TCR_Public/000131.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, January 31, 2000, Vol. 4, No. 21

AGRIBIOTECH, CANADA: Case Summary and 20 Largest Creditors
APPLE ORTHODONTIX: Files for Protection Under Chapter 11
BRUNO'S: Emerges From Bankruptcy Debt-Free
BRUNO'S: Examiner's Motion To Increase Fee Cap To $1,400,000
CAMBRIDGE INDUSTRIES: Moody's Lowers Ratings

CASMYN CORP: Committee Taps Irell & Manella
CLARIDGE: Files Joint Plan of Reorganization
EQK REALTY INVESTORS: Court Approves Appointment of Newleaf Corp
GALEY & LORD: Restatement of LIFO Inventory Reserves
GARDEN WEST: Case Summary and 20 Largest Unsecured Creditors

GOLDEN BOOKS: Announces Consummation of its Plan
HOMEMAKER INDUSTRIES: Meeting of Creditors
JUMBOSPORTS: Motion To Extend Exclusivity
JUST FOR FEET: Announces Asset Auction
LAMONTS APPAREL: Meeting of Creditors

LEVITZ: Motion To Assume Arizona and California Leases
MARINER: Motion To Use Third Party Lenders' Cash Collateral
MEDPARTNERS: Hearing on Adequacy of Disclosure Statement
MKR HOLDINGS: Announces Sale of Assets
NEXTWAVE: Supports Clinton's Internet Subsidy Plan

OMEGA HEALTHCARE: DCR Downgrades Omega Healthcare Ratings
PHP HEALTHCARE: All Capital Stock Canceled
SPORTS AUTHORITY: Sales and Net Loss Decrease
VEGAS FERTILIZER: Case Summary and 20 Largest Unsecured Creditors


AGRIBIOTECH, CANADA: Case Summary and 20 Largest Creditors
Debtor:  Agribiotech, Canada, Inc.
         OSECO, INC.
         163 St. David Street
         Lindsay, ON K9V4Z6

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

                  Candace C. Carlyon &
                    James Patrick Shea
                  233 S 4th St #200
                  Las Vegas, NV 89101

                  Jeffrey N. Pomerantz
                  10100 Santa Monica Blvd #1100
                  Los Angeles, CA 90067

Witdouck Farms         Trade Debt     $ 70,895
Kirchuck, David        Trade Debt     $ 64,939
Lambright, S.          Trade Debt     $ 47,174
Loewen, Diedrich       Trade Debt     $ 46,214
Trottier, Gerald       Trade Debt     $ 43,399
Pellerin, Collin       Trade Debt     $ 38,456
Heines, Gregg          Trade Debt     $ 35,633
Kirchuk, George        Trade Debt     $ 34,378
Benoit Brothers        Trade Debt     $ 32,933
Lyzenga, Lammert       Trade Debt     $ 32,454
Adolphson, Arg         Trade Debt     $ 25,138
Anderson Family Farm   Trade Debt     $ 20,416
Imperial Seed          Trade Debt     $ 19,538
Dyck, Rodney           Trade Debt     $ 17,278
Deer, Creek            Trade Debt     $ 16,266
Dyck, Vern             Trade Debt     $ 15,004
Phillips, Clinton      Trade Debt     $ 14,809
Pellerin, Dave         Trade Debt     $ 12,043
Labant, Victor         Trade Debt     $ 12,027
Skriver, K.            Trade Debt     $ 13,499

APPLE ORTHODONTIX: Files for Protection Under Chapter 11
Apple Orthodontix, Inc. (Amex: AOI) announced that it filed for
protection under Chapter 11 of the United States Bankruptcy Code,
in Wilmington, Delaware.  The filing was necessitated by, among
other things, actions by certain orthodontic practices affiliated
with the company that unjustifiably withheld monies due the
company related to the collection of the company's
accounts receivable.  The company intends to file complaints and
motions for temporary restraining orders as part of its efforts
to recover these funds, continue collection of accounts
receivable and compel compliance by affiliated orthodontic
practices with their respective obligations under their Services

The company has obtained post-petition financing commitments from
its pre-petition senior secured lenders in amounts necessary to
fund the company's business operations under the terms of the
Services Agreements.

Prior to the petition date, four orthodontic practices filed
lawsuits against the company seeking damages and termination of
their Services Agreements alleging breach of contract, fraud and
securities fraud.  These lawsuits and all other prepetition
actions against the company have been stayed from proceeding
pursuant to the provisions of the Bankruptcy Code.

Apple Orthodontix, Inc. is a single specialty practice management
company focused on the practice of orthodontics.

BRUNO'S: Emerges From Bankruptcy Debt-Free
Bruno's, Inc. announced today that it has successfully emerged
from Chapter 11 bankruptcy.  Substantially all the assets of the
multi-state supermarket chain have been transferred to a newly
created corporation known as Bruno's Supermarkets, Inc.  The new
company is owned by the financial institutions that held Bruno's,
Inc. senior debt; however, no single financial institution will
own a controlling share.

Under the terms of the plan of reorganization approved by the
Bankruptcy Court, all general unsecured creditors will receive a
cash disbursement equal to 30% of the allowed value of their
claims.  All distributions that would have been made to the
holders of the Company's Senior Subordinated Notes will be
distributed to the senior creditors in accordance with the
governing subordination agreement.  No distributions will be made
to holders of shares of Common Stock of Bruno's, nor will any
shares of Bruno's, Inc. stock be converted to shares of Bruno's
Supermarkets, Inc. stock.

Bruno's operates 152 supermarkets under the Bruno's, Food World,
Food Fair and FoodMax banners in Alabama, Georgia, Florida, and

BRUNO'S: Examiner's Motion To Increase Fee Cap To $1,400,000
Harrison J. Goldin, aided by his advisors (Gold & Associates,
financial advisor; Kramer Levin Naftalis & Frankel LLP, lead
counsel; and Agostini, Levitsky, Isaacs & Kulesza, local
counsel), asks Judge Robinson to further increase the original
$200,000 fee cap imposed at the time of his appointment -- to
just over $1,400,000 this time around.

The Creditors' Committee, the Debtors, and the Debtors' pre-
petition senior lenders all vehemently object to the Court-
appointed Examiner's motion for another, very substantial
increase in his fee cap.  The original order appointing the
Examiner capped his fees at $200,000.  In August 1999, the
Examiner asked for and received a thirty-day extension of the
deadline for submitting his report and a fee cap increase to
$500,000.  Now Mr. Goldin asks Judge Robinson to approve another
fee cap increase to a total of $1,446,238.68.  The Committee
opposed the original appointment of the Examiner, and they oppose
any payment to him, or to his professionals, that exceeds the
$500,000 approved by the Court in August. (Bruno's Bankruptcy
News Issue 31; Bankruptcy Creditor's Service Inc.)

CAMBRIDGE INDUSTRIES: Moody's Lowers Ratings
Approximately $370.0 Million of Debt Securities Affected.

New York, January 27, 2000 -- Moody's Investors Service lowered
the rating of Cambridge Industries, Inc.s' (Cambridge) $100
million of 10.25% senior subordinated notes, due 2007, to Ca from
Caa1 and lowered the ratings of its Senior Unsecured Issuer
Rating to Ca from B3. Cambridge's bank credit facility ratings
have been lowered to Caa1 from B2 including its $65 million
secured revolving credit facility, the $70 million Term Loan A,
and the $135 million Term Loan B. The senior implied rating has
been lowered to Caa1 from B2. The outlook is negative.

The downgrades and negative outlook reflect the high risk of
default as well as the deterioration in the value of Cambridge's
senior subordinated notes primarily as a result of the company's
lack of liquidity. The absence of additional equity needed to
support capital expenditures has had a deleterious effect on
Cambridge's ongoing business and is also likely to inhibit new
opportunities. Moody's believes the company's current level of
debt is not serviceable without a comprehensive restructuring.

Cambridge Industries, Inc., headquartered in Madison Heights, MI,
is a Tier I designer and producer of plastic components and
composite systems used by automotive and truck original equipment

CASMYN CORP: Committee Taps Irell & Manella
The Official Committee of Unsecured Creditors of Casmyn Corp.
submitted an application to employ Irell & Manella LLP as its
counsel.  The firm will perform the following services:

Consultation with the debtor, any trustee, and the US trustee,
concerning the administration of the case;

Investigation of the acts, conduct, assets, liabilities and
financial condition of the debtor, the operation of the debtor's
business, and any matter relevant to the case;

Participation in pending adversary proceedings in which the
Committee is a party;

Participation in the case to the extent it affects the rights and
interests of the unsecured claim holders of the debtor, including
but not limited to a Chapter 11 plan, and confirmation of such
plan; and

The performance of such other services as are in the interest of
the Committee relating to the debtor's case.

CLARIDGE: Files Joint Plan of Reorganization
Today, The Claridge Hotel and Casino Corporation (the
"Corporation"), its wholly owned subsidiary, The Claridge at Park
Place, Incorporated and Atlantic City Boardwalk Associates, L.P.
(the "Partnership") filed a Joint Plan of Reorganization (the
"Plan") and Disclosure Statement in the United States Bankruptcy
Court in Camden, New Jersey (the "Court").  Under the proposed
Plan the Partnership will transfer its assets, which include,
principally, the land, building and furnishings of the Claridge
Casino Hotel to the reorganized Claridge.

The Plan provides for the holders of the Corporation's $85
million First Mortgage Notes to receive 100% of the equity of the
reorganized Claridge, outstanding on the effective date of the
Plan.  In addition, as a feature designed to recognize the
position of Claridge's numerous small noteholders, the Plan
provides noteholders with the option to elect to receive, in lieu
of equity, a new ten year secured Note, carrying an 8% coupon
rate, in an amount up to the greater of (i) $100,000 principal
amount of the noteholder's holdings or (ii) 15% of the principal
amount of the noteholder's holdings.

The Plan provides for unsecured creditors to receive payment, in
full, to be paid in seven equal annual installments beginning on
the effective date of the Plan.

The Court will schedule a hearing on the adequacy of the
Disclosure Statement.  Upon Court approval of the Disclosure
Statement, the Plan will be submitted to creditors for a vote.

On August 16, 1999, The Claridge Hotel and Casino Corporation and
The Claridge at Park Place, Incorporated filed voluntary
petitions under Chapter 11 of the U.S. Bankruptcy Code in order
to facilitate a financial restructuring. On October, 5, 1999,
City Boardwalk Associates, L.P. filed a voluntary petition
under Chapter 11 of the U.S. Bankruptcy Code.  The Claridge
Casino Hotel opened in July 1981 and has 59,000 square feet of
casino gaming space.  The Claridge Hotel and Casino Corporation
is a closely-held public corporation and is the issuer of $85
million of 11-3/4% First Mortgage Notes which are publicly traded
on the New York Stock Exchange under the symbol CLAR02.

EQK REALTY INVESTORS: Court Approves Appointment of Newleaf Corp
EQK Realty Investors I, a Massachusetts Real Estate Investment
Trust (OTC BB:EQKR - news) - announced that the Company has
appointed Newleaf Corporation of Atlanta, Georgia as its advisor
and the appointment has been approved by the Bankruptcy Court
presiding over the Company's previously announced Chapter 11
reorganization proceedings that commenced on December 14, 1999.
Lloyd T. Whitaker, President and owner of Newleaf, has been
appointed President and Chief Executive Officer of EQK and David
H. Crumpton, Vice President-Finance and a Principal of Newleaf,
has been appointed Vice President and Chief Financial Officer of
EQK.  Newleaf replaces Gregory Greenfield & Associates, Ltd.
which, as previously announced, had replaced Lend Lease Portfolio
Management, Inc. on an interim basis as advisor. Whitaker stated
that one of Newleaf's first priorities will be an aggressive
marketing effort directed toward selling the Company's single
remaining real estate asset, an approximately 900,000 square foot
regional mall located in Harrisburg, Pennsylvania, which is
anchored by Lord & Taylor, J. C. Penney and Hecht's department

GALEY & LORD: Restatement of LIFO Inventory Reserves
As Galey & Lord Inc. announced in the company's annual earnings
release on November 8, 1999, the company has restated its
December quarter 1998 operating results to correct the company's
computation of its LIFO (i.e., Last In, First Out) inventory
reserves. The restatement increased inventory by $1,758 and
increased the company's net income by $1,128.

In addition to the restatement above, the company has
reclassified $1,700 from selling, general and administrative
expenses to cost of sales to reflect the classification of
certain expenses within the acquired businesses on a basis
consistent with the parent company's accounting practices. The
reclassification did not impact operating or net income.

The company's operations are primarily classified into two
operating segments:  (1) apparel fabrics, consisting of cotton
casuals, denim, corduroy and uniform fabrics and (2) home

Galey & Lord's restated results for the quarter ended January 2,
1999 reveal net revenues of $246,035 with net income resulting of
$3,370.  For comparison, in the equivalent quarter ended December
27, 1997 net revenues were $127,147 and resultant net losses

GARDEN WEST: Case Summary and 20 Largest Unsecured Creditors
Debtor:  Garden West Distributors, Inc.
         2529 W. Jackson St
         Phoenix, Arizona 85009

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

20 Largest Unsecured Creditors

White Bros              Note Payable    $ 284,808
Kellogg Supply, Inc.    Trade Debt       $ 88,234
Little Giant Pump Co.   Trade Debt       $ 63,591
Hydro Agri              Trade Debt       $ 50,927
Sun Gro Horticulture    Trade Debt       $ 46,049
Roots Inc               Trade Debt       $ 31,606
Hicks, Jim & Company    Trade Debt       $ 30,762
Henry Hemminghaus       Note Payable     $ 27,591
PBI Garden Corp         Trade Debt       $ 26,428
Fertizona               Trade Debt       $ 25,535
Ironite Products        Trade Debt       $ 25,179
Peek Seasons Products   Trade Debt       $ 20,006
Maricopa Country
  Treasury              Trade Debt       $ 16,653
Matrix Resources Inc.   Trade Debt       $ 16,500
Now Pursell Industries  Note Payable     $ 14,721
Green Light Products    Trade Debt       $ 14,116
Corona Clipper Co.      Trade Debt       $ 13,129
Scott's Miracle Grow
   Pro                  Trade Debt       $ 13,048
Environments, Inc.      Trade Debt       $ 12,222
Global Harvest Foods    Trade Debt       $ 11,469

GOLDEN BOOKS: Announces Consummation of its Plan
Golden Books Family Entertainment, Inc. announced the
consummation of its Plan of Reorganization. In accordance with
the Plan, the Company is issuing new senior notes in the
aggregate principal amount of $87 million; 10 million shares of
new common stock, a substantial portion of which, on a fully
diluted basis, will be issued to the holders of the former senior
notes, the holders of the former convertible trust originated
preferred securities and Golden Press Holdings, L.L.C.; and
525,000 warrants to purchase shares of new common stock to
the holders of the former common stock and preferred stock of
the Company. Under the Plan, the Company has significantly
reduced its long-term debt, has secured a $60 million financing
arrangement with CIT Business Credit and Foothill Capital
Corporation, is paying all trade debt in full with interest, and
under the direction of its current management team, will continue
its publishing and entertainment operations.

The Company is the leading publisher of children's books in North
America and owns one of the largest libraries of family
entertainment copyrights. The Company creates, publishes and
markets entertainment products for children and families through
all media.

HOMEMAKER INDUSTRIES: Meeting of Creditors
The debtor, Homemaker Industries, Inc. filed a chapter 11
bankruptcy case on October 22,1999.  Attorney for the debtor is
Alec P. Ostrow, 919 Third Avenue, New York, NY.  A meeting of
creditors is set for March 2, 2000, at 2:30 PM at the Office of
the US Trustee, 80 Broad Street, Second Floor, New York, NY.

JUMBOSPORTS: Motion To Extend Exclusivity
Jumbosports, Inc. and its affiliates request that the court
extend the time for them to file a plan of reorganization and
disclosure statement.  The debtors request an extension of the
deadline to file a plan through and including March 21, 2000, and
provided that the debtors file a plan within that time, an
extension of the debtors' exclusivity period through May 22,
2000.  The debtors have begun to make progress toward the filing
of a plan, including the circulation of a plan term sheet to the
Official Committees established in this case.  Both Committees
support this motion and the relief requested.

JUST FOR FEET: Announces Asset Auction
Just For Feet, Inc. (Nasdaq: FEETQ), which filed for Chapter 11
bankruptcy protection in the United States Bankruptcy Court in
Wilmington, Delaware, on November 4, 1999, today announced that
its previous efforts to negotiate a sale of the Company have been
unsuccessful.  The Company has filed for Bankruptcy Court
approval to sell all or various parts of its assets in a court-
approved auction which is expected to take place in approximately
two to three weeks.  A hearing on an order scheduling the auction
and approving bidding procedures has been set for 4:30 p.m. on
Tuesday, 2/1/2000.

The Company is in negotiations with its debtor-in-possession
lender to provide sufficient funds to allow the Company to
continue to operate prior to the auction.  At this time, the
Company has insufficient cash on hand and availability under its
debtor-in-possession financing arrangements to continue normal
operations.  If no agreement can be reached with the lender, the
Company would likely expand its 'Going Out of Business' sale
activities to all stores.

Following the auction, the Company will consider the best bid or
combination of bids.  A second hearing for court approval of the
sales is expected to be held in approximately three weeks.  When
the sales have been consummated, the company will wind down and
eventually cease operations.  Upon completion of this process, it
is expected that only secured creditors of the Company will
receive any value for their claims.  Shareholders will not
receive any value for their shares.

LAMONTS APPAREL: Meeting of Creditors
The debtor, Lamonts Apparel, Inc. filed a Chapter 11 case on
January 4, 2000.  A meeting of creditors will take place on
February 14, 2000 at 1:00 PM at the Office of the United States
Trustee, Park Place Building, Suite 614, 1200 6th Avenue,
Seattle, Washington 98101.  Attorney for the debtor is Charles A.
Axelrod and Eve H. Karasik, Stutman, Treister & Glatt PC.

LEVITZ: Motion To Assume Arizona and California Leases
The Debtors ask Judge Walrath to authorize their assumption of
two unexpired leases. The first lease is between Levitz Furniture
Company of the Midwest Realty, Inc., and KIR Glendale, LP for
real property located at 5870 W.Bell Road, Glendale, Arizona.  
The second lease is between Levitz Furniture Company of the
Pacific, Inc., KIR Glendale and The Price Reit, Inc., for real
property located at 470 McKinley Street, Corona, California.

In return for the Debtors' assumption of the Glendale lease, the
landlord agrees to reduce the minimum aggregate by $150,000 to be
realized over time through January 1, 2005.  The landlords for
the Corona lease agree to reduce the minimum aggregate rent by
$200,000 to be realized over time through January 31, 2005.          
(Levitz Bankruptcy News Issue 42; Bankruptcy Creditor's Service

MARINER: Motion To Use Third Party Lenders' Cash Collateral
At the Petition Date, Boyd P. Gentry, MPAN's Senior Vice
President and Treasurer, tells Judge Walrath, the bulk of
HEALTH's cash is encumbered.  To meet its post-petition
obligations, Mr. Gentry explained, the HEALTH Debtors must have
the Court's authority to use their Third Party Lenders' cash

As of September 30, 1999, the HEATH Debtors owe approximately
$48,000,000 to the Third Party Lenders:

          * SouthTrust Bank of Alabama, N.A.;
          * Bankers Trust of California;
          * Nationwide Health Properties, Inc.;
          * Coast Federal, F.S.B. nka Washington Mutual Bank; and
          * MediTrust Mortgage Investments, Inc.

under various loan agreements.  To secure HEALTH's obligations to
repay these loans, HEALTH granted the Third Party Lenders
Mortgages on various owned properties and security interests in
accounts receivable generated by and inventory located at various
Leased Facilities.  

Additonally, HEALTH granted limited security interests to
suppliers of medical products and pharmaceuticals in inventory
and accounts receivable in connection with specific products or
inventory supplied.  The Debtors suspect that Invacare
Corporation and Total Healthcare Management Services hold such
miscellaneous security interests, and this Motion applies with
equal force and effect to those creditors.

The cash proceeds collected after the Petition Date that are
generated from the pledged prepetition accounts receivable and
the prepetition sales of pledged inventory are the Third Party
Lenders' cash collateral that the HEALTH Debtors seek Court
authority to use pursuant to 11 U.S.C. Sec. 363(c)(2).  

Mr. Gentry testified that, after a careful review and taking into
account the projected impact of these bankruptcy filings, the
HEALTH Debtors do not anticipate a material drop in inventory and
accounts receivable values.  This assumes, Mr. Gentry made clear,
that the Court authorizes the HEALTH Debtors' use of the Third
Party Lenders' cash collateral.  

To provide the Third Party Lenders with adequate protection of
their security interests -- but only to the extent that the
HEALTH Debtors actually use the Third Party Lenders' cash
collateral or the value of the Third Party Lenders' collateral
diminishes in value -- the HEALTH Debtors agree to grant
replacement liens to the Third Party Lenders.  The replacement
lien will be valid to the extent that a prepetition lien is
valid, perfected and enforceable.  The HEALTH Debtors assure the
Court that they have no intention of granting any replacement
lien that would prime any other party's valid, perfected and
enforceable prepetition lien.  The replacement liens granted to
the Third Party Lenders, the Debtors relate, will be senior to
all liens to be granted to the DIP Lenders.  

At the First Day Hearing, Judge Walrath found that the HEALTH
Debtors have an immediate need to use the Third Party Lenders'
cash collateral and the HEALTH Debtors have proposed a scheme
that will adequately protect the Third Party Lenders' security
interests.  Accordingly, on an emergency basis, through the date
on which an interim hearing can be scheduled, the HEALTH Debtors
have permission to use the Third Party Lenders' cash collateral
to meet their day-to-day operating expenses.  (Mariner Bankruptcy
News Issue 2; Bankruptcy Creditor's Service Inc.)

MEDPARTNERS: Hearing on Adequacy of Disclosure Statement
On February 28, 2000 at 2:00 PM a hearing will be held to
consider the adequacy of the disclosure statement to accompany
the Chapter 11 plan of MedPartners Provider Network, Inc.

MKR HOLDINGS: Announces Sale of Assets
Marker International, a manufacturer and marketer of alpine ski
bindings, announced in December that it consummated the
previously announced sale of substantially all of its assets
(including the equity securities of its subsidiaries) to Marker
International GmbH, a Swiss GmbH, 85% of which is owned by CT
Sports Holding AG, a joint venture between Tecnica S.p.A. and
H.D. Cleven, the principal shareholder of the Volkl Group. CT
Sports Holding AG transferred approximately $14.0 million, in a
combination of debt and equity, to Marker International GmbH in
consideration for its 85% equity interest. In exchange for
substantially all its assets, Marker International received the
remaining 15% equity interest in Marker International GmbH.

The sale was effected through a pre-negotiated voluntary
reorganization of Marker International under Chapter 11 of the
United States Bankruptcy Code, which was confirmed by the United
States Bankruptcy Court for the District of Delaware on October
27, 1999. Marker International also announced that it is changing
its name to MKR Holdings. The trading symbol for its common stock
will remain the same.

CEO of Marker International GmbH, Peter Weaver commented on the  
completion of the sale, "When we structured the new investment in
Marker, we had two objectives - solving immediate credit problems
and finding a long term strategic partner for our products. We
intend to continue the tradition of innovation and technical
performance in Marker products so that customers have a reason to
choose our products. At the same time, we are utilizing the
synergy of the brands. The individual brands - Marker, Tecnica
and Volkl - will remain strong in their own right, and the
companies will be able to cooperate effectively in research,
development, sales and marketing."

CT Sports Holding AG has the option to purchase Marker
International's 15% equity interest in Marker International GmbH
at any time on or after the second anniversary of the
consummation date of Marker's plan of reorganization at the then
fair market value, subject to certain reductions as referenced in
the asset purchase agreement.

As contemplated by the asset purchase agreement and the plan of
reorganization, Marker International will no longer be engaged in
the conduct of business and will operate for the sole purpose of
holding and subsequently liquidating its assets (including,
without limitation, its 15% equity interest in Marker
International GmbH). If CT does not exercise its option, Marker
International is required to dissolve and liquidate all of its
assets no earlier than November 30, 2002, and no later than
November 30, 2004. Upon liquidation the shareholders of Marker
International will receive an equity interest in Marker
International GmbH equal to each shareholder's pro rata share of
the Marker's 15% equity interest in Marker International GmbH.

Marker management, research, development and production are based
in Eschenlohe, Germany. Founded in 1952, by Hannes Marker, the
company continues its leadership role in bringing new technology
to ski equipment.

NEXTWAVE: Supports Clinton's Internet Subsidy Plan
Allen Salmasi, Chairman and CEO of NextWave Telecom Inc., pledged
his support of President Clinton's plan to seek federal subsidies
to help underserved communities connect to the Internet.
"President Clinton's initiative is a terrific program and will
provide a key incentive for companies in the telecommunications
industry to begin developing the underserved markets," stated
Salmasi. "NextWave stands ready and willing to provide $1 billion
of free broadband wireless Internet access to the underprivileged
markets." On January 11, 2000, NextWave offered to the FCC's
Chairman Bill Kennard to provide up to $ 1 billion of free
wireless broadband Internet access and wireless telephony
services to inner-city schools, public libraries and underserved
communities across the country during the term of its PCS

NextWave's proposal to benefit America's underserved was in
addition to an immediate lump-sum payment of its entire debt
obligation to the government of $ 4.3 billion for use of its
licenses, the single largest payment ever to the United States
government. Under the FCC rules, NextWave had no obligation to
pay any of the principal amounts of the C-block notes until the
first quarter of 2003. Surprisingly, the FCC spurned this
unprecedented proposal to help bridge the digital divide, an
offer which would not cost American taxpayers one penny
in new taxes or fees.

"Private sector subsidies should be a welcomed addition by the
government to expand access to the Internet and other key
services," added Salmasi. "It is the cruelest form of regulatory
harassment for the FCC to be investing so much time and energy in
seeking to deprive NextWave of its licenses and thereby prevent
NextWave from providing wireless services to millions of
underserved Americans. However, NextWave will not abandon its
efforts to fulfill its vision of bringing open access to the
Internet and 'last mile' voice services to all Americans."

After having paid the FCC over $500 million and having spent
nearly $100 million for the build-out of its network, NextWave
sought protection under the bankruptcy code to reorganize its
business. Consistent with the purposes of the bankruptcy laws,
which are designed to facilitate and support the rehabilitation
of businesses, NextWave was able to prepare and finance a plan of
reorganization that paid the FCC and its creditors in full and
would put its spectrum into immediate use for the public benefit.

NextWave's plan of reorganization is supported by $5 billion of
new capital, $4.3 billion of which would be paid to the
government, and additional vendor financing commitments that
support the immediate build-out of the network.
Confirmation of this plan was set for the end of January,
enabling the immediate deployment of a new wireless network.
Contrary to the implications of the FCC, NextWave's
reorganization and business plan complies fully with the
Commissions' rules and timetable for build out of the spectrum.

NextWave formally advised the FCC that it seeks no waiver of the
Commission's five-year build-out requirements. Supplemented by
written assurances from its vendors, NextWave has confirmed to
the Commission that it is and will continue to be in full
compliance of the build-out requirements. It is only as a result
of the FCC's election to continue a course of protracted
litigation that the public is being denied of additional
competition that NextWave can bring about in the wireless arena.
Against this backdrop, the FCC's rejection of NextWave's
offer to immediately pay the FCC the full amount of its bid price
and the statement by Commission that "Now it is time to act
swiftly to auction this spectrum and put it to productive use for
U.S. consumers," rings hollow.

The FCC's efforts to block the commercialization of the
NextWave's licenses and its election to pursue unlawful actions
to punish NextWave for exercising statutorily granted rights are
at odds with federal laws and the Commission's
own statements regarding the need for prompt utilization of
NextWave's spectrum. In addition to thwarting the policy
objectives mandated by Congress, the FCC's action callously harms
other creditors and the investors, including numerous
private and state pension funds, in a manner that the bankruptcy
laws were specifically designed to prevent. The Company has over
3000 creditors and shareholders, the majority of whom are small
businesses and individuals, and it will vigorously defend their
assets against unreasonable actions by others, including the FCC.
We are confident the courts will respond appropriately to the
FCC's unlawful action and that NextWave's rights will be

On Monday, January 24, 2000, the U.S. Court of Appeals for the
Second Circuit issued an order denying a motion filed on the same
day by the FCC that sought to stay further proceedings concerning
NextWave Telecom Inc.'s bankruptcy reorganization that are being
conducted before U.S. Bankruptcy Judge Adlai S. Hardin.

On January 14, 2000, U.S. Bankruptcy Judge Adlai S. Hardin, Jr.,
the presiding judge in NextWave Telecom's pending reorganization
proceeding, ordered the FCC to appear in federal court and show
cause why the agency's action purporting to cancel the Company's
licenses and schedule them for re-auction is not null and void as
a matter of law and without force or effect. Judge Hardin's
action came in response to a request filed by NextWave, which
also filed a memorandum of law demonstrating that the FCC's
action is contrary to explicit provisions of the federal
Bankruptcy Code and governing judicial precedent. A hearing on
that question was held last Friday, January 21st, in Judge
Hardin's courtroom in White Plains, N.Y., and Judge Hardin is
expected to issue a decision shortly.

OMEGA HEALTHCARE: DCR Downgrades Omega Healthcare Ratings
Duff & Phelps Credit Rating Co. (DCR) has downgraded its senior
unsecured debt rating for Omega Healthcare Investors, Inc. (NYSE:
OHI) from 'BBB-' (Triple-B-Minus) to 'BB' (Double-B). DCR has
similarly downgraded approximately $48.4 million of subordinated
convertible debentures from 'BB+' (Double-B-Plus) to 'BB-'
(Double-B-Minus). Ratings for Omega's outstanding $107.5 million
of cumulative preferred stock are lowered from 'BB+' (Double-B-
Plus) to 'B+' (Single-B-Plus).  The rating downgrades reflect the
potential for higher-than-anticipated lease and mortgage
concessions for Omega's troubled operator base, and capital
structure concerns relating to the potential collateralization of
Omega's $200 million unsecured bank line that expires in
September 2000.  Omega's ratings remain on Negative Outlook where
they were placed on June 3, 1999.

Based in Ann Arbor, Mich., Omega is a $1 billion (total
investments) REIT with equity and first mortgage investments in
health care properties. Approximately 90 percent of the company's
investments are in skilled nursing facilities, a sector that has
come under pressure due to BBA-97 induced changes in Medicare
reimbursement (the 'PPS' system) that have significantly lowered
operator profitability.  While most private operators seem to be
surviving the transition, Sun Healthcare (approximately 24.9
percent of Omega investments), and Mariner Post-Acute (5.6
percent) have filed for bankruptcy protection, and a weakened
Integrated Health Services (15.3 percent) is in default on its
public debt.  In many cases, expansion and business
diversification efforts by public nursing home chains prior to
the implementation of Medicare PPS have served to compound what
should have been a far more manageable revenue adjustment.

Toward the end of this year, DCR believes that reverberations
emanating from the implementation of BBA-97 related pricing
changes will have begun to subside.  The 1999 passage of relief
legislation increasing Medicare reimbursement rates by up to 20
percent for higher acuity patients should improve both rates and
occupancy, with additional benefit from annual rate increases for
all care categories in 2001 and 2002.  This relief effort,
combined with cost savings achieved with operator consolidation
and expense management, should help improve nursing home industry
profitability.  If profitability at particular properties remains
weak, however, it could have negative implications for the
sustainability of current rent levels when leases come up for

Despite a relatively bleak outlook for the unsecured creditors of
Sun, Mariner and Integrated, DCR believes that secured creditors
such as Omega (which either owns its properties in fee subject to
a lease, or has a first mortgage lien) are afforded greater
protection.  Positively, Sun Healthcare has already reaffirmed 50
leases with Omega (in a transaction in which Omega agreed to take
back another four facilities), providing relatively good payment
continuity with this operator.  However, several of Omega's
investments are in the form of first mortgages (including $59
million Mariner and certain Integrated properties), which are
subject to automatic stay provisions in bankruptcy.  Reflecting
the likelihood of reduced cash flow for 2000, Omega has
accordingly cut its common stock dividend by 28 percent effective
with the first quarter.

In order to reduce bank borrowings and meet its year 2000 debt
maturities, Omega has begun to utilize asset sales to raise cash.  
The company's refinancing needs include $81 million of senior
unsecured notes due in July (issued in a private placement) and
renewal of Omega's $200 million unsecured revolving credit
agreement in September.  Omega has so far reduced total bank
outstandings from $205.5 million at June 30, 1999, to $166.6
million as of December 31, 1999 (including borrowings under a
separate $50 million secured revolver expiring in 2002), with
essentially all of the debt reduction achieved through asset
sales and mortgage refinancings.  While Omega has made reasonable
progress in reducing debt (as have other health care REITs such
as Meditrust), DCR believes that the pricing environment for
asset sales may be more challenging in 2000 due to a greater
volume of REIT divestitures as well as sales induced by
bankruptcy-related operator restructurings.

Including income from assets held for sale, Omega's fourth
quarter 1999 interest and fixed-charge coverage were 2.7 times
and 2.2 times, respectively, indicating adequate ability to
absorb some declines in cash flow and still carry the company's
debt and preferred stock obligations.  However, reflecting
Omega's weakened operator base and probability of reduced
interest coverage, it is DCR's opinion that it will be cost
prohibitive to renew the company's $200 million credit agreement
on an unsecured basis.  The revised DCR ratings therefore
reflect the potential for subordination of Omega's unsecured
notes to bank borrowings, and corresponding weakened protection

PHP HEALTHCARE: All Capital Stock Canceled
In response to inquiries that have been received from various
individuals, PHP Healthcare Corporation (the "Company") Chief
Executive Officer Randy Sugarman confirmed that all outstanding
shares of capital stock of the Company had been canceled in
October 1999 pursuant to an Order of the United States
Bankruptcy Court of the District of Delaware (the "Bankruptcy
Court") entered in October, 1999.

The Company had received inquiries in connection with purported
shares of stock of the Company that purportedly had been trading
in certain secondary markets. Mr. Sugarman confirmed that there
are no shares of Common Stock or Preferred Stock outstanding.

As previously reported by the Company on November 19, 1998, the
Company filed in the Bankruptcy Court a voluntary petition for
relief under Chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code").

On May 21, 1999, the Company and NationsBank, N.A., a partially
secured creditor of the Company, filed a Joint Plan of
Liquidation, dated May 19, 1999 (the "Plan"), for the Company and
a proposed Disclosure Statement (the "Disclosure Statement") to
accompany the Plan. The Plan was previously attached as an
exhibit to a report on Form 8-K as filed by the Company with the
Securities and Exchange Commission (the "SEC") in June 1999 (the
"June 8-K").

As reported in the June 8-K, the Plan provided that if it was
confirmed by the Bankruptcy Court, on the effective date the
outstanding shares of Common Stock and shares of Preferred Stock
of the Company would be canceled and become null and void and
that the former holders thereof would have not any right
thereunder, and such certificates would evidence no rights.

A hearing to consider the approval of the Disclosure Statement
was held before the Bankruptcy Court on June 25, 1999.

On July 1, 1999, the Bankruptcy Court entered an order approving
the First Amended Disclosure Statement (the "Amended Disclosure
Statement") with respect to the First Amended Joint Plan of
Liquidation for the Company, dated June 23, 1999 (the "Amended
Plan"). Copies of the Amended Plan and the Amended Disclosure
Statement are available by request to the Debtor's solicitation
and tabulation agent, Logan & Company, Inc., 546 Valley Road,
Upper Montclair, New Jersey 07043, (973) 509-3190.

The Amended Plan did not amend the Plan in the context of the
proposed treatment of the outstanding shares of Common Stock or
Preferred Stock or in the amounts available for distribution
thereto under the Plan.

The Amended Plan provided that the holders of all subordinated
claims would receive no distributions under the Amended Plan and
that all equity securities of the Company, including all shares
of Common Stock and Preferred Stock of the Company, would be
canceled at the effective date of the Plan and that the
holders of equity interests in the Company would receive no
distributions thereunder other than a beneficial interest in a
custodial trust holding the capital stock of a wholly- owned
subsidiary of the Company (which the Company anticipated
receiving no payment of money or any other consideration).

Because holders of subordinated claims and equity interests of
the Company would not receive any distributions of property of
value, they were deemed, under the Bankruptcy Code, to have voted
to reject the Amended Plan. Accordingly, the Bankruptcy Court
ordered that notice be sent to Class 5 and 6 holders (including
stockholders of the Company), which notice served as the
disclosure statement for Classes 5 and 6 under the Amended Plan.

The Company informed the Bankruptcy Court of the deemed rejection
by holders of subordinated claims and stockholders of the Company
at the hearing on confirmation of the Amended Plan held in the
United States Bankruptcy Court on October 12, 1999.

The Amended Plan was confirmed by the Bankruptcy Court in an
order dated October 12, 1999 and became effective on October 14,
1999 (the "Effective Date"). Confirmation of the Amended Plan was
reported in a press release issued by the Company on October 22,

As of the Effective Date, under the Amended Plan, the
certificates that previously evidenced ownership of shares of
Common Stock and Preferred Stock of the Company were canceled and
became null and void, and the holders thereof ceased to have any
rights thereunder, and such certificates ceased to evidence
any rights.

On November 3, 1999, the Company filed a Form 15 with the SEC
which deregistered the Common Stock and the Preferred Stock of
the Company under the Securities Exchange Act of 1934 and
reported that the Company had no stockholders.

In addition, The Bank of New York, which formerly acted as
transfer agent for the Company, terminated its services as well.
Accordingly, the Company is confirming that shares of Common
Stock and Preferred Stock which were previously outstanding prior
to the Effective Date were canceled on the Effective Date.

SINGER: Interim Approval of Insurance Premium Financing
On January 18, 2000, a hearing was held with respect to the
motion of the  debtor, The Singer Company N.V. et al. authorizing
the debtors to enter into an insurance premium financing
agreement with A.I. Credit Corp.  The Court tentatively approved
the proposed order authorizing the debtors to enter into premium
financing agreement with A.I. Credit Corp.

The debtors assert that maintenance of the debtors' property, D&O
and other insurance coverage is essential to the debtors'
operations.  The aggregate amount of the annual premiums payable
with respect tot he policies is $884,306.

SPORTS AUTHORITY: Sales and Net Loss Decrease
Sports Authority Inc. sales for the 13 weeks ended October 24,
1999 were $327.3 million, a $39.7 million, or 10.8%, decrease
from sales of $367.0 million for the same period in the prior
year. Sales in the prior period include $18.0 million from Mega
Sports, the company's Japanese joint venture. The company
discontinued consolidation of Mega Sports in 1999 due to a
reduction of its ownership interest in the joint venture.
Additionally, the company closed 15 stores in the first quarter
of 1999 pursuant to its previously announced restructuring plans.  
The prior period includes sales of $16.8 million from the closed

Net loss for the 13 weeks ended October 24, 1999 was $5.2
million, or (1.6)% of sales, as compared to $64.9 million, or
(17.7%) of sales, for the same period in the prior year.

Sales for the 39 weeks ended October 24, 1999 were $1,069.3
million, a $71.4 million, or 6.3%, decrease from sales of
$1,140.7 million for the same period in the prior year. Excluding
the impact of the deconsolidation of Mega Sports and the 15 store
closings in the first quarter of 1999, sales increased $27.6
million, or 2.7%. Of the 2.7% increase, 7.5%, or $76.7 million,
was due to the inclusion of sales for the stores opened in 1998
and 1999 which had no comparable store sales in the prior year,
offset by a decline in comparable store sales from continuing
operations of 4.8%, or $49.1 million. The comparable store sales
decrease in the 1999 period was primarily the result of
disappointing sales in footwear, men's apparel and golf.

As a result of the foregoing factors, net loss for the 39 weeks
ended October 24, 1999 was $4.4 million, or (0.4)% of sales, as
compared to $64.8 million, or (5.7)% of sales, for the same
period in the prior year.

CHICAGO, Jan 27, 2000 /PRNewswire via COMTEX/ -- Duff & Phelps
Credit Rating Co. (DCR) has downgraded the rating of the
TermoEmcali project bonds to 'CCC' (Triple-C) from 'BB+' (Double-
B-Plus). The rating applies to the US$165 million 10.125 percent
senior secured bonds due 2014 issued by TermoEmcali Funding Corp.
in April 1997. The 'CCC' (Triple-C) rating implies that
considerable uncertainty exists with respect to the timely
payment of its financial obligations and credit protection
measures are limited.

This rating action follows the rating downgrade of Empresas
Municipales de Cali (Emcali), the TermoEmcali project's power
purchase agreement (PPA) offtaker. DCR believes Emcali is deeply
in a strained liquidity position with delayed payments to energy
suppliers and the restructuring of its local debt obligations.
While Emcali has diligently demonstrated its commitment and
willingness to honor its contractual PPA obligations to the
project, Emcali continues to have difficulty staying current on
all its financial obligations. DCR does not question Emcali's
willingness to honor its PPA obligations to TermoEmcali, but
rather Emcali's financial ability to fulfill its PPA payment
obligations to the project on a timely basis. DCR strongly
believes that Emcali's financial position directly impacts the
credit quality of the project.

As of January 10, 2000, Emcali was past due on its November 1999
invoice for that month's capacity payment, in addition to two
invoices of fuel reimbursements. While TermoEmcali could have
provided Emcali with a notice of default for past due amounts
beyond the 60-day period, the project agreed to allow Emcali to
make partial payments until the entire past due amount is paid.
Emcali is making its past due payments to the project under the
arranged payment plan with a full payment deadline of the
November invoice on January 28, 2000, and as of the end of
business day on Wednesday January 26, Emcali still had US$942,000
outstanding. The next fixed PPA payment amount will be 60-day due
on February 2, 2000. DCR is uncertain whether Emcali will have
adequate funds to cover its next payment on a timely basis.

Aside from Emcali's contractual PPA payments to the project,
TermoEmcali has no alternative stream of cash flow. Late payments
from Emcali would hinder the project's ability to cover its
ongoing operating expenses (including its fuel expenses).
According to TermoEmcali's minimal dispatch expectations of the
facility, the project estimates its pass-through fuel component
to comprise approximately 28% of the project's total revenues
during the initial year of commercial operation. As a pass-
through expense, Emcali is required to compensate the project for
its fuel expense. Any delays in fuel payments from Emcali would
directly impact the project's ability to have sufficient funds to
cover its fixed operating expenses.

While there are substantial reserves available to the project
(equivalent to approximately six months of Emcali's PPA fixed
capacity payments), these funds are only available to cover
shortfalls in the project's debt service obligations. As of
yearend 1999, debt service interest payments on the TermoEmcali
project bonds have been current since approximately two years of
interest payments were fully funded at financial close. Principal
payments are scheduled to amortize beginning in mid-March 2000.

DCR believes that as long as TermoEmcali's cash flow remains
primarily dependent on Emcali's monthly PPA payments as the only
revenue source, the rating of the project is constrained by that
of Emcali. While there are positive implications in Emcali's plan
to privatize its utility business, (as discussed in the Emcali
press release dated January 27, 2000) the timeframe for such a
transition is still uncertain. TermoEmcali is owned 54 percent by
InterGen, a subsidiary of Bechtel and Shell, 43 percent by
Emcali, and 3 percent by Corporation Financiera del Pacifico

VEGAS FERTILIZER: Case Summary and 20 Largest Unsecured Creditors
Debtor:  Las Vegas Fertilizer Co., Inc.
         3420 Losee Rd
         North Las Vegas, NV 89030

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

                  Jeffrey N. Pomerantz
                  10100 Santa Monica Blvd #1100
                  Los Angeles, CA 90067

                  James Patrick Shea
                  233 S 4th St #200
                  Las Vegas, NV 89101

20 Largest Unsecured Creditors

The Ortho Business Group Trade Debt    $ 108,747
Ames Lawn & Garden Tool  Trade Debt     $ 66,875
Prodica LLC              Trade Debt     $ 57,058
Milorganite              Trade Debt     $ 50,650
Corona Clipper Co.       Trade Debt     $ 39,747
Independent Truck        Trade Debt     $ 30,715
Source One               Trade Debt     $ 28,013
Grow More, Inc.          Trade Debt     $ 27,758
Helena Chemical Co       Trade Debt     $ 27,168
Garden Pales, Inc.       Trade Debt     $ 24,930
Allied Signal Inc.       Trade Debt     $ 22,396
Kellogg Supply, Inc.     Trade Debt     $ 22,315
Green Light Products     Trade Debt     $ 19,917
Martin Resources, Inc.   Trade Debt     $ 19,786
PBI Grodon Corp.         Trade Debt     $ 19,087
Hydro Agri               Trade Debt     $ 18,960
Wonder Tree Tie, Inc.    Trade Debt     $ 17,280
Simplot Turf & Horticulture Trade Debt  $ 17,004
Orbit Irrigation         Trade Debt     $ 16,800
Roots Inc.               Trade Debt     $ 15,596


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR subscription rate is $575 for six months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 301/951-6400.

                 * * * End of Transmission * * *