TCR_Public/000114.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
       
         Friday, January 14, 2000, Vol. 4, No. 10

                     
                     Headlines

ANGEION: Adjourns Meeting of Shareholders
ANGEION: Completes Acquisition of Medical Graphics Corp
ANESTHESIA SOLUTIONS: Interim Order For Use of Cash Collateral
CHESAPEAKE CORP.: Moody's Reports Negative Outlook
COSTILLA ENERGY: Exclusivity Extended

DENNY'S: Franchisee Owner Files for Bankruptcy Protection
DOW CORNING: Women Opposed to Settlement May Sue Corp Parents
GIBSON GREETINGS: Tender Offer Extended To February 3, 2000
GIBSON GREETINGS: Harrosh Owns 6.39% of Common Stock
GOLDEN STATE: DCR Assigns Negative Rating Outlook

JUST FOR FEET: Seeks Authority To Reject 17 Leases
KCS ENERGY: Reaches Restructuring Agreement With Noteholders
LENOX HEALTHCARE: Applies For Bar Date
MERIDIAN CORP: Court Approves Exclusivity Extension
NEUROMEDICAL SYSTEMS: Order Approves Disclosure Statement

NEXTWAVE: FCC Revokes NextWave's Wireless Licenses
ONE-STOP WIRELESS: Creditor Requests Plan Confirmation Revocation
PENNCORP FINANCIAL GROUP, INC.: Trading Suspended by NYSE
SANYO AUTOMOTIVE: Seeks Extension of Exclusivity
SINGER: Bank Objects To The Blackstone Group

SPORTS AUTHORITY: Harrosh Holds 9.7% of Outstanding Common Stock
THE SIRENA APPAREL GROUP: Employment Agreement With Zientek
TRITEAL CORP: Announces Court Approval of Plan of Liquidation
UNISTAR INSURANCE: S&P Revises Unistar Rating to 'R'
UNITED COMPANIES: Equity Objects To Employee Protections

UNITED PETROLEUM: Revenues Down, Net Losses Up
WESTSTAR CINEMAS: Viacom and Warner Bros. to Acquire Assets
WORLD OUTDOOR INC.: Case Summary and Largest Unsecured Creditor

BOND PRICING For Week of January 10, 2000


                     ********

ANGEION: Adjourns Meeting of Shareholders
-----------------------------------------
Angeion Corporation, after passing certain proposals, adjourned
its annual meeting of shareholders with respect to proposals
requesting approval of previously announced transactions with ELA
Medical, a wholly-owned subsidiary of Sanofi-Synthelabo, a French
pharmaceutical company, and Medtronic, Inc. The company has
similarly extended the time period which holders of its 7 1/2%
Senior Convertible Notes due in 2003 have to consent
to supplement the Indenture in connection with the same
transactions. At the meeting, Angeion's shareholders
overwhelmingly approved the other proposals on its agenda,
including the re-election of its Directors; an increase in its
authorized shares of common stock, an amendment to its
non-employee director plan, and the appointment of
the company's auditors. Angeion will reconvene its annual meeting
of shareholders with respect to these two proposals on January
19, 2000 at 3:00 p.m., Minneapolis time, at Medical Graphics
offices, 350 Oak Grove Parkway, St. Paul, Minnesota.

Angeion has, to date, received proxies representing over a
majority of the shares entitled to vote at the meeting approving
each of the ELA Medical and Medtronic agreements. However, the
company has not received the required two-thirds approval. Of the
proxies received to date, approximately 95% have been in favor of
the proposals. In order to give all shareholders an adequate
opportunity to vote on these proposals, and given the strong
support to date for each of these proposals, the company has
adjourned its annual meeting of shareholders until January 19,
2000.


ANGEION: Completes Acquisition of Medical Graphics Corp
-------------------------------------------------------
Angeion Corporation has completed its previously announced
acquisition of Medical Graphics Corporation, a developer and
manufacturer of cardiopulmonary products, by acquiring all of the
outstanding shares of Medical Graphics for $2.15 per share for a
total of approximately $16.2 million. Medical Graphics will
become a wholly-owned subsidiary of Angeion and will continue to
operate its current business and utilize its infrastructure,
technology and customer base as a platform from which to
implement growth strategies in the cardiopulmonary market.
Medical Graphics shareholders approved the transaction at a
shareholders meeting.

On January 3, 2000, Richard E. Jahnke, President and Chief
Executive Officer of Medical Graphics, was to become President
and CEO of Angeion Corporation. James B. Hickey, Jr., President
and CEO of Angeion since July 1998, will continue to serve as a
director on Angeion's Board of Directors.

"We are pleased to complete this acquisition," said James B.
Hickey, Jr., Angeion's President and CEO. "Angeion will begin to
apply its resources to building a stronger cardiorespiratory
company with broader information technology applications."

Richard E. Jahnke has served as President and Chief Executive
Officer of Medical Graphics since August 1998. Prior to joining
Medical Graphics, he served for five years as President and Chief
Operating Officer at CNS, Inc., which develops and markets
consumer health care products.


ANESTHESIA SOLUTIONS: Interim Order For Use of Cash Collateral
--------------------------------------------------------------
On January 10, 2000, the US Bankruptcy Court for the Middle
District of Pennsylavania entered an order authorizing the debtor
to use the Cash Collateral until the earlier of January 31, 2000
or the date the debtor's right to use cash Collateral termiantes
in accordance with the terms of this stipulation. The expenses of
the debtor shall be in accordance with a budget submitted by the
debtor.


CHESAPEAKE CORP.: Moody's Reports Negative Outlook
--------------------------------------------------
Approximately $300 Million in Debt Securities Affected

New York, January 12, 2000 -- Moody's Investors Service confirmed
the Ba1 ratings on Chesapeake Corporation's notes and debentures.
The ratings actions stem from Chesapeake's expected acquisition
of Boxmore International, PLC and the potential acquisition of
Shorewood Packaging Corporation. The Ba1 rating reflects our view
the debt levels will be high and our expectation of the
integration and management challenges that Chesapeake will face
in putting the three operating companies together. At the same
time, the rating agency placed the Ba1 ratings of the company's
industrial and pollution control revenue bonds under review for
possible downgrade. The potential downgrade reflects the
announced consideration of the creation of a secured class of
lenders, which could place the industrial revenue bonds in an
inferior position

Ratings confirmed are:

Senior unsecured notes and debentures: Ba1

Senior implied rating; Ba1

Ratings placed on review for possible downgrade are:

Industrial Revenue and Pollution Control Revenue bonds; Ba1

Senior Unsecured Issuer rating; Ba1

The confirmation of the senior unsecured notes and debentures Ba1
ratings reflects an assumption that the notes would receive
security equivalent to that of any new level of secured debt.

Moody's noted that sizeable acquisitions and the potential for
material increases in debt had been anticipated in our downgrade
of Chesapeake's ratings to Ba1 from Baa3, which occurred on
September 30, 1999. The company's potential execution of both the
Shorewood and Boxmore transactions will eliminate the uncertainty
that currently exists surrounding the future business profile of
the company.

However, total debt will rise to nearly $1.2 billion with the
completion of the acquisitions, and debt protection measurements
will be very weak for the ratings. Debt to EBITDA (1999 pro-
forma) will be approximately 4.25x at the time of closing, and
EBIT interest coverage is expected to be only 1.6x in 2000. The
confirmation of the Ba1 senior implied rating assumes that
management is successful in integrating both Boxmore and
Shorewood into its current operations, that synergies and cost
saving are achieved as expected, and that debt protection
measurements will move sharply higher over the next 18 - 24
months. Moody's expects the company's ratios of Debt to EBITDA
and EBIT to interest to improve to around 3.1x and 2.3x
respectively, by the end of 2001. Failure of the company to
achieve a significant improvement in debt protection measurements
over the next 18 to 24 months will most likely result in a
ratings downgrade, therefore we have assigned a negative outlook
to the ratings.

The rating agency stated that historically stable operating
margins of both Shorewood and Boxmore were factors in the ratings
confirmation. Each company has a recent history of significant
revenue and earnings growth, both through acquisitions and
organic growth, and each operates in some specialty niche markets
that have contributed to their relatively stable margins.

Chesapeake, headquartered in Richmond, Virginia, is a specialty
packaging company with over 55 locations in the United States,
Europe, Mexico, and Canada


COSTILLA ENERGY: Exclusivity Extended
-------------------------------------
Costilla Energy, Inc. (OTC Bulletin Board: COSEQ) reports that
the period in which the Company has the exclusive right to
formulate a plan of reorganization under Chapter 11 of the U.S.
Bankruptcy Code has been extended until February 11, 2000,
pursuant to the Company's request.  Costilla continues to conduct
operations in the ordinary course and is actively engaged in
negotiations with its Creditors Committee concerning a plan of
reorganization for consideration by the Bankruptcy Court.  
Costilla intends to file a plan on or before the February 11th
deadline.

Costilla Energy, Inc. is an independent oil and gas company with
operations primarily in the Gulf Coast region of South Texas and
the Permian Basin of West Texas and Southeastern New Mexico.


DENNY'S: Franchisee Owner Files for Bankruptcy Protection
---------------------------------------------------------
Olajuwon Holdings Inc., one of the largest franchisees of Denny's
restaurants, has filed for bankruptcy protection, according to
The Houston Chronicle. Owned by Akinola Olajuwon, brother of
Houston Rocket star Hakeem Olajuwon, the company filed because of
a dispute involving ownership of 71 Denny's restaurants in 12
states. Olajuwon filed a suit in December that contended Phoenix
Restaurant Group of Scottsdale, Ariz., was trying to defraud him
out of 71 franchises he bought from it. A hearing had been
scheduled for last Friday to determine whether Phoenix Restaurant
should be temporarily restrained from taking any action against
Olajuwon, but his attorney said he decided to file for bankruptcy
instead and then pursue damages against Phoenix Restaurant.
Olajuwon plans to keep 60 of the disputed restaurants open under
a restructuring plan to pay off the company's debt. According to
Olajuwon, Phoenix sold him the franchises for $29 million with
the promise that each restaurant was in good condition. Olajuwon
discovered after the transaction that 14 of the restaurants could
not be operated without extensive repairs and that some,
including one in Houston, had been closed and abandoned. Olajuwon
was temporarily delinquent on $150,000 in rent payments because
his cash flow was lower than he had planned, but his attorney
said he paid the full amount in December. Phoenix Restaurant
maintains that it has the right to take back all of the
restaurants because of the late rent payments and to keep the
initial $29 million payment. Phoenix Restaurant has retained
Diana Woodman of the Houston office of Thompson & Knight, and
U.S. Bank National Association,the principal secured lender, has
hired Gregory G. Hesse of  Jenkens & Gilchrist, Dallas. (ABI 13-
Jan-00)


DOW CORNING: Women Opposed to Settlement May Sue Corp Parents
-------------------------------------------------------------
Bankruptcy Judge Arthur J. Spector (E.D. Mich.) this week threw
out a challenge to an earlier ruling that opened the door to
suits against Dow Chemical Co. and Corning Inc., the parent
companies of Dow Corning Co., according to the Associated Press.
Women opposed to a billion-dollar settlement over silicone gel
breast implants made by Dow Corning at one time now can sue the
corporate parents. After more than four years of negotiations,
Judge Spector approved the settlement in November, which calls
for Dow Corning to pay $3.2 billion to settle claims by more than
170,000 women. In late December, he issued a ruling that women
who voted against the plan could sue the parent companies if they
chose. Dow Chemical and Corning challenged the ruling, but in an
opinion dated Monday, Judge Spector said the challenge wrongly
assumed that it changed the terms of the settlement. Attorneys
for the parent companies had argued that the December ruling
violated the ban on future lawsuits against them and said they
did not consider the settlement confirmed. (ABI 13-Jan-99)


GIBSON GREETINGS: Tender Offer Extended To February 3, 2000
-----------------------------------------------------------
American Greetings' tender offer for all outstanding shares of
Gibson Greetings' common stock has been extended until 5:00 p.m.
Eastern time, Thursday, February 3, 2000. American Greetings and
Gibson Greetings said the offer was extended because the two
companies are still in the process of responding to a request for
additional information from the Antitrust Division of the U.S.
Department of Justice.

American Greetings' tender offer was scheduled to expire at 5:00
p.m. Eastern time, Wednesday, January 5, 2000. As of the close of
business on Monday, January 3, 2000, a total of 7,260,375 shares
of Gibson Greetings common stock had been tendered and not
withdrawn.

American Greetings is the world's largest publicly held creator,
manufacturer and distributor of greeting cards and social
expression products. With headquarters in Cleveland, Ohio,
American Greetings employs more than 21,000 associates around the
world and has one of the largest creative studios in the world.

Gibson Greetings, Inc., an industry innovator in the greeting
card business, is pursuing a strategy of marketing relationship-
fostering products that provide strong entertainment value.
Gibson distributes more than 24,000 individual relationship
communication products (over 5,000 new products last year),
including greeting cards, gift wrap, party goods and
licensed products.


GIBSON GREETINGS: Harrosh Owns 6.39% of Common Stock
----------------------------------------------------
Joseph L. Harrosh beneficially owns 1,012,472 shares of common
stock of Gibson Greetings Inc. with sole voting and dispositive
power and representing 6.39% of the outstanding common stock of
the company as of November 5, 1999.


GOLDEN STATE: DCR Assigns Negative Rating Outlook
-------------------------------------------------
CHICAGO, Jan. 12 /PRNewswire/ -- Duff & Phelps Credit Rating Co.
(DCR) has reaffirmed all ratings for Golden State Bancorp (GSB)
and its subsidiaries, including the 'BBB-' (Triple-B-Minus)
senior debt rating of Golden State Holdings (GSH). GSH issued $2
billion in senior debt in the third quarter of 1998, representing
the bulk of long-term debt. In addition, a Negative Outlook has
been assigned to the long-term ratings. The ratings affected by
this action appear at the end of this press release.

The assignment of a Negative Outlook indicates DCR's concern with
the level of double leverage for GSH, the parent company of
California Federal Bank (CFB), as well as an increase in leverage
on a consolidated basis. The increase in leverage is mostly a
result of an aggressive stock repurchase program. GSB repurchased
$250 million in stock during 1999 and has approved an additional
$250 million repurchase program for 2000. Although CFB is
considered 'well capitalized' under regulatory guidelines, the
low level of consolidated capital is constraining the company's
financial flexibility. CFB has been upstreaming 100 percent of
its net income to service parent company obligations and to
repurchase stock in recent quarters. The current capital
structure does not provide much downside protection to
bondholders if the company were to experience undue stress. The
ratings anticipate that management will utilize future cash
inflows (expected or unexpected) to build capital levels. The
settlement of the outstanding goodwill litigation lawsuits for
Glendale Federal and CFB is an example of such an event that
should allow management to improve capital levels. If the
lawsuits were settled based on the April 1999 verdict, GSB would
need to issue between $450 and $500 million in new equity to
satisfy litigation warrant holders.

The risk to bondholders is offset somewhat by strong cash flow
and capital ratios at CFB. Regulatory capital ratios have
improved slightly over the past 12 months, and cash flow is
adequate to cover parent company obligations. CFB has a
relatively low risk profile, as the majority of the portfolio is
composed of single-family residential loans (76 percent at third
quarter 1999) with modest LTV ratios. Interest rate risk is
mitigated by management's policy to book only variable-rate loans
and to sell all fixed-rate production on a flow basis. Asset
quality has been strong, and reserve coverage remains above that
of its peers. With 90 percent of operating revenue being composed
of interest income, interest rate risk is the driving concern for
CFB. A sharply higher interest rate environment would put
downward pressure on margins and reduce overall profitability,
which is partially mitigated by servicing income. A downturn in
profitability would put downward pressure on the ratings, as GSH
is wholly dependent on cash flow from CFB to service its debt.

DCR is encouraged by the improvements made in operating
efficiency and profitability over the past year. Management
successfully completed the GSB merger, realizing 100 percent of
the estimated cost savings ahead of schedule. The GSB merger
bolstered the company's deposit market share in California and
improved its standing as one of the top-tier mortgage-banking
firms in the country. Management's strategy to diversify the
company's revenue stream by expanding into other traditional and
nontraditional banking products is progressing, albeit slowly.
DCR is comfortable that appropriate policies and procedures have
been put in place to operate these businesses. However, such
controls have not yet been fully tested through a business cycle.

Ratings Reaffirmed Rating Outlook

Golden State Bancorp

Senior Implied 'BBB-' (Triple-B-Minus) Negative

Golden State Holdings

Senior Debt 'BBB-' (Triple-B-Minus) Negative

California Federal Bank, FS

Long-Term Deposit Obligations 'BBB+' (Triple-B-Plus) Negative

Long-Term Nondeposit Obligations 'BBB+' (Triple-B-Plus) Negative

Long-Term Certificate of Deposit 'BBB+' (Triple-B-Plus) Negative

Subordinated Debt 'BBB' (Triple-B) Negative

Preferred Stock 'BBB-' (Triple-B-Minus) Negative

Short-Term Deposit Obligations 'D-2' (D-Two)

Short-Term Nondeposit Obligations 'D-2' (D-Two)

Short-Term Certificate of Deposit 'D-2' (D-Two)

California Federal Preferred Capital Corp.

REIT Preferred 'BBB-' (Triple-B-Minus) Negative

First Nationwide Savings Bk SF CA

Subordinated Debt 'BBB' (Triple-B) Negative



JUST FOR FEET: Seeks Authority To Reject 17 Leases
--------------------------------------------------
The debtors, Just For Feet, Inc., et al., seek a court order
authorizing the rejection of 17 unexpired leases of
nonresidential real property.  The debtors retained Gordon
Brothers Retail Partners LLC to conduct the closing sales for the
specialty stores, and Universal Geneva Liquidation Services to
conduct the closing sales for the superstores.  Gordon Brothers
and Universal are obligated to notify the debtors when the
closing sales are completed at each specialty store and
superstore and the store will be closed.  Gordon Brothers
notified the debtors that the 17 specialty stores have been
closed.  Keen Realty Consulting Inc. has determined that the
leases have no value to a third party, and the debtors seek to
reject the leases.  The leases cover the following premises:

Ford City Mall, Chicago, IL
Walden Galleria, Buffalo, NY
Rotterdam Square Mall, Schenectady, NY
River Place Mall, Jacksonville, FL
Great Northern Mall, Clay, NY
Livonia Mall, Livonia MI
The Grand Avenue Mall, Milwaukee, WI
Eastview Mall, Victor, NY
Walmart Plaza Mall, Owosso, MI
Owings Mills, Owings Mills, MD
Ballston Commons, Arlington, Va.
Lakeland Square, Cadillac, MI
Muskegon Mall, Muskegon, MI
Cary Towne Center Mall, Cary, NC
Berkshire Mall, Lanesboro, MA
Carousel Mall, Syracuse, NY
Louis-Joliet Mall, Joliet, IL


By separate motion, the debtors seek to reject an additional 6
leases covering Superstores.  Universal Geneva Liquidation
Services notified the debtors that the 6 stores have been closed.  
Keen also reviewed and analyzed these leases and determined that
the leases have no value to a third party.  The debtors have
determined that there is no further need for the closed stores,
and are seeking rejection of the leases.  The leases cover the
following properties:

Fashion Outlet of Las Vegas, Primm, NV
South Park Mall, San Antonio, TX
Block at Orange, Orange, CA
5995 Virginia Beach Boulevard, Norfolk, VA
6700 Richmond Highway, Alexandria, VA
Bailey's Crossroads, Falls Church, VA
Tyson's Corner, Vienna, VA


KCS ENERGY: Reaches Restructuring Agreement With Noteholders
------------------------------------------------------------
KCS Energy, Inc. has reached an agreement on a restructuring with
the holders of more than two-thirds of the company's 8.875%
Senior Subordinated Notes due January 15, 2008 and more than a
majority of its 11% Senior Notes due January 15, 2003. To
effectuate the agreement, the parties have agreed KCS will
commence a case under Chapter 11 of the Bankruptcy Code by
January 18, 2000. In addition, the holders of KCS' Senior Notes
have agreed to certain amendments to the governing indenture
which will facilitate implementation of the restructuring.

"We are very pleased to have such a high level of support from
our noteholders on a restructuring plan that will permit KCS to
reduce total indebtedness and obtain new financing to replace the
two existing bank credit facilities," said KCS President and
Chief Executive Officer James W. Christmas. "Our agreement also
allows us to continue to pay our trade creditors in the ordinary
course of business."

Under the terms of the agreement, current shareholders will
retain 100% of the common stock on the restructuring effective
date and employees and trade creditors will continue to be paid
in the ordinary course of business. Senior Subordinated
Noteholders will exchange $125 million principal amount of such
notes, together with accrued interest claims, for $46.875 million
in cash and newly issued redeemable convertible preferred stock.
KCS may redeem the preferred stock for 12 months from the
effective date of the restructuring plan as follows:

For $15.625 million if completed within 6 months of the effective
date;  For $20.625 million if completed from 6 to 9 months of the
effective date; and For $25.625 million if completed from 9 to 12
months of the effective date.

If the company does not redeem the new preferred stock, it will
be convertible into 49.9% of the outstanding common stock,
assuming full conversion of such preferred stock.

On the effective date, Senior Noteholders will receive a cash
payment for interest due as of January 15, 2000, totaling $16.5
million. Consenting Senior Noteholders will exchange their
existing notes for new 11% Senior Notes due January 15, 2005,
which will be secured by a junior lien on the company's assets.
The remaining Senior Notes will be reinstated. The agreement also
provides that KCS will receive options to repurchase at least $50
million of its new Senior Notes at $850 per $1,000 principal
amount plus accrued interest prior to July 15, 2000.

The company is currently negotiating the terms of a new senior
secured credit facility that will replace its two current bank
facilities. Under the terms of the restructuring agreement, the
company must finalize the terms of a satisfactory financing
commitment by January 15, 2000.

In addition, KCS obtained the consent of the majority of the
Senior Noteholders to amend the indenture governing the company's
11% Senior Notes due January 15, 2003. Among other things, the
amendment would permit KCS to replace its two existing bank
credit facilities with a new senior secured credit facility
providing up to $190.0 million of indebtedness, to reduce
to 2.0-to-1.0 the EBITDA (earnings before interest, taxes and
DD&A) coverage ratio required for the company to incur additional
indebtedness until March 31, 2001, and to purchase its 8.875%
Senior Subordinated Notes due January 15, 2008 and to expend up
to $26.0 million to acquire or retire the newly issued preferred
stock of the company.

KCS is an independent energy company engaged in the acquisition,
exploration, development and production of natural gas and crude
oil with operations in the Mid-Continent and Gulf Coast regions.
The company also purchases reserves (priority rights to future
delivery of oil and gas) through its Volumetric Production
Payments (VPP) program.


LENOX HEALTHCARE: Applies For Bar Date
--------------------------------------
The debtors, Lenox Healthcare, Inc., et al. seek a court order
setting a final date and procedures for filing proofs of claim.  
The debtors are requesting that the court fix February 29, 2000
as the Bar Date.


MERIDIAN CORP: Court Approves Exclusivity Extension
---------------------------------------------------
In the case of Meridian Corporation, a/k/a Medshares, Inc. and
Symphony Home Care Services No. 18  - Louisiana, Inc., The
Honorable Jennie D. Latta, US Bankruptcy Judge entered an order
providing that the debtors' exclusivity period to file their
plans and disclosure statements is extended to March 1, 2000 and
that the time to obtain acceptance of such plans is extended to
May 1, 2000.


NEUROMEDICAL SYSTEMS: Order Approves Disclosure Statement
---------------------------------------------------------
On December 29, 1999, the Honorable Peter J. Walsh entered an
order finding that the Disclosure Statement contains adequate
information and is approved.  The hearing to consider
confirmation of the debtor's first amended plan of liquidation
shall commence on January 31, 2000 at 2:30 PM. The last date for
filing and serving written objections, comments or responses to
confirmation of the plan is January 21, 2000.



NEXTWAVE: FCC Revokes NextWave's Wireless Licenses
--------------------------------------------------
The Federal Communications Commission (FCC) told a bankruptcy
court yesterday that the wireless licenses held by bankrupt
NextWave Telecom had automatically been cancelled, per FCC rules,
and that it will seek new bidders for the licenses, which are
worth billions of dollars, in July, according to the Associated
Press. Citing a decision from an appeals court that confirmed the
FCC's authority over the licenses, FCC Chairman Bill Kennard said
the agency's rules dictate such licenses cancel when their holder
fails to pay for them on time. Hawthorne, N.Y.-based NextWave won
the licenses at issue in a federal auction several years ago to
use for wireless communications known as PCS. The company failed
to raise the money to pay for its $4.7 million bid, and along
with other top bidders in that auction, ultimately filed for
chapter 11 protection. Last year a bankruptcy court in New York
ruled that the company could keep the licenses after paying only
a portion of the amount they bid, but the U.S. Court of Appeals
for the Second Circuit reversed that decision in the fall. In
light of that ruling, the FCC filed its petition with the
Bankruptcy Court for the Southern District of New York, and
stated that the licenses had been cancelled, and therefore, any
attempts by NextWave to reorganize itself should not be approved.
This is despite the fact that a group of investors agreed in
December to provide $1.6 billion in cash to help NextWave emerge
from bankruptcy and build a wireless network. The Cellular
Telecommunications Industry Association called the FCC's action
"pro-competition and pro-consumer," and Sen. Judd Gregg (R-N.H.),
who pushed for legislative remedies to enable the FCC to act
against companies that cannot pay for their licenses, said, "The
taxpayers will be better off because they will be paid in full
for a commodity that has tremendous value in the commercial
marketplace." (ABI 13-Jan-00)


ONE-STOP WIRELESS: Creditor Requests Plan Confirmation Revocation
-----------------------------------------------------------------
Heath Thompson, a Class 7 creditor is asking that the court
revoke the order confirming the Chapter 11 plan.  Thompson
alleges that bankruptcy fraud occurred during the case.  Thompson
states that due to the debtor's unwarranted 6-month delay, the
forensic audit designed to detect fraud has not even begun.  The
debtor's disbursing agent's first and only report contains
indications of fraud, and the report was 60 days late.  Thompson
indicates that the debtors pushed for a quick confirmation of the
plan, and that all of the parties involved have ignored his
allegations of fraud.


PENNCORP FINANCIAL GROUP, INC.: Trading Suspended by NYSE
---------------------------------------------------------
The New York Stock Exchange on Monday suspended trade in PennCorp
Financial Group Inc. after the company announced plans to sell
off insurance assets and file for bankruptcy protection under
Chapter 11 of the U.S. Bankruptcy Code. The company earlier
announced plans to sell two insurance units to Swiss Reinsurance
Co. for $260 million cash and would file for bankruptcy
protection as part of the deal. PennCorp also said that its
subsidiary, American-Amicable Holdings Corp., had entered into a
definitive agreement to sell its Waco, Texas-based insurance
operations to a group led by Thomas Cressey Equity Partners for
$102 million in cash.  (Bankruptcydata.com)


SANYO AUTOMOTIVE: Seeks Extension of Exclusivity
------------------------------------------------
The debtors, Sanyo Automotive Parts, LTD., ABS Brakes Inc. seek
an extension of the exclusive period to file plan and solicit
acceptances.  The debtors seek an extension of the exclusivity
period through and including March 25, 2000, and of the
Acceptance Period, through and including May 25, 2000.  The
debtor submits that maintaining access to financing has required
an enormous effort on the part of the debtor's management and its
professionals.  Due to its efforts, the debtor was not prepared
nor did it have the time during the initial four months of the
case to focus on the development of a comprehensive
reorganization strategy.  Since the approval of the DIP facility
with Foothill Capital Corporation, the debtor has prepared and
submitted a proposed plan tot he Creditors' Committee.  
Negotiations are ongoing, and therefore the debtor seeks this
extension.  The Committee has consented tot he extension.


SINGER: Bank Objects To The Blackstone Group
--------------------------------------------
The Bank of Nova Scotia, as agent for the Singer Sewing Company
Bank Group objects tot the motion of the Singer Comp[any NV and
the Official Committee of Unsecured Creditors for an order
authorizing employment and retention of The Blackstone Group, LP
as their financial and transactional consultants.

The Bank objects to the employment because the terms are
unacceptably overbroad, they duplicate services to be performed
by Arthur Andersen and they are financially onerous to the
estates.


SPORTS AUTHORITY: Harrosh Holds 9.7% of Outstanding Common Stock
----------------------------------------------------------------
Joseph L. Harrosh beneficially owns 3,202,707shares of common
stock in Sports Authority Inc, with sole voting and dispositive
power over said shares.  The amount held represents 9.7% of the
outstanding common stock shares of the company based on the total
number of shares outstanding.  The amount includes the potential
conversion of $31,356,000 OF 5 1/4% convertible subordinated
notes owned by Mr. Harrosh into 960,807 shares.  If there is no
conversion of the $31,356,000 notes into 960,807 shares,
Mr. Harrosh owns 2,241,900 shares equal to 7.001% of the
32,022,191 shares outstanding as of December 1, 1999.


THE SIRENA APPAREL GROUP: Employment Agreement With Zientek
-----------------------------------------------------------
The Sirena Apparel Group, Inc., debtor, seeks authority to enter
into a post-petition employment agreement with Brian Zientek to
employ Zientek as CEO.  The debtor also seeks authority to modify
the terms of employment of Richard E. Matthews, its current
acting CEO, to employ Matthews as a consultant.  Zientek's base
salary shall be $300,000 per year.  For four weeks Matthews shall
receive $7,000 per week, and thereafter $250 per hour.


TRITEAL CORP: Announces Court Approval of Plan of Liquidation
-------------------------------------------------------------
TriTeal Corporation announced today that on December 7, 1999, the
United States Bankruptcy Court for the Southern District of
California approved the Company's Plan of Liquidation in
connection with its voluntary chapter 11 petition under the
United States Bankruptcy Code.  In August, the Company filed
the Plan of Liquidation with the court providing for the
liquidation of the Company's assets, payment to its creditors and
the distribution of any remaining cash to the stockholders of the
Company.  Pursuant to the Plan of Liquidation, holders of the
Company's Common Stock will be entitled to receive a pro rata
distribution of the remaining cash, if any, of the Company after
all other claims have been resolved and paid in accordance with
the terms of the Plan of Liquidation.  In order to receive such
pro rata distribution, each owner of the Company's Common Stock
will be required to surrender his/her stock certificates which
evidence such ownership of the Company's common stock.  At this
time, the timing and amount of such distribution, if any, remains
undetermined.

Except for the liquidation of its assets, the Company has ceased
doing business.

For further information, please contact Bankruptcy Counsel for
TriTeal Corporation: Jeffrey A. Davis, Esq. of Gray Cary Ware &
Freidenrich LLP, 619-699-2905.


UNISTAR INSURANCE: S&P Revises Unistar Rating to 'R'
---------------------------------------------------
Standard & Poor's today revised its financial strength rating on
Unistar Insurance Co. to 'R' from 'Bpi'.
An insurer rated 'R' is under regulatory supervision.

The rating change follows Standard and Poor's discovery that a
consent order has been issued by the Texas Department of
Insurance (DOI), citing the company as being in hazardous
financial condition possibly stemming from unsupported
customer valuation lists and class action lawsuits.

The company is not under Texas DOI regulation at this time,
because the state has not declared the company insolvent.


UNITED COMPANIES: Equity Objects To Employee Protections
--------------------------------------------------------
The Official Committee of Equity Security Holders of United
Companies Financial Corporation, et al. objects to the motion for
order approving post petition employee retention and severance
pay program.

The committee complains that the program can cost up to $4.2
million.  In addition, the Equity Committee states that it was
not consulted before the filing of this motion.  "This continues
a pattern where the debtors have failed to consult with the
Equity Committee on major proposals that affect these estates."  
The committee believes that the coverage for the employees is too
broad, since employees are eligible for both the bonus and the
severance, and that the key employees to receive an additional
$600,000 are not identified.


UNITED PETROLEUM: Revenues Down, Net Losses Up
----------------------------------------------
Debtor-in-possession company, United Petroleum Corporation, has
rendered its financial statements for the six months ended June
30, 1999, showing revenues of $2,416,616 and net losses of
$1,865,166.  In the same period in 1998 revenues were $3,294,947
and net losses $1,680,689.

The company has been suffering from recurring losses from
operations. At December 31, 1998 and at June 30, 1999 the company
was in violation of certain loan and convertible debenture
covenants. In addition, the company has been unable to meet
certain of its convertible debenture and other loan obligations
as they have become due.

Although the Chapter 11 filing and other matters raise
substantial doubts about the company's ability to continue as a
going concern, its consolidated financial statements were issued
on a going concern basis which contemplates the continuation of
operations,  the realization of assets and the discharge of
liabilities in the ordinary course of business. Also, the
aforementioned financial statements do not present the amount
which will ultimately be paid to settle liabilities and
contingencies which may be allowed in the company's Chapter 11
reorganization plan.


WESTSTAR CINEMAS: Viacom and Warner Bros. to Acquire Assets
-----------------------------------------------------------
The bankruptcy court approved the acquisition of WestStar Cinemas
by Viacom Inc. and Warner Bros., through an affiliated
partnership in WF Cinema Holdings L.P

WestStar Cinemas owns and operates 54 theatres with 357 screens
under the names of Mann Theatres in Southern California,
including the famous Chinese Theatre in Hollywood, Arizona and
Colorado, and the Bruin, National and Village Theatres in
Westwood Village, and Festival Cinemas in Northern California and
Alaska. (ABI 13- Jan-00)


WORLD OUTDOOR INC.: Case Summary and Largest Unsecured Creditor
---------------------------------------------------------------
Debtor:  World Outdoor Inc.
             1776 Broadway
             New York, NY 10019
             Tax id: 13-4044221

Type of Business:  Out of Home Advertising Company

Petition Date:  January 10, 2000           
Chapter 11
Court:  Southern District of New York     
Judge:  Stuart M. Bernstein
Debtor's Counsel:  
Gary J. Wachtel
Gary J. Wachtel, Esquire
277 Broadway; Suite 1300
New York, New York 10007

Total Assets:  $ 2,086,000
Total Debts:    $   40,000

Largest Unsecured Creditor

Ulm Holding Corp   1999-2000 use and occupancy arrears    
$ 40,000


BOND PRICING
============
DLS Capital Partners, Inc., bond pricing for week of January 10,
1999

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                         11 - 13 (f)
Asia Pulp & Paper 11 3/4 '05                  83 - 84
E & S Holdings 10 3/8 '06                     34 - 37
Fruit of the Loom 8 7/8 '06                    8 - 10 (f)
Genesis Health 9 3/4 '05                      40 - 42
Geneva Steel 11 1/8 '01                       13 - 15 (f)
Globalstar 11 1/4 '04                         68 - 70
Hechinger 9.45 '12                            10 - 12 (f)
Integrated Health 9 1/4 '08                    8 - 10 (f)
Iridium 14 '05                                 5 - 6 (f)
Loewen 7.20 '03                               50 - 51 (f)
Pathmark 11 5/8 '02                           33 - 36
Pillowtex 10 '06                              45 - 48
Revlon 8 5/8 '08                              47 - 48
Rite Aid 6.70 '01                             80 - 82
Service Merchandise 9 '04                     11 - 13 (f)
Sunbeam 0 '18                                 15 - 16
TWA 11 3/8 '06                                40 - 42
United Artist 9 3/4 '08                       15 - 18
Vencor 9 7/8 '08                              20 - 22 (f)


                     *********

A listing of Meetings, Conferences and Seminars appears each
Tuesday in the TCR.

Bond pricing, appearing each Friday, is supplied by DLS Capital
Partners, Dallas, Texas.

                     *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter, co-published
by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard
Group, Inc., Washington, DC.  Debra Brennan, Yvonne L. Metzler,
Edem Alfeche and Ronald Ladia, Editors.

Copyright 2000.  All rights reserved.  ISSN 1520-9474.

This material is copyrighted and any commercial use, resale or
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