TCR_Public/000128.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 28, 2000, Vol. 4, No. 20
                     
                     Headlines

AGRIBIOTECH, INC: Case Summary
AGRIBIOTECH: Lost $49.8 Million In The Past Year
ALTA GOLD: Hearing on Secured Lenders' Motion
AMERICAN SKIING: Losses Exceed Revenues
CITYSCAPE HOME LOAN OWNER TRUST: S&P Lowers, Affms 1997-1 Rtgs

COHO ENERGY: Exclusivity Terminated, Loan Offers Revised
COMMODORE APPLIED: Commodore Environmental Owns Stock
FILENE'S BASEMENT: Motion To Reject Store Leases
FILENE'S BASEMENT: Results of Auction of Leasehold Interests
FIRSTPLUS FINANCIAL: Pre-Hearing Outline of Disclosure Statement

FOURS ON SEVENTH: Case Summary & 20 Largest Unsecured Creditors
GBC BANKCORP: Announces Results of Problem Loan Auction
IMPERIAL HOME DECOR: Taps McDonald, Hopkins, Burke & Haber
INTEREX INC: Files Bankruptcy
ISONICS: Stock Owners Report Holdings

LEASING SOLUTIONS: Order Extends Time to Assume/Reject Leases
LENOX HEALTHCARE: Order Extends Time To Assume/Reject Leases
MARINER: US Trustee Schedules Organizational Meeting
MCA FINANCIAL: Status Report To Court Regarding Plan
MEDICAL RESOURCES: Reports Quarter Results

SABRATEK CORP: Committee Objects To Woodward Capital Advisors
SABRATEK CORP: Committee Taps The Bayard Firm
SABRATEK CORP: Committee Taps Weil, Gotshal
SAFETY COMPONENTS INC.: Moody's Lowers Ratings
SCHEIN PHARMACEUTICAL, INC.: Moody's Lowers Rating Of Sr Notes

SERVICE MERCHANDISE: Spending Less Than Expected
SIDANKO: Tyumen Oil Endorses Ratification of Pact
SUN HEALTHCARE GROUP: Updates Progress To SEC
TV FILME INC: Reports Filing Plan of Reorganization

BOND PRICING FOR WEEK OF January 24, 2000

                      ********

AGRIBIOTECH, INC: Case Summary
------------------------------
Debtor:  Agribiotech, Inc.
         120 Corporate Park Drive
         Henderson, NV 89014
         
Type of Business: Is a vertically integrated, full
service seed company specializing in the forage and
turf grass sector, complete with research and
developments of proprietary seed varieties, seed
processing plants and a national and international
distribution distribution and sales network.

Petition Date:  January 25, 2000   Chapter 11

Court:  District of Nevada         Judge:  Linda B. Riegle

Debtor's Counsel: William P. Weintraub
                  PACHULSKI, STANG, ZIEHL,
                   YOUNG & JONES, P.C.
                  650 California Street, 15th Floor
                  San Francisco, CA 94108
                  (415) 263-7000

Latest available info as of 12/31/99
Total Assets: $ 362,844,375
Total Debts:  $ 165,592,049


JG BOSWELL CO.              TRADE DEBT  $ 1,491,421.35
CENEX SUPPLY & MARKETING    TRADE DEBT  $ 1,090,934.43
BURLINGHAM, GEORGE          TRADE DEBT  $ 727,237.00
NORFARM SEEDS               TRADE DEBT  $ 621,736.50
NETRICK BROTHERS            TRADE DEBT  $ 603,527.07
INOUYE FARMS                TRADE DEBT  $ 528,408.58
SILVER STATE FARMS          TRADE DEBT  $ 526,123.90
PALOMA PARTNERS             TRADE DEBT  $ 524,800.00
KPMG                        TRADE DEBT  $ 517,486.00
BEACHNER SEED CO. INC.      TRADE DEBT  $ 516,712.00
ORACLE CORP.                TRADE DEBT  $ 489,244.98
MONSANTO CO                 TRADE DEBT  $ 487,331.00
CENEX HARVEST STATES        TRADE DEBT  $ 478,164.10
ZEIGLER FARMS LLC           TRADE DEBT  $ 436,379.60
BUCKLEY, MIKE               TRADE DEBT  $ 416,278.68
BRINKERHOFF, GENE           TRADE DEBT  $ 407,675.11
SMITH SEED SERVICES         TRADE DEBT  $ 400,678.68
EYERLEY FARMS               TRADE DEBT  $ 390,748.81
BRINKERHOFF SEED            TRADE DEBT  $ 387,341.88
DUFF CO.                    TRADE DEBT  $ 359,519.52


AGRIBIOTECH: Lost $49.8 Million In The Past Year
------------------------------------------------
Chief Executive Richard Budd said Monday the move is necessary to
ensure the company has the capital needed to continue normal
operations.  The move comes in the wake of the company's failure
to secure a new financing package from GE Capital Corp.

The Henderson-based AgriBioTech has lost $49.8 million on revenue
of $354.4 million in the past year.

Concurrent to the Chapter 11 announcement, the Nasdaq stock
market halted trading in AgriBioTech shares Monday at a last sale
price of $2.25, down from Friday's close of $2.50 and well off
its 52-week high of $13.75.  Trading will not resume until Nasdaq
receives additional information from the company, the stock
market said.

Standard & Poors said the company had $77 million in outstanding
debt as of Sept. 24.
  
Founded in 1983, AgriBioTech specializes in the sale and
biotechnical and turfgrass seeds. The company's strategy was to
buy independent seed distributors and consolidate them. In all 34
companies were purchased, but in its bankruptcy announcement,
AgriBioTech noted difficulties in integrating the companies.

Budd said the company hopes to continue normal operations during
the reorganization.

AgriBioTech has faced several challenges over the last few years
- including an oversupply of seed and a downturn in industry
pricing - Budd said. Higher than expected expenses and slow cash
collections from a weak agricultural economy have also hurt the
company's liquidity.


ALTA GOLD: Hearing on Secured Lenders' Motion
---------------------------------------------
A hearing will be held on the secured lenders' motion for relief
from the automatic stay to apply proceeds from the sale of put
options against indebtedness.  The hearing on the motion will be
held in the he Clifton Young Federal Building, 300 Booth St.,
Bankruptcy courtroom, First Floor, Reno, Nevada on February 17,
2000 at 10:30 AM.


AMERICAN SKIING: Losses Exceed Revenues
---------------------------------------
For the quarter ended October 24, 1999 American Skiing Company
experienced net losses of $27,954 on revenues of $23,355 as
compared to net losses of $20,268 on revenues of $24,796 in the
same quarter of 1998. The company's liquidity is significantly
affected by its high leverage. As a result of its leveraged
position, it will have significant cash requirements to service
interest and principal payments on its debt.  Consequently, cash
availability for working capital needs, capital expenditures and
acquisitions is limited, outside of the availability under the
Senior Credit Facility. Furthermore, the Senior Credit Facility
and the Indenture each contain significant restrictions on the
ability of the company and its subsidiaries to obtain additional
sources of capital and may affect the company's liquidity.  These
restrictions include restrictions on the sale of assets,
restrictions on the incurrence of additional indebtedness and
restrictions on the issuance of preferred
stock.


CITYSCAPE HOME LOAN OWNER TRUST: S&P Lowers, Affms 1997-1 Rtgs
-----------------------------------------------------------------
Standard & Poor's lowered its ratings on Cityscape Home Loan
Owner Trust series 1997-1 class B certificates to double-'C' from
triple-'C'. At the same time, Standard and Poor's affirmed its
ratings on the remaining classes of Cityscape Home Loan Owner
Trust series 1997-1. Approximately US$62.8 million in debt is
affected for this high combined loan-to-value (CLTV) transaction
(see list). An enormous increase in losses reported in November
1999 prompted Standard & Poor's to lower its ratings on the class
B and M-2 certificates in December 1999. Reports in December 1999
reflected subsequent losses of US$443,000, which caused
overcollateralization to be reduced to US$315, 000. Credit
support of the class B certificates is provided solely from
overcollateralization. Based on the current and projected
performance for this pool, overcollateralization is likely to be
depleted further in the near future. Should default trends
continue, the remaining certificate classes, specifically class
M-2, may be adversely affected, Standard & Poor's said.
--CreditWire


COHO ENERGY: Exclusivity Terminated, Loan Offers Revised
--------------------------------------------------------
Coho Energy Inc.'s (COHO) exclusive period to sponsor a plan of
reorganization was terminated on Jan. 21 at a hearing before the
U.S. Bankruptcy Court in Dallas. While exclusivity was terminated
in favor of the oil and gas company's bank group, its official
committee of unsecured creditors and its official committee of
equity security holders, which made the request, Coho seems
intent on proceeding with the amended reorganization plan it
proposed on Dec. 21. On Tuesday, the oil and gas exploration
company filed a motion for authorization to pay $200,000 in due
diligence fees and expenses in connection with a new $70 million
standby financing facility to be provided by affiliates of PPM
America Inc., Appaloosa Management L.P., Oaktree Capital
Management LLC and Pacholder Associates. (The Daily Bankruptcy
Review and ABI 27-Jan-00)


COMMODORE APPLIED: Commodore Environmental Owns Stock
-----------------------------------------------------
Commodore Applied Technologies Inc. is an environmental treatment
and services company which, through its operating subsidiaries,
provides a range of technologies and services directed
principally at remediating contamination in soils and other
materials, and disposing or reusing certain waste by-products
through development of inert and environmentally sound
technologies.

Commodore Environmental Services, Inc. beneficially owns
29,867,217 shares of common stock of the company representing
65.8% of the outstanding common stock.  Environmental exercises
sole voting and dispositive power over all such shares.  
Environmental invests in diverse environmental, chemical and
other businesses with a focus on new technologies that may have a
significant impact upon their markets.

Bentley J. Blum beneficially owns 70,000 shares of common stock
with sole voting and dispositive powers.  Additionally he
exercises shared powers over the 29,867,217 shares mentioned
above.  Combined his shareholding represents 65.9% of the
outstanding common stock of Commodore Applied Technologies.

Mr. Blum is a Director of Commodore Applied Technologies Inc. and
holds the office of President of Berkshire Coal Corporation.  
Berkshire Coal Corporation is a management company which
primarily manages investments in various oil and drilling
ventures.  He is also Chairman of the Board, President and Chief
Executive Officer of Environmental.

Paul E. Hannesson beneficially owns 577,500 shares of common
stock of Commodore Applied Technologies with sole voting and
dispositive powers and an additional 2,983,650 shares with shared
powers, representing 7.8% of the outstanding common stock of the
company.  He is Chairman of the Board, President and Chief
Executive Officer of Commodore Applied Technologies
Inc., and an executive officer of certain of the company's  
operating subsidiaries. Additionally he holds the positions of
Chairman of the Board and Chief Executive Officer of Commodore
Separation Technologies, Inc., an 87% owned subsidiary of
Commodore Environmental Services LLC (wholly-owned
by Environmental).  Separation is an environmental treatment and
services company that offers a technology directed at selectively
extracting and recovering solubilized metals, radionuclides,
biochemicals and other targeted elements from aqueous and
possibly gaseous process streams in degrees of concentration and
purity that permit both the reuse of such elements and the
disposal of the process water or gas as non-toxic effluent with
little or no further treatment.


FILENE'S BASEMENT: Motion To Reject Store Leases
------------------------------------------------
Filene's Basement Inc. and Filene's Basement Corp. seek to reject  
leases at Maine Mall, in South Portland Maine and Paramus, NJ.  
The debtors have ceased doing business at each of the rejected
locations, ad the rejected leases cannot be sold to a third
party.

The debtors do not need the rejected locations in connection with
their reorganization efforts.


FILENE'S BASEMENT: Results of Auction of Leasehold Interests
------------------------------------------------------------
To date, the debtors have closed 37 stores and have successfully
sold all of their merchandise located at the GOB stores.  The
debtors continue to operate 14 traditional Filene's Basement and
eight Aisle 3 stores.

As of January 12, 2000, the debtors had 28 outstanding GOB
leases. Twenty teams of bidders attend the auction on January 12.

As a result of the auction process, a total of 13 GOB leases were
sold at or shortly after the auction, 3 GOB leases were withdrawn
from the he auction because the debtors received "stalking horse
bids" and will be the subject of separate sale motions, subject
to higher bids, and 7 GOB leases were rejected.  Bidding
continues on stores in Scarsdale, NY and Mall of America, MN.  
Three GOB leases, all in Washington DC were not offered for sale
at the auction because the debtors believe that they will be able
to sell such leases on very favorable terms to a certain
prospective purchaser that has expressed an interest in buying
such leases as a package.


FIRSTPLUS FINANCIAL: Pre-Hearing Outline of Disclosure Statement
----------------------------------------------------------------
Firstplus Financial Inc., debtor, filed a pre-hearing outline in
support of its Disclosure Statement.  The debtor explains how
each of the six objections to the Disclosure Statement has been
resolved and should be withdrawn.  The sources of payment to
creditors under the plan are as follows:

Existing estate cash: approximately $15 million.
WIB Note Proceeds: In the minimum principal amount of $18.5
million.
Settlement Note Proceeds: $32 Million Note executed in favor of
the Trust as part of the settlement with WIB and Group upon
confirmation at the Effective date - all subject to a first lien
to Beal Bank's debt of $15.3 million.
Cash Flow Instrument: To be executed by the debtor in favor of
the creditor trust under the plan on the Effective Date, and
secured by the debtor's residual assets.

The debtor sets out a chart of all entities and individuals
involved in the plan, and sets forth all claims and treatment of
claims.

The liquidation analysis provides that unsecured creditors will
receive approximately 8% of their claims if affiliate claims are
paid pro rata, and 15% if affiliate claims are subordinated.  
Under the plan, unsecured creditors receive substantially more -
50% for electing creditors, of which 30% is to be paid within two
years, and 100% for non-electing creditors by the year 2010.


FOURS ON SEVENTH: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor:  Fours on Seventh, LLC
         c/o Newmark & Co. Real Estate
         125 Park Avenue
         New York, NY 10017

Petition Date: January 26, 2000       Chapter 11

Court: Southern District of New York  Judge: Not listed yet  

Debtor's Counsel:  Kevin J. Nash
                   Finkel Goldstein Berzow Rosenbloom Nash
                   26 Broadway
                   Suite 711
                   New York, NY 10004
                   (212)344-2929
                   Fax: (212)422-6836
                   Email: FinkGold@aol.com

Total Assets: $ 22,225,547
Total Debts:  $ 19,186,549

20 Largest Unsecured Creditors

Kramer, Levin Naftalis      Trade Debt      $ 106,636
Fire Safety Advisors        Trade Debt       $ 29,240
Castle Oil Corp.                             $ 14,857
Harper Lawrence Inc.                         $ 14,593
Goldberg Waprin & Ustin     Trade Debt       $ 10,080
Elevator Doors, Inc.                          $ 9,500
Christie's Enterprises      Trade Debt        $ 6,278
Pump Works                  Trade Debt        $ 3,891
Steven Raison                                 $ 3,192
Rial Brothers Ltd.,         Trade Debt        $ 2,800
Mage Electrical
  Contractors               Trade Debt        $ 2,101
Laszlo Bodak Engineer,PC    Trade Debt        $ 1,532
Resn Contracting Corp.      Trade Debt        $ 1,461
New York Combustion Corp.                       $ 852
Distinguished Flooring      Trade Debt          $ 838
Karl Plofker, PC                                $ 800
Rosenwach Tank Co. Inc.     Trade Debt          $ 692
Partners Cleaning, Inc.     Trade Debt          $ 541
Quality Fire Protection     Trade Debt          $ 490
Firesystem Testing Corp.    Trade Debt          $ 484


GBC BANKCORP: Announces Results of Problem Loan Auction
-------------------------------------------------------
GBC Bancorp, parent company of General Bank, announced that a
portion of its collateral consisting of the hotel, casino and RV
parks or the Sunrise Suites loan was sold at a bankruptcy
court auction yesterday for $42 million, according to a newswire
report. The bank expects to realize about $28 million when the
sale closes. Certain remaining collateral is scheduled for sale
in the future. (ABI 27-Jan-00)


IMPERIAL HOME DECOR: Taps McDonald, Hopkins, Burke & Haber
----------------------------------------------------------
The debtors, The Imperial Hoe Decor Group, Inc., seek to retain
and employ McDonald, Hopkins, Burke & Haber Co., LPA as special
counsel, to provide legal services with respect to issues arising
under he labor, employment and employee benefits laws and statues
of the US, issues arising under the lab or, employment and
employee benefits laws and statutes of the US, issues relating to
various litigations matters for the debtors; and certain
miscellaneous services including limited real estate
transactions, trademark, tradename, licensing and copyright
matter, and the disposition of certain assets of the debtors.  
The debtors paid the firm approximately $700,000 during the year
immediately preceding the Petition Date.  The firm will charge
for its services based on its current hourly rates.


INTEREX INC: Files Bankruptcy
-----------------------------
The Wichita Eagle reports on January 27, 2000 that Interex Inc.,
a Wichita computer parts company, filed a voluntary petition for
protection under Chapter 11.

According to Lance Chastain, company executive, the filing   
followed several months of effort to restructure Interex's
financial affairs without involving the courts.

HSBC Bank leads the list of creditors with more than $ 10
million. The second-largest creditor is Stratford Management, of
Dallas, with $ 5 million.

Interex is being represented by Wichita lawyer Ed Nazar, of
Redmond & Nazar LLP.

The company has about 80 U.S. employees in Wichita, Chicago and
Atlanta.  Interex was founded by then-college students Chastain
and Gregory Menas, who sold his interest in 1996.  The company
develops and sells computer accessories and peripherals,
including upgraded computer boards, cables, connectors, surge
protectors, keyboards and workplace accessories. The products are
manufactured in China and Taiwan as well as the United States.

They are sold in more than 15,000 retail outlets, including Best
Buy, Wal-Mart, Sam's Wholesale Club and CompUSA.


ISONICS: Stock Owners Report Holdings
-------------------------------------
The following entities beneficially own 4,000,000 shares of the
common stock of Isonics Corporation: Eagle Picher Holdings Inc.,
Eagle-Picher Industries, Inc., Eagle-Picher Technologies , LLC,
Granaria Holdings B.V., Granaria Industries B.V., and Joel P.
Wyler.  This represents 37.7% of the outstanding common stock of
the company.

The common stock consists of 4,000,000 shares of common stock
subject to a Warrant held by Eagle-Picher Technologies, LLC. The
Warrant was issued to Eagle-Picher Technologies, LLC under an
Asset Purchase Agreement dated November 30, 1999 between Isonics,
Eagle-Picher Technologies, LLC and Eagle-Picher Industries, Inc.  
In accordance with the Agreement, as payment in full for the
Warrant, Eagle-Picher Technologies, LLC has agreed to manufacture
and sell to Isonics 200 kilograms of Silicon-28. The source of
funds to produce the Silicon-28 subject to the Silicon Purchase
will be the working capital of Eagle-Picher Technologies.

The purpose of the acquisition of the common stock is investment.
Pursuant to the Agreement, Eagle-Picher Technologies, LLC has
agreed that until December 1, 2001 it and its affiliates will not
acquire any other shares of common, will vote all shares of such
common stock owned by them with respect to the election or
removal of directors of the company in accordance with the
recommendation of a majority of the Board of Directors of Isonics
and will not form, join, or in any other way participate in a
partnership, pooling agreement, syndicate, voting trust, or other
"group" with respect to voting securities of Isonics or enter
into any agreement or arrangement or otherwise act in concert
with any other person for the purpose of acquiring, holding,
voting or disposing of such voting securities.

Subject to the foregoing, these shareholders indicate theyv may
acquire additional shares of common stock or dispose of such
shares if they deem such transaction to be financially
advantageous. They also reserve the right to change such intent
if circumstances change.


LEASING SOLUTIONS: Order Extends Time to Assume/Reject Leases
-------------------------------------------------------------
By order entered on January 18, 2000, Judge Arthur S. Weissbrodt
granted the debtors, Leasing Solutions Inc. an extension of time
within which the debtor may assume or reject leases.  The
extension is to and including July 16, 2000.


LENOX HEALTHCARE: Order Extends Time To Assume/Reject Leases
------------------------------------------------------------
By order dated January 18, 2000, the debtors, Lenox Healthcare,
Inc., et al. are granted an extension of the period during which
the debtors must assume or reject unexpired leases of
nonresidential real property.    

The period within which the debtors must assume or reject the
unexpired leases is extended by approximately 120 days through
and including May 1, 2000.


MARINER: US Trustee Schedules Organizational Meeting
----------------------------------------------------
The United States Trustee for Region III has scheduled an
organizational meeting for the purpose of forming one or more
official committees of the Debtors' creditors.  That meeting will
be held in Wilmington, at a location to be determined, at 9:00
a.m. on Friday, January 28, 2000.  John "Jack" McLaughlin, Esq.,
is the attorney for the U.S. Trustee in charge of Mariner's
chapter 11 cases.  Contact the Office of the U.S. Trustee at
215-597-4411 for additional details. (Mariner Bankruptcy News
Issue 2; Bankruptcy Creditor's Service Inc.)


MCA FINANCIAL: Status Report To Court Regarding Plan
----------------------------------------------------
On September 8, 1999, the debtors filed a combined consolidated
plan under Chapter 11 of the Bankruptcy Code and Disclosure
Statement.  The plan is a liquidating plan which includes
substantive consolidation of the twelve debtors  Funding sources
for the liquidation include a sale of interests in real
properties to HCDC and possibly, to the Pools, the e use of the
Bank Group's cash collateral and available surcharges.  

The debtors continue negotiations of elements of the plan and the
outstanding issues are as follows:

The debtors and HCDC have agreed in principal to the purchase by
HCDC of debtors' interest in certain properties upon confirmation
of the plan.. Debtors have been negotiating with he Pools with
respect to a similar sale.  Those negotiations are ongoing but
have not been finalized.

For several months, the committees, the Bank Group and the
debtors have engaged in settlement negotiations regarding the
payment by the Bank Group to the estates of a settlement amount
based on potential benefits of substantive consolidation to the
Bank Group.  The negotiations are not final.

The Committees have raised the following issues:

Scope of any release and injunction;

Establishment of when the liquidating agent must give notice of
sales, settlements and other actions;

Status of settlement of the officers and directors suit and
payment of defense costs'

The level of committed funds to be used from the Bank Group's
cash collateral and the sufficiency of the time period for a
liquidation;

The impact and possible benefit of substantive consolidation on
certain other creditors;

Provisions for the liquidating agent to succeed tot he rights of
non-debtor parties, e.g. the Committees, to object tot he Bank
Group's claims; and

Certain objections to statements in the disclosure statement
portion of the plan and the disclosure of all referenced
agreements.

The SEC has raised the following issues:

The need for additional information regarding the sale of real
estate interests to HCDC;

A more detailed liquidation analysis; and

What procedures will be employed for approval of the combined
plan and disclosure statement.

The debtors believe that the active, major constituents in the he
cases still support the confirmation of a liquidating plan, and
that such a plan has benefits and advantages over converting the
case to Chapter 7.  

The debtors believe that a plan would be confirmable.


MEDICAL RESOURCES: Reports Quarter Results
------------------------------------------
Medical Resources, Inc., with its subsidiaries, affiliated
partnerships and joint ventures, specializes in the operation and
management of diagnostic imaging centers. The company operates
and manages primarily fixed-site, free-standing outpatient
diagnostic imaging centers, and provides diagnostic imaging
network management services to managed care providers. The
company also develops and markets radiology information systems
through its wholly-owned subsidiary, Dalcon Technologies, Inc.

For the quarter ended September 30, 1999, total company net
service revenues were $37,551,000 compared to $44,176,000 for the
quarter ended September 30, 1998, a decrease of $6,625,000 or
15%. The company's net loss from continuing operations for the
quarter ended September 30, 1999 was $41,061,000 compared to
$6,196,000 for the quarter ended September 30, 1998.

For the nine months ended September 30, 1999, total net service
revenues of Medical Resources Inc. were $120,159,000 compared to
$137,824,000 for the nine months ended September 30, 1998, a
decrease of $17,665,000 or 13%. The company's net loss from
continuing operations for the nine months ended September 30,
1999 was $44,586,000 compared to $13,126,000 for the nine months
ended September 30, 1998.

In general, healthcare providers have been experiencing gradual
reimbursement rate declines over the past two years and this is
expected to continue through 2000 due to factors such as the
expansion of managed care in the United States and budgetary
pressures placed on U.S. government agencies.


SABRATEK CORP: Committee Objects To Woodward Capital Advisors
-------------------------------------------------------------
The statutory committee of unsecured creditors objects to the
application for order authorizing the employment and retention of
Woodward Capital Advisors to GDS Technology, Inc.  In addition to
seeking to retain Woodward, the debtors have retained Jay Alix &
Associates as restructuring and management consultants.  The
services of Jay Alix to date have included work relating to the
sale of assets of Sabratek and LifeWatch.  The Committee states
that it needs more information and more time to determine whether
the estate will benefit from Woodward's retention.  The Committee
does not understand advance approval of a success fee, and they
believe that Woodward's retention is premature.


SABRATEK CORP: Committee Taps The Bayard Firm
----------------------------------------------
The Statutory Creditors' Committee of Sabratek Corporation seeks
approval to retain The Bayard Firm as co-attorneys for the
committee.

The firm will provide the following services:

Provide legal advice with respect to the Committee's powers and
duties as an official committee;

Assist in the investigation of the acts, conduct, assets,
liabilities, and financial condition of the debtors, the
operation of the debtors' businesses, and any other matters
relevant to the case or to the formulation of a plan of
reorganization or liquidation;

Prepare on behalf of the Committee necessary applications,
motions, complaints, answers, orders, agreements and other legal
papers;

Review , analyze and respond to all pleadings filed by the
debtors and appearing in court to present necessary motions,
applications and pleadings and to otherwise protect the interests
of the Committee.

Bayard has advised the Committee that Bayard's hourly rates range
from $275 per hour for directors, from $140 to $175 per hour for
associates and from $70 to $95 per hour for paralegals.


SABRATEK CORP: Committee Taps Weil, Gotshal
-------------------------------------------
The Statutory Creditors' Committee of Sabratek Corporation seeks
approval to retain the law firm of Weil, Gotshal & Manges LLP
("WG&M")as co-attorneys for the committee.

WG&M understands that the committee also seeks to retain The
Bayard Firm to act as co-attorneys with the WG&M in connection
with these chapter 11 cases. WG&M and The Bayard Firm intend to
coordinate carefully their efforts and clearly delineate their
respective duties to avoid unnecessary duplication for effort.

Among the services WG&M will be required to render on behalf of
the committee are:

Consultation with the committee, the debtors and the US Trustee
concerning the administration of these cases;

Investigation of the acts, conduct, assets, liabilities and
financial condition of the debtors, the operation of the debtors'
businesses, and the desirability  of continuance of such
business, and any matters relevant to these cases in the event
and to the extent required by the Committee;

To take all necessary action to protect the rights and interests
of the Committee, including negotiations and preparation of
documents relating to Chapter 11, plan, disclosure statement, and
confirmation to such plan;

To represent the Committee in connection with the exercise of its
powers and duties under the Code.


SAFETY COMPONENTS INC.: Moody's Lowers Ratings
----------------------------------------------
Approximately $130.0 Million of Debt Securities Affected.

New York, January 26, 2000 -- Moody's Investors Service lowered
the rating of Safety Components International Inc.'s (SCI) $90
million of 10.125% senior subordinated notes, due 2007, to Ca
from Caa1 and lowered the ratings of its Senior Unsecured Issuer
Rating to Ca from B3. SCI's $40 million secured revolving credit
facility rating has been lowered to Caa1 from B2. The senior
implied rating has been lowered to Caa3 from B2. The outlook is
negative.

The downgrades and negative outlook reflect our expectation for
recovery value of the debt based on the deterioration in Safety
Components' financial performance, uncertainty regarding its
previously issued financial statements and lack of liquidity. On
January 13 the company announced it would not make the January
interest payment on its senior subordinated notes and would use
the 30 day grace period to continue discussions with its senior
lenders and bondholders. In addition, Moody's expects that the
company will need to undertake a comprehensive debt restructuring
which may include the conversion of the senior subordinated notes
into equity.

As of 9/25/99 the company's debt was substantial at $150 million.
As a part of the company's restructuring, management is examining
strategic alternatives with regard to its non-core assets.
However, Moody's considers the company's current valuation to be
materially less than the company's outstanding obligations.

Safety Components International, Inc., headquartered in
Greenville, South Carolina, is an independent supplier of
automotive airbag fabrics and cushions, with operations in North
America and Europe.


SCHEIN PHARMACEUTICAL, INC.: Moody's Lowers Rating Of Sr Notes
--------------------------------------------------------------
Approximately $216 Million of Long-Term Debt Affected

New York, January 26, 2000 -- Moody's Investors Service lowered
the ratings of Schein Pharmaceutical, Inc.'s $50 million senior
notes, due 2004, to Caa1 from B3, its $66 million senior secured
bank term loan and $100 million revolving credit facility,
maturing 2001, to B3 from B2, and placed the credit under review
for possible further downgrade. The senior unsecured issuer
rating is Caa2. The senior implied rating is B3. The rating
outlook is negative.

The rating action is prompted by the announcement by the company
on January 25, 2000 that it will report a loss for the fourth
quarter of 1999 as the result of lower gross margins in its
generic drugs, higher operating costs and a substantial
restructuring charge related to the write down of intangible
assets associated with its sterile operations, that as a result
of the fourth quarter loss the company is not in compliance with
its bank credit facility, and it is seeking a waiver of covenant
compliance. The company further announced that it plans to reduce
its headcount by about 15% (about 200 people) in connection with
its modified sterile business plan and the general business
functions, and that its board had engaged financial advisors to
explore options, including the possible sale of the company.
Moody's understands that the financial advisors were engaged in
part because certain members of the he Schein family, which owns
60% of the company's outstanding shares through a voting trust,
wish to explore the possible sale of part or all of their
interests. Voting control of the Schein family voting trust will
change to the Schein family from Martin Sperber, Chairman and CEO
on March 1, 2000.

Moody's is concerned about the company's liquidity, the lack of
resolution of the issues which the company has with the FDA in
its Steris and Marsam facilities, and the uncertainty about the
level of support that the financial community will provide if
problems persist.

The Caa1 rating of the $50 million senior notes, which are
guaranteed by domestic subsidiaries, reflects their effective
subordination to substantial senior secured debt. The B3 rating
of the $166 million senior secured credit facilities, which are
guaranteed by domestic subsidiaries and secured by substantially
all assets of the company, reflects that the collateral coverage
is thin from a tangible viewpoint and is facing further erosion
from writedowns.

Moody's review will focus on the company's liquidity, the terms
of any waiver obtained from its banks, fourth quarter results,
the company's business plan, and the results of its
communications with the FDA.

Moody's previously lowered the ratings of Schein on October 8,
1998 with negative outlook to reflect Moody's concerns about the
company's near and medium term liquidity due to the effect of the
FDA seizure action against products manufactured at the Steris
Laboratories, Inc. subsidiary in Phoenix, Arizona, as well as
potential loss of market share, and subsequent related charges
and costs (including a $135 million restructuring charge).

Under a consent agreement Steris began implementing a corrective
action plan and in April 1999 the FDA permitted the resumption of
INFeD manufacturing at Steris, subject to review of each lot. In
mid-1999, the FDA performed an inspection of the company's Marsam
subsidiary that resulted in a voluntary recall by Schein of all
Marsam products (which represented about 7% of the company's
sales and a smaller percentage of gross profits over the four
quarters ended March 1999). Moody's understands that the company
has not received a response to its proposed corrective action
plan with respect to Marsam made to the FDA in September 1999.
With regard to Steris, the company believes that it is in
compliance with the corrective actions plan and expects a FDA
inspection possibly in the summer and manufacturing approval
potentially later in 2000. For the third quarter ended 9/30/99
the company reported revenues of $124 million and operating
income of $12 million. However, Moody's notes that in the third
quarter, the company sold rights to certain products for $13.5
million, which was recorded as revenue and income for the third
quarter, in addition to recording a charge of approximately $17
million primarily relating to Marsam inventory and product
recalls.

Schein Pharmaceutical, Inc., headquartered in Florham Park, New
Jersey, develops, manufactures and markets primarily generic
pharmaceutical products.


SERVICE MERCHANDISE: Spending Less Than Expected
------------------------------------------------
Service Merchandise Co. says it is spending less than expected
during its bankruptcy reorganization and its losses will be lower
than projected.

During a Bankruptcy Court hearing Tuesday, the company said its
losses for the nine months ending Dec. 31 will be $70 million,
about half of what it had expected during its Chapter 11
bankruptcy reorganization.  The hearing was held on the company's
request to wait until 2001 to file its own bankruptcy
reorganization plan without facing competing plans from others.

A group of bondholders opposed the request, saying their study
shows the company is worth more to its creditors dead than alive.

Company CEO Sam Cusano testified Service Merchandise surpassed
all of its performance targets during the nine-month
stabilization period ended Dec. 31.  Preliminary net operating
earnings were 40 percent higher than the target of $35 million
for the nine-month period, the company said.


SIDANKO: Tyumen Oil Endorses Ratification of Pact
-------------------------------------------------
Tyumen Oil Company, one of the world's top 10 integrated oil
companies in reserves, endorsed Monday the decision to move
toward ending the bankruptcy of Sidanco Oil Company.

On Monday, Sidanco's creditors in Moscow voted overwhelmingly for
an amicable settlement agreement to bring Sidanco out of
bankruptcy.  This follows the signing on Dec. 22 of a preliminary
agreement between Sidanco shareholders - including BP Amoco - and
Tyumen Oil's shareholders on ownership of Sidanco and its
subsidiary Chernogorneft.

"We actively supported the decision, which moves us closer to
harnessing the tremendous potential of Samotlor oil field for the
mutual benefit of Tyumen Oil and Sidanco in concert with BP
Amoco," said Tyumen Oil CEO and President Simon Kukes.

The decision of the creditor's committee goes to the Moscow
District Arbitration Court on Friday for confirmation and
implementation. BP Amoco and other Sidanco shareholders are
working with Tyumen Oil's shareholders to finalize a definitive
agreement including joint studies on the long-term management and
development of Samotlor, one of the world's biggest oil fields.

"This development sends a strong positive message to
international lending institutions and investors. US-Russian
commercial interests need such a foundation if they are to
continue to expand," said Gene Lawson, president of the US-Russia
Business Council, one of the most influential private business
groups involved in US-Russian business.

Established in 1995, Tyumen Oil is one of Russia's top five oil
companies producing 460,000 barrels per day. It belongs to two
private owners, Alfa Group (Russia) and Access/Renova (Russia,
United States).


SUN HEALTHCARE GROUP: Updates Progress To SEC
---------------------------------------------
Sun Healthcare Group, Inc. reports to the SEC that on October 14,
1999, Sun Healthcare Group Inc. and most of its U.S. operating
subsidiaries filed voluntary petitions for protection under
Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy
Court for the District of Delaware.  The company is currently
operating its business as a debtor-in-possession subject to the
jurisdiction of the Bankruptcy Court.

On November 12, 1999, the Bankruptcy Court granted final approval
of the DIP Financing Agreement.  As of November 27, 1999, up to
$149.0 million was available to the company under the DIP
Financing Agreement, of which amount the company had borrowed
$55.1 million, and had issued $7.5 million in letters of credit.

The company's financial reports for the quarter and six months
ended September 30, 1999 show net revenues of $629,579 and net
losses of $236,856.  For comparison, the same period in 1998
showed net revenues of $814,408 and net losses of $1,030.

The nine months ended September 30, 1999 showed net revenues of
$1,903,525 and net losses of $938,601.  In the equivalent nine
months of 1998 net revenues were $2,308,290 and net income of
$7,990.


TV FILME INC: Reports Filing Plan of Reorganization
---------------------------------------------------
TV Filme, Inc. (OTC Bulletin Board: PYTV) reported today that it
has filed this  morning a voluntary petition under chapter 11 of  
the United  States Bankruptcy  Code, together  with  a   pre-
negotiated   Plan  of  Reorganization and  the Disclosure
Statement  relating to such Plan, with the U.S.  Bankruptcy
Court for the District of Delaware.  A hearing for approval of  
the Disclosure Statement is expected to be set for late February,
2000.  Following approval, ballots respecting the Plan will be
circulated to those parties entitled to vote on it, and a hearing
to confirm the Plan will be scheduled.  Holders of more than 65%
of the aggregate principal amount of TV Filme's outstanding
12-7/8% senior notes due 2004 (the  "Senior Notes") have agreed
to support and vote in favor of the restructuring.

The Company's restructuring represents a consensual arrangement,
pursuant to a Restructuring Agreement dated January 24, 2000,
with holders of more than 65% of the Company's outstanding Senior
Notes.  TV Filme, Inc. expects that this restructuring  will  
significantly reduce the Company's existing long-term debt, and
enable the  Company to continue the build-out of its recently
acquired  multi- point,  multi-channel distribution systems
("MMDS") licenses.  The restructuring of the Company's  
indebtedness provides, among other things, as follows:

The senior noteholders will receive a $25 million cash payment
and their existing notes will be converted into (i) New  Senior
Secured Notes in the aggregate principal amount of at least $35
million, subject to adjustment, with a five year  maturity  and  
interest of 12%  per  annum (interest payable-in-kind  at  the
option of the reorganized  company through  the first 24 months),
and (ii)  80%  of  the  new common   equity   of  the reorganized
company.  Current management will receive 15% of the new common
equity,  and existing common stockholders  of TV Filme, Inc. will
receive  5%  of  the new common equity of  the  reorganized
company  in exchange for their current stake.  The  Plan provides  
that  the reorganized company will  be  a  newly- formed  Cayman
Islands holding company, and  that the  New Senior   Secured  
Notes will  be   issued   by   ITSA -- Intercontinental   
Telecomunicacoes Ltda., an existing Brazilian subsidiary of TV
Filme.

Hermano Studart Lins de Albuquerque, Chief Executive Officer of
TV Filme, Inc. said, "We are pleased to announce the  execution   
of  this  agreement with our largest bondholders and the filing
of the Plan.  This restructuring represents the result of
important negotiations with our investors  and will  place TV
Filme  in  a  much  stronger position."

Mr. Albuquerque emphasized that the restructuring is being  
implemented at the U.S.  holding company  level  and will not  
affect the Company's operations in  Brazil.  "We will continue  
to provide our customers with  the highest quality of
programming, service, and reliability."

Headquartered in Brasilia, Brazil, TV Filme, Inc. is a leading  
provider of subscription  television,  data  and Internet  
services  in  mid-sized markets in  Brazil.  The Company has
established wireless cable operating systems in Brasilia,
Goiania, Belem and Campina Grande, which together comprise over
1.4 million households.  Also, the  Company holds  wireless cable  
licenses in the cities  of  Bauru, Caruaru,  Franca, Porto  
Velho, Presidente  Prudente  and Uberaba, which  together  
comprise  nearly 0.4  million households.  TV Filme, Inc. reports
all results in  U.S. dollars and prepares its financial
statements in accordance with U.S. generally accepted accounting
principles.


BOND PRICING FOR WEEK OF January 24, 2000
=========================================
DLS Capital Partners, Inc., bond pricing for week of January 24,
2000

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07               16 - 18 (f)
Asia Pulp & Paper 11 3/4 '05        83 - 84
E & S Holdings 10 3/8 '06           37 - 40
Fruit of the Loom 8 7/8              8 - 10 (f)
Genesis Health 9 3/4 '05            34 - 36
Geneva Steel 11 1/8 '01             14 - 16 (f)
Globalstar 11 1/4 '04               70 - 72
Hechinger 9.45 '12                   9 - 11 (f)
Integrated Health 9 1/4 '08          7 - 9 (f)
Iridium 14 '05                       4 - 5 (f)
Loewen 7.20 '03                     50 - 51 (f)
Pathmark 11 5/8 '02                 30 - 32
Pillowtex 10 '06                    39 - 41
Revlon 8 5/8 '08                    46 - 47
Rite Aid 6.70 '01                   78 - 80
Service Merchandise 9 '04           11 - 13 (f)
Sunbeam 0 '18                       15 - 16
TWA 11 3/8 '06                      36 - 38
United Artists 9 3/4 '08             8 - 12
Vencor 9 7/8 '08                    18 - 20 (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.

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