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/raid1/www/Hosts/bankrupt/TCR_Public/991101.MBX T R O U B L E D C O M P A N Y R E P O R T E R Monday, November 1, 1999, Vol. 3, No. 211 Headlines BELL GEOSPACE: Administaff Seeks To Disqualify Law Firm BELL GEOSPACE: Seeks To Hire Counsel COMMERCIAL FINANCIAL: Committee Objects to Exclusivity Extension COSTILLA ENERGY: Seeks Approval of Compromise With Seisgen EAGLE GEOPHYSICAL: Meeting of Creditors FILENE'S BASEMENT: Seeks Extension To Assume/Reject Leases FILENE'S BASEMENT: Seeks To Retain Real Estate Consultant FLORIDA COAST: Hearing To Consider Entry of DIP Financing GENERAL ELECTRO: Seeks Authority To Employ Damon & Morey LLP GENESIS DIRECT: Order Approves Employment Arrangement GTS: Subsidiaries File Voluntary Petitions GULF STATES STEEL: Regulations Approved By Emergency Board GULFPORT ENERGY: Wexford Group/Davidson Control 60.7% In Stocks HOME HEALTH: Seeks Extension of Exclusivity HOME HEALTH: Seeks Extension To Assume/Reject Leases HVIDE MARINE: Reports Third Quarter Loss IONICA: Nortel Networks Renews Support to Dismiss Case JUMBOSPORTS: Definitive Purchase of Colorado Stores LLOYD'S SHOPPING CENTERS: Seeks Authority To Sell Property LOEHMANN'S: Creditors Committee Supports Extension For Leases MAXIM GROUP: Announces Restated Financial Results NET TELECOMMUNICATIONS: Hearing on Disclosure Statement OPTEL INC: Announces Fourth Quarter and Annual Results OPTEL INC: Announces Voluntary Chapter 11 Filing OPTEL INC: Groupe Videotron Writes Off Investment PARAGON TRADE: Stockholder Seeking Ouster Of Board Of Directors PHC INC: Financial Statements Show Annual Net Loss PHILIP SERVICES: Over 90% Support from U.S. Creditors for Plan PRAEGITZER INDUSTRIES: Restructuring Creates Year-End Loss PURINA MILLS: Announces Reorganization Under Chapter 11 RAND ENERGY: Objection Of Nabors Drilling To Joint Plan SOUTHERN MINERAL: Seeks Bankruptcy Protection STAFF BUILDERS: Spin-Off Transaction/Financials Released STUART ENTERTAINMENT: Filing of Loan and Security Agreement ********* BELL GEOSPACE: Administaff Seeks To Disqualify Law Firm ------------------------------------------------------- Administaff Companies Inc. seeks to disqualify the law firm of Andrews & Kurth, LLP as the debtor's counsel. A hearing on the motion will be held on November 17, 1999, at 2:00 PM in the US Bankruptcy Court, 824 Market Street, 6th Floor, Wilmington, DE. Any objections to the motion must be filed on or before November 12, 1999. BELL GEOSPACE: Seeks To Hire Counsel ------------------------------------ The debtor, Bell Geospace, Inc. seeks court approval to hire Andrews & Kurth as its counsel and Connolly Bove Lodge & Hutz LLP as local Delaware co-counsel for the debtor. The law firm of Andrews & Kurth will provide the following services; Advise the debtor with respect to its powers and duties as debtor in the continued operation of its business; Assist the debtor in its negotiations with creditors and their professionals; Take all necessary actions to protect and preserve the estate of Bell Geospace, including the prosecution of actions on behalf of Bell Geopspace, the defense of any actions, and negotiation of disputes. Assist the debtor in the formulation and negotiation of a plan; Prepare all necessary motions, applications, answers, order, reports and papers as necessary. Andrews & Kurth received and holds a retainer for services to be rendered to the debtor in the approximate amount of $30,000. the hourly rates range from $150-$450 for attorneys. The attorneys primarily responsible for this matter will be Douglas G. Walter, whose hourly rate is $260 and Allison Comment, whose hourly rate is $150. The law firm Connolly Bove Lodge & Hutz LLP will charge its hourly rates which range from $125 per hour to $260 per hour for attorneys. COMMERCIAL FINANCIAL: Committee Objects to Exclusivity Extension ---------------------------------------------------------------- The Official Committee of Asset-Backed Security holders filed a response to the debtors' third motion to extend exclusivity and joins in the objection of Norwest Bank Minnesota, NA. Since the debtors filed a motion for the extension of exclusivity, the ABS Committee filed a plan of liquidation. The Committee states that this is "indisputably a liquidation proceeding. There is no business to operate or reorganize." The Committee points out that all, or substantially all of the debtors' tangible assets have already been liquidated. There is no equity interest to preserve or protect. According to the committee, the filing of its plan of liquidation renders the debtors' motion to extend exclusivity moot. The Committee also states that the debtors have made no progress in negotiating a consensual plan. The debtors have not engaged in any meaningful discussions with the Committee as to a consensual plan and none appear imminent. COSTILLA ENERGY: Seeks Approval of Compromise With Seisgen ---------------------------------------------------------- Costilla Energy Inc. seeks an emergency hearing to approve its compromise of controversy with Seisgen Exploration, Inc. Seisgen has negotiated a transaction to sell its interest in Zalman #1 well located in Lavaca county, Texas to Hallwood Energy Corp., effective October 1, 1999. Costilla is the operator under the agreement and invoices Seisgen for its joint interest billing. Under the settlement, Costilla will receive a total of $485,503. In exchange, Costilla will release its lien claim to those funds that arise due to Costilla's status as the operator of the property, and would release Seisgen of any further liability in this case. EAGLE GEOPHYSICAL: Meeting of Creditors --------------------------------------- The debtors, Eagle Geophysical De Columbia Inc., Eagle Geophysical De Bolivia, Inc., Eagle Geophysical De Peru, Inc. and Eagle Geophysical De Ecuador, Inc. filed voluntary petitions for relief under Chapter 11 on September 29, 1999. A meeting of creditors is scheduled for November 19, 1999 at 9:30 AM at the J. Caleb Boggs Federal Building, 844 King Street, Room 2313, Wilmington, Delaware. FILENE'S BASEMENT: Seeks Extension To Assume/Reject Leases ---------------------------------------------------------- The debtors, Filene's Basement, Inc. and Filene's Basement Corp. seek an extension of ninety days, until January 20, 2000 to determine whether or not to assume or reject each of their leases. The leases are the primary real estate asset of the debtors as all of its operating stores are located at leased premises. The debtors state that their estates are large and complex and that a significant number of leases bust be evaluated. Also, the debtor has recently changed professionals and is attempting to formulate a sound strategy with respect to the leases. At this time, the debtors believe that the ninety day extension will provide them enough time to determine which leases the debtors must assume or reject. FILENE'S BASEMENT: Seeks To Retain Real Estate Consultant --------------------------------------------------------- The debtors, Filene's Basement, Inc. and Filene's Basement Corp. seek an order authorizing the retention of Atlantic Retail Properties as special real estate consultant. The debtors wish to retain Atlantic Retail in connection with the sale of its leasehold interests relating to twenty stores, nineteen of which have closed or are in the process of conducting going-out-of-business sales within the next 75 days and one store that the debtors would close if they were able to sell their leasehold interest at an appropriate price. The GOB Sales are scheduled to end no later than December 31, 1999, therefor the debtors and Atlantic will have less than 75 days in which to market the GOB leases, obtain offers and close the sale of up to 20 significant commercial interests. FLORIDA COAST: Hearing To Consider Entry of DIP Financing --------------------------------------------------------- A hearing to consider the motion for entry of a fourth DIP Financing Order will be held on October 29, 1999 at 11:30 AM. Objections must be received on or before October 27, 1999. The debtors have received $2.5 million in Postpetition Advances from Stone Container Corporation under the first three financing orders. Tone is willing to provide an additional $1.245 million subject to the terms of the fourth DIP Financing Order. Advances of up to $650,000 may be made to enable the debtors to pay the expenses set forth in the cash flow budget. GENERAL ELECTRO: Seeks Authority To Employ Damon & Morey LLP ------------------------------------------------------------ General Electro-Mechanical Corp., debtor, seeks authority to employ Damon & Morey LLP as its attorneys. A hearing shall be held on November 10, 1999 in the US Bankruptcy Court for the Western District of New York. GENESIS DIRECT: Order Approves Employment Arrangement ----------------------------------------------------- The debtors, Genesis Direct, Inc. et al. are authorized to pay the Stay Bonus to the debtors' key employees, and a further hearing will be held on November 1, 1999 at 10:00 AM to consider stay bonus and severance payments to Joe Glabowski and Nick Parrinelli. GTS: Subsidiaries File Voluntary Petitions ------------------------------------------ Global Telecommunication Solutions, Inc. (OTC BB: GTST, GTSTW) ("GTS" or the "Company") announced that it intends to sell its legacy phonecard business to focus on developing its two recently formed subsidiaries, TalkToGo.com, Inc. and Imagine Telecom, Inc. To accomplish this, certain of the Company's subsidiaries have filed voluntary petitions with the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 of the U.S. Bankruptcy Code. The subsidiaries elected to seek court protection to facilitate the possible sale of their assets. Randy Cherkas, President of GTS, stated, "The Company's long history of losses in the prepaid phonecard business, coupled with an increasingly competitive environment, has forced us to conclude that our only viable alternative was to exit this business. Our intent is to sell the assets of our phonecard operation to a strategic buyer who will continue to run the business." According to Lee Montellaro, the Company's Chief Financial Officer, "GTS will not realize any funds from the disposition of these subsidiaries since, at June 30, 1999, these subsidiaries had assets with a book value of approximately $ 9 million and approximately $ 22 million in liabilities, and all sale proceeds will be used to pay obligations. "Additionally, while hurdles remain, we believe this plan should leave GTS substantially debt free and in a position to move forward." Mr. Cherkas continued "With GTS now refocused, its continuing operations will utilize its promotional expertise to bring innovative permission marketing opportunities to prospective clients. "Both TalkToGo.com and Imagine Telecom are focusing on areas of one-to-one marketing that should allow for higher operating margins and growth, utilizing not only telephony but also the Internet and wireless communications." GULF STATES STEEL: Regulations Approved By Emergency Board ---------------------------------------------------------- The debtor, Gulf States Steel, Inc. supports entry of its order seeking extension of its exclusive periods through February 29, 2000 and April 30, 2000 by arguing that certain regulations were approved by the Emergency Steel Guaranty Board, permitting loans to steel companies such as the debtor. The program will provide guarantees for up to $1 billion in loans to qualified steel and iron ore companies. The debtor anticipates that on account of the passage of the regulations, the debtor will receive an additional loan, and the debtor will be able to act accordingly in filing its plan of reorganization. GULFPORT ENERGY: Wexford Group/Davidson Control 60.7% In Stocks --------------------------------------------------------------- The following entities hold common stock shares of Gulfport Energy Corporation in the amounts and percentages noted: WEXFORD MANAGEMENT LLC (a) Aggregate number of shares of common stock beneficially owned: 1,795,860 Percentage: 17.7% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 1,795,860 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 1,795,860 (c) Wexford Management may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD SPECTRUM INVESTORS LLC (a) Aggregate number of shares of common stock beneficially owned: 11,138 Percentage: 0.1% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 11,138 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 11,138 (c) Wexford Spectrum may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD SPECTRUM ADVISORS, LLC (a) Aggregate number of shares of common stock beneficially owned: 11,138 Percentage: 0.1% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 11,138 3. Sole power to dispose or to direct the disposition:-0- 4. Shares power to dispose or to direct the disposition: 11,138 (c) The Spectrum General Partner may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD SPECIAL SITUATIONS 1996, L.P. (a) Aggregate number of shares of common stock beneficially owned: 608,702 Percentage: 6.0% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 608,702 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 608,702 (c) Wexford Special Situations 1996, L.P. may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD SPECIAL SITUATIONS 1996 INSTITUTIONAL, L.P. (a) Aggregate number of shares of common stock beneficially owned: 102,141 Percentage: 1.0% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 102,141 3. Sole power to dispose or to direct the disposition:0 4. Shares power to dispose or to direct the disposition: 102,141 (c) Wexford Special Situations 1996 Institutional, L.P. may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD ADVISORS, LLC (a) Aggregate number of shares of common stock beneficially owned: 738,168 Percentage: 7.3% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 738,168 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 738,168 (c) The Special General Partner may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD-EURIS SPECIAL SITUATIONS 1996, L.P. (a) Aggregate number of shares of common stock beneficially owned: 172,767 Percentage: 1.7% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 172,767 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 172,767 (c) Wexford-Euris may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD-EURIS ADVISORS, LLC (a) Aggregate number of shares of common stock beneficially owned: 172,767 Percentage: 1.7% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 172,767 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 172,767 (c) The Euris General Partner may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD SPECIAL SITUATIONS 1996, LIMITED (a) Aggregate number of shares of common stock beneficially owned: 27,325 Percentage: 0.3% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 27,325 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 27,325 (c) Wexford Cayman may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD CAPITAL PARTNERS II, L.P. (a) Aggregate number of shares of common stock beneficially owned: 736,342 Percentage: 7.3% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 736,342 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 736,342 (c) Wexford Capital may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD CAPITAL CORPORATION (a) Aggregate number of shares of common stock beneficially owned: 736,342 Percentage: 7.3% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 736,342 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 736,342 (c) The Wexford Capital General Partner may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD OVERSEAS PARTNERS I, L.P. (a) Aggregate number of shares of common stock beneficially owned: 137,445 Percentage: 1.4% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 137,445 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 137,445 (c) Wexford Overseas may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. WEXFORD CAPITAL LIMITED (a) Aggregate number of shares of common stock beneficially owned: 137,445 Percentage: 1.4% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 137,445 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 137,445 (c) The Wexford Overseas General Partner may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. CD HOLDING COMPANY, LLC (a) Aggregate number of shares of common stock beneficially owned: 3,574,722 Percentage: 35.2% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 3,574,722 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 3,574,722 (c) CD Holding Company, LLC may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. CHARLES E. DAVIDSON (a) Aggregate number of shares of common stock beneficially owned: 6,154,855 Percentage: 60.7% (b) 1. Sole power to vote or to direct vote: 4,358,995 2. Shared power to vote or to direct vote: 1,795,860 3. Sole power to dispose or to direct the disposition: 4,358,995 4. Shares power to dispose or to direct the disposition: 1,795,860 (c) Mr. Davidson may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. JOSEPH M. JACOBS (a) Aggregate number of shares of common stock beneficially owned: 1,795,860 Percentage: 17.7% (b) 1. Sole power to vote or to direct vote: -0- 2. Shared power to vote or to direct vote: 1,795,860 3. Sole power to dispose or to direct the disposition: -0- 4. Shares power to dispose or to direct the disposition: 1,795,860 (c) Mr. Jacobs may be deemed to have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of the common stock. HOME HEALTH: Seeks Extension of Exclusivity ------------------------------------------- The debtors, Home Health Corporation of America, Inc., et al. seek an order further extending the exclusive periods during which the debtors may file and solicit acceptances of a plan. A hearing will be held on November 17, 1999 at 3:00 PM. The debtors seek an extension of the time to file a plan through December 3, 1999 and of the period during which the debtors have the exclusive right to solicit acceptances of such plan through February 1, 2000. The debtors have rejected a number of commercial leases and executory contracts which were either burdensome to their estates or of inconsequential value, they have resolved a significant dispute with the Department of Health and Human Services regarding pre-petition Medicare overpayments, and they have completed and filed their schedules of assets and liabilities and statements of financial affairs and established a bar date for the filing of proofs of claim. the debtors have presented to their lender group a comprehensive business plan and have commenced drafting a plan of reorganization and disclosure statement. The debtors believe that without an extension of exclusivity they may lose the confidence of patients, vendors and employees, which would severely undermine their operations. HOME HEALTH: Seeks Extension To Assume/Reject Leases ---------------------------------------------------- Home Health Corporation of America Inc., et al. seeks an extension of additional ninety days, from November 15, 1999, to assume or reject unexpired leases of nonresidential real property. A hearing on the motion will be held on November 17, 1999 at 3:00 PM. The debtor asserts that it is party 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 around the country. In connection with the formulation of their business plans, the debtors are continuing to review and analyze their leases to determine whether they are profitable locations, and their respective economic values from the perspective of the debtors' reorganization and restructuring efforts. HVIDE MARINE: Reports Third Quarter Loss ---------------------------------------- Hvide Marine Incorporated (OTC Bulletin Board: HMARQ) today reported a net loss of $20.1 million or $1.29 per diluted share on revenues of $86.0 million for the quarter ended September 30, 1999. In the year-earlier period, the Company had net income of $3.9 million or $0.25 per diluted share on revenues of $100.1 million. Results in the current quarter and year-to-date have been adjusted to reflect the consolidation, as of September 30, 1999, of Lightship Tankers, LLC, a 50.75%-owned subsidiary, which was previously accounted for under the equity method. On an operating basis (i.e., results from operations before interest and taxes), the Company had an operating loss of $6.2 million during the 1999 quarter versus operating income of $19.0 million in the 1998 quarter. "These results, while disappointing, were in line with our expectations," commented Jean Fitzgerald, Chairman, President and CEO. "Continued strength in our tanker and towing operations was more than offset by weakness in the offshore sector, higher interest charges, and professional fees and expenses associated with our Chapter 11 filing. We hope to put these expenses behind us and emerge from Chapter 11 by year end or early next year. By then, conditions in the offshore sector -- and particularly the Gulf of Mexico -- are expected by many industry experts to show improvement." For the nine months ended September 30, 1999, revenues of $265.4 million were off 10% from $296.0 million a year ago. The Company had a net loss of $52.9 million or $3.42 per diluted share in the 1999 nine months versus net income, before an extraordinary item, of $21.4 million or $1.28 per diluted share in the 1998 nine months. Turning to operating results for the quarter, revenues from the Company's Seabulk Offshore unit fell to $32.2 million from $60.1 million a year earlier, reflecting lower worldwide day rates and reduced international utilization. In the Gulf of Mexico, day rates for Seabulk Offshore's 21 supply boats averaged $3,538 or 45% below the comparable 1998 figure of $6,474, although utilization rose to 74% from 55%. Seabulk Offshore's 33 Gulf of Mexico crewboats averaged $1,754 and a 75% utilization rate versus $2,333 and 78%, respectively, a year earlier. Internationally, where the Company has major operations in West Africa and the Middle East and Far East, day rates for Seabulk Offshore's fleet of 67 anchor handling tug and tug supply vessels averaged $4,662 versus $5,914 in the 1998 quarter, while utilization declined to 49% from 77%. For Hvide Marine Towing, which operates a fleet of 37 offshore and harbor tugs in the Gulf of Mexico and along the Florida and Gulf coasts, revenues of $10.9 million for the quarter ended September 30, 1999 were down slightly from last year's quarter, when the fleet numbered 41 vessels. Revenues from the Company's marine transportation sector were up more than 50% to $43.0 million, primarily as a result of the completion and deployment of the Company's Lightship Class tankers, which consist of five newly constructed, double-hull chemical and petroleum product carriers. In August, the Company signed an agreement with a subsidiary of Tesoro Petroleum Corporation for the charter of one of the Lightship vessels, beginning in May 2000, for a three-year primary term and two one- year options. As previously announced, the Company filed for Chapter 11 protection on September 8, 1999. At that time, the Company also entered into a $60 million debtor-in-possession credit facility to provide sufficient liquidity throughout the period of reorganization to fulfill customer contracts and pay employees, vendors and trade creditors. On October 1, the Company filed a proposed Plan of Reorganization and Disclosure Statement. A Court hearing to consider approval of the Disclosure Statement is scheduled for November 2. A second Court hearing to consider confirmation of the Company's Plan of Reorganization is scheduled for December 1. In the meantime, operations continue as normal, and the Company has been pleased with the response of customers and vendors to its filing. With a fleet of 275 vessels, Hvide Marine is one of the world's leading providers of marine support and transportation services, primarily to the energy and chemical industries. Visit Hvide on the Web at www.hvide.com . IONICA: Nortel Networks Renews Support To Dismiss Case ------------------------------------------------------ Nortel Networks plc submits a supplemental reply memorandum of law in support of its motion to dismiss the Chapter 11 case of Ionica plc and for a stay of examination of Discovery of Nortel. Nortel states that Ionica cannot rehabilitate. It has given away its customers, fired its employees, switched off its network and is in the process of selling its assets to third parties. Ionica argues that ongoing negotiations could lead to a restructuring. But Nortel states that the negotiations could lead to a liquidation, not a rehabilitation. Nortel states that this court must either convert or dismiss the case. JUMBOSPORTS: Definitive Purchase of Colorado Stores --------------------------------------------------- JumboSports, Inc., as debtor, in compliance with a court order, files its notice regarding definitive purchase agreement for sale of Denver stores located in Littleton, Colorado, Westminster, Colorado - subject to higher and better offers and/or lease or sublease related real property. Final negotiations are underway and competing bids are still being accepted. LLOYD'S SHOPPING CENTERS: Seeks Authority To Sell Property ---------------------------------------------------------- Since the cessation of ordinary business operations at the Middletown, NY and Newburgh, NY shopping centers, the debtor has not produced sufficient cash to timely satisfy its obligations. The debtor's only source of income has been rent receipts from the Middletown Center, which total $14,000 per month. The debtors have determined that a liquidating plan and the sale of the shopping centers are the purpose of their filing this case. The debtor has entered into a Contract of Sale by and between DPSW Holdings I LLC as purchaser and the debtor. The purchase price of the assets is $5.2 million. The minimum opening bid shall be $450,000 in excess of the purchase price and subsequent bids must be in increments of at least $100,000. A breakup fee in the amount of $350,000 shall be paid to DPSW in the event a higher/and or better offer is accepted. LOEHMANN'S: Creditors Committee Supports Extension For Leases ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Loehmann's Inc. supports the debtor's motion to extend the time to assume or reject 71 unexpired non-residential real property leases for 90 days until January 13, 2000. The Committee supports the motion because the requested extension of time to determine the disposition of the leases is necessary for a host of reasons. First, the determination of whether to assume or reject the leases should be made in the context of the debtor's comprehensive long-term business plan. Such a plan will require an analysis of the strategic importance of each of the debtor's stores on an individual basis in order to assess which stores are necessary to an effective reorganization. PricewaterhouseCoopers is expected to provide a written analysis and recommendation to the debtor in the near future that is anticipated to form the basis for the debtor's business plan. The debtor has retained DJM Asset Management as a real estate consultant for the purpose of evaluating the leases that were part of the store closing program and to market and sell those leases, if warranted. Due to the number of leases and the complexity of the proceeding, the Committee believes that the debtor should be afforded a reasonable opportunity to meaningfully assess the value of the balance of its leases. Substantial additional data must be accumulated on the profitability of each of the various stores to allow for an informed determination on which stores should be retained as part of the reorganized company. The Committee anticipates that after such data has been accumulated, the debtor will be in a position to prepare its comprehensive business plan. MAXIM GROUP: Announces Restated Financial Results ------------------------------------------------- The Maxim Group, Inc. operates and franchises one of the largest floor covering distribution networks in North America through several retail floor covering concepts. These include, but are not limited to, CarpetMAX(R), New York Carpet World, The Carpet Exchange, and Carpetland USA, each a full-service floor covering store format, and GCO Carpet Outlets, a cash-and-carry discount floor covering store format. Maxim also owns CarpetsPlus of America, LLC, a national resource network comprised of independent floor covering dealers. To enhance Maxim's strategy of becoming a true national retailer, Maxim intends to change the Maxim Brands to a single brand operating under the name "Flooring America." In August 1998, Maxim significantly expanded its network of company-owned stores by acquiring substantially all of the retail store assets of Shaw Industries, Inc. These assets included 266 retail floor covering stores, each of which operated under one of ten different brand names, including New York Carpet World, Carpetland USA and The Carpet Exchange. As of October 1, 1999, Maxim owned and operated a total of 323 flooring centers, which include the stores acquired from Shaw as well as 59 CarpetMAX stores and 12 GCO stores. On April 6, 1999, Maxim issued a press release announcing revenues of $684.4 million, a net loss of $3.0 million and a loss per diluted share of $0.17 for the year ended January 31, 1999. On May 18, 1999, Maxim announced that, as a result of the year- end financial audit process, Maxim would record certain adjustments to these previously reported financial results for fiscal 1999, as well as for certain of the quarters therein. In response, and after considering the recommendations of Maxim's auditors, the Audit Committee of Maxim's Board of Directors in turn recommended to the Maxim Board that a Special Committee of the Board be appointed to, among other things, initiate a formal inquiry into Maxim's accounting practices. The Special Committee was appointed and so authorized by Maxim's Board and retained the law firm of Smith, Gambrell & Russell, LLP to assist in the investigation, which, in turn, retained the forensic audit group of Arthur Andersen LLP to assist in conducting the review and to provide advice on accounting matters. As a result of a review of accounting records performed under the direction of the Special Committee and completion of the year-end audit process, Maxim announced restated financial results for the fiscal year ended January 31, 1999 and each of the quarters therein on October 11, 1999. For the year ended January 31, 1999, Maxim reported restated revenues of $664.4 million, a net loss of $19.6 million and a loss per diluted share of $1.10. These restated results included changes in recognition and/or timing of certain vendor support funds, certain expense accruals and asset write-downs. No adjustments are necessary for periods prior to fiscal 1999. Maxim has restated its previously issued financial statements for the three quarters ended April 30, 1998, July 31, 1998 and October 31, 1998. NET TELECOMMUNICATIONS: Hearing on Disclosure Statement ------------------------------------------------------- A jointly proposed Disclosure statement and Chapter 11 plan of liquidation was filed on October 22, 1999 by the debtors, Net Telecommunications, Inc. and NTI Telecom, Inc. A hearing on the disclosure Statement will be held in the Foley Federal Building, 300 Las Vegas Boulevard South, Bankruptcy Courtroom 2, Las Vegas, Nevada on November 4, 1999 at 9:30 AM. OPTEL INC: Announces Fourth Quarter and Annual Results ------------------------------------------------------ OpTel, Inc ("OpTel") announced its unaudited financial results for the fourth quarter and the twelve months of the fiscal year ended August 31, 1999 ("fiscal 1999"). Net loss attributable to common equity for the quarter amounted to $30.7 million versus $30.8 million for the fourth quarter of 1998. Net loss attributable to common equity for twelve months of fiscal 1999 amounted to $114.6 million versus $83.1 million in fiscal 1998. These results are subject to potential audit adjustments. On October 28, 1999 OpTel, and certain of its affiliates and subsidiaries, filed for protection under Chapter 11 of the U.S. bankruptcy laws. The filing allows the Company to operate its businesses in the normal fashion under court protection while it continues discussions with representatives of certain major creditors and others on a restructuring plan. The Company expects to have sufficient liquidity throughout the period of reorganization to ensure payment of its obligations incurred on an ongoing basis. The Company anticipates that it will complete its restructuring and emerge from Chapter 11 during 2000. OpTel is a leading network based provider of integrated communications services, including local and long distance telephone, cable television and high-speed Internet access services in the United States. The Company currently provides cable television and telecommunications services in a number of metropolitan areas including Los Angeles, San Diego, San Francisco, Phoenix, Denver, Houston, Dallas-Fort Worth, Chicago, Indianapolis, Atlanta, Miami-Ft. Lauderdale and Orlando- Tampa. OpTel is majority owned by Le Groupe Videotron Ltee, owner of the second largest cable television operator in Canada. OPTEL INC: Announces Voluntary Chapter 11 Filing ------------------------------------------------ OpTel, Inc. and certain of its affiliates and subsidiaries (the "Company") announced a voluntary Chapter 11 filing in the United States Bankruptcy Court in Delaware. The filing allows the Company to operate its businesses in the normal fashion under court protection while it continues discussions with representatives of certain major creditors and others on a restructuring plan. The Company expects to have sufficient liquidity throughout the period of reorganization to ensure payment of its obligations incurred on an ongoing basis. The Company anticipates that it will complete its restructuring and emerge from Chapter 11 during 2000. The petitions filed by the Company have annexed thereto a consolidated Exhibit A" which reflects that on a consolidated basis, the Company has assets of approximately $540,424,000 and liabilities of approximately $496,220,567. The Company's assets consist primarily of its video and telecommunications networks and customers, and its liabilities include primarily secured debt owed to two banks of approximately $10,000,000, other secured debt, capital lease claims, publicly traded 13% Senior Notes of approximately $226,218,611, publicly traded 111/2% Senior Notes of approximately $203,833,333, and unsecured trade liabilities. The instant filing is occasioned by the continued need for substantial capital and, in its existing condition, inability to obtain additional public or private debt and/or equity financing. "Today's filing helps the Company to serve its customers and operate its systems while it restructures its business," commented Michael Katzenstein, newly appointed President and CEO. R. Douglas Leonhard, an OpTel director since 1998 and who was named Chairman of the Board today said, "The Company will be managed to preserve the value of its assets and customers and to conserve capital to fund our ongoing operations. We believe we have embarked on a course of action which will benefit our creditors, employees and customers." The Company is a leading provider of communications services, including local and long distance telephone, cable television and high speed Internet access services, to residents of multiple dwelling units ("MDUs") in the United States. In each market that it serves, the Company seeks to become the principal competitor in the MDU marketplace to the incumbent local exchange carrier ("ILEC") and the incumbent franchise cable television operator by providing a package of voice, video and Internet access services at competitive prices. The Company currently provides cable television and telephone services in a number of metropolitan areas including Houston, Dallas-Fort Worth, Los Angeles, San Diego, San Francisco, Miami, Fort Lauderdale, Orlando, Tampa, Phoenix, Denver, Chicago, Atlanta, Indianapolis, and Greater Washington, D.C. The Company currently provides Internet access services in Houston, Dallas-Fort Worth, Denver and San Francisco. OPTEL: Groupe Videotron Writes Off Investment --------------------------------------------- Le Groupe Videotron ltee announces the write-off of its investment in OpTel, Inc. -- its US indirect subsidiary involved in private cable -- for Cdn$ 46 million, effective August 31, 1999. The investment in OpTel, Inc. will be retroactively accounted for as a discontinued operation and reclassified as such with results no longer consolidated with those of Groupe Videotron. Le Groupe Videotron ltee is an integrated communications company with subsidiaries in telecommunications, cable television, Internet services, television production, broadcasting, e- commerce, and remote surveillance. The Company also owns the largest chain of video stores in Quebec. PARAGON TRADE: Stockholder Seeking Ouster Of Board Of Directors --------------------------------------------------------------- Stockholders of Paragon Trade Brands, Inc. are invited to attend the 1999 annual meeting of stockholders at 9:00 a.m. on Monday, November 29, 1999, at the Hotel Inter-Continental New York, located at 111 East 48th Street, New York, New York. The company has been notified pursuant to its By-laws that a stockholder of the company intends to make a proposal at the annual meeting that the entire Board of Directors be removed and replaced by himself and two other individuals nominated by that shareholder. For the reasons outlined in its Proxy Statement, the company plans to oppose any such proposal and the election of such individuals. For details on the matters to be undertaken at the meeting and further information concerning the election of Directors access http://www.sec.gov/cgi-bin/srch-edgar?0000889429-99-000022,free of charge on the Internet. PHC INC: Financial Statements Show Annual Net Loss -------------------------------------------------- PHC, Inc. operates substance abuse treatment centers in several locations in the United States, a psychiatric hospital in Michigan and psychiatric outpatient facilities in Nevada, Kansas and Michigan. PHC also manages a psychiatric practice in New York, operates an outpatient facility through a physicians practice, and operates behavioral health centers and maintains a behavioral health web site. PHC of Utah, Inc. and PHC of Virginia, Inc. provide treatment of addictive disorders and chemical dependency. PHC of Michigan, Inc. provides inpatient and outpatient psychiatric care. PHC of Nevada, Inc. and PHC of Kansas, Inc. provide psychiatric treatment on an outpatient basis. North Point-Pioneer, Inc. operates four outpatient behavioral health centers under the name of Pioneer Counseling Centers. Behavioral Stress Centers, Inc. provides management and administrative services to psychotherapy and psychological practices. Behavioral Health Online, Inc. provides behavioral health information and education through its web site. Quality Care Centers of Massachusetts, Inc. operated a long-term care facility known as the Franvale Nursing and Rehabilitation Center. The company's year-end financial information recently released, for the fiscal year ended June 30, 1999, indicates net revenues of $19,139,496 against which the company experienced net losses of $1,354,086. During fiscal 1998 restated net revenues were $21,246,189 and net losses $6,379,839. PHILIP SERVICES: Over 90% Support from U.S. Creditors for Plan --------------------------------------------------------------- Philip Services Corp. (TSE:PHV.) (ME:PHV.) announced that the Company has filed a Supplement to the Amended and Restated Plan of Compromise and Arrangement ("the Canadian Plan") under the Companies Creditors' Arrangement Act ("CCAA") in Canada. The Company also announced that over 90% of those unsecured creditors who voted on the Company's U.S. Amended Joint Plan of Reorganization ("the U.S. Plan") voted to accept the U.S. Plan. As the Company already has the support of its secured creditors for its financial reorganization, Philip is confident that its U.S. Plan should be confirmed on November 3, 1999 under Chapter 11 of the U.S. Bankruptcy Code and that its U.S. subsidiaries will emerge from the filing by early December. Philip's secured creditors will vote on the Canadian Plan on November 2, 1999 and confirmation from the Canadian Court will be sought shortly thereafter. Based on existing secured creditor commitments, Philip is confident of their support for its Canadian Plan, which will allow the Company to complete its financial restructuring while not impairing its Canadian businesses. Under the amended structure, Philip will transfer the assets of its Canadian businesses as a going concern to two or more newly incorporated Canadian companies, that, upon completion of the transfers, will be wholly owned subsidiaries of Philip Services (Delaware), Inc. Philip will continue to meet its ongoing contractual and business obligations to its employees, clients and trade suppliers. The Company's insurance and bonding, as well as its letters of credit obligations, will be transferred to the new legal entities or be re-issued. "Our U.S. restructuring is proceeding on course and we expect our U.S. companies, which represent approximately 80% of our business, to emerge from the filing by early December," said Anthony Fernandes, President and CEO. "Our Canadian Plan is essentially a different path to achieve the same end. It will allow us to complete our financial restructuring in a co-ordinated and timely manner, while continuing our businesses and honoring our commitments." Philip Services is an integrated metals recovery and industrial services company, with operations throughout the United States, Canada and Europe. Philip provides diversified metals services, together with by-products management and industrial outsourcing services, to all major industry sectors. PRAEGITZER INDUSTRIES: Restructuring Creates Year-End Loss ---------------------------------------------------------- The company is a provider of a full range of PCB and interconnect solutions, including schematic capture and design, quick- turnaround, prototyping and pre-production, and large volume production to electronics OEMs and contract manufacturers. It provides solutions to four key electronics industry segments: (i) data and tele- communications, (ii) computers and peripherals, (iii) industrial and instrumentation and (iv) business and consumer. The majority of customers are based in the United States. Revenue in fiscal 1999 increased 19.1% to $217.7 million from $182.8 million in fiscal 1998. Revenue growth in fiscal 1999 was the result of several factors, including the purchases in 1998 of the company's Huntsville and Malaysian facilities, gains in market share due to industry consolidation, increased capacity, improved technological capabilities and strategic advantages offered by the company's complete solutions offering. Despite the increase in revenue, restructuring and other charges of $32.7 million related to the closure of the Huntsville and Redmond facilities and the asset write-downs of Malaysia, contributed to the net loss in fiscal 1999 of $25.5 million, which represents a decrease of $30.6 million compared to the net income of $5.1 million in fiscal 1998. PURINA MILLS: Announces Reorganization Under Chapter 11 ------------------------------------------------------- Purina Mills, Inc. announced that, as part of an overall financial restructuring, the Company and 10 of its affiliates commenced reorganization cases under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company said it will promptly file a proposed plan of reorganization, underscoring its goal of completing its reorganization and emerging from Chapter 11 as quickly as possible. During the restructuring, the Company's operations and ingredient supply will not be affected. According to the Company, the business will continue to supply and service its customer base without interruption. The financial restructuring is necessary due to the current downturn in commodity prices and depressed agricultural markets, particularly in the swine sector, that have restricted the Company's ability to service debt associated with the purchase of Purina Mills by Koch Industries, Inc. in 1998. The Company said all operations otherwise were cash flow positive. In papers filed with the Bankruptcy Court, the Company listed unsecured debt of over $350 million arising largely from the 1998 purchase transaction. Purina Mills also announced that it has received a commitment for up to $50 million in Debtor-In-Possession (DIP) financing from a group of lenders led by Chase Bank of Texas, N.A. This new financing will provide the Company with working capital during its reorganization. According to the Company, Chase Bank of Texas, N.A. agreed to provide the DIP financing after a review of the Company's business plan. Purina Mills said it anticipates focusing on its core businesses, implementing its strategic business plan and taking the steps necessary to become a strong, stand-alone enterprise, independent of Koch Industries. Under the Company's anticipated plan of reorganization, all unsecured debt will be converted to equity in a reorganized Purina Mills. Koch Industries' equity interests in Purina Mills through its parent corporation, PM Holdings, would be canceled. The Company said that the original concept of the Koch-Purina relationship was to develop a number of operational synergies and strategic initiatives to create a world-class agriculture business. This included taking advantage of Koch's expertise in commodity trading, risk management and use of alternative ingredients in feed products through a proprietary Koch technology. According to the Company, however, these synergies failed to materialize. "Unquestionably, under these circumstances, the current downturn of the agriculture markets, especially swine, had a dramatic impact on our ability to service our acquisition-related debt," said Brad Kerbs, Purina Mills' President and Chief Operating Officer. "But apart from that debt, our financial condition is sound. We anticipate we will operate on a positive cash flow basis going-forward." Plans call for Koch to return all operational functions, which had been transferred to Koch's base in Wichita, back to Purina Mills' headquarters in St. Louis. According to Mr. Kerbs, the Chapter 11 filing will allow Purina Mills to restructure its debt and emerge from the reorganization as a properly capitalized company. The reorganized Purina Mills, said Mr. Kerbs, will have a clear commitment to customers and employees, control of its own destiny and a financial structure that will give the 105-year-old animal nutrition company a healthy balance sheet as it begins the new millennium. In September, Purina Mills announced management and operational changes designed to better serve local markets by segmenting its business into two profit centers, its Dealer and Livestock Production Systems businesses. Both profit centers will take independent actions to evolve to best serve their respective dealers and customers, the Company said. Mr. Kerbs emphasized that the decision to engage in a financial restructuring will allow Purina Mills to continue to focus on its long- standing relationships with independent dealers and livestock production systems. "But, given current markets where there is an oversupply of both feed and animal products, we have adjusted our business models to better manage our resources," said Mr. Kerbs. "Supporting the substantial acquisition-related debt in this environment was just not possible." Darrell Swank, Purina Mills' Chief Financial Officer, said that, without the Company's $350 million subordinated debt and with the financial security of the $50 million in DIP financing, the Company is well positioned to adjust to current market conditions. "We intend to re-capture efficiencies and quickly reintegrate activities such as ingredient procurement, payroll and employee benefits, which had been transferred to Koch Industries," said Mr. Swank. "We also intend to remain on course with plans to better serve and supply our customer base, assist our dealers in expanding their market presence and improve productivity throughout the enterprise. The interim financial structure will allow the Company to effectively manage its businesses without interruption during the reorganization." "We have made the difficult financial decisions and have taken the steps necessary to de-leverage the Company," Mr. Kerbs said. "We've refined our business model that pivots on the ability of local management teams to service customers and put in place the management and operational resources to support that model. We're going to the local marketplace with the full force of the Purina brand names and reputation for quality and service to advance our position as America's Leader in Animal Nutrition." Purina Mills is America's largest producer and marketer of animal nutrition products. Based in St. Louis, Missouri, the Company has 49 plants and 2500 employees nationwide. Purina Mills is not affiliated with Ralston Purina Company, which is the registered owner of the trademarks "Purina," the checkerboard logo and Purina Dog Chow brand and Purina Cat Chow brand pet foods. RAND ENERGY: Objection Of Nabors Drilling To Joint Plan ------------------------------------------------------- Nabors Drilling USA objects to confirmation of the Joint Plan of Reorganization for Rand Energy Company dated September 22, 1999. Nabors has filed a proof of claim in the amount of $2.1 million plus fees. Nabors objects stating that the plan provides for holders of timely filed mechanic's and materialman's liens on the Bazor Well, such as Nabors, to retain a secured claim, with the collateral consisting of the debtor's rights to receive payments from Rebel Drilling Company relating to the Bazor Well. The plan also grants each such creditor potentially a general unsecured deficiency claim in the event that the Bazor Contract Rights are not sufficient to pay in full the creditor's "Bazor Vendor Claim". The plan provides for the court to determined the present value of the "hydrocarbon attributable to the debtor's interest in the Bazor... on an annual basis for the first five years of its productive life." The difference between the total amount of Bazor Vendors Claims and this estimated amount will determine the initial deficiency claim of Bazor lien creditors and the extent of their right to participate in any initial distributions to unsecured creditors. The creditor complains that the Bazor Estimated Value overstates the debtor's interest and will lead to an insufficient unsecured deficiency claim for holders of allowed Bazor Vendor Claims because it will lead to an excessive valuation of the debtor's interest in the well and an excessive valuation of the secured claim of the Bazor lien creditors. The creditor also object to unclear language concerning a cash reserve to be maintained from any distribution to unsecured creditors equal to the full amount that would have been received on deficiency claims. The plan provides that confirmation of the plan will enjoin all creditors from asserting a setoff, right of subrogation or recoupment of any kind against any debt, liability or obligation due to the debtor. The creditor also asserts that any Final Value of the well must be made as of the Confirmation Date. Nabors reserves the right to object to any motion that the debtor files seeking to set the Bazor Estimated Value to the extent that Nabors believes that the present value that the debtor proposes of the Bazor Contract Rights is too high and hence that any deficiency claim of any Bazor lien creditor will be too low. SOUTHERN MINERAL: Seeks Bankruptcy Protection --------------------------------------------- Southern Mineral Corporation (OTC Bulletin Board: SMIN.OB) announced that the Company filed a petition for Chapter 11 bankruptcy protection today in Federal Bankruptcy Court, Houston, Texas. The decision to seek protection was taken by the Company and certain subsidiaries because the Company now believes that a restructuring of its indebtedness cannot be completed without the protection and assistance of the bankruptcy court. Timing of the bankruptcy filing was imposed by several factors, including the possible acceleration of the Company's $16.1 million of indebtedness by its domestic bank creditors and the inability of the Company and its debenture holders to reach a satisfactory compromise regarding the consideration to be received in a restructuring. The lack of liquidity during the restructuring period has made the process of working through this problem significantly more difficult. The Company is continuing to discuss a solution to its capital needs with its lenders, its debenture holders and other potential investors. The Company expects to file a plan of reorganization with the bankruptcy court in the near future that is fair to both its creditors and shareholders. Southern Mineral Corporation is an oil and gas acquisition, exploration and production company that owns interests in oil and gas properties located along the Texas Gulf Coast Canada and Ecuador. The Company's principal assets include interests in the Big Escambia Creek field in Alabama and the Pine Creek field in Alberta, Canada. The Company's common stock is quoted on the OTC Bulletin Board under the trading symbol "SMIN.OB". STAFF BUILDERS: Spin-Off Transaction/Financials Released -------------------------------------------------------- Staff Builders, Inc. will separate its home health care business from its existing supplemental staffing business. To accomplish this separation of its businesses, Staff Builders' Board of Directors established a new, wholly-owned subsidiary, Tender Loving Care Health Care Services, Inc., which will acquire 100% of the outstanding capital stock of the Staff Builders subsidiaries engaged in the home health care business. The spin- off will be effected through a pro rata distribution to Staff Builders' stockholders of all the shares of common stock of TLC owned by Staff Builders. The distribution will be made by issuing one share of TLC common stock for every two shares of Staff Builders Class A and Class B common stock that was outstanding on October 12, 1999. Based upon the 23,619,388 shares of Staff Builders common stock which was outstanding on the record date, 11,809,694 shares of TLC common stock will be distributed to holders of Staff Builders Class A and Class B common stock. The supplemental staffing business will remain with Staff Builders. The results for the three and six months ended August 31, 1999 and 1998 are said by the company to not necessarily be indicative of the results for an entire year. With that in mind it is noted that the company reported net revenue for the quarter ended August 31, 1999 of $37,861 and net income of $1,009. In the same time period of 1998 net revenue was $32,072 and net income $1,535. For the six months ended August 31, 1999 net revenue was $75,615 with net income of $1,850, while in the same six-month period of 1998 net revenue was $59,523 and net income was $2,643. STUART ENTERTAINMENT: Filing of Loan and Security Agreement ----------------------------------------------------------- On October 22, 1999, Stuart Entertainment, Inc. filed the Final Loan and Security Agreement By and Between Stuart Entertainment, Inc. and Foothilll Capital Corporation, dated September 15, 1999. ********* 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, 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. 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