 8-K. A full-text copy of the SEC filing is available at http://www.sec.gov/edgar/Archives/data/0000796334/000089109 2-98-000416.txt at no charge via the Internet. DANKA: May Avoid Bankruptcy --------------------------- Eastman Koday Co. has agreed to keep supplying Danka Business Systems PLC with parts and supplies for another month, but Danka is still trying to arrange a long-term agreement to avoid bankruptcy, The St Petersburg Times reported. Danka had been paying Kodak 125 percent of the purchase price in cash for parts and supplies through today, but Kodak agreed to extend the deal through the year. It had stopped sending inventory in October, stating that Danka had failed to pay Kodak's invoices. Danka is expected to file a business plan with lenders by today, outlining how the company will fix several problems. It is likely to include a restructuring that would include layoffs among the company's 13,000 North American employees. (ABI 30-Nov-98) DEMERT & DOUGHERTY: To File Chapter 11 -------------------------------------- DeMert & Dougherty, Coal City, Ill., announced that it plans to file for bankruptcy protection with the support of its major secured lenders, according to a newswire report. The company plans to focus on its core business and increase sales of its beauty products; in addition, it plans to increase market share, eliminate its debt and reduce overhead by eliminating manufacturing expenses. (ABI 30-Nov-98) ELDER-BEERMAN: Rights Offering Expiration Date Extended ------------------------------------------------------- On November 11, 1998, the Directors of The Elder-Beerman Stores Corp. (the "Company") approved Amendment No. 1 (the "Amendment"), dated as of November 11, 1998, to the Rights Agreement, dated as of December 30, 1997 (the "Rights Agreement"), by and between the Company and Norwest Bank Minnesota, N.A. (the "Rights Agent"). The Amendment provides that the Final Expiration Date (as defined in the Rights Agreement) of the Rights Agreement shall be January 9, 2008, which is the tenth anniversary of the Record Date (as defined in the Rights Agreement). The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached as an exhibit hereto and incorporated herein by reference. Copies of the Rights Agreement, and the related Summary of Rights, which is attached as Exhibit C to the Rights Agreement, are available free of charge from the Company. GLOBAL MOTORSPORT: Bidder Sues Target & Stonington -------------------------------------------------- For more than seven months Golden Cycle LLC has attempted to acquire Global Motorsport Group, Inc., at a price Golden says is substantially in excess of the company's market value and has advised Global that it is continuing to evaluate its position with the goal of maximizing stockholder value. In response to its acquisition proposal, Golden says that Global has shown stubborn obstructionism. Turning to the Court of Chancery in Delaware, Golden has sued Global, the Company's directors and the competing bidder. While professing they are attempting to maximize shareholder value, Golden complains, Global's actions demonstrate their intent is to fend off Golden Cycle's bid at any cost. This blind obstructionism has led Global to sign a conditional tender offer/merger agreement with Stonington Acquisition Corp. and GMG Acquisition Corp. at $19.50 per share without first approaching Golden Cycle to see whether it would increase its offer. Stonington's proposal has several material conditions including obtaining financing and the execution of employment contracts with unidentified members of senior management, according to Golden. Although the conditional $19.50 Stonington offer is $.50 (less than 3%) more than Golden Cycle's then pending fully-financed offer, the Individual Defendants have effectively terminated the auction for Global through the retention and adoption of defensive provisions including substantial and preclusive lock-ups (valued at approximately $.77 per share) and a Poison Pill. Demonstrating the seriousness of its interest in acquiring Global, Golden Cycle subsequently increased its bid to $20 per share. Unlike the Stonington bid, Golden Cycle's $20 offer has no financing contingency. It is conditioned, however, on the invalidation of the auction ending lock-ups and Poison Pill. "While alarming in that it disregards the interests of stockholders, Global's conduct is consistent with their pattern of behavior," Golden charges. Indeed, without ever meeting with Golden Cycle or providing it with due diligence information which would permit it to determine whether an even higher offer is appropriate, over the past seven months Global have signed three successive merger agreements, at progressively lower prices, each with substantial and preclusive lock-ups, all the while continuing to hide behind a formidable array of takeover defenses. Two of the three contingent agreements have fallen through and the third, the recent agreement with Stonington, is priced below Golden Cycle's current, fully financed $20 offer. "Global's conduct violates fiduciary obligations to maximize stockholder value and to investigate and evaluate Golden Cycle's offer independently and in good faith," Golden argues. Specifically, Golden asserts, Global and its directors violated their duties by, among other things: (a) Agreeing to sell Global without obtaining the highest price reasonably available; (b) Accepting unreasonable and preclusive break-up and expense fees as a condition to the proposed merger with Stonington; (c) Relinquishing to Stonington the power to redeem or amend Global's Poison Pill; and (d) Failing to exempt Golden Cycle offer from Global's Poison Pill and the provisions of 8 Del. C. Sec. 203. Through its participation in the above events, Stonington has aided and abetted the Individual Defendants in the foregoing breaches, Golden charges. Unless enjoined, the Defendants' illegal and inequitable conduct will continue and the tender offer/merger agreement with Stonington will be consummated. Golden seeks, among other things, declaratory relief and an injunction order: (a) requiring Defendants to give Golden Cycle access to all confidential information made available to Stonington to enable Golden Cycle to evaluate whether an even higher bid is appropriate; (b) invalidating the break-up fees and expense reimbursements granted by Global to Stonington to enable Golden Cycle to compete on an equal economic footing; (c) redeeming Global's shareholder rights plan and exempting Golden Cycle's offer from Delaware anti-takeover laws (8 Del. C. Sec. 203); and (d) enjoining the proposed merger with Stonington for 45 business days after delivery of due diligence to give Golden Cycle a fair opportunity to present its best bid to shareholders. Golden Cycle also seeks an Order declaring that Global's Directors set an improper record date for Golden Cycle's outstanding consent solicitation on the grounds Defendants violated 8 Del. C. Sec. 213(b) by purporting to set a record date more than ten days after the date of the resolution setting the record date. GULFPORT ENERGY: Third Quarter Results -------------------------------------- Gulfport Energy Corporation (fka WRT Ennergy Corp.) reports a $31.3 million loss for the quarter ending September 30, 1998 and a $51.6 million loss for the nine-month period ending September 30, 1998. GUY F. ATKINSON: Opposes Motion For Examiner -------------------------------------------- The debtors Guy F. Atkinson Company of California and Guy F. Atkinson Company of Nevada, state that AICCO's motion for appointment of Examiner is an attempt to reach D&O insurance policies because AICCO is a creditor of GFA California, and the majority of unencumbered assets in theses cases are held by Guy F. Atkinson Nevada (now known as ATKN Nevada. Therefore, according to the debtor, AICCO asserted misrepresentation claims against the former directors and officers of GFA California in order to reach the insurance policies. "It also makes no secret of its plans to seek substantive consolidation of the debtors' cases." The debtors state that AICCO has not demonstrated the factual predicate for the appointment of an examiner. Nor can it justify the expense that appointment will create, particularly given that competent and independent management already exists in these cases. HAYES CORP: Will It Survive? ---------------------------- Tulsa World reports on November 28, 1998 that Hayes Corporation's chairman and CEO, Ron Howard said, "We hope to be in position to have some definite information over the next two weeks ... we expect many issues to be resolved." Hayes management has been meeting with its creditors committee in the aftermath of the Oct. 9 Chapter 11 filing in federal bankruptcy court in Wilmington, Del. Chapter 11 filings provide temporary protection from creditors while the company reorganizes and tries to negotiate lower debts and restructure its operations. However, the fact that Hayes is back in Chapter 11 increases the odds against that. On Tuesday, Hayes idled two shifts of its manufacturing unit, laying off 100 people. The company will halt a third shift in the next few weeks, bringing total employment to fewer than 450 from a peak of 1,200. The company is focusing its future on digital technology and other new technologies. However, slow response to new, 56 kilobits- per-second modems and the Asian economic crisis have hurt sales. The company, scheduled to release third- quarter earnings this week, reported a net loss of $17.6 million for the first six months of this year, after net sales of $77.2 million, compared to $94.9 million for the first half of 1997. Dennis Hayes remains as the largest individual shareholder, with about 38 percent of the shares, in a company that retains Hayes and brands that include Accura, Optima, Century, Ultra, Smartcom and Practice Peripherals. And while whether those shares will have value in the future remains in doubt, the company is offering a new product -- a limited- edition, 56K 20th anniversary modem, signed by Dennis Hayes. INTERNATIONAL HERITAGE: Delays Filing of Form 10-Q -------------------------------------------------- Blank check maker International Heritage, Inc., based in North Carolina, tells the SEC that because "unaudited financial statements for the quarterly period ended September 30, 1998, will not be available until approximately November 20, 1998," the Company will not timely-file its Form 10-Q. The Company says there will be no significant change in results of operations from the corresponding period for the last fiscal year. MOLTEN METAL: Sale To ATG To Close Next Week -------------------------------------------- The winners of Tuesday's auction for Molten Metal Technology Inc.'s wet waste and "Q-CEP" assets, ATG Inc. and Quantum Catalytics LLC, expect to close on the transaction next week. ATG and Quantum increased their previous joint offer at the sealed-bid auction and agreed to provide $10.6 million cash, a one-year $1 million note, and 5% of EBITDA on the Q-CEP assets over a five-year period, and assume estimated Q-CEP environmental liabilities in the $5 million to $10 million range. Molten Metal's Chapter 11 Trustee, the official creditors' committee, and the environmental technology company's lender support the sale. The court approved the sale following the auction. (Federal Filings Inc. 30-Nov-98) OKURA & CO: Seeks Extension of Exclusivity ------------------------------------------ Okura & Co.(America), Inc., debtor seeks an extension of its exclusive right to file a plan of reorganization and solicit acceptances. The motion will be heard on December 10, 1998 at 9:30 am before the Honorable Jeffry H. Gallet, US Bankruptcy Judge, at the US Bankruptcy Court, One Bowling Green, New York, New York 10004. The debtor seeks an extension of the time during which the debtor shall have the exclusive right to file a plan of reorganization from December 19, 198 through and including February 18, 1999; and extending the time during which the debtor shall have the exclusive right to solicit acceptances of a plan from February 18, 1999 through and including April 19, 1999. The debtor has been active negotiating and obtaining cash collateral utilization on five separate occasions. The debtor has met with several financial institutions regarding potential post-petition financing in the form of a letter of credit facility. The debtor is in the process of working on a business plan, and the debtor is reviewing claims filed. However, the debtor is not prepared to file a plan, and the debtor states that the only third party plan that could be filed would be a liquidating plan which would be disastrous for unsecured creditors. Furthermore, the debtor states that no party- in-interest has expressed a desire to seek to liquidate the debtor. OLYMPIA & YORK: Court Confirms Plan ----------------------------------- The U.S. Bankruptcy Court in Manhattan confirmed Olympia & York Maiden Lane LLC's reorganization plan Tuesday, as well as a settlement between the single-asset real estate company and a tenant over millions of dollars in back rent. The $60 million settlement with tenant Home Insurance Co. is expected to close around Dec. 10. The $75 million sale of O&Y's building to Amtrust Realty Corp. will close on Feb. 3 and distributions will be made shortly thereafter. (Federal Filings Inc. 30-Nov-98) ONCOR, INC.: Insufficient Cash to Meet Obligations -------------------------------------------------- Oncor, Inc., discloses in its latest-filed Form 10-Q that the Company currently has immediate obligations to (1) repay a $4 million note payable, which is secured by substantially all of the assets of the Company, (2) satisfy its trade and other unsecured obligations in an amount in excess of $3 million and (3) meet the redemption request, if valid, of its preferred shareholders in an amount in excess of $6 million. The Company has no cash reserves with which to contribute to the satisfaction of these obligations and, therefore, is in the process of attempting to sell or find strategic partners for substantial portions or all of its assets to meet these obligations. In the absence of any significant cash balances available for operations of the parent company, such operations have been significantly reduced. Beginning in September, 1998, cash proceeds to fund operations have been generated by the collection of customer accounts receivable, collection of a note receivable at a discount prior to maturity, release of escrowed funds and the sale of excess furniture and laboratory equipment. The Company expects to continue to fund near-term operations with cash from operations and proceeds from the sale of additional assets. With the receipt of all payments and the sale of each asset, the Company must reach agreement with the secured lenders as to the portion, if any, of the resulting proceeds which is available to fund operations. The remainder of such proceeds is applied against the outstanding balance due on the note. The note holders may elect at any time to apply all of the proceeds of any or all asset sales to the note until the full balance of the note is extinguished. Such action would result in the Company immediately ceasing all operations due to lack of available funds for operation. While the Company is using its best efforts to obtain maximum value for the sale of assets, it is possible that the success, if any, of these efforts will not be sufficient to fund the Company for the foreseeable future. In the event that the Company is unable to meet all its obligations without selling substantially all of its key assets, the Company will likely be forced into the complete termination of its business operations. ONEITA INDUSTRIES: Needs Time To Reject or Assume Leases -------------------------------------------------------- A hearing will be held on December 7, 1998, on the motion of the debtor, Oneita Industries, Inc. to extend the time within which the debtor may assume or reject certain unexpired leases of nonresidential real property. The debtor seeks an extension of approximately ninety days, through and including March 1, 1999. The debtor requires additional time to determine whether to assume or reject two unexpired leases of nonresidential real estate. One of the leases is the debtor's distribution center in Lawrenceville, Georgia, which has an annual rent of $966,000. And the other is a sales office in New York City, with an annual rental of $95,000. The debtor requires additional time e to determine how it will proceed with its reorganization. Due to depressed industry-wide pricing, the debtor will not be able to make the required cash payments under the amended plan for some time, and the prepetition lenders have advised the debtor that they do not wish to remain in the reorganization case until the amended plan can be implemented. Accordingly, the amended plan has effectively been abandoned. The prepetition lenders have consented to an extension of the debtor's exclusive period through February 18, 1999 provided that at any time after December 17, 1998, the prepetition lenders may, as a group, file a plan, as long as such plan is supported by a majority of the prepetition lenders holding at least two- thirds of the prepetition lenders' aggregate claims. The debtor has utilized the full availability under its DIP facility and is operating under tight working capital conditions. PARADISE BAKERY: Creditor Fights Committee Administration --------------------------------------------------------- Chart House Enterprises, Inc., a secured and unsecured creditor opposes the joint motion of Paradise Bakery Inc. and the Official Committee of Unsecured Creditors to authorize the Committee to administer the remaining aspects of the bankruptcy case. The creditor states that the Code does not authorize or permit this action and that it breaches the Committee's fiduciary duty. The creditor states that given the desire of Bakery's management to withdraw from further participation in the case, the appropriate procedure is for the court to either appoint a trustee or to convert the case to a chapter 7. PRECISION AUTO: Auto Concern's Restructuring is Underway -------------------------------------------------------- As previously reported, Precision Auto Care, inc., recently suspended an aggressive acquisition strategy it had been pursuing since the third quarter of its recently completed year. As a result, the Company incurred significant expenses attributed to the acquisition strategy impacting both year end and in first fiscal quarter 1999 earnings. "Your Company is taking strong measures to improve its cash flow and operating results," Lynn E. Caruthers, Chairperson of the Board, told shareholders last week in a letter filed under cover of Form 14-A with the SEC. "In the coming year, the Company will focus on its core businesses and the divestiture of non-strategic assets. On October 21, 1998, Charles L. Dunlap joined the Company as its President and Chief Executive Officer. Mr. Dunlap brings 28 years of experience in the petroleum industry. Your Board and the management team are dedicated to the continued growth and development of the Precision brands." RAND ENERGY: Debtor's Response To Change of Venue ------------------------------------------------- Rand Energy Company responds to the motion of Hon Petroleum, LLC ("Movants") for transfer of venue. The motion was joined by several other creditors of the debtor. The debtor states that the movants have failed to demonstrate any reason why Houston is a more convenient forum than Dallas for this case. Debtor states that although some members of the Creditors' Committee have offices in Houston, they rarely attend hearings except through counsel, and given the number of the Debtor's and Bank One's representatives and witnesses located in Dallas, Dallas is a more convenient and cost effective forum than Houston. The debtor states that this case was properly filed in Delaware, and that the debtor would prefer that the case stay in Delaware. Nevertheless, the debtor is willing to compromise and transfer venue to Dallas. The final hearing on debtor's request for approval of DIP financing is scheduled for November 30, 1998. The debtor states that the venue should not be transferred until after that date. RINCON ISLAND: Seeks Extension of Exclusivity --------------------------------------------- Rincon Island Limited Partnership, debtor, is seeking an order extending the exclusive periods in which to file a plan of reorganization and solicit acceptances thereto pursuant to the Bankruptcy Code. The debtor requests that it be granted an extension of its exclusivity periods to file a plan and to solicit acceptances to the plan, for approximately 120 days, to and including April 30, 1999 and June 30, 1999 respectively. The motion will be heard before the Honorable Robin Riblet, US Bankruptcy Judge, on December 15, 1998 at 10:00 am. The debtor states that it is actively pursuing various alternative corporate restructuring possibilities and refinancing possibilities and needs additional time to continue these efforts to maximize the value of its estate. The debtor's case is four months old, and the debtor state that it is making good-faith progress toward the successful resolution of its case. The size and complexity of the case with undisputed claims in excess of $30 million and assets with a potential value in excess of $80 million support the request for an extension of exclusivity. The principal unresolved contingency in this case is the alleged interest of South Coast Oil Corporation. An adversary case is pending. An extension of exclusivity is necessary for a determination to be made by the court in the adversary proceeding. SCOTT CABLE: Confirmation Ruling Pending ---------------------------------------- The court is expected to rule on confirmation of Scott Cable Communications Inc.'s reorganization plan before Dec. 11, the date the cable operator would default on its $165 million asset sale agreement if the plan is not confirmed. The U.S. Bankruptcy Court in Bridgeport, Conn., heard oral arguments at a hearing last Monday, when Scott Cable squared off with the Internal Revenue Service and Department of Justice. The government is asking the court to reject the plan on the grounds that it improperly leaves the IRS out of the money while paying unsecured creditors. The government's case is based on its argument that the primary purpose of the plan, which calls for the sale of Scott Cable's assets to Interlink Communications Partners, is the avoidance of some $30 million in taxes. Scott Cable has argued that the IRS is out of the money under the absolute priority rule. The fact that unsecured creditors are being paid before the IRS does not violate the Bankruptcy Code because the payments are coming directly from recoveries that would otherwise be payable to holders of the company's junior secured notes, "which are indisputably senior to any claim the IRS might have." (The Daily Bankruptcy Review and ABI Copyright c November 30, 1998) STAR NEWCO: Seeks Approval of Sale of Elgen Division ---------------------------------------------------- The debtor, Star Newco Inc., seeks approval of an Asset Purchase Agreement that provides for the purchase by Capital Hardware Supply Inc., Buyer of the acquired assets, being all of debtor's interest in the operating assets of debtor's Elgen Division. The consideration is approximately $1.325 million. The debtor is permitted to seek higher and better offers under the agreement. SYQUEST TECHNOLOGY: Receives Second Offer ----------------------------------------- SyQuest Technology Inc. is in talks with two potential buyers after receiving a second offer from an unnamed party Tuesday. At a contested cash collateral hearing Tuesday, investment banker CIBC Oppenheimer Corp. testified that both letters of intent represent "real" offers for the removable disk drive manufacturer. After suspending operations earlier this month, Fremont, Calif.-based SyQuest filed for Chapter 11 on Nov. 17 and signed a letter of intent to sell "substantial assets" to a strategic buyer. The proposed transaction would include intellectual property, manufacturing and development equipment, finished goods, work in process and raw material inventory for disk drives and cartridges. (Federal Filings Inc. 30-Nov-98) TELECOM SERVICES: To Emerge from Bankruptcy as CyberSentry ---------------------------------------------------------- Telecommunications Services Center Inc. said last week that it will emerge from bankruptcy, possibly as soon as during December, under a new name, CyberSentry Inc., and that it will focus on Internet security, Reuters reported. Per the terms of the company's amended reorganization plan, it would combine the Internet technology of the CyberSentry web site it recently acquired with its telecommunications expertise. (ABI 30-Nov-98) TORONTO'S SKYDOME: Granted Protection from Creditors ---------------------------------------------------- The owners of the SkyDome in Toronto received approval from the bankruptcy court in Ontario Friday to protect it from creditors who are owed more than $5 million, according to the Canadian Press. The owner also received approval for $3.5 million in emergency funding from the Blue Jays baseball club, the SkyDome's most important tenant. Owners of the stadium also asked the court for approval to withdraw $1.3 million from a $4.5 million capital reserve fund being held by Montreal Trust in order to upgrade its sound system, renovate its hotel and pay daily bills. The court approved a lease arrangement in which the Blue Jays have committed to leasing space from the SkyDome for one year. The SkyDome cites the following factors for its financial difficulties: increased competition from subsidized baseball stadiums, additional costs related to the decline of the Canadian dollar, the high debt load carried by the owners, high city property taxes, contracts with certain suppliers that impacted cash flow and a Jan. 1 renewal deadline for license agreements for the SkyBox viewing booths, which are expected to be renegotiated at less favorable terms. (ABI 30-Nov-98) WESTERN DIGITAL: Stockholder Rights Plan Document Available ----------------------------------------------------------- On September 10, 1998, the board of directors of Western Digital Corporation (the "Corporation") adopted a new stockholder rights plan to replace its existing stockholder rights plan which expires in November 1998. The Company filed a copy of the Plan under cover of Form 8-K with the SEC last week. A full-text copy of the document is available at http://www.sec.gov/edgar/Archives/data/0000106040/000089256 9-98-003159.txt at no charge via the Internet. WINDSOR ENERGY: Seeks Extension of Exclusive Periods ---------------------------------------------------- The debtor, Windsor Energy US Corporation is seeking an order extending the exclusive periods in which to file a plan of reorganization and solicit acceptances thereto. The debtor is seeking an order extending the time periods within which only the debtor may file a plan of reorganization and solicit acceptances of such plan, to and including April 30, 1999 and June 30, 1999, respectively. The debtor states that any plan of reorganization must be coordinated with Rincon Island, and the debtors state that they are actively exploring all forms of corporate restructuring. The debtor states that it is actively pursuing various alternative corporate restructuring possibilities and refinancing possibilities and needs additional time to continue these efforts to maximize the value of its estate. The debtor's case is four months old, and the debtor state that it is making good-faith progress toward the successful resolution of its case. The size and complexity of the case with undisputed claims in excess of $30 million and assets with a potential value in excess of $80 million support the request for an extension of exclusivity. The principal unresolved contingency in this case is the alleged interest of South Coast Oil Corporation. An adversary case is pending. An extension of exclusivity is necessary for a determination to be made by the court in the adversary proceeding. Meetings, Conferences and Seminars ---------------------------------- November 30-December 1, 1998 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Distressed Investing '98 The 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 December 10-12, 1998 THE AMERICAN LAW INSTITUTE-AMERICAN BAR ASSOCIATION The Emerged & Emerging New Uniform Commercial Code Sheraton New York Hotel, New York City Contact: 1-800-CLE-NEWS January 9-14, 1998 Law Education Institute Bankruptcy Law Course -- 1999 National CLE Conference Marriott's Vail Mountain Resort, Vail, Colorado Contact: 1-414-228-5810 January 28-February 1, 1999 COMMERCIAL LAW LEAGUE OF AMERICA 38th Annual Southern District Meeting Royal Sonesta Hotel, New Orleans, Louisiana Contact: 1-423-971-1551 February 18-21, 1999 COMMERICAL LAW LEAGUE OF AMERICA Annual Western District Meeting Monte Carlo Hotel & Casino Resort, Las Vegas, Nevada Contact: 1-702-382-9558 February 28-March 3, 1998 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Institute I Olympic Park Hotel, Park City, Utah Contact: 1-770-535-7722 March 18-21, 1998 NORTON INSTUTUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute II Flamingo Hilton Hotel, Las Vegas, Nevada Contact: 1-771-535-7722 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 April 28-30, 1999 INTERNATIONAL FEDERATION OF INSOLVENCY PROFESSIONALS INSOL Bermuda '99 Conference of the Americas Castle Harbour Marriott Resort Contact: INSOL@weil.com *********** 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 * * *