/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/000210.MBX T R O U B L E D C O M P A N Y R E P O R T E R Thursday, February 10, 2000, Vol. 4, No. 29 Headlines CHRONICLE COMMUNICATIONS: Announces Sub's Conversion to Chapter 7 CRIIMI MAE: Announces Conversions of Stock DECISIONONE HOLDINGS: Changes Fiscal Year FIRSTCITY FINANCIAL: Announces Earnings For Quarter FIRSTPLUS FINANCIAL: Committee Submits Findings and Conclusions GRAHAM-FIELD: Seeks Approval of Employment Agreements HARNISCHFEGER: Metso's Offer for Beloit Accepted INTEGRATED HEALTH: Meeting Of Creditors Set For February 15 LACLEDE STEEL: Interim Extension of Exclusivity LAMONTS APPAREL: Extension of Time To Assume/Reject Leases NEUROMEDICAL SYSTEMS: Brief in Support of Plan NIAGARA MOHAWK HOLDINGS: Financial Results For 1999 NIKE: Anticipates Disappointing Earnings Because of Bankruptcies OPTEL INC: Commencement of Cases - Meeting of Creditors PHYSICIAN COMPUTER: Order Approves Disclosure Statement PLANET HOLLYWOOD: Seeks Approval of Term Loan ROYAL OAK MINES: Charges To Be Dismissed SINGER: Seeks Court OK to License Trademark to Sears TANNER'S: RTI Acquires Operating Assets of Subsidiaries TRANSTEXAS GAS: TransAmerican Announces Distribution Record Date UMPQUA VALLEY: Winery Asks for Bankruptcy Protection UNITEL VIDEO: Grant Thornton Declines To Undertake Audit XCL LTD: Will Not Appeal De-Listing From Stock Exchange ********* CHRONICLE COMMUNICATIONS: Announces Sub's Conversion to Chapter 7 ----------------------------------------------------------------- Chronicle Communications, Inc., (OTCBB:CRNC), (http://www.chronicleinc.com)announced Tuesday that the Chapter 11 bankruptcy proceeding of its subsidiary, Bright Now, Inc., ("BR") was converted to a Chapter 7 liquidation proceeding on February 7 and BR's commercial printing business was terminated at the close of business that day. Substantially all of the debt on Chronicle's consolidated balance sheet at 1999 year end and the first quarter of 2000 is from its BR subsidiary. Chronicle intends to divest itself of BR to remove its debts of approximately $1,631,341 from Chronicle's consolidated balance sheet for the second quarter ending at March 31, 2000. Chronicle intends to remain in the commercial printing business through its newly formed subsidiary, Chronicle Commercial Printing, Inc. ("CCP"). CCP has received shipment of a new FAST- 300 press which is now being installed in Chronicle's new facility located in the prestigious Sable Industrial Park in Tampa, Florida. Chronicle expects the new press to be fully operational by February 22, 2000. The new press, coupled with an aggressive marketing program, should enable Chronicle to triple production, as well as significantly reduce paper waste. Chronicle expects many of BR's commercial printing customers to select CCP as their new commercial printer, although there is no assurance any will do so. In addition to serving local customers, CCP will print high quality catalogs for Chronicle's AmeriComp Computers, Inc. subsidiary. CRIIMI MAE: Announces Conversions of Stock ------------------------------------------ CRIIMI MAE Inc. (NYSE: CMM) announced that during the second and final conversion period for its Series F Dividend Preferred Stock (January 21 through February 3, 2000) 263,788 additional shares of Series F Dividend Preferred Stock were converted, resulting in the issuance of 2,396,566 shares of the Company's common stock. CRIIMI MAE issued a total of 1,606,595 shares of Series F Dividend Preferred Stock on November 5, 1999 for the purpose of distributing approximately $15.7 million in undistributed 1998 taxable income. After giving effect to the conversion of 263,788 shares of Series F Dividend Preferred Stock during the second conversion period, there are 586,354 shares of Series F Dividend Preferred Stock and 62,353,170 shares of common stock issued and outstanding. Series F Dividend Preferred Stockholders have no right to convert their Series F Dividend Preferred Stock into shares of common stock after February 3, 2000. On October 5, 1998, the Company and two affiliates filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Before filing for reorganization, the Company had been actively involved in acquiring, originating, securitizing and servicing multi- family and commercial mortgages and mortgage related assets throughout the United States. Since filing for Chapter 11 protection, CRIIMI MAE has suspended its loan origination, loan securitization and CMBS acquisition businesses. The Company continues to hold a substantial portfolio of subordinated CMBS and, through its servicing affiliate, acts as a servicer for its own as well as third party securitizations. More information on CRIIMI MAE is available on its web site -- www.criimimaeinc.com -- or for investors, call Susan Railey, 301- 468-3120, for institutional investors, call Andy Blocher 301-231- 0371 or for news media, call Jim Pastore, 202-546-6451. DECISIONONE HOLDINGS: Changes Fiscal Year ----------------------------------------- On January 26, 2000, DecisionOne Holdings Corp. and DecisionOne Corporation each made a determination to change its fiscal year end from June 30 to December 31, effective December 31, 1999. The companies had previously determined to change their fiscal years in November 1998, but delayed implementation because of the operational restructuring which commenced in January 1999. FIRSTCITY FINANCIAL: Announces Earnings For Quarter --------------------------------------------------- FirstCity Financial Corporation (Nasdaq: FCFC) today announced earnings for the quarter ended December 31, 1999 of $1.2 million. After accrued dividends on the Company's preferred stock, net earnings to common shareholders were $.5 million or $.06 per share on a diluted basis. For the year ended December 31, 1999 the Company reported a net loss to common shareholders of $110.7 million or $13.33 per share on a diluted basis. James T. Sartain, President of FirstCity said, "During the fourth quarter we made significant strides toward restoring the liquidity and viability of the Company by shoring up the funding base. With the discontinuation of our unprofitable business line behind us, we enter the year with two profitable business lines - - asset acquisition and auto lending." FIRSTPLUS FINANCIAL: Committee Submits Findings and Conclusions --------------------------------------------------------------- The Official Unsecured Creditors Committee of FirstPlus Financial , Inc. submits these proposed Findings of Fact and Conclusions of Law regarding a hearing on the debtor's Disclosure Statement. The Committee lists the six objections to the November Disclosure Statement and provides the status of each objection. The debtor stated at the Disclosure statement hearing that all objections were resolved. The Committee states that the plan contemplates that the Residuals, the primary assets of the estate will be held by the debtor after confirmation and the cash flow of same paid to secured and unsecured creditors under the plan. To facilitate this, the debtor ahs negotiated agreements with certain secured creditors to restructure the payments on their claims to allow the cash flow of the Residuals to pay out such claims, thereby preserving the equity for unsecured creditors. The Committee lists the discovery and investigation prior to the Disclosure Statement Hearing regarding a settlement with insiders. The plan contemplates a settlement between various parties, and the Committee details the components of the Insider-Crediotr Settlement, the Insider-Debtor settlement and the joint Creditor Methodology. GRAHAM-FIELD: Seeks Approval of Employment Agreements ----------------------------------------------------- Graham-Field Health Products, Inc. seeks approval of employment agreements with David Hilton, President and CEO and Thomas J. Opladen, member of Board of Directors. Hilton's employment agreement provides for a base salary of $50,000 per month plus a signing bonus of $15,000. Hilton is eligible for an incentive bonus and will receive an automobile budget. Opladen will receive $35,000 per month and reimbursement of expenses. HARNISCHFEGER: Metso's Offer for Beloit Accepted ------------------------------------------------ The offer by Metso Corporation's (NYSE: MX) (Helsinki: MEO) fiber and paper technology business area, Valmet, to purchase certain assets of the American paper machine manufacturer, Beloit, has been approved also by the Bankruptcy Court. The decision will be final after 11 days assuming no appeal is filed. The offer included Beloit's roll cover division, paper machine aftermarket business assets and the related paper machine technology. The auction price of the businesses offered was USD 160 million. This acquisition strengthens Metso's position on the maintenance and upgrading market, which is growing faster than the investment market for new machinery and plants. Metso's growth in this area is supported by its new customer service concept Future Care. Beloit's current installed machinery base provides a strong platform for growth especially on the North American market. Metso's offer was approved by the Creditor's Committee under Beloit owner, Harnischfeger's Chapter 11 process in January. The deal also requires the approval of the competition authorities. This process is estimated to be completed during the coming few months. The businesses in question employ about 800 people in 6 service centers with roll covering capabilities in the USA and France. Metso Corporation's fiber and paper technology business area Valmet is a world leading supplier of technologies, systems and equipment for the pulp, paper, converting and panelboard industries. In 1998, the business area's pro forma net sales totaled EUR 1.9 billion (FIM 11.6 billion) in 1998 and it had about 10,900 employees. Metso Corporation which is a global supplier of process industry machinery and systems, was created through the merger of Rauma and Valmet Corporation on July 1, 1999. In addition to fiber and paper technology, Metso's business areas are automation and control technology and machinery. The pro forma net sales of Metso Corporation was EUR 3.7 billion (FIM 22 billion) in 1998 and personnel totaled approximately 23,000. Metso Corporation is listed on the Helsinki Exchanges and New York Stock Exchange. INTEGRATED HEALTH: Meeting Of Creditors Set For February 15 ----------------------------------------------------------- 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 the Wyndham Hotel, located at 700 King Street, at 2:00 p.m. on Tuesday, February 15, 2000. John "Jack" McLaughlin, Esq., is the attorney for the U.S. Trustee in charge of Integrated's chapter 11 cases. Contact the Office of the U.S. Trustee at 215-597-4411 for additional details. LACLEDE STEEL: Interim Extension of Exclusivity ----------------------------------------------- On January 27, 2000, the Official Creditors' Committee, United Steelworkers Association and the debtors filed a joint motion for entry of an ex parte order extending the exclusive period to file a plan of reorganization and obtain acceptances thereof on an interim bases through February 15, 2000 and order to show cause why exclusive period should not be extended through March 31, 2000 - and the acceptance period through and including May 31, 2000. The Court entered an order on January 28, 2000 granting the request to extend the exclusive period on an interim basis to February 15, 2000. The order provides that any creditor who objects to the entry of an order granting the extension shall have until February 11, 2000 to file such objection with the court. A hearing will be held on February 15, 2000 at 11:00 AM. LAMONTS APPAREL: Extension of Time To Assume/Reject Leases ---------------------------------------------------------- The debtor, Lamonts Apparel, Inc. seeks an extension of the time period within which the debtor may assume or reject its real property leases to and including June 30, 2000. The debtor states that it is too premature to either accept or reject the leases, and without the extension the debtors may be burdened by expenses of the leases. NEUROMEDICAL SYSTEMS: Brief in Support of Plan ---------------------------------------------- The debtor, Neuromedical Systems, Inc. submits a brief in support of entry of an order confirming the debtor's first amended plan of liquidation. Because the plan contains nondebtor releases the debtor supplements the plan with this brief. The releases in this plan were the subject of extensive negotiations among the debtor, the committee and the SEC. The equity holder releases of 14 key employees free individuals who according to the debtor played a significant and central role in the liquidation process from claims and causes of action arising from their liquidation activities. NIAGARA MOHAWK HOLDINGS: Financial Results For 1999 --------------------------------------------------- Niagara Mohawk Holdings Inc. in its financial results for 1999 reports the company continued to improve its financial stability. It was also a year that saw Niagara Mohawk Power Corp. make progress toward its goal of becoming an energy delivery company, by completing the sale of its hydroelectric generating plants and the sale of most of its fossil-fueled generating stations. Niagara Mohawk Holdings Inc. is the parent company of Niagara Mohawk Power Corp., a regulated energy delivery company. Last year marked the first full year of the Master Restructuring Agreement with a group of Independent Power Producers, and the PowerChoice regulatory agreement. Although earnings were depressed as a result of the non-cash charges related to the MRA, the company's cash flow improved significantly in 1999. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the year ended December 31, 1999, were $1.26 billion, an increase of approximately $270 million compared to the year ended December 31, 1998. The improvement in EBITDA is due primarily to a reduction in payments to IPPs. Cash flow before debt service increased to $488 million in 1999 from $311 million in 1998. Cash flow is defined as EBITDA, less capital expenditures, cash interest and cash taxes. During 1999, Niagara Mohawk received approximately $860 million from the sale of its hydroelectric and fossil-fueled generating assets. These proceeds, together with the increased cash flow and Federal income tax refunds of $135 million, enabled the company to retire over $1.1 billion in debt and repurchase 10 million shares of its common stock in 1999. "We remain committed to our strategy of retiring capital and rebuilding shareholder value," said William E. Davis, chairman and chief executive officer of Niagara Mohawk Holdings. The company reported a 1999 loss of $35.1 million, or a loss of 19 cents per share, which includes a 13 cent per share extraordinary charge related to the early retirement of debt, compared to a 1998 loss of $157.4 million, or a loss of 95 cents per share. Niagara Mohawk's lower purchased power costs, partially offset by increased interest charges, improved earnings by $108.0 million, or 58 cents per share, for the year ended December 31, 1999. This improvement was offset by the incremental non-cash amortization of the MRA regulatory asset of $167.5 million, or 90 cents per share. Additionally, earnings in 1999 were reduced by $23.8 million, or 13 cents per share, because of costs related to the implementation of a new customer service system, and by $21.0 million, or 11 cents per share, because of higher bad debt expense. In 1998 the company recorded a one-time, non-cash charge to earnings of $171.1 million, or $1.03 per share related to the MRA and PowerChoice. Earnings in 1998 were also lower due to the incremental costs of a January ice storm and a Labor Day windstorm, reducing earnings by approximately $40.4 million, or 24 cents per share, and $10.2 million, or 6 cents per share, respectively. In connection with the sale of its generating assets in 1999, Niagara Mohawk entered into agreements with the new owners to purchase power from these facilities. The cost to purchase this power was largely offset by reductions in fuel for electric generation, operating and maintenance expenses, property taxes, and depreciation expense. The company reported a fourth-quarter 1999 loss of $18.2 million, or a loss of 10 cents per share, compared to a fourth-quarter 1998 loss of $26.5 million, or a loss of 14 cents per share. Results for the fourth quarter of 1999 were improved over last year's fourth quarter primarily due to lower interest charges resulting from the company's debt reduction efforts. The non- cash amortization of the MRA regulatory asset reduced earnings in both the fourth quarter of 1999 and the fourth quarter of 1998, by $62.8 million, or 34 cents per share. Niagara Mohawk's electric revenues for 1999 were $3.2 billion, down slightly from 1998. Electric revenues for the fourth quarter of 1999 were up 5.5 percent compared to the same period last year. Retail sales of electricity increased 2.7 percent and 2.2 percent for the year and for the fourth quarter of 1999, respectively, as compared to the same periods in 1998. Niagara Mohawk's natural gas revenues for 1999 were $579.6 million, up 2.5 percent from 1998. Fourth-quarter 1999 natural gas revenues were up 4.3 percent, compared to the same period last year. Retail sales of natural gas for the year and for the fourth quarter of 1999 increased 5.5 percent and 0.2 percent, respectively, compared to the same periods in 1998. Total gas deliveries, which includes the transportation of customer- owned gas, were up 5.2 percent for 1999, and up 23.7 percent in the fourth quarter of 1999. NIKE: Anticipates Disappointing Earnings Because of Bankruptcies ----------------------------------------------------------------- Beaverton, Ore.-based Nike Inc. saw its shares drop 19 percent yesterday after the company warned that its results would not meet Wall Street estimates because of the financial problems of some of the industry's leading retailers, according to Reuters. Nike forecast at least a 20 percent rise in earnings per share for the 12 months ending May 31, but profits could fall below the current First Call/Thomsen Financial consensus estimate of $2.08 a share, since Venator Group Inc.'s Foot Locker and Just For Feet are both closing unprofitable stores while operating under chapter 11 protection. Prior to cutting its orders to Just for Feet, the retailer was ordering $70 to $80 million of merchandise from Nike. (ABI 09-Feb-00) OPTEL INC: Commencement of Cases - Meeting of Creditors ------------------------------------------------------- On October 28, 1999, OpTel, Inc. filed voluntary petitions for relief under Chapter 11.A meeting of creditors is scheduled to take place on February 18, 2000 at 11:00 AM at the J. Caleb Boggs Federal Building, 844 King Street, Room 2313, Wilmington, Delaware 19801. PHYSICIAN COMPUTER: Order Approves Disclosure Statement ------------------------------------------------------- On January 27, 2000, the US Bankruptcy Court for the District of New Jersey entered an order approving the Disclosure Statement of Physician Computer Network, Inc. The hearing to consider confirmation of the plan will be held on March 15, 2000 at 10:00 AM. Treatment of Classes Under the Plan: Class 1 - Priority Claims Class 2 - Allowed Bank Debt - Impaired Class 3 - Secured Claims Class 4 - General Unsecured Claims - Impaired Class 5 - Preferred Stock Interests - Impaired Class 6 - Class Action Members - Impaired Class 7A - Statutorily Subordinated Claims - Impaired Class 7B - Equity Interests in PCN - Impaired Class 8 - Option Claims - Impaired PLANET HOLLYWOOD: Seeks Approval of Term Loan --------------------------------------------- The debtor, Planet Hollywood International, Inc. and certain of its subsidiaries seek entry of an order approving the Commitment Letter with the lender Bay Harbour Managemnt LC or its affiliates to provide a term loan to the debtors upon their emergence from Chapter 11 and granting the debtors authority to pay fees in connection with the loan. A "Bridge Loan" of $25 million is necessary due to the sale of a hotel development project at 1567 Broadway in Times Square, New York City. It is not expected to close until several months after the projected Effective Date of the Plan. The debtors have obtained a commitment letter from Bay Harbour to provide the debtors with up to $22 million senior secured Term Loan. A commitment fee of $625,000 plus an origination fee of $5 million are due under the terms of the loan. The debtor also grants the lender 3.5% of all shares of New Common Stock. This bridge loan is in excess of the exit financing of $15 million proposed by CIT Group/Business Credit, Inc. and Rothschild Recovery Fund. ROYAL OAK MINES: Charges To Be Dismissed ---------------------------------------- Claims against six former officers of Royal Oak Mines to be dismissed - no evidence of misconduct in directing the affairs of Royal Oak Mines Margaret Witte, former President and CEO of Royal mOak Mines Inc., today released the following statement on behalf of all former directors and certain officers of the company: An agreement in principle was reached on January 7, 2000 for a comprehensive settlement of issues between all former directors and certain officers of Royal Oak Mines Inc. and Royal Oak Mines Inc., PricewaterhouseCoopers Inc., its bankruptcy trustee, Trilon Financial Corporation and the Chapter 11 estate of Arctic Precious Metals, Inc., subsidiary of Royal Oak Mines. The agreement is subject to documentation and final approvals. I am pleased that the Report of the Trustee concludes that Royal Oak Mines' insolvency was the result of low metal prices and other economic factors that were beyond management's control. In its report filed with the Superior Court of Justice (Ontario, Canada) in connection with a January 4, 2000 hearing, PricewaterhouseCoopers outlined the economic factors that caused the insolvency of Royal Oak Mines. This report concluded that the conduct of Royal Oak Mines (directed by the former officers and directors) cannot be criticized and did not cause the insolvency. In addition to settlement of claims involving Royal Oak Mines, all claims by its subsidiary Arctic Precious Metals against the former executives of Royal Oak Mines, including Margaret Witte, Edmund Szol, John Smrke, Ross Burns, Graham Eacott and William Sheridan, will be dismissed. SINGER: Seeks Court OK to License Trademark to Sears ---------------------------------------------------- Singer Co. (SEW) is seeking court approval to enter into a trademark license agreement with Sears Roebuck and Co. Under the agreement, Sears would be permitted to use the Singer trademark on products manufactured by Sears or on its behalf. Sears, which would receive an exclusive license to use the trademark on two sewing machine models in the U.S. and Canada, "has agreed that the quality of any products bearing the trademark that are manufactured by Sears or on Sears' behalf must be as high as or higher than the quality of products manufactured by the debtors." (The Daily Bankruptcy Review and ABI Copyright c February 9, 2000. TANNER'S: RTI Acquires Operating Assets of Subsidiaries ----------------------------------------------------------------- Restaurant Teams International, Inc. (OTC BB:RTIN), has acquired substantially all of the operating assets of the chapter 11 subsidiaries of Tanner's Restaurant Group, Inc. RTIN has completed the sale process, which was approved by the US Bankruptcy Court in Atlanta Tuesday February 8, 2000. Curtis A. Swanson, Chief Financial Officer Stated, "I am pleased that we have successfully completed the acquisition of Tanner's so quickly. This all cash purchase, will maximize the projected $9 million in additional revenues for the year 2000, with an estimated$1.2 million in EBITDA which we expect to impact earnings by $0.10 cents per share." Restaurant Teams International, Inc. is a public holding company whose stock trades on the fully reporting NASDAQ OTC BB. TRANSTEXAS GAS: TransAmerican Announces Distribution Record Date ----------------------------------------------------------------- TransAmerican Energy announces a distribution record date of 5:00 PM on February 15, 2000 has been established in connection with distributions pursuant to the Plan of Reorganization of TransTexas Gas Corporation. Holders of TransAmerican Energy Corporation Senior Secured Notes as of the Distribution Record Date will be entitled to receive distributions under the TransTexas Gas Corporation Plan of Reorganization which was confirmed by the Bankruptcy Court on February 7, 2000. The hearing in the U.S. Bankruptcy Court, Southern District of Texas, Corpus Christi Division on confirmation of the Plans of Liquidation of TEC and its subsidiary TARC, are continuing. UMPQUA VALLEY: Winery Asks for Bankruptcy Protection ---------------------------------------------------- A winery that owes millions of dollars to bottlers, distributors, cork suppliers and others has filed for bankruptcy protection in federal court. Roseburg-based Umpqua Valley Winery, which produces Callahan Ridge wines, filed for Chapter 11 reorganization on Jan. 20. The winery estimates that it has assets of $500,000 to $1 million and debts of $1 million to $10 million and owes an estimated 50 to 99 creditors. Washington Mutual Inc., doing business as Western Bank, filed a lawsuit in Douglas County Circuit Court against the winery and winery President Mary Sykes, said Kenneth Boyd, a Medford attorney representing Sykes. The bank sought to foreclose on the winery's land and equipment. An official at Washington Mutual confirmed that the lawsuit had been filed, but declined to discuss specifics. Sykes' predicament illustrates the challenges of running a small- to mid-size winery that is strapped for cash. Callahan Ridge ranks 22nd in the state in terms of wine sales, according to the Oregon Liquor Control Commission. Callahan Ridge sold 20,739 gallons of wine for the 11 months ended in November 1999. Sykes said she hopes to negotiate new terms on the winery's loan. The wine is currently stored in tanks, and is being bottled when the winery has enough money for bottles, corks and other materials, Sykes said. Umpqua Valley Winery got into financial trouble because a contract with one of the winery's growers, Sykes said. The contract stated that the winery would buy the entire crop of the grower, Sykes said. The winery had to borrow money in early 1998 after the grower produced more than it had in previous years, she said. UNITEL VIDEO: Grant Thornton Declines To Undertake Audit -------------------------------------------------------- On January 31, 2000, Grant Thornton LLP, Unitel Video, Inc.'s independent public accountant, informed the company that it has declined to undertake an audit of the company's financial statements for the fiscal year ended August 31, 1999. Neither the audit committee of the Board of Directors nor the Board of Directors of the company recommended or approved a decision to change the company's accountants. Unitel Video states that Grant Thornton's report on the financial statements of the company for each of the two fiscal years of the company ended August 31, 1997 and August 31, 1998, the last two fiscal years for which Grant Thornton audited the company's financial statements, did not contain an adverse opinion or a disclaimer of opinion, nor was either such report qualified or modified as to uncertainty, audit scope, or accounting principles. Furthermore, according to Unitel, during the company's two most recent fiscal years, and the interim periods preceding Grant Thornton's notice of declination to audit the company's financial statements for the fiscal year ended August 31, 1999, there were no disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Grant Thornton, would have caused Grant Thornton to make reference to the subject matter of the disagreement(s) in connection with its report on the financial statements of the company. XCL LTD: Will Not Appeal De-Listing From Stock Exchange ------------------------------------------------------- On February 2, 2000, XCL Ltd announced it would not appeal the American Stock Exchange's decision to delist and will consent to the removal of its common stock from the Exchange. This action became necessary because the company no longer fully satisfies all the guidelines of the Exchange for continued listing. The Exchange has advised that the last day for the company's listing will be the close of business on Thursday, February 10, 2000. Concurrently, the company's common stock will be delisted from the London Stock Exchange Limited. Further, the company announced that it has taken steps to qualify its common stock for trading on the OTC Bulletin Board. XCL will make an announcement when trading resumes on the Bulletin Board. ********* 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 * * *