/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/000201.MBX T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 1, 2000, Vol. 4, No. 22 Headlines 1ST MECHANICAL: Case Summary and 20 Largest Unsecured Creditors 1ST MECHANICAL, ARIZONA: Case Summary and 20 Largest Unsecured Creditors AEROLINAS ARGENTINAS: Spain Tries to Save Aerolinas Argentinas DECISIONONE: Begins Final Phase of Restructuring Plan FAVORITE BRAND: Hearing to Approve Disclosure Statement FRUIT OF THE LOOM: Receives Final Approval For $625 Mil DIP Financing HAGERSTOWN FIBER: Possible Payment of Dividends and Bar Date HOGIL PHARMACEUTICAL: Response In Opposition To Motion ICO GLOBAL: Agrees To Extension of Completion of Due Diligence LIVENT: Final Date to File Proofs of Claim LOEWEN: Motion For Approval of Paul Houston Employment Agreement LONDON FOG: Taps Executive Search Firm LOUISE'S TRATTORIA: Approval of Disclosure Statement LPM CORPORATION: Case Summary and 20 Largest Unsecured Creditors MOBILE ENERGY SERVICES: Third Final Order For Cash Collateral MOBILE ENERGY SERVICES: Order Approves Settlement with Kimberly-Clark PARAGON TRADE: Exits Chapter 11 PURINA MILLS: Hearing To Consider Disclosure Statement ROBERDS: Court Approves Agents To Dispose of $19M of Inventory SITE TECHNOLOGIES: Completes Sale of StarBase Corp. Stock SOUTHERN MINERAL: Seeks Authority to Assume Farmout Agreements SUNNY'S GREAT OUTDOORS: Files Chapter 11 SYSTEMSOFT CORP: Order Approves Second Amended Disclosure Statement T&W FINANCIAL: Expects to File Chapter 11 TERRY PRODUCTS: Notice of Bar Date VENCOR: Extension of Exclusivity WORLDWIDE DIRECT: Seeks Substantive Consolidation * Meetings, Conferences and Seminars ********* 1ST MECHANICAL: Case Summary and 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: 1st Mechanical, Inc. 5607 Palmer Way Carlsbad, CA 92008 Petition Date: January 26, 2000 Chapter: 11 Court: Southern District of California Judge: Peter W. Bowie Debtor's Counsel: Michael D. Breslauer Solomon Ward Seidenwurm & Smith, LLP 401 "B" Street, Suite 1200 San Diego, CA 92101 (619) 231-0303 20 Largest Unsecured Creditors Eco Products, Inc. Trade $ 122,070 Omni Duct Systems Trade $ 120,769 Chapin Fleming McNitt Legal Fees $ 115,059 DMG Corporation Trade $ 103,074 Nederman, Inc. Trade $ 70,057 Paymentech - Visa Credit Card $ 58,212 Liberty Equipment & Supply Trade $ 57,577 American Warning & Ventilating Trade $ 55,294 CKS Business Services, Inc. Accounting fees $ 47,057 T&M Mechanical Trade $ 40,250 Flanders CSC Trade $ 38,167 Mason West, Inc. Trade $ 37,315 George Yardley Co., Inc Trade $ 518,445 Oreco Duet Systems Trade $ 334,318 Southern California A/C Dist. Trade $ 243,904 Internal Revenue Serv. Taxes $ 154,000 Tri-Country Insulation Trade $ 130,758 Shilling & Kenyon Accounting fee $ 35,739 Electronic Control Sys Trade $ 26,843 AAPCO Trade $ 26,728 1ST MECHANICAL, ARIZONA: Case Summary and 20 Largest Unsecured Creditors ------------------------------------------------------------------------ Debtor: 1st Mechanical of Arizona, Inc. (an Arizona Corp.) 5607 Palmer Way Carlsbad, CA 92008 Petition Date: January 26, 2000 Chapter 11 Court: Southern District of California Judge: Peter W. Bowie Debtor's Counsel: Michael D. Breslauer Solomon Ward Seidenwurm & Smith, LLP 401 "B" Street, Suite 1200 San Diego, CA 92101 (619) 231-0303 20 Largest Unsecured Creditors Arizona Dept. of Rev $ 8,500 Blade Runners $ 11,950 CRB Contracting, Inc. $ 113,082 Climatec $ 28,857 Crown Technical Services $ 122,336 DMX Group, Inc. $ 10,715 EcoProducts $ 21,998 HUMANA $ 8,008 IRS $ 76,000 Industrial Personnel, Inc. $ 37,656 Integrated Control Systems $ 147,736 Omni Duct Systems $ 62,367 Paymentech - Visa $ 12,120 PennAir Control, Inc. $ 12,187 Sigler & Reeves $ 215,000 Southwestern Insulation Co. $ 20,690 THORson Supply Co. $ 96,345 The Harlan Company $ 25,627 United Rentals $ 83,695 York International Corp. $ 292,189 AEROLINAS ARGENTINAS: Spain Tries to Save Aerolinas Argentinas -------------------------------------------------------------- Spanish state holding company SEPI plans to save Aerolinas Argentinas from bankruptcy, it said on Friday. SEPI and AMR Corp.'s American Airlines are among the Argentine airline's largest shareholders. American has an 8.5 percent state, and according to SEPI, has been running Aerolinas since 1998. SEPI said it had until the end of last year to produce an investment plan for the airline. SEPI, which with Merrill Lynch and Bankers Trust owns the holding company that controls Aerolinas, rejected American's proposal. Aerolinas is expected to lose $170 million this year, up from $68 million in 1998. (ABI 31-Jan-00) DECISIONONE: Begins Final Phase of Restructuring Plan ----------------------------------------------------- DecisionOne Holdings Corp. (OTC Bulletin Board: DOCI) announced that it has begun the final phase of its restructuring plan by commencing a solicitation of votes to approve a prepackaged plan of reorganization through which it will restructure its financial obligations. The terms of the prepackaged plan of reorganization reflect an agreement in principle among the company's bank lending group, the holders of its 14% Senior Notes due 2006, and an ad hoc committee of holders of its 9-3/4% Senior Subordinated Notes due 2007 and 11-1/2% Senior Discount Debentures due 2008. "We are very pleased to have reached this agreement," stated Karl Wyss, chairman and chief executive officer. "We remain on track and look forward to DecisionOne's reemergence from this process as a healthier and more vibrant company." DecisionOne said that ballots were being sent to its bank lenders as well as to the holders of the Company's 14% Senior Notes. It added that eligible voters will have 10 days to return their ballots on the proposed plan of reorganization. Upon receiving sufficient consents from these creditors, DecisionOne will submit the prepackaged plan for Bankruptcy Court confirmation, a process that DecisionOne will seek to complete in the next few months. The company said that during the court proceeding it expects business to operate unimpeded, with employees, customers and vendors not affected. Expected Benefits Upon confirmation of the restructuring plan, the company's total debt would be reduced to $250 million from $792 million, with a corresponding decrease in annualized interest expense. "The magnitude of these changes clearly indicate the beneficial -- and immediate -- impact of the restructuring on our balance sheet and income statement," Mr. Wyss said. "These positive effects, combined with our focused strategy, improvement in expense management, and healthy cash balance, position DecisionOne very well to move forward and capitalize on major market opportunities." Employing more than 5,000 people, DecisionOne is the largest independent provider of multivendor computer maintenance and technology support services in North America. Headquartered near Philadelphia, PA, the Company provides services for a broad range of computing environments, from the data center to the desktop, through one of the industry's largest service infrastructures. DecisionOne has an impressive roster of customers, representing more than 50 percent of Fortune 1000 companies. For more information regarding DecisionOne, refer to the DecisionOne web site at http://www.decisionone.com. FAVORITE BRAND: Hearing to Approve Disclosure Statement ------------------------------------------------------ A hearing on the motion of the debtors for an order approving the form and manner of notice of the Disclosure Statement Hearing and the Disclosure statement will be held at 4:00 PM on February 17,2000 before Judge Peter J. Walsh, US Bankruptcy Court, Marine Midland Plaza, 824 Market Street, Sixth Floor, Wilmington, Delaware. Objections, if any, to the disclosure Statement must be filed with the court so that they are received no later than 4:00 PM prevailing Eastern Time on February 14, 2000. FRUIT OF THE LOOM: Receives Final Approval For $625 Mil DIP Financing --------------------------------------------------------------------- On January 28, 2000, Fruit of the Loom, Ltd. (NYSE: FTL) announced that the U.S. Bankruptcy Court for the District of Delaware had granted final approval of its $625 million debtor-in-possession ("DIP") credit facility. An interim order in effect since the December 29, 1999 commencement of its Chapter 11 bankruptcy case had limited use of the DIP credit facility at $275 million pending today's final order. HAGERSTOWN FIBER: Possible Payment of Dividends and Bar Date ------------------------------------------------------------ In the case of the debtor, Hagerstown Fiber Limited Partnership, the creditors are notified that a dividend to creditors now appears possible and that a creditor must file a proof of claim by April 24, 2000 in order to share in any distribution. HOGIL PHARMACEUTICAL: Response In Opposition To Motion ------------------------------------------------------ The debtor, Hogil Pharmaceutical Corp., in response and in opposition to the motion of the committee for the appointment of a "responsible officer" or in the alternative a Chapter 11 operating trustee, states that there is no basis for such relief. The debtor argues that there is no basis for appointment of a responsible officer, such as in the Livent case, and the debtor states that the Committee has failed to establish "cause" for the appointment of a Trustee. The debtor states that it has a day-to-day manager, a President, and that the Chairman of the debtor continues to actively supervise the operations of the debtor. The debtor states that the Committee's disfavor of the current management does not constitute cause. Further, the debtor states that there have been no "transfers" to Innomed, and that the Chairman's equity interest in Innomed does doesn't create any irreconcilable conflict of interest that warrants the appointment of a trustee. ICO GLOBAL: Agrees To Extension of Completion of Due Diligence -------------------------------------------------------------- ICO Global Communications, the global mobile communications company, today announced that ICO and Eagle River Investments LLC, Craig McCaw's private investment company, have agreed to extend the time period for completion of Eagle River's due diligence in connection with the McCaw-led investment in ICO from January 25 to February 4. On December 3, the U.S. Bankruptcy Court in Wilmington, Delaware, granted final approval to ICO's DIP financing in the amount of $500 million. The first tranche of $225 million is being funded by a group of investors led by Craig McCaw and Eagle River. The $275 million second tranche commitment from McCaw and his affiliates Eagle River and Teledesic LLC is subject to the satisfaction of, among other things, the completion of due diligence. Certain of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including, without limitation, financial, technical, regulatory, operating, competitive and market risks, risks relating to ICO being a development-stage company, and other risks and uncertainties. These are detailed in ICO's documents filed with the U.S. Securities and Exchange Commission. Editors' Note ICO Global Communications (Nasdaq: ICOFQ) was established in January 1995 as a private company to provide global mobile personal communications services by satellite, including digital voice, data, facsimile, high-penetration notification, and messaging services. ICO Global Communications was listed on Nasdaq in July 1998. The stock was suspended from trading when the company filed for Chapter 11 protection on August 27, 1999. Craig McCaw is chairman of Teledesic LLC, which is building a global broadband Internet-in-the-Sky satellite communications network. Mr. McCaw and Microsoft founder Bill Gates are the company's two primary founding investors. Strategic investors also include Motorola, Saudi Prince Alwaleed Bin Talal and The Boeing Company. Teledesic (pronounced "tel-eh-DEH-sic") is a private company based in Bellevue, Washington, a suburb of Seattle. LIVENT: Final Date to File Proofs of Claim ------------------------------------------ Pursuant to the sale order, the debtors must provide notice of a final date to file proofs of claim to all parties to executory contracts and unexpired leases rejected pursuant to the sale order. The Rejected Contract Bar Date Notice, which is consistent with the bar date notice approved by the Bar Date Order, will notify parties in interest who receive such notice that the debtors have rejected the applicable Rejected Contracts and that the court has established a final date by which such parties must file a proof of claim with respect to any claims arising from or under Rejected Contracts. Establishing April 1, 2000 as the final date by which such parties must file a proof of claim is appropriate to the debtor. LOEWEN: Motion For Approval of Paul Houston Employment Agreement ---------------------------------------------------------------- Paul Houston agreed to be CEO of The Loewen Group Inc. in December 1999 after Robert Lundgren resigned. TLGI has offered Mr. Houston the same employment contract that Mr. Lundgren had under the Court-approved Key Employee Retention Program. This includes a $450,000 base salary plus numerous incentives. The Debtors ask Judge Walsh to approve this employment contract in all respects. (Loewen Bankruptcy News Issue 18; Bankruptcy Creditors' Services Inc.) LONDON FOG: Taps Executive Search Firm -------------------------------------- The debtors, London Fog Industries, Inc. et al. seek authority to enter into an agreement with Korn/Ferry International for executive search services. The debtors intend to use Korn/Ferry's services under the agreement to identify candidates for the position of Director of Marketing and Merchandising; however they contemplate a relationship whereby the debtor may, at their sole discretion, utilized Korn/Ferry's services for future executive searches under the same terms and conditions. For each search the debtors will pay an amount of 30% of the total first year's cash compensation, inclusive of annual base salary and sign-up and incentive bonuses, for the position to be filled. The search fee will never be less than $50,000. LOUISE'S TRATTORIA: Approval of Disclosure Statement ---------------------------------------------------- At a hearing held on December 14, 1999, at 2:00 PM, the Bankruptcy Court approved the Disclosure Statement filed by Louise's Trattoria, Inc., describing the debtor's fifth amended plan. A hearing will be held on February 29, 2000 at 2:00 PM in Courtroom "1575", Edward R. Roybal Federal Building and Courthouse, located at 255 East Temple Street, Los Angeles, Calif. Any objection to confirmation of the plan must be filed not later than February 15, 2000 with the clerk fo the bankrutpcy court and be served upon Ron Bender of Levene, Neale, Bender & Rankin LLP. Under the terms of the plan general unsecured claimants not included in any other class are expected to receive a recovery of approximately 42.59% of the amount of their allowed claim. Total amount of claims is estimated at $2,907.776. LPM CORPORATION: Case Summary and 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: LPM Corporation 1225 Park Center, Unit D Vista, CA 92083 Type of Business: Retail furniture Petition Date: January 26, 2000 Chapter: 11 Court: Southern District of California Judge: Chief Judge Adler Debtor's Counsel: L. Scott Keehn Robbins & Keehn, APC 530 B. Street, Suite 2400 San Diego, CA 92101 (619) 232-1700 Email: jwakajw@san.rr.com Total Assets: $ 3,746,000 Total Debts: $ 14,417,880 20 Largest Unsecured Creditors KIR Temecula LP $ 67,197 Masterpiece Sleep $ 72,652 American Pacific $ 73,735 Harte-Hanks Shoppers $ 74,821 United Sign Company $ 81,331 Jefferson Pilot $ 81,651 Homecrest $ 113,187 Union Tribune $ 124,521 The Pennington Group $ 136,177 KFI $ 142,645 Jacor Communications $ 153,000 Lloyd Flanders $ 156,379 North County Timers $ 172,987 KGTV-10 $ 201,147 CableRep Advertising $ 212,503 Los Angeles Times $ 302,795 Shellman Enterprises $ 304,000 CBS Business $ 480,000 Serta $ 504,007 Simmons Company $ 3,004,724 MOBILE ENERGY SERVICES: Third Final Order For Cash Collateral ------------------------------------------------------------- The debtors, Mobile Energy Services Company, LLC and Mobile Energy Services Holdings, Inc. are authorized to use cash collateral from the accounts (identified in an Exhibit) during the period of January 1, 2000 through and including April 30, 2000. The holders of the Indenture Securities and/or the Indenture Securities Trustee hold valid senior claims which as of the Petition Date amounted to approximately $230 million o of unpaid principal plus interest, fees, expenses and other sums. MOBILE ENERGY SERVICES: Order Approves Settlement with Kimberly-Clark --------------------------------------------------------------------- On January 24, 2000, Judge William S. Shulman entered an order approving the settlement between Mobile Energy Services Company, LLC (MESC) and its debtor affiliate and Kimberly-Clark. The settlement provides the debtors with property that will enable MESC to consummate a key element to its operational restructuring - the Cogen Project - on the most economically and operationally efficient land. The settlement also provides MESC with a right tot he New Pulp Mill Assets that will allow it the possibility to complete the New Pulp Mill transaction. This feature provides important benefits immediately. It also provides Kimberly Clark and the debtors with contract for the provision of steam and power to the Tissue Mill that is more reflective of market conditions, while giving the debtors the ability to finalize negotiations with the New Pulp Mill investor. Pursuant to the terms of the agreement, Kimberly Clark will pay to the debtor $53 million plus those amounts that Kimberly Clark would have paid to the debtor under the New Tissue Mill Energy Services Agreement as if the new agreement had become effective on September 1, 1999. PARAGON TRADE: Exits Chapter 11 ------------------------------- Paragon Trade Brands, Inc. (OTC Bulletin Board: PGNFQ) announced on January 28, 2000 that it has exited Chapter 11 and that investors led by Wellspring Capital Management LLC ("Wellspring") have purchased the Company (the "Wellspring Transaction") in accordance with Paragon's Modified Second Amended Plan of Reorganization (the "Plan"). The Plan was previously confirmed by the United States Bankruptcy Court for the Northern District of Georgia. The Plan provides for the surrender of the outstanding equity shares of Paragon, the settlement of all outstanding claims against the Company and a recapitalization of the Company. Under the Plan, Wellspring purchased approximately 97% of the new common stock of the Company for approximately $115 million cash with the balance of the new common stock going to former shareholders, along with warrants to purchase up to 5% of the new common stock. In addition, the Company issued $146 million in 11.25% Senior Subordinated Notes due 2005 and established a $95 million three-year, secured credit facility with Citicorp USA, Inc., as Administrative Agent. Creditors of the Company will receive, pursuant to the Plan, a pro rata share of the purchase price invested by Wellspring and a pro rata share of the $ 146 million Senior Subordinated Notes. The Plan also provides that the creditors and former shareholders will share in the proceeds, if any, of certain litigation claims that will remain with the estate and be prosecuted by a Litigation Claims Representative appointed under the Plan and supported by separate funding provided for under the Plan. Commenting on the closing of the Wellspring Transaction and Paragon's exit from Chapter 11, Bobby Abraham, Chief Executive Officer of Paragon, stated, "The closing of the Wellspring Transaction and our emergence from Chapter 11 marks the beginning of a positive new chapter for Paragon. Without the distractions of Chapter 11, Paragon can better focus on serving the needs of its customers with new and improved products and marketing initiatives. The solid capital structure provided by the Wellspring Transaction will allow us to achieve our goals for sales growth and product innovations on an accelerated basis." Wellspring Capital Management Partner, David Mariano, further noted, "Our investment in Paragon is consistent with our strategy of investing in companies where there is the opportunity for substantial value creation. In line with that strategy, we have worked closely with Paragon's financial and legal team to create a financial structure that will allow the Company to fund all of its product development and marketing programs while at the same time maximizing operating efficiencies. Given the combined strengths of the recapitalized company and the continuity of experience provided by Paragon's management we are confident that Paragon is on the path to successful growth and profitability." Paragon Trade Brands is the leading manufacturer of store brand infant disposable diapers in the United States and, through its wholly owned subsidiary, Paragon Trade Brands (Canada) Inc., is the leading marketer of store brand infant disposable diapers in Canada. Paragon manufactures a line of premium and economy diapers, training pants, feminine care and adult incontinence products, which are distributed throughout the United States and Canada, primarily through grocery and food stores, mass merchandisers, warehouse clubs, toy stores and drug stores that market the products under their own store brand names. Paragon has also established international joint ventures in Mexico, Argentina, Brazil and China for the sale of infant disposable diapers and other absorbent personal care products. PURINA MILLS: Hearing To Consider Disclosure Statement ------------------------------------------------------ A hearing to consider the adequacy of the Disclosure Statement of the debtor, Purina Mills, Inc. will be held before the Honorable Sue L. Robinson, US District Judge, Wilmington, Delaware at 4:00 PM on February 16, 2000. ROBERDS: Court Approves Agents To Dispose of $19M of Inventory -------------------------------------------------------------- Chicago, Illinois, January 28, 2000. . . A joint venture composed of Hilco/Great American Group, Gene Rosenberg Associates, and Professional Sales and Consulting Company Inc., was approved by the U. S. Bankruptcy Court in Dayton, OH as the agent to dispose of approximately $19 million of inventory in all of Roberds 8 locations in Florida and the Roberds Grand store in Cincinnati, OH. A store closing sale will commence immediately in Cincinnati, OH and within approximately 14 days in Florida. "We are pleased to have been the successful bidder to conduct the store closing sale on behalf of Roberds." stated Jeff Yellen, Vice President of Hilco/Great American Group. "Our joint venture is comprised of the foremost specialists in retail & furniture liquidation. We look forward to a tremendous sale and to providing excellent value to consumers." Hilco/Great American Group is a leading retail consulting, business evaluation and asset disposition firm. Gene Rosenberg Associates and Professional Sales and Consulting Company Inc., are leading liquidation firms specializing in the furniture industry. These joint venture partners offer quick, flexible and creative solutions to retailers of all sizes throughout North America. SITE TECHNOLOGIES: Completes Sale of StarBase Corp. Stock --------------------------------------------------------- Site Technologies, Inc. (the "Company"), announced on January 28, 2000 that it has completed the sale of 625,000 shares of StarBase Corp. (Nasdaq: SBAS) common stock. On December 21, 1999 the Company received approval from the U.S. Bankruptcy Court (the "Court") to sell the 625,000 shares of StarBase xCorp. stock the company received in exchange for the intellectual property it sold to StarBase Corp. in March 1999. Per the approval of the Court, the Company engaged First Security Van Kasper as its brokerage firm and completed the sale to the open market on January 18, 2000. Proceeds from the sale were approximately $8,365,840. The Company will incur an estimated commission expense of $0.02 per share or $12,500.00. In February 2000, the Company plans to file with the Court its liquidating plan of reorganization providing for the distribution of the proceeds to its creditors first and then, if any assets remain in the Company, to the Company's shareholders. SOUTHERN MINERAL: Seeks Authority to Assume Farmout Agreements -------------------------------------------------------------- The debtors are seeking the authority to assume a farmout agreement with Abraxas Petroleum Corporation. The farmout agreement concerns a test well, located in Lavaca and DeWitt Counties, Teas. Pursuant to the Farmout Agreement, Abraxas agreed to drill the Test Well. In exchange, provided that Abraxas completes the Test Well and that said well was capable of production, Southern Mineral agrees to assign to Abraxas 75% of Southern Mineral's right, title and interest in and to the leases, and to deliver the net revenue interest in the leases that exists as of March 25, 1999. Abraxas has completed the Test Well, and it is capable of production. The debtors have determined in an exercise of their business judgment that assumption of the Farmout Agreement is in the bet interest of their estates and creditors. The Farmout Agreement is beneficial to their estates because it provides the debtors with a stream of revenue that the debtors would not have otherwise. The debtors also seek authority to assume two farmout agreements both of which concern Lake Raccourci Field in Lafourche Parish, Louisisana. The two farmout agreements are between the debtor and Dennis Corkran and the debtor and Imperial Resources Inc. Souther Mineral granted to Corkran a farmout covering a net 6.31327% working interest in and to the properties, and to Imperial Resources, Inc., a farmout covering 5% working interest in and to the properties. Both Corkran and Imperial have participated in the drilling of an initial test well that was completed as a commercial producer. Therefore, they have earned an assignment of the interests in the Properties. The debtors have determined in an exercise of their business judgment that assumption of the Farmout Agreement is in the best interest of their estates and creditors. The Farmout Agreement is beneficial to their estates because it provides the debtors with a stream of revenue that the debtors would not have otherwise. SUNNY'S GREAT OUTDOORS: Files Chapter 11 ---------------------------------------- Maryland-based Sunny's Great Outdoors Inc., which for many of its 50 years was known as Sunny's Surplus, filed chapter 11 earlier this month and announced it would close eight of its 26 stores in the Washington area, according to The Washington Post. Recently the company has expanded the number of stores and beyond its core business of Army tents, Boy Scout uniforms and snow boots to include hiking and camping gear. CEO Stephen A. Blake said the failure is because the company lost its focus and because winters in the area for several years have been mild. Sunny's will close three stores in the Baltimore area and one each in Gaithersburg and Fredricksburg, Md., and in Sterling, Fairfax and Woodbridge, Va. SYSTEMSOFT CORP: Order Approves Second Amended Disclosure Statement ------------------------------------------------------------------- The Second Amended Disclosure Statement relating to the second amended plan of reorganization of SystemSoft Corporation was approved on January 21, 2000. A hearing on confirmation of the plan is scheduled to take place on February 22, 2000 at 2:00 PM. T&W FINANCIAL: Expects to File Chapter 11 ----------------------------------------- T&W Financial Corp., Tacoma, Wash., announced Friday that it expects to extend forbearance agreements with secured lenders until Feb. 15 and that it will file for bankruptcy protection after the expiration of those extensions, according to a newswire report. (ABI 31-Jan-00) TERRY PRODUCTS: Notice of Bar Date ---------------------------------- The US Bankruptcy Court for the Southern District of New York entered an order fixing March 6, 2000 at 5:00 PM as the date and time by which proofs of claim for claims arising prior to the Filing Date must be filed. VENCOR: Extension of Exclusivity -------------------------------- Vencor's exclusive period during which to file a plan of reorganization is extended through March 13, 2000, and its exclusive period during which to solicit acceptances of that plan is extended through May 12, 2000. WORLDWIDE DIRECT: Seeks Substantive Consolidation ------------------------------------------------- The debtors, Worldwide Direct, Inc., et al. seek court approval of a joint motion of the debtors and the Committee for substantive consolidation of the debtor's estates. On March 18, 1999 the court approved the sale of virtually all of the debtors' operating assets to AT&T Corp. As a result of the sale, these cases are now liquidating Chapter 11 cases. The debtors and Committee have analyzed whether to substantively consolidate the cases and liquidate under a single plan or to wind down on an individual basis. They state that the debtors generally operated and managed themselves as a single enterprise and that, as a resut their assets and liabilities are substantially intertwined. An attempt to separate the financial affairs of the debtors and to conduct a liquidation under as many as 20 plans would be costly and would provide no measurable benefit to any unsecured creditor group. Meetings, Conferences and Seminars ---------------------------------- February 17, 2000 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS Lending to Distressed Businesses In & Out of Bankruptcy Conference Charlotte Hilton & Towers, Charlotte, North Carolina Contact: 1-541-858-1665 or aira@ccountry.net February 24-26, 2000 ALI-ABA Chapter 11 Business Reorganizations Walt Disney World, Orland, Florida Contact: 1-800-CLE-NEWS February 27-March 1, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute I Olympic Park Hotel, Park City, Utah Contact: 1-770-535-7722 March 2-5, 2000 COMMERICAL LAW LEAGUE OF AMERICA 1st Annual Winter Conference Radisson Resort Hotel, Scottsdale, Arizona Contact: 1-561-241-7301 or 1-213-487-7550 March 8-10, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Healthcare Restructurings: Successful Strategies for Managing Distressed Finances The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com March 10 & 11, 2000 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Spring Seminar Hotel Monteleone, New Orleans, Louisiana Contact: 1-803-252-5646 or info@nabt.com March 23-25, 2000 SOUTHEASTERN BANKRUPTCY LAW INSTITUTE, INC. 26th Annual Southeastern Bankruptcy Law Institute Marriott Marquis Hotel, Atlanta, Georgia Contact: 1-770-451-4448 March 30-April 2, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute II Flamingo Hilton Hotel, Las Vegas, Nevada Contact: 1-770-535-7722 April 3-4, 2000 PRACTISING LAW INSTITUTE 22nd Annual Current Developments in Bankruptcy and Reorganization Conference PLI Conference Center, New York, New York Contact: 1-800-260-4PLI April 5-8, 2000 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference The Pointe Hilton Squaw Peak Resort Phoenix, Arizona Contact: 1-312-822-9700 or info@turnaround.org April 6-7, 2000 ALI-ABA Commercial Securitization for Real Estate Lawyers Walt Disney World, Orlando, Florida Contact: 1-800-CLE-NEWS April 10-11, 2000 PRACTISING LAW INSTITUTE 22nd Annual Current Developments in Bankruptcy and Reoorganization Conference Grand Hyatt Hotel, San Francisco, California Contact: 1-800-260-4PLI May 4-5, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Bankruptcy Sales & Acquisitions The Renaissance Stanford Court Hotel San Francisco, California Contact: 1-903-592-5169 or ram@ballistic.com June 14-17, 2000 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 16th Annual Bankruptcy and Restructuring Conference Swissotel, Chicago, Illinois Contact: 1-541-858-1665 or aira@ccountry.net June 29-July 2, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: 1-770-535-7722 August 14-15, 2000 TURNAROUND MANAGEMENT ASSOCIATION Advanced Education Workshop Loewes Vanderbilt Plaza, Nashville, Tennessee Contact: 1-312-822-9700 or info@turnaround.org September 12-17, 2000 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Convention Doubletree Resort, Montery, California Contact: 1-803-252-5646 or info@nabt.com September 21-22, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. 3rd Annual Conference on Corporate Reorganizations The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com November 2-6, 2000 TURNAROUND MANAGEMENT ASSOCIATION Annual Conference Hyatt Regency, Baltimore, Maryland Contact: 312-822-9700 or info@turnaround.com The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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. 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