TCR_Public/000214.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, February 14, 2000, Vol. 4, No. 31
  
                            
                  Headlines

AMERICLEAN INC: Case Summary & 20 Largest Unsecured Creditors
ASSOCIATED AIRLINE: Case Summary
CAROL PUBLISHING: Meeting of Creditors
CASMYN CORP: Court Approves Distribution of Disclosure Statement
COMMERCIAL FINANCIAL: Order Authorizes Special Accountants

CONVENIENCE MORTGAGE: Last Date For Filing Proofs of Claim
FIRST CENTRAL FINANCIAL: Seeks To Fix Bar Date
HOMEMAKER INDUSTRIES: Seeks Extension of Exclusivity
HOSPITAL STAFFING SERVICES: Order Approves Trustee's Attorney
HOUSING RETAILER: Order Denies Extension of Exclusivity

JITNEY JUNGLE: Interim Exclusivity Extension
LOIS/USA: Seeks Extension of Exclusivity
N.U. PIZZA: Files Chapter 11
NEUROMEDICAL SYSTEMS: Confirmation of Plan
NEXTWAVE: Appeals Court Rules in Favor of FCC

PLUMA INC: Seeks Designation of Borders as Liquidation Officer
RELIANT BUILDING PRODUCTS INC.: Moody's Downgrades Debt Ratings
SERVICE MERCHANDISE: Partners With Three Vendors
SHARPE: Files Final Proposed Reorganization Plan
SIRENA APPAREL: Court Approves Employment Agreements

SUPERIOR NATIONAL INSURANCE: Moody's Downgrades Ratings
UNIVERSAL SEISMIC: Hearing on Disclosure Statement
VENCOR INC: Order Authorizes Employment of The Blackstone Group
WORLDCORP: Hearing on Approval of Disclosure Statement
WSR CORP: Seeks To Extend Exclusivity

                  *********

AMERICLEAN INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Americlean Inc.
        PO Box 349
        Silver Springs
        Nevada 89429-0349

Petition Date: January 24, 2000    Chapter 11

Court: District of Nevada          Judge: Gregg W. Zive

Debtor's Counsel: Stephen R. Harris
                  Belding, Harris & Petroni, Ltd.
                  417 West Plumb Lane Reno
                  Nevada, 89509
                  (775) 786-7600

Total Assets: above 1 million(estimated)
Total Debts:  $500 thou to 1 million(estimated)

20 Largest Unsecured Creditors

Evergreen Oil, Inc.     Goods/Services       $ 59,542
Erickson, Inc.          Goods/Services       $ 43,924
Berry Hinckley          Goods/Services       $ 33,443
US Filter/Envirogroup   Goods/Services       $ 22,412
Carson Valley Oil       Goods/Services       $ 15,045
Ecology Control
Industries             Goods/Services       $ 17,122
Liquid Transfer, LLC    Goods/Services       $ 13,340
UNR Fire Science
Academy                Goods/Services       $ 12,419
Union Tank Car Co.      Goods/Services       $ 11,021
Petroleum Tank Lines    Goods/Services       $ 10,032
SECOR                   Goods/Services       $ 10,509
Joey's Tire Services    Goods/Services        $ 9,536
Burns Truck & Trailer
Services               Goods/Services        $ 9,193
Dry Creek Quality
Indus Svcs             Goods/Services        $ 8,910
A&B Truck Repair, Inc.  Goods/Services        $ 8,149
William Tank Lines,Inc. Goods/Services        $ 6,780
Bonander Truck          Goods/Services        $ 6,556
Nevada Thermal Svcs,LLC Goods/Services        $ 5,749
DL White Trucking       Goods/Services        $ 5,327
Riviera Finance         Goods/Services        $ 5,108


ASSOCIATED AIRLINE: Case Summary
--------------------------------
Debtor: Associated Airline Services
        4608 Paradise Road
        Las Vegas, Nevada 89109

Petition Date: January 28, 2000   Chapter 11

Court: District of Nevada         Judge: Robert C. Jones

Debtor's Counsel: Matthew L. Johnson
                  Hutchison & Steffen, Ltd.
                  8831 W. Sahara Avenue
                  Las Vegas, Nevada 89117
                  (702)385-2500

Total Assets: $ 1,971,799
Total Debts:  $ 1,575,743


CAROL PUBLISHING: Meeting of Creditors
--------------------------------------
The debtor, Carol Publishing Group, Inc. filed a case under
Chapter 11 of the Bankruptcy Code on November 12, 1999.  A
meeting of creditors is set for March 1, 2000 at 2:00 PM at the
Office of the US Trustee, One Newark Center, 21st Floor, Suite
2106, corner of McCarter Hwy & Raymond Blvd., Newark, NJ 07102-
5504.

The debtor's attorney is Ravin, Sarasohn, Cook, Baumgarten,
Fisch, Roseland, NJ.

The deadline to file a proof of claim is set for May 30, 2000.


CASMYN CORP: Court Approves Distribution of Disclosure Statement
-----------------------------------------------------------------
Casmyn Corp. (OTC Bulletin Board: CMYN) announced that on
February 3, 2000, the United States Bankruptcy Court, Central
District of California, San Fernando Valley Division, approved
the Second Amended Disclosure Statement Describing Debtor's
Second Amended Plan of Reorganization and authorized the
distribution of documents to both creditors and common and
preferred shareholders for purposes of voting on the Debtor's
Second Amended Plan of Reorganization.

The official Unsecured Creditors Committee recommends the Plan
and that other creditors and shareholders vote to accept the
Plan.  Ballots must be received by March 17, 2000 and the
confirmation hearing for the Plan has been set for March 31,
2000.

The Plan contemplates an equity recapitalization that will result
in the conversion into common stock of substantially all of the
Company's debt and all of the outstanding preferred stock.  The
Company's gold mining operations in Zimbabwe are owned by
separate subsidiary companies which are not a part of the
Chapter 11 filing and are continuing to conduct business as
usual.

Copies of the Plan, the Disclosure Statement and other
solicitation materials are available at www.wsilaw.com.  
Creditors and shareholders may contact Richard Wynne, the
company's bankruptcy counsel, in Los Angeles, California, at
Wynne Spiegel Itkin, 310-551-1015, by fax at 310-551-3059, or by
e-mail at www.wsilaw.com.


COMMERCIAL FINANCIAL: Order Authorizes Special Accountants
----------------------------------------------------------
The US Bankruptcy Court for the Northern District of Oklahoma
approved and CFS is authorized to employ PricewaterhouseCoopers
LLC as its special accountants in the case to assist in the
performance of the tasks specified in the letter attached as
Exhibit A to the Application.

The tasks include preparing tax returns, consulting regarding an
IRS examination and preparing Form 5500's and providing general
tax advice.


CONVENIENCE MORTGAGE: Last Date For Filing Proofs of Claim
----------------------------------------------------------
On February 4, 2000, the US Bankruptcy Court for the Southern
District of New York entered an order setting March 3, 2000 as as
the last date upon which any party may file a proof of claim
against Convenience Mortgage Corporation, a/k/a CMC.


FIRST CENTRAL FINANCIAL: Seeks To Fix Bar Date
----------------------------------------------
Martin P. Ochs, the Chapter 7 trustee, of the bankruptcy estate
of First Central Financial Corporation, the debtor, seeks to
establish April 17, 2000, at 5:00 PM as the last date for the
filing of proofs of claim by persons who hold or assert
administrative claims against the debtor's estate.


HOMEMAKER INDUSTRIES: Seeks Extension of Exclusivity
----------------------------------------------------
The debtor, Homemaker Industries, Inc. seeks to extend the
debtor's exclusive right to file a plan of reorganization to
April 27, 2000 and the debtor's right to solicit and obtain
acceptances to June 26, 2000.

The debtor requests that the expiration date be extended to the
maturation date of the DIP Loan Agreement, or April 27, 2000 and
that the 180 day expiration date be extended to June 26, 2000.

The debtor believe s that it can effectuate a sale of its
business operations, and that it can file a plan and disclosure
statement shortly after court approval of such a sale.  No bid
has yet been submitted, therefore the debtor asks for the
extension of exclusivity.


HOSPITAL STAFFING SERVICES: Order Approves Trustee's Attorney
-------------------------------------------------------------
By order of the US Bankruptcy Court for the Southern District of
Florida, Broward Division, the trustee is authorized to employ
Arthur Halsey Rice of the law firm of Rice & Robinson PA as
attorney for the trustee, on a general retainer.


HOUSING RETAILER: Order Denies Extension of Exclusivity
-------------------------------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order denying the extension of exclusive periods during which the
debtors may file plans of reorganization and solicit acceptances
of such plans.


JITNEY JUNGLE: Interim Exclusivity Extension
--------------------------------------------
The court has extended the exclusive plan periods of Jitney-
Jungle Stores of America Inc. (X.JIT) on an interim basis while
it considers the supermarket operator's recent request to extend
the periods for an additional 120 days. In a motion filed Feb. 2,
the company asked the U.S. Bankruptcy Court in New Orleans to
extend until June 12 its exclusive period for filing a plan and
until Aug. 14, its exclusive period for soliciting votes to the
plan. The periods are scheduled to expire 120 and 180 days after
the company's Oct. 12 petition date, or Feb. 9 and April 9,
respectively. In an order from Feb. 2, U.S. Bankruptcy Judge T.M.
Brahney III temporarily extended the exclusive periods until
resolution of the company's request. The court has scheduled a
hearing on the matter for Feb. 25. (The Daily Bankruptcy Review
and ABI February 11, 2000)


LOIS/USA: Seeks Extension of Exclusivity
----------------------------------------
The debtors, Lois/USA, Inc., Lois/USA Chicago, Inc. and Lois/USA
New York, Inc. seek an extension of the debtors' exclusive period
for filing a Chapter 11 plan through and including May 31, 2000
and an extension of the debtor's exclusive period for obtaining
acceptances of any such plan through July 31, 2000.

The debtor has less than ten remaining employees who have spent
the first 120 days of the cases selling the F&K Stock, setting up
the use of cash collateral, winding down the Chicago office,
preparing schedules and statements.  The debtors, on a
consolidated basis, have almost 2,000 creditors and they have
filed an application to set a claims bar date. The debtors are
now focusing on the debtors' accounts receivables, which total
approximately $24 million.  The debtors state that it is
premature to file a plan at this point in time, and therefore
seek the necessary extensions


N.U. PIZZA: Files Chapter 11
----------------------------
N.U. Pizza Holding Corp., Los Angeles, has filed for chapter 11
protection, and company officials anticipate the reorganization
could take up to a year, according to a newswire report. The
company will be doing a late filing for its second quarter 10Q,
but limited resources have prevented the company from holding its
annual shareholders meeting. (ABI February 11, 2000)


NEUROMEDICAL SYSTEMS: Confirmation of Plan
-----------------------------------------------------------------
By order dated Janaury 31, 2000, the US Bankruptcy Court for the
District of Delaware confirmed the debtor's first amended plan of
liquidation.


NEXTWAVE: Appeals Court Rules in Favor of FCC
---------------------------------------------
T Court of Appeals for the Second Circuit in New York set aside a
Jan. 31 bankruptcy court ruling that had blocked the Federal
Communications Commission (FCC) from cancelling NextWave Telecom
Inc.'s wireless licenses, Reuters reported. Hawthorn, N.Y.-based
NextWave won the 90 licenses at two 1996 government auctions, but
unable to raise the money needed, it filed chapter 11 in 1998. A
bankruptcy court ruled that NextWave could keep the licenses, but
the appeals court overturned that decision in November, and in
January, the FCC announced it would re-auction the rights. On
Jan. 31, the bankruptcy court moved to block the FCC from doing
so. In its ruling yesterday, the appeals court said it would hear
further arguments in the coming weeks, but the two-page order did
not give any explanation for the reversal of the bankruptcy
court's Jan. 31 order. When the appeals court ruled in November,
it said that the FCC, not the bankruptcy courts, had jurisdiction
over the terms of and conditions of the licenses. The FCC has
announced that it wants to re-auction the licenses retrieved from
bankrupt or troubled carriers on July. NextWave officials said
they were disappointed in the latest ruling but also claimed
victory saying that the ruling "will accelerate consideration of
some important issues in that proceeding."

FCC Chairman Bill Kennard, who testified before a Senate Budget
Committee hearing yesterday, said that taxpayers could lose
billions of dollars, and the promise of new communications
services, if the licenses continue to be tied up in bankruptcy
court, the Associated Press reported. "Spectrum belongs to the
American public. It's a national resource," he said. Kennard said
that allowing bankrupt companies to hold onto the licenses, and
eventually pay only a portion of what they bid, undermines the
process. Kennard advocated for legislation that would ensure that
the government gets back licenses from companies that file for
bankruptcy protection. Sen. Judd Gregg (R-N.H.) and others have
pushed for such legislation in the past. Gregg said that NextWave
is "trying to beat down the taxpayers by going into bankruptcy
court." NextWave rejects the argument that it filed in order to
reduce what it owed to the government; instead, it blames the FCC
license policy for its financial problems. NextWave COO Raymond
Dolan also chastised the FCC for not accepting the company's
offer to pay for the licenses so that they can be put to use for
consumers. (ABI February 11, 2000)


PLUMA INC: Seeks Designation of Borders as Liquidation Officer
--------------------------------------------------------------
Pluma, Inc., moves the court for entry of an order designating
Andrew Martin Borders as the debtor's Chief Liquidation Officer,
with full power and authority to transact business on behalf of
the debtor, consistent with the provisions of the bankruptcy Code
and the debtor's confirmed plan of liquidation.


RELIANT BUILDING PRODUCTS INC.: Moody's Downgrades Debt Ratings
-----------------------------------------------------------------
Moody's Investors Service downgrades Reliant Building Products
Inc.'s ("Reliant") bank credit facility to Caa2 from B2, its
rating on its 10.875% subordinated notes due 2004, to Ca from
Caa1, its issuer rating from B3 to Caa3. The senior implied
rating is downgraded to Caa1 from B2 and the outlook remains
negative.

The downgrade is prompted by the financial restructuring Reliant
announced in November 1999 in which holders of the company's
outstanding 10.875% senior subordinated notes due 2004 will
exchange for new notes that will provide the company with the
flexibility, at its option over the next approximately three
years, to pay interest in cash or to defer the payment of
interest until the final maturity of the notes. Interest on the
senior subordinated notes due November 1, 1999 was not paid.

Reliant has accumulated substantial leverage relative to its cash
generation levels, due mainly in part to its aggressive
acquisition strategy. Although the company has cut costs each
quarter of the past financial year, Reliant has been unable to
generate sufficient cash levels which would allow it to reduce
debt and strengthen liquidity. As of October 28, 1999, Reliant
had $2.2 million available under its revolver. On October 1,
1999, the company and its lenders executed a Second Amendment and
Waiver, in which the lenders waived, for a limited period of
time, certain financial covenants under the Senior Credit
Facility. The agreement also provides for an amendment of the
financial covenants and an $8 million increase in the revolver
borrowing base, which would be made available incrementally. The
agreement requires the company to make an exchange offer for the
existing notes along with a $10 million investment in the company
by existing equity owners of the company's parent, RBPI Holdings
Corp., in the form of equity or subordinated debt. The new notes
will provide the company with the option to accrue interest
payments until maturity for a period of 3 years, beginning on
November 1, 1999.

Reliant's EBITDA/Interest ratio was approximately 0.6x during its
seasonally stronger fiscal 2000 1st and 2nd quarters. For its
quarter ended October 1, 1999, EBITDA/ Interest coverage was 0.2x
and (EBITDA-Capex)/Interest coverage was <0.35> times, reflecting
the company's limited ability to service debt and fund
maintenance capital expenditure needs. DEBT/EBITDA was extremely
high at 15.6x.

Sales have decreased 12.2%, from $77.5 million in the quarter
ended October 2, 1998 to $68.0 million for the quarter ended
October 1, 1999. $5.5 million of the decrease in sales can be
attributed to the sale of the commercial window and specialty
glass operations on July 1, 1999. Margins have declined, while at
the same time SG&A expenses have increased. During its second
quarter, the company also recorded an impairment charge of $4.8
million to adjust the carrying value of long-lived assets to
their fair value. Additional impairment charges may be necessary,
especially in the case of a downturn in the market.

The company's sales have declined during a period in which the
homebuilding market has shown record growth. Given the company's
current liquidity restraints, a downturn in the market could be
extremely detrimental.

Reliant Building Products, based in Dallas, is one of the largest
manufacturers of residential aluminum and vinyl-framed windows in
the United States.


SERVICE MERCHANDISE: Partners With Three Vendors
------------------------------------------------
Taking a bold step toward building its e-commerce business,
Service Merchandise Co. has formed an Internet alliance with
three housewares vendors: World Kitchen (formerly Corning
Consumer Products Co.), Windmere's Consumer Products Group
(formerly Household Products), and Panasonic Home and Commercial
Products Co.

As a result, by the second quarter of this year, the $ 3.2
billion retailer will offer consumers a complete product
assortment from these vendors via its Web site,
www.servicemerchandise.com.


SHARPE: Files Final Proposed Reorganization Plan
------------------------------------------------
Sharpe Resources Corporation's (ME:SHO.)(OTCBB:SHGPF) wholly
owned subsidiary Sharpe Energy Company (SEC) announced today that
on February 9, 2000, the Company filed with the U.S. District
Bankruptcy Court of the Southern District of Texas a final
proposed plan of reorganization in accordance with federal
bankruptcy laws. The plan of reorganization sets forth the means
for satisfying claims, including liabilities subject to
compromise and subsequent adjustments to the plan.

In general the plan provides for the following: Secured bank debt
of $2.4 million will be paid in full on the closing date.

The agreed to secured vendor lien claims will accept a cash
payment of $0.45 as full payment of their claims. Alternatively,
one of the sub-classes of secured claimants will have the option
to be paid in full over 6 years at 9 % interest. The first
payment would commence 18 months after the closing date.

The unsecured vendor claims will accept a $0.10 cash payment 120
days after closing. At that time the balance of the claim is to
be converted to Sharpe Resources Corporation Preferred Class A
stock which is subject to regulatory approval. The Preferred
Class A stock will pay a quarterly stock dividend of 4 % per
annum. Additionally, the Preferred Class A stock may be redeemed
by the Company, all or in part, at a discount based upon the time
of issuance, i.e., from 0-15 months the preferred can be redeemed
for 35 % of the remaining value, from 16-24 months the redemption
is 40 % of the remaining value, from 25-36 months the redemption
is 60 % of the remaining value and thereafter at 100 % of the
remaining value plus interest.

Sharpe Resources Corporation has negotiated a US $2.3 million
private placement financing. Schwartz Investments Corporation and
Palos Capital Corporation of Montreal, Quebec have agreed to
complete a US $2.3 million debenture financing subject to a due
diligence evaluation, US Bankruptcy Court and regulatory
approvals. The term of the debenture is five years and a 12 %
fixed interest rate coupon with quarterly interest and principal
payments which includes 2.3 million in warrants exercisable for
three years at $C0.25 per warrant.

The consummation of the final proposed plan of reorganization
will require bankruptcy court approval and is expected to be
voted on by the Company's creditors and shareholders entitled to
vote. At this time, no assurances can be given that the plan of
reorganization submitted by the Company will be approved or when
the effective date of the plan will be set; however, at the
present time, the Company anticipates that a hearing to consider
its plan will be scheduled by mid-February, 2000.


SIRENA APPAREL: Court Approves Employment Agreements
----------------------------------------------------
The US Bankruptcy Court for the Central District of California,
Los Angeles Division, entered an order authorizing the debtor to
enter into a post-petition employment agreement with Brian
Zientek as CEO and to modify the terms of employment of Richard
E. Matthews.


SUPERIOR NATIONAL INSURANCE: Moody's Downgrades Ratings
-------------------------------------------------------
Moody's Investors Service has downgraded the debt and financial
strength ratings of Superior National Insurance Group, Inc. The
senior bank facility rating was downgraded to Caa1 from B2. The
ratings of trust preferred securities were moved to "ca" from
"caa", and the insurance financial strength ratings of the
company's insurance subsidiaries were moved to B1 from Ba3.

The rating action reflects Moody's concern that in the absence of
a revision to the company's bank loan agreement, Superior
National could have difficulty meeting its obligations in 2000.
The action also reflects Moody's ongoing concern for the adequacy
of Superior National's reserves, as well as the company's
reported shareholders' equity, which could be adversely impacted
should the value of certain intangible assets be adjusted
downward.

The following ratings actions have been taken:

Superior National Capital Trust I -- trust preferred securities
to "ca" from "caa";

Superior National Insurance Group, Inc. -- senior subordinated
debentures to Ca from Caa2;

Superior National Insurance Group, Inc. -- guaranteed senior
secured term loan facility to Caa1 from B2;

Superior National Insurance Company -- insurance financial
strength to B1 from Ba3;

Superior Pacific Casualty Company -- insurance financial strength
to B1 from Ba3;

California Compensation Insurance Company -- insurance financial
strength rating to B1 from Ba3;

Commercial Compensation Insurance Company -- insurance financial
strength rating to B1 from Ba3;

Combined Benefits Insurance Company -- insurance financial
strength rating to B1 from Ba3.

Superior National Insurance Group, based in Calabasas,
California, currently ranks as the second-largest writer of
workers' compensation in the state of California, and the largest
private sector workers' compensation writer in the state. At
September 30, 1999 the company's shareholders' equity stood at
$174 million and it reported a net loss of $30 million for the
year-to-date.


UNIVERSAL SEISMIC: Hearing on Disclosure Statement
--------------------------------------------------
The hearing to consider approval of the disclosure statement of
Univeral Seismic Associates Inc. will be held at US Bankruptcy
Court, 515 Rusk Avenue, Houston, Texas, Courtroom #401, 4th
Floor, March 7, 2000 at 9:30 AM.


VENCOR INC: Order Authorizes Employment of The Blackstone Group
---------------------------------------------------------------
By order entered on January 31, 2000, the debtors, Vencor, Inc.,
et al. are authorized to employ and retain The Blackstone Group
LP as investment bankers for the debtors.


WORLDCORP: Hearing on Approval of Disclosure Statement
------------------------------------------------------
On January 10, 2000, WorldCorp, Inc. and WorldCorp Acquisition
Corp. filed their joint liquidating plan of reorganization and an
accompanying Disclosure Statement for debtors' joint liquidating
plan of reorganization.  A hearing will be held on March 3, 2000
at 9:30 AM before the Honorable Mary F. Walrath in the US
Bankruptcy Court for the District of Delaware, 824 Market Street,
Wilmington, Delaware.


WSR CORP: Seeks To Extend Exclusivity
-------------------------------------
WSR Corporation, R&S/Strauss, Inc., National Automotive Stores,
Inc. and National Auto Stores Corp. seek to extend the exclusive
period within which to file a Chapter 11 plan and solicit
acceptances thereto by 90 days, to and including May 11, 2000 and
July 10, 2000 respectively.

The debtors state that the requested extensions are necessary to
afford the debtors sufficient time to complete the sale of
substantially all of the assets of Strauss.  February 29, 2000 is
scheduled as the date for the debtors to conduct an auction and
March 1,2-00 is scheduled as the date to approve the sale.  

Although the debtors are in the process of drafting preliminary
plan provisions, it is impossible to finalize the terms of any
plan or plans until the sale of the assets has taken place and
the debtors know with certainty the amount of sale proceeds that
will be available to fund a plan or plans.  It is necessary for
the debtors to request and obtain a sufficient extension of
exclusivity to formulate, draft and negotiate the final terms of
their plans.


                    *********

S U B S C R I P T I O N   I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter, co-published
by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
Edem Alfeche and Ronald Ladia, Editors.

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

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