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/raid1/www/Hosts/bankrupt/TCR_Public/990720.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, July 20, 1999, Vol. 3, No. 137 Headlines ADVANTICA RESTAURANT: Registers Common Stock Of Security Holder AFFORDABLE HOMES OF AMERICA: Subsidiary Kampen in Chapter 11 AMERICAN GAMING: Suits Dismissed/Judgments Set Aside AMERICAN MOBILE: XM Radio Acquired Through Stock Exchange APOGEE ENTERPRISES: Expansion To Slow Over Next 3 Quarters BRUNO'S: Disclosure Statement Hearing To Continue To October 5 BRUNO'S: Examiner Appointed CENTENNIAL CELLULAR: Exchange Of 10 3/4% Notes Offered CHERNIN'S: Shoe Stores Will Sell Stores and Assets CHERRYDALE FARMS: Disclosure Statement CORNUCOPIA RESOURCES: Reorganization Approved By Shareholders DAILEY INTERNATIONAL: Seeks Approval of Special Counsel FOAMEX INTERNATIONAL: Amends Its Credit Agreements FULCRUM DIRECT: Seeks Extension of Exclusivity GLENAYRE TECHNOLIGIES: 2nd Quarter Earnings to Fall Short GOLDEN BOOKS: Applies to Retain Beldock Levine as Special Counsel GRAHAM FIELD: Annual Meeting Upcoming In Month Of August HARNISCHFEGER: Affiliates File Chapter 11 Petitions HARNISCHFEGER: Seeks To Shut Down Paper-Making Mill HOME HEALTH: Seeks Order Extending Time to Assume/Reject Leases JPE INC: Management Changes Announced KENETECH: Annual Meeting To Be In San Francisco In August LIVENT: Investor Group Suing Canadian Imperial Bank of Commerce NEWMONT MINING: Registers Securities With SEC PENNCORP FINANCIAL: Stock & Assets Sold Under Purchase Agreements PLUMA INC: Seeks Authorization To Sell Assets RENAISSANCE COSMETICS: Order Authorizes Employ Of Saul, Ewing SGSM ACQUISITION: Order Authorizes Agreement With Marketfare THE FRONTIER GROUP: Files Chapter 11 THE PHARMACY FUND: Applies for Approval of Incentive Bonus Plan THORN APPLE VALLEY: Hearing on Confirmation of Sale Set VENTAS INC: Requires Vencor Pay June Rent In Full By July 22nd Meetings, Conferences and Seminars ********** ADVANTICA RESTAURANT: Registers Common Stock Of Security Holder --------------------------------------------------------------- Advantica Restaurant Group has prepared a prospectus to facilitate the sale of shares of common stock of the company presently being held by a stockholder. The selling security holder is the current owner of 9,301,820 shares of common stock in the company. Advantica previously issued shares under a Chapter 11 Joint Plan of Reorganization of the company's predecessors, Flagstar Companies, Inc. and Flagstar Corporation. That Plan of Reorganization and the issuance of these shares became effective on January 7, 1998. The company will not receive any proceeds from the sale of these shares and does not know when the proposed sale of the shares by the selling security holder will occur. The common stock is currently listed for trading as a NASDAQ National Market security on The NASDAQ Stock Market under the trading symbol "DINE." The closing NASDAQ sale price of the common stock on June 30, 1999 was $3-7/16 per share. The selling security holder, directly, through agents designated from time to time, or through dealers or underwriters to be designated, may sell some or all of the common stock from time to time on terms determined at the time the common stock is sold. The company will issue a prospectus supplement, and/or post- effective amendment to the Registration Statement filed with the SEC, to explain the terms of the sales by the selling security holder as required by Commission regulations. AFFORDABLE HOMES OF AMERICA: Subsidiary Kampen in Chapter 11 ------------------------------------------------------------ On June 24, 1999, Affordable Homes of America, Inc. ("Affordable") placed its wholly owned subsidiary, Kampen and Associates, Inc. in Chapter 11 pursuant to the federal bankruptcy act. Although payments to the first mortgage holder are current, Affordable has not been successful in restructuring Kampen's debt to the second mortgage holder, the Shoalwater Bay Indian Tribe of Washington, thus necessitating the filing of the Chapter 11 Voluntary Petition. Affordable believes it will be successful in making arrangements to pay the aforesaid second mortgage and will be able to successfully reorganize its wholly owned subsidiary, Kampen and Associates, Inc. On April 21, 1999, Affordable Homes of America, Inc. acquired 100% of the common stock of Kampen and Associates, Inc. in exchange for 428,571 shares of $5.00 convertible preferred stock of Affordable. The preferred stock is convertible to common at $3.50 per share. The transaction is treated as a stock purchase for financial reporting purposes. The financial statements are presented on a pro-forma historical basis as of June 30, 1998 as if the transaction occurred in that date. As a result, the land cost has been adjusted to reflect the purchase price of Kampen's common stock. Accordingly, the value of the purchase amounted to $2,142,855. The investment in subsidiary and increase in land cost was reflected as a pro-forma adjustment. AMERICAN GAMING: Suits Dismissed/Judgments Set Aside ---------------------------------------------------- On June 25, 1999, Shamrock Holdings Group, Inc., American Gaming & Entertainment Ltd.'s largest stockholder and creditor, sold the Harolds Club in Reno, Nevada. All five land leases held by Shamrock related to the Harolds Club terminated at closing. The company, who assigned such land leases to Shamrock in September 1998, was released from all obligations under such leases, except that the company agreed to indemnify the five lessors of the Harolds Club property against any environmental liabilities resulting from intentional or negligent conduct on the part of the company. The company says it is unaware of, and no claim has been asserted related to, adverse environmental conditions at Harolds Club resulting from intentional or negligent conduct on the part of the company. Additionally, lawsuits filed against the company in the Second Judicial District Court of the State of Nevada in and for the County of Washoe, by the five lessors of the Harolds Club property and cross-claims filed against the company by co-defendants were dismissed upon closing, and any judgments which were entered have been withdrawn and set aside as if not entered. Due to certain lease guarantees, the company had recorded unpaid Harolds Club lease payments and property taxes from April 1996 through March 1999, collectively totaling approximately $2,307,000, as current liabilities as of March 31, 1999. As a result of the sale of the Harolds Club, and the consequent release of the company from all obligations under such leases and the dismissal of all related lawsuits and cross- claims against the company, the company has reversed the unpaid Harolds obligations. In September 1996, Shamrock and the company entered into an agreement whereby Shamrock agreed, upon the sale of the Harolds Club, to reimburse American Gaming & Entertainment for all costs and expenses, in an amount not to exceed $15,000, incurred by the company in connection with such sale, all reasonable attorneys' fees incurred by the company in connection with litigation commenced against, among others, the company by the five lessors of the Harolds Club property, and all reasonable costs and expenses incurred by the company in connection with the operation and maintenance of the Harolds Club. The company has set off such amounts, collectively totaling approximately $524,000, against the company's indebtedness due to Shamrock. AMERICAN MOBILE: XM Radio Acquired Through Stock Exchange --------------------------------------------------------- On July 7, 1999, American Mobile Satellite Corporation acquired WorldSpace Inc.'s debt and equity interests in XM Satellite Radio Holdings Inc., (excepting a $75 million loan from WorldSpace to XM Radio), in exchange for approximately 8.6 million shares of American Mobile's common stock. Concurrently with this transaction, XM Radio issued $250 million of subordinated convertible notes to several new strategic and financial investors, including General Motors Corporation, Clear Channel Investments, DirecTV, Telcom Ventures, Columbia Capital and Madison Dearborn Partners. XM Radio used $75 million of the proceeds from these notes to repay the outstanding loan payable to WorldSpace. As a result of these transactions, American Mobile Satellite Corporation owns all of the issued and outstanding stock of XM Radio, subject to the possibility of American Mobile's interest being reduced as described below. WorldSpace no longer owns any direct equity or debt interest in XM Radio. American Mobile indicates it decided to effect these transactions to provide XM Radio with more diversified and strategic sources of funding. It is believed by American Mobile that the infusion of funds to XM Radio by the new investors, together with the strategic and competitive advantages that such investors provide to XM Radio, are important to XM Radio's chances of successfully developing and offering satellite-based commercial radio service in accordance with its business plan. The exchange of approximately 8.6 million shares of American Mobile common stock for WorldSpace's interest in XM Radio was effected as follows: Worldspace transferred all of its right, title and interest in XM Radio, other than a portion of certain loans totaling $75 million issued by WorldSpace to XM Radio, to a new trust, XM Ventures, for the benefit of the stockholders of WorldSpace and certain other persons owning options and other rights to acquire WorldSpace stock. The assets transferred to XM Ventures included shares of XM Radio stock owned by WorldSpace, certain other indebtedness payable to WorldSpace, including notes convertible into shares of XM Radio stock, and options to acquire shares of XM Radio stock. XM Ventures then transferred to American Mobile all of the assets described above relating to XM Radio that it received from WorldSpace in exchange for 8,614,244 shares of American Mobile common stock. Of these shares, 6,479,443 shares were issued to XM Ventures at the closing of the exchange transaction. Approval must be obtained from the stockholders of American Mobile before it can issue the remaining 2,134,801 shares to XM Ventures. After the company obtains this stockholder approval, it will issue the remaining shares to XM Ventures. Concurrently with these transactions, XM Radio's capital structure was reorganized. Following such recapitalization, American Mobile holds 100% of XM Radio's Class B common stock, which are the only shares of XM Radio's capital stock outstanding. American Mobile also holds certain convertible debt of XM Radio, convertible into shares of XM Radio Class B common stock, whch debt is subordinated to the Series A subordinated convertible notes of XM Radio described below. The Class B common stock of XM Radio has three votes per shares. XM Radio also has Class A common stock, which is entitled to one vote per share. As mentioned earlier and also occuring on July 7, 1999, XM Radio issued $250 million of Series A subordinated convertible notes to six new strategic and financial investors, including General Motors, Clear Channel Investments, DirecTV, Columbia Capital, Telcom Ventures, and Madison Dearborn Partners. The notes and accrued interest are convertible into either XM Radio's Class A common stock or XM Radio's Series A convertible preferred stock at a conversion price of $509,711 aggregate principal amount of notes for each share of XM Radio stock. The notes mature on December 31, 2004, or, if XM Radio issues at least $50 million aggregate principal amount of high yield debt securities, XM Radio will be entitled to extend the maturity date of the convertible notes to a date no later than the six-month anniversary of the stated maturity date of such high yield debt securities. The notes are senior to all existing XM Radio indebtedness, including American Mobile's convertible debt in XM Radio that is convertible into XM Radio Class B common stock, but are subordinate to any future high yield debt securities issued by XM Radio. Using part of the proceeds from the issuance of its Series A subordinated convertible notes, XM Radio paid WorldSpace $75 million to repay an outstanding loan owed to WorldSpace. As a result of the XM Radio transactions American Mobile owns all of the issued capital stock of XM Radio. In the event that all securities convertible into voting stock of XM Radio were converted, American Mobile would own approximately 37% of the economic interest and approximately 62% of the voting interest in XM Radio. The $250 million of series A subordinated convertible notes are convertible into either XM Radio's Class A common stock or Series A convertible preferred stock at the election of the holders and, automatically, upon the occurrence of certain events, including an initial public offering of XM Radio yielding gross proceeds in excess of $100 million and above a prescribed per share value. In addition, the Class B common stock of XM Radio owned by American Mobile (which is entitled to three votes per share) is convertible on a one for one basis into Class A common stock (which is entitled to one vote per share), as follows: (1) at any time at American Mobile's discretion, (2) following XM Radio's initial public offering, at the direction of the holders of a majority of the then outstanding shares of XM Radio's Class A common stock (which majority must include at least 20% of the public holders of Class A common stock), and (3) on or after January 1, 2002, at the direction of the holders of a majority of the then outstanding shares of Class A common stock. Such conversion will be effected only upon receipt of FCC approval. In the event of such a conversion of American Mobile's Class B common stock of XM Radio into Class A common stock, American Mobile's voting interest in XM Radio will be reduced to approximately 37%. XM Radio is seeking to become a nationwide provider of digital quality audio entertainment and information programming transmitted directly by satellites to car, home and portable radios. XM Radio owns one of two FCC licenses to provide a satellite digital audio radio service for the United States. It is developing its service, which it will call "XM Radio", to provide a wide variety of music, news, talk, sports and other programming offering up to 100 distinct channels. XM Radio believes that customers will be attracted to the broad offering of formats and the service's digital quality sound, coast-to-coast coverage and text display features. As of March 31, 1999, XM Radio had incurred costs of approximately $219.5 million in connection with the development of the XM Radio system. XM Radio incurred aggregate net losses of approximately $1.7 million from its inception through December 31, 1997, and an additional $20.5 million in the 15-month period ended March 31, 1999. American Mobile expects XM Radio's net losses and negative cash flow to grow as XM Radio builds its system, makes payments under its various contracts and begins to incur marketing costs. For further information access, on the Internet, http://www.sec.gov/cgi-bin/srch-edgar?0000950133-99-002402free of charge. APOGEE ENTERPRISES: Expansion To Slow Over Next 3 Quarters ---------------------------------------------------------- The quarter ended May 29, 1999 saw net profit of $4,570,000 for Apogee Enterprises Inc. on revenues of $211,123,000. During the same quarter last year the company's net profit was $3,878,000 on revenues of $190,377,000. The company's total borrowings stood at $188.1 million at May 29, 1999, up from the $166.4 million outstanding at February 27, 1999. The additional borrowings, along with cash provided by operating activities, was sufficient to finance the period's significant investing activities and cash dividend requirements. At May 29, 1999, long-term debt stood at 49% of total capitalization, compared to 56% at fiscal year-end 1999. Apogee anticipates bank borrowings to decrease over the next three quarters as capital spending returns to a normalized level after several quarters of significant expenditures related to unprecedented capacity expansion in fiscal 1999. BRUNO'S: Disclosure Statement Hearing To Continue To October 5 -------------------------------------------------------------- To allow the Parties an opportunity to review the Examiner's Report to be filed on September 15, 1999, and afford an opportunity for further discussions and negotiation, Judge Robinson directed that the Disclosure Statement hearing will continue on October 5, 1999, in her courtroom at 2:00 p.m. BRUNO'S: Examiner Appointed --------------------------- Judge Walsh, sitting for Judge Robinson during her vacation break, ratified the United States Trustee's appointment of Harrison J. Goldin, Esq., to serve as the Examiner in Bruno's chapter 11 cases. Frederic J. Baker, Esq., a Senior Assistant U.S. Trustee, advised Judge Robinson that he consulted with the Debtors, the Committee, HSBC and Huff Asset Management. Each of these constituencies backed Mr. Goldin's appointment. Accordingly, Mr. Baker applied to the Court for an Order, pursuant to Rule 2007.1 of the Federal Rules of Bankruptcy Procedure, approving Mr. Goldin's appointment. Mr. Goldin has assured the U.S. Trustee and the Court that he has no connections with the Debtors, their creditors, any other party in interest, their respective attorneys and accountants, the United States Trustee or any person employed in the Office of the United States Trustee. Mr. Goldin is an experienced bankruptcy consultant and crisis manager and has significant experience evaluating solvency issues and in the investigation of fraudulent activity and financial misconduct. In particular, Mr. Goldin and his firm, Goldin Associates, L.L.P., have been involved on behalf of trustees or examiners in numerous complex bankruptcy proceedings, including Color Tile, Inc., Pegasus Gold Corporation, Cityscape Financial Corp., Sarwyn Realty, Monarch Capital, Granite Corporation, The Pharmacy Fund, Inc., and First Interregional Advisors. (Bruno's Bankruptcy News Issue 22; Bankruptcy Creditors' Services Inc.) CENTENNIAL CELLULAR: Exchange Of 10 3/4% Notes Offered ------------------------------------------------------ Centennial Cellular Corporation is offering to exchange the outstanding, unregistered 10 3/4% senior subordinated notes of Centennial Cellular Corp. and Centennial Cellular Operating Co. LLC presently held by stockholders for new, substantially identical 10 3/4% senior subordinated notes that will be free of the transfer restrictions that apply to the old notes. This offer will expire at 5:00 p.m., New York City time, on August 13, 1999, unless the company extends it. The new notes will not trade on any established exchange. Centennial Cellular is one of the largest independent wireless telecommunications service providers in the United States and Puerto Rico with approximately 426,700 subscribers as of February 28, 1999. Its domestic rural cellular systems provide service in areas with an aggregate population of 5.8 million, decreased by the percent of the company's subsidiaries serving those areas owned by third parties. On January 7, 1999, Centennial merged with CCW acquisition Corp. As a result of the merger, a new group of equity investors acquired a 92.9% ownership interest in Centennial. The remaining 7.1% interest is owned by public stockholders. Centennial entered into several financings, including the issuance of the old notes, in order to fund the merger. On December 14, 1998, Centennial completed the private offering of $370.0 million principal amount of its 10 3/4% senior subordinated notes due 2008. In connection with that offering, the company agreed, among other things, to deliver a prospectus and to use its best efforts to complete the exchange offer by July 6, 1999. Consequently Centennial is offering to exchange an equal principal amount of its 10 3/4% senior subordinated notes due 2008, which have been registered under the Securities Act, for its outstanding 10 3/4% senior subordinated notes due 2008. In order to be exchanged, an outstanding note must be properly tendered and accepted. Outstanding notes may be tendered only in integral multiples of $1,000. The exchange offer is to be completed regardless of whether all or less than all of the outstanding notes are tendered for exchange. For full text of the offering access http://www.sec.gov/cgi- bin/srch-edgar?0000950130-99-004006 on the Internet, free of charge. CHERNIN'S: Shoe Stores Will Sell Stores and Assets -------------------------------------------------- Chernin's Shoes, a 92-year-old Chicago-based discount shoe store said to be the largest independent shoe retailer, announced Wednesday it will sell its stores and assets, according to the Chicago Tribune. During the 1980s the store was extremely popular,and it was said that one in every six shoes sold in Chicago came from Chernin's. The struggle began in the mid-1990's when Frontenac Co., a venture capital firm, invested $10 million in an expansion of Chernin's to open stores in the Detroit area. Stores such as Nordstrom and Kenneth Cole became very competitive with Chernin's when they began to open stores in the Chicago area. "Sales were declining for the last eight years," said Chernin's CEO, John Browne. The store filed for chapter 11 on May 10. CHERRYDALE FARMS: Disclosure Statement -------------------------------------- The liquidating plan of reorganization of Cherrydale Farms, Inc. et al. provides for the distribution of cash to the holders of claims deriving from the proceeds of avoidance actions prosecuted by the estate representative and/or the committee. The sources of funds for distributions under the plan are as follows: The proceeds from the sale of the debtors' assets to R&R and Hershey, to the extent not distributed to the debtors' secured lenders. The proceeds from the sale by Cherrydale of its equity interest in Our World, Inc., to the extent not already distributed to the debtors' secured lenders by the time of confirmation of the plan; Any funds collected by the estate representative or the committee on account of avoidance actions; and The liquidation of any other assets remaining in the estates. Treatment of Claims: Class 1 - Secured Claim of JNL. Impaired. Fully perfected security interest in certain assets of the debtors. Holder shall receive cash proceeds realized from the liquidation of its collateral up to the allowed amount of its claim. Class 2 - Secured Claim of PNC Bank - Unimpaired. Already satisfied in full. Class 3 - Other Secured Claims - Secured claims of all other entities which claim to hold a claim secured by an asset of the debtors. These include claims secured mechanics liens, warehouseman's liens and other statutory liens and security interests. Each holder of a secured claim that is an allowed claim shall, at the option of the estate representative within 10 business days after the Effective Date: receive in cash the proceeds realized from the liquidation of its collateral up to the allowed amount of its claim. Class 4 - Priority Non Tax Claims The plan provides that pro rata distributions to the holders of allowed claims to the extent that the disbursing agent determines that sufficient funds have become available for distribution after payment of all claims that are allowed claims in Classes 1 and 3. A final distribution to holders of priority non-tax claims that are allowed claims in Class 4 shall be made by the disbursing agent when all objections to claims have been resolved pursuant to a final order and all assets of the estate have been reduced to cash. Impaired. Class 5 - Unsecured claims. Pro rata distributions after payments to Classes 1, 3, 4. The aggregate number and a value of such claims are difficult to determine at this time. The holders of claims are impaired and may vote on the plan. Class 6 - Equity Interests. No distribution. Deemed to be rejected. CORNUCOPIA RESOURCES: Reorganization Approved By Shareholders ------------------------------------------------------------- Andrew F. B. Milligan, President and Chief Executive Officer of Cornucopia Resources Ltd. announces that at the company's annual and extraordinary general meeting held on June 30, 1999, the shareholders passed special resolutions approving the sale of Cornucopia's primary asset, its joint venture interest in the Ivanhoe property in the State of Nevada; a consolidation of its authorized and issued common share capital; the acquisition of Stockscape Technologies Ltd.; and a change of name to Stockscape.com Technologies Inc. and restructuring of the Board of Directors of Cornucopia to reflect the nature of the company's new business. The shareholders elected Andrew F. B. Milligan, John J. Brown, Sargent H. Berner, A. Murray Sinclair and David R. Williamson as directors. The company sold its 25% interest in the Ivanhoe property to Great Basin Gold Ltd. of Vancouver, B.C. for 2,750,000 common shares of Great Basin at a deemed price of $1.25 per share, Canadian, and 250,000 warrants exercisable to purchase an additional 250,000 shares of Great Basin at $2.00 per share, Canadian, for one year. Resale of the shares issued in consideration for the company's interest will be restricted, by agreement, for a period of twelve months. The company has agreed to a voting trust in favour of Great Basin management for a period of two years and has been given representation on the board of directors of Great Basin. The company also will have the right to participate in future financings of Great Basin in order to maintain its equity interest. The company anticipates that the formal closing of the acquisition of Stockscape Technologies Ltd. will be completed within the next few days at which time the share consolidation and name change will be made effective and the shares of the company thereafter will commence trading on the OTCBB on a consolidated basis under the symbol STKSF. In the meantime, the shares will continue trading under the previous symbol CNPGF. The company understands that its shares were called for trading on the OTC Bulletin Board on July 6, 1999 under the STKSF symbol. The OTC Bulletin Board has been advised that this was premature, and has confirmed that trading will continue under the symbol CNPGF until they are instructed that the company's name change and share consolidation have been made effective. DAILEY INTERNATIONAL: Seeks Approval of Special Counsel ------------------------------------------------------- The debtor, Dailey International Inc., one of the debtors in the Chapter 11 case of Dailey International Inc. and its affilates, seeks court approval of the retention and employment of the following law firms: Quattrini, Laprida & Asociados - as special counsel for advice and representation on agencies, contracts, joint ventures, general commercial law, disputes, and other legal matters in Argentina. Greenwald Legal Consultancy - as special counsel for advice and representation on agencies, contracts, joint ventures, general commercial law, disputes, and other legal matters int eh United Arab Emirates and the Arabian Gulf region. Susman Godfrey LLP - as special counsel for the debtors for prosecution, maintenance, defense, and enforcement of intellectual property rights during this Chapter 11 case. Arnold White & Durkee - as special counsel for the prosecution, maintenance, defense, and enforcement of intellectual property rights during this Chapter 11 case. Tobor Goldstein & Healey - as special counsel for the prosecution , maintenance defense, and enforcement of intellectual property rights during this Chapter 11 case. Neel Hooper & Kalman, PC - as special counsel for prosecution and defense of employment and labor law matters. Fulbright & Jaworski LLP - as special counsel for tax and employee benefit matters. Tindall & Forster PC - as special counsel for matters relating to immigration law issues, including the qualification of key foreign national employees for appropriate US work visa status. Dundas & Wilson CS as special counsel for prosecution and defense of intellectual property rights and general corporate and commercial legal services. FOAMEX INTERNATIONAL: Amends Its Credit Agreements -------------------------------------------------- Foamex International Inc. announces that its Foamex L.P. and Foamex Carpet Cushion, Inc. subsidiaries have amended their bank credit agreements to reset the financial and operating covenants. Foamex had previously received waivers of certain provisions of these credit agreements through June 30, 1999. The company said that the amendments contained certain provisions to restrict future cash outflows, including payments of $3.0 million annually under a management agreement between Foamex and a subsidiary of Trace International Holdings, Inc. Foamex also announced that it would terminate the sublease of New York office space at 375 Park Avenue to Trace, effective September 30, 1999. Foamex intends to vacate the space and offer the offices for sublease to a third party. John G. Johnson, Jr., President and Chief Executive Officer, stated, "We are pleased that our lenders recognize the stronger ongoing potential of Foamex as well as the progress we've made to strengthen operations and financial controls. Our 1999 results to date show that our employees are resilient, devoted and achieving continuous improvement and increased sales. I fully expect Foamex to be a viable, profit-generating entity for the long-term." Mr. Johnson added that the steps taken today reflect positive actions taken by the Linwood, PA-based leadership team which are designed to reposition Foamex for sustained profitability. Foamex, headquartered in Linwood, Pennsylvania, manufactures and markets flexible polyurethane and advanced polymer products in North America. The company expects to announce results for the second quarter 1999 on or about August 5, 1999. FULCRUM DIRECT: Seeks Extension of Exclusivity ---------------------------------------------- The debtors, Fulcrum Direct, Inc. and its affiliates, seek an order granting an extension of exclusivity. A hearing on the motion will be held on July 23, 1999 at 1:00 PM. Fulcrum submits that the current deadline does not afford Fulcrum a realistic opportunity to formulate a comprehensive plan of liquidation. Fulcrum is currently in the process of attempting to recover certain preferential transfers and collect certain outstanding receivables. Additionally, the Committee is investigating and pursuing potential avenues of recovery for the estate. Until Fulcrum has had additional time to further analyze and pursue potential causes of action against third parties, it is not able to fully assess the recoveries that will be available to the estates and, accordingly, is not in the position to formulate a plan of liquidation. Fulcrum requests that the court enter an order extending the Filing Period through and including September 30, 1999 and extending the Solicitation Period through and including November 30, 1999. GLENAYRE TECHNOLIGIES: 2nd Quarter Earnings to Fall Short --------------------------------------------------------- Glenayre Technologies Inc. warned late Wednesday it expects to fall short of analysts' estimates for second-quarter earnings, in part because of a continued slump in sales of paging equipment. Glenayre's stock fell 75 cents, or 15.4 percent, to $4.12 1/2. The Charlotte-based telecommunications equipment maker, which reports earnings July 26, also said it faces continued costs related to the financial troubles of a major customer, Greenville, S.C.-based Conxus Communications, and for restructuring its business. Conxus, which owes Glenayre about $49 million, sought protection from creditors under Chapter 11 of the federal bankruptcy law in May. Glenayre also said it will announce a major restructuring within 90 days that will result in $10 million to $15 million in charges during the third quarter. It also plans to write off $50 million to $60 million because of poor sales at its Wireless Access pager business. Published Friday, July 16, 1999, in the Charlotte Observer. GOLDEN BOOKS: Applies to Retain Beldock Levine as Special Counsel ----------------------------------------------------------------- The debtor, Golden Books Family Entertainment, Inc., et al. represents that as part of its long term restructuring and business plans, the debtors have determined to dispose of their interest in McSpadden-Smith, Inc., a Nashville based music publisher and wholly-owned subsidiary of Golden Books Publishing Company, Inc. To facilitate the disposition efforts, it is apparent to the debtors that they require the services of outside counsel with specific experience in the music publishing industry to represent them in connection with any proposed transaction. The debtors seek entry of an order authorizing the retention of Beldock Levine & Hoffman LLP as special counsel to perform legal services in connection with a potential transaction. In connection with such transaction the firm will review and consult with the debtors regarding a purchase agreement and other acquisition document; assist the buyer's due diligence; and perform lien and title searches. The debtos have agreed to pay the firm its usual and customary hourly fees plus expenses. The hourly fee for partners of the firm range from $185 to $425. The hourly fee for Associates ranges from $150 to $185, and the hourly fee for Paralegals ranges from $60 to $80. GRAHAM FIELD: Annual Meeting Upcoming In Month Of August -------------------------------------------------------- Graham Field Health Products Inc. has scheduled the annual meeting of stockholders for Monday, August 16, 1999, at 11:00 A.M. The meeting will be held in Grand Salon One at the Islandia Marriott Long Island, 3635 Express Drive North, Hauppauge, New York 11788. Business to be undertaken at the meeting will be the election of two Class III Directors of the company to serve for a term of three years; consideration and action upon a proposal to ratify the appointment of Ernst & Young LLP as the company's independent auditors for the current fiscal year; and to transact any other business that arises. Only stockholders of record at the close of business on July 12, 1999 are entitled to notice of and to vote at the annual meeting. HARNISCHFEGER: Affiliates File Chapter 11 Petitions --------------------------------------------------- On June 28, 1999, the Debtors delivered separate chapter 11 petitions to the Bankruptcy Clerk in Wilmington for: * American Longwall Mexico, Inc. * Beloit Corporation * Beloit Holdings, Inc. * Beloit International Services, Inc. * Beloit Iron Works, Inc. * Dobson Management Services, Inc. * Ecolaire Export FSC, Inc. * Ecolaire Incorporated * Gullick Dobson, Inc. * Harnischfeger Credit Corporation * Harnischfeger Overseas, Inc. * Industrial Clean Air, Inc. * J.P.D., Inc. * Joy Energy Systems, Inc. * Joy Environmental Technologies, Inc. * Joy International Sales Corporation, Inc. * Joy power Products, inc. * Mining Services, Inc. * PEAC, Inc. * PEOC, Inc. * PMAC, Inc. * P.W.E.C., Inc. * Rader Resource Recovery * RCHH, Inc. * RYL, LLC * Smith Machine Works, Inc. * SMK Company Judge Walsh directs that each of these entities' chapter 11 cases shall be jointly administered (but not substantively consolidated, at this time) with Harnischfeger Industries, Inc., under Bankruptcy Case No. 99-2171. Further, each of these Additional Debtors are authorized to employ the Professionals retained by the Initial Debtors and the extension of time permitting the Initial Debtors to file their Schedules and Statements on August 2, 1999, shall apply to the Additional Debtors. (Harnischfeger Bankruptcy News Issue 5; Bankruptcy Creditors' Services Inc.) HARNISCHFEGER: Seeks To Shut Down Paper-Making Mill --------------------------------------------------- Princeton Paper Company LLC is a wholly-owned debtor subsidiary of Beloit. Since 1998, Jack B. Fishman, Beloit's Senior Counsel and Assistant Corporate Secretary, explains to Judge Walsh, Princeton has operated a pulp and paper-making mill in Fitchburg, Massachusetts, producing specialty, printing and writing grades of paper. Beloit inherited the mill the 1997 Massachusetts Recycling Associates Limited Partnership chapter 11 proceeding, Bankruptcy Case No. 9-45595-JFQ (Bankr. D. Mass.). Beloit hoped the mill could become profitable and made saleable to recoup a portion of some $60 million Beloit lost on machinery sales and services related to the MRALP project. Start-up was delayed; the paper market is depressed; the mill has never come close to turning a profit; on $24,700,000 of projected 1999 sales, Princeton anticipates $22,800,000 in pre-tax operating losses. Currently, the mill is a $66,000-a-day drain, bleeding $2,000,000 per month. In their business judgment, the Debtors have determined that the mill should be shutdown immediately; the Committee agrees with the Debtors' conclusion. "While . . . Management believes that the Facility will eventually be profitable, it also believes it would be an error in business judgment to continue to invest in that eventuality," Mr. Fishman tells the Court, adding that "the timing of the achievement of profitability is the variable that Management is unwilling to risk." The Debtors expect that the operation can be shutdown in 4 weeks' time, and that will be sufficient to issue WARN Act notices to the mill's 140 employees. Accordingly, the Debtors ask the Court for authority to terminate Princeton Paper's operations and shutdown the mill without further delay. The Fitchburg Paper Mill in which Princeton Paper Company LLC operates its business was built in 1994 with $191,500,000 raised through municipal bond offerings. Massachusetts Recycling Associates Limited Partnership's 1997 chapter 11 proceeding compromised that debt to $58,700,000, and transferred title to Massachusetts Paper Company, an entity controlled by various municipal bond funds. MPC, in turn, entered into a lease with Princeton Paper Company calling for $6,900,000 annual rental payments and granting Princeton Paper an option to purchase to facility for $12,500,000 at the expiration of the 15-year lease. Beloit guarantees Princeton's lease-related obligations. The Debtors have decided to shutter Princeton Paper's operations. The Debtors have no further need for the mill. The Debtors can't find another entity who would be willing to assume the lease and pay $575,000 per month to MPC. Accordingly, the Debtors ask the Court for authority, pursuant to 11 U.S.C. Sec. 365, to reject the lease without further delay. HOME HEALTH: Seeks Order Extending Time to Assume/Reject Leases --------------------------------------------------------------- The debtors, Home Health Corporation of America, Inc. et al. seek an extension of time within which the debtors may assume or reject unexpired leases of nonresidential real property. A hearing will be held on August 5, 1999 at 9:30 AM. The debtors submit that they are parties to a great many unexpired leases of nonresidential real property. The leases pertain to commercial premises used by the debtors for sales, storage, patient visitation, and executive and administrative offices in various states. The debtors have begun to review and analyze their leases. However, they will not be able to make reasoned decisions as to whether to assume or reject the remaining leases by the current deadline of August 17, 1999. The debtors represent that the unexpired leases are, without question, valuable assets of the debtors' estates and are integral to the continued operations of their businesses. The debtors' period of time within which to assume or reject leases currently expires on August 17, 1999. The debtors request an extension of ninety days, through and including November 15, 1999. By separate application, the debtors seek authorization to reject an unexpired lease of nonresidential real property. Thus far the debtors have rejected approximately 21 leases. The lease to be rejected is located in Hudson, Florida. The debtors have vacated the leased premises, and the lease will not serve any useful purpose in the operations of the debtors' businesses. JPE INC: Management Changes Announced ------------------------------------- JPE INC., dba ASCET announced in early July that Richard Chrysler has been named Vice Chairman. Chrysler, formerly President and CEO, will continue to report to David Treadwell, Chairman and CEO of ASCET. Chrysler's new responsibilities will consist of developing growth opportunities for the company. Mr. Chrysler spearheaded the restructuring of ASCET prior to investment of ASC Holdings and Kojaian Holdings. ASCET also announced the promotion of Grant McKinley to General Manager of Plastic Trim, Inc., a wholly owned subsidiary of ASCET. "With the new financial stability of ASCET we are able to focus our attention on our customers, instead of our banks. This includes determining new technologies and products we can develop or acquire to better serve our customers," stated David Treadwell. ASCET, is a Tier I supplier of automotive exterior trim packages and aftermarket heavy truck parts. ASCET consists of three operating subsidiaries: Plastic Trim, Inc., and Starboard Industries, Inc., both exterior trim suppliers and Dayton Parts Incorporated, an aftermarket supplier of heavy truck suspension and brake systems. KENETECH: Annual Meeting To Be In San Francisco In August ---------------------------------------------------------- The annual meeting of stockholders of Kenetech Corporation, a Delaware corporation, will be held at the Hyatt Regency San Francisco, Five Embarcadero Center, San Francisco, California, on Wednesday, August 18, 1999, at 10:00 A.M., local time, for the purpose of electing one director as a Class III director of the company to hold office for a three-year term, one director as a Class II director to hold office for a two-year term and one Class I director to hold office for a one-year term. Stockholders will also be asked to ratify the Board of Directors' appointment of KPMG LLP as independent auditors to audit the financial statements of the company for the 1999 fiscal year. Stockholders of record at the close of business on June 21, 1999 are entitled to notice of, and to vote at, the meeting. LIVENT: Investor Group Suing Canadian Imperial Bank of Commerce -------------------------------------------------------------- Entertainment executive Michael Ovitz and an investor group he manages is suing Canadian Imperial Bank of Commerce alleging the bank acted fraudulently in leading the Ovitz group to invest US$20 million in bankrupt Livent Inc. In court documents filed this week, lawyers for Ovitz and Lynx Venture LP claim Canadian Imperial misrepresented a loan agreement with Livent, producers of Broadway musicals like "Ragtime" and "Show Boat" in 1997, then covered up evidence to aid Livent in receiving the Lynx investment. When Livent got its hands on the US$20 million, it quickly paid the money to Canadian Imperial, also known as CIBC, according to the filing in U.S. District Court in Los Angeles. But bank spokeswoman Katherine Gay said CIBC had no knowledge that any letters or agreements were ever concealed and when it became aware that a transaction may not have been properly disclosed, it immediately notified the company. "CIBC has never engaged in any sort of wrongful contact or improper, transaction with Livent," Gay said. "At all times we have acted at arms length and are certain that all elements of our transactions with Livent were fully fair and open." A spokeswoman for Ovitz declined to make statements beyond what was in the court filing. Ovitz, once one of Hollywood's most powerful talent agents and still a strong business presence in entertainment and his group began investing in Livent back in 1998. But questions of accounting irregularities cropped up in Livent's books when new management assumed control of the company. By November last year, the Toronto-based theatrical producer filed for protection under U.S. bankruptcy law. The Lynx suit claims Livent and CIBC, which was Livent's banker, signed a letter of agreement calling for CIBC to purchase European theatrical rights to "Ragtime" and "Show Boat" for 2 million pounds sterling. The two parties also signed a second letter concerning the rights deal that made the deal more like "a loan, not a purchase, on usurious terms," the court filing said. This second, "secret side agreement", as Lynx's lawyers referred to it, required Livent to refund all the money CIBC paid for the rights, plus an annual return of 33 percent even if the European rights to the shows proved unprofitable. The second letter also called for Livent to pay CIBC 10 percent of the New York box office receipts of "Ragtime" if its initial investment and the 33 percent return were never realized, the court papers revealed. Lawyers for Lynx and Ovitz allege CIBC officials sought to hide this second letter from the investors when the Ovitz-led group was deciding whether or not to invest in Livent. NEWMONT MINING: Registers Securities With SEC --------------------------------------------- On July 12th, 1999, Newmont Mining Corporation and its wholly- owned subsidiary, Newmont Gold Company, filed with the SEC, a registration statement providing for the issuance by Newmont Mining from time to time of up to $500 million aggregate offering price of securities, consisting of common stock, preferred stock, common stock warrants, debt securities and warrants for debt securities. The debt securities will be fully and unconditionally guaranteed by Newmont Gold. PENNCORP FINANCIAL: Stock & Assets Sold Under Purchase Agreements ----------------------------------------------------------------- On June 30, 1999, PennCorp Financial Services, Inc., a subsidiary of PennCorp Financial Group, Inc., consummated the sale of all of the outstanding shares of common stock of Kivex, Inc. to Allegiance Telecom, Inc. in keeping with the stock purchase agreement dated as of June 11, 1999, as amended, between Allegiance and PCFS, for a purchase price of $34.5 million. After the payment of transaction fees and expenses, the settlement of intercompany balances and the payment of certain amounts as required by the Kivex purchase agreement, the net proceeds of such sale were approximately $22 million, which was paid to the lenders under the company's credit agreement to reduce the amount of debts owed them. On July 2, 1999, the company executed an amended and restated purchase agreement, by and between the company, certain direct and indirect subsidiaries of the company, Universal American Financial Corp. and American Exchange Life Insurance Company. Under this agreement Universal agreed to purchase the company's Career Sales Division and related assets for $137 million in cash, including $6.5 million to be retained as a dividend from one of the company's subsidiaries as part of the closing of the transaction. The Career Sales Division is comprised of Pennsylvania Life Insurance Company, Union Bankers Insurance Company, Peninsular Life Insurance Company, PennCorp Life Insurance Company, Constitution Life Insurance Company, Marquette National Life Insurance Company, PennCorp Financial, Inc., and substantially all of the assets of PCFS. The amended and restated PennUnion purchase agreement eliminated the purchase price adjustment and the indemnification obligations related to the disability income claim reserves of PennLife; eliminated the closing obligation related to the sale of Union's comprehensive medical block of business; and converted the transaction therein to an all-cash purchase price. PLUMA INC: Seeks Authorization To Sell Assets --------------------------------------------- The debtor, Pluma Inc. seeks court authority to sell the assets of the debtor utilized in connection with the operation of its Stardust Division to TAM Acquisition Corp. The purchase price for the Stardust Assets is $13.5 million, subject to adjustment. RENAISSANCE COSMETICS: Order Authorizes Employ Of Saul, Ewing ------------------------------------------------------------- By order of the US Bankruptcy Court for the District of Delaware, the Official Committee of Unsecured Creditors of Renaissance Cosmetics, Inc., et al. is authorized to employ and retain Saul, Ewing, Remick & Saul LLP as counsel nunc pro tunc to June 10, 1999. SGSM ACQUISITION: Order Authorizes Agreement With Marketfare ------------------------------------------------------------ The US Bankruptcy Court for the Eastern District of Louisiana entered an order in the case of SGSM Acquisition Company, LLC, authorizing and approving agreements for the purchase and assignment of leasehold interest with certain subsidiaries of Marketfare for four stores located in New Orleans, LA and the sale of the debtor's inventory located within the stores. The stores are locate at 2222 St. Claude Avenue, New Orleans, 300 N. Broad, New Orleans, 4001 Canal Street, New Orleans, and 1325 Annunciation street, New Orleans. The debtor also seeks approval of a certain agreement with Realm Realty Company for the purchase and assignment of leasehold interest of a store located in New Orleans at 8103 S. Claiborne Avenue. THE FRONTIER GROUP: Files Chapter 11 ------------------------------------- Debtor: The Frontier Group, Inc. One Boston Place, Suite 2300 Boston, Massachusetts 02108 Court: District of Massachusetts Case No.: 99-15947 Filed: 07/14/99 Chapter: 11 Debtor's Counsel: Daniel C. Cohn Cohn & KELAKOS LLP 265 Franklin Street Boston, Mass. 02110 20 Largest Unsecured Creditors: Name Amount ---- ------ ING 13,126,000 CORE STATES 4,016,000 ACTION HOME CARE 1,000,000 Health Resources Home Care 939,400 Fred Stern 701,000 The Health Company 650,000 Hept 526,321 Nelson Shaller 540,000 Hutchins Wheeler & Dittmar 490,708 Health Resources Inc. 480,000 Care Tools Inc. 420,000 The Impact Group 318,695 Springfield Food Service 312,185 New Britain Gen'l. Hospital 279,647 Oracle Coproration 278,309 Advantage Home Care 248,900 Medline 244,628 US Group Inc. 230,522 Hyperion Software 197,937 George Walker 180,563 THE PHARMACY FUND: Applies for Approval of Incentive Bonus Plan --------------------------------------------------------------- The debtors, The Pharmacy Fund, Inc. And Pharmacy Fund Receivables, Inc. seek entry of an order approving an employee incentive bonus plan. While the debtors ceased purchasing Receivables as of the filing date, at present, there remains approximately $40 million in gross Receivables and other obligations to be collected from Pharmacies and others. The Incentive Bonus Plan will provide for distribution of a bonus pool among management and staff. The amount of the bonus pool will be 3% for the first $2 million of incentive bonus plan collections and 5% for incentive plan collections thereafter. The debtor sets out what percentages of the pool will be paid to which groups of employees. Approximately 40 employees remain with the company. The maximum cost of the plan is estimated to be $210,000. THORN APPLE VALLEY: Hearing on Confirmation of Sale Set ------------------------------------------------------- IPB, Inc. and Excel Corporation each have until July 16, 1999 to provide proposed Asset Purchase Agreements to each of the debtors, the Bank Group and the Official Unsecured Creditors' Committee and Thorn Apple Valley, Inc. A hearing and status conference shall be held on July 19, 1999 at which time the debtors, Bank Group and Committee shall present their consensus to the court as to which Asset Purchase Agreement represents the best offer, or if no consensus has been reached, ask the court to determine the best offer. Hearing on approval or confirmation of the sale is set for July 29, 1999. VENTAS INC: Requires Vencor Pay June Rent In Full By July 22nd -------------------------------------------------------------- Ventas, Inc. announced its agreement with Vencor, Inc., its principal tenant, which provides for the payment of June rent on a specified schedule. The schedule is $3.5 million on July 8, $1 million on each of July 9, 12, 13, 14, 15, and 16, $2 million on each of July 19, 20 and 21 and approximately $3.4 million on July 22. These payments, totaling approximately $18.9 million, represent the full amount of rent that is due for June under the lease agreements. If Vencor fails to pay any installment of June rent in accordance with the specified schedule, the company will be entitled to exercise its remedies under its lease agreements with Vencor with respect to the late payment of June rent, unless Vencor or its bank lenders pay the full amount of unpaid June rent within five days of such non-payment. So that the company, Vencor and Vencor's bank lenders can continue their discussions regarding a global restructuring of Vencor's financial obligations, the company and Vencor have agreed to amend the standstill agreement which the parties entered into on April 12, 1999. The amended standstill agreement will extend, until August 5, 1999, the obligations of each of the company and Vencor to refrain from pursuing any claims against the other or any third party relating to the April 1998 reorganization and the company's agreement not to exercise its remedies under its lease agreements with Vencor, other than its delivery of notice of non-payment of July rent. As provided in the amended standstill agreement, the company has given Vencor notice of non-payment of July rent. If Vencor or its bank lenders fail to pay the full amount of July rent on or prior to August 10, 1999, Ventas will be entitled to exercise immediately its rights and remedies under the lease agreements. The amended standstill agreement will terminate on the earliest to occur of August 5, 1999, any date that a voluntary or involuntary bankruptcy case is commenced by or against Vencor or Vencor's failure to make the full lease payments for June 1999 under the specified schedule. Ventas and Vencor also agreed to renew an agreement between the parties that any statutes of limitations or other time constraints in a bankruptcy proceeding that might be asserted by one party against the other would be extended or tolled from April 12, 1999 until the earlier to occur of August 5, 1999 or any date on which Vencor shall fail to pay when due any of the installments of June rent under the specified schedule. Ventas, Inc. is a real estate company whose properties include 219 nursing centers, 45 hospitals and eight personal care facilities operated in 36 states. Meetings, Conferences and Seminars ---------------------------------- August 4-7, 1999 AMERICAN BANRKUTPCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton, Amelia Island, Florida Contact: 1-703-739-0800 August 26-28, 1999 AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION COMMITTEE ON CONTINUING PROFESSIONAL EDUCATION Real Estate Defaults, Workouts and Reorganizations San Francisco, California Contact: 1-800-CLE-NEWS August 29-September 1, 1999 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES 1999 Convention Grove Park Inn, Asheville, North Carolina Contact: 1-803-252-5646 or info@nabt.com September 13-15, 1999 STATES' ASSOCIATION OF BANKRUPTCY ATTORNEYS 8th Annual States' Taxation & Bankruptcy Conference Hotel Santa Fe, Santa Fe, New Mexico Contact: 1-505-827-0728 September 16-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Southwest Bankruptcy Conference The Hotel Loretto, Santa Fe, New Mexico Contact: 1-703-739-0800 September 17, 1999 GEORGETOWN UNIVERSITY LAW CENTER & THE AMERICAN BANKRUPTCY INSTITUTE Bankruptcy '99: Views from the Bench Georgetown University Law Center, Washington, D.C. Contact: 1-202-662-9890 September 24-25, 1999 VIRGINIA CONTINUING LEGAL EDUCATION 14th Annual Mid-Atlantic Institute on Bankruptcy and Reorganization Practice Boar's Head Inn, Charlottesville, Virginia Contact: 1-800-979-8253 September 27-28, 1999 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Conference on Corporate Reorganizations Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com October 6-9, 1999 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 73rd Annual Meeting San Francisco Marriott, San Francisco, California Contact: 1-803-957-6225 October 22-26, 1999 TURNAROUND MANAGEMENT ASSOCIATION 1999 Annual Conference The Fairmont--Atop Nob Hill, San Francisco, CA Contact: 1-312-822-9700 or ljfialkoff@turnaround.org November 17-20, 1999 AMERICAN BAR ASSOCIATION'S LATIN AMERICAN LAW SUBCOMMITTEE & THE ASSOCIATION OF COMMERCIAL BANKS OF THE DOMINICAN REPUBLIC Educational Exchange Case De Campo Resort, LaRomana, Dominican Republic Contact: 1-703-739-0800 November 29-30, 1999 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Distressed Investing '99 The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com December 2-4, 1999 AMERICAN BANRKUTPCY INSTITUTE Winter Leadership Conference La Quinta Resort & Club, La Quinta, California Contact: 1-703-739-0800 May 4-5, 2000 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Bankruptcy Sales & Acquisitions The Renaissance Stanford Court Hotel 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. Bond pricing, appearing in each Friday edition of the TCR, is provided 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, Yvonne L. Metzler and Lexy Mueller, Editors. Copyright 1999. 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 * * *