TCR_Public/000310.MBX   T R O U B L E D   C O M P A N Y   R E P O R T E R

     Friday, March 10, 2000, Vol. 4, No. 49  
                            
                  Headlines

ABLE TELCOM HOLDING: Reports Operating Results
AMERICAN ECO, CORP.: S&P Cuts Ratings
AMERISERVE: Pilgrim's Pride Notes Effect of Bankruptcy
BEVERAGE CANNERS INTERNATIONAL: Files For Chapter 11
CELLNET DATA: Court Approves Asset Sale Procedures

CHAI-NA-TA: Obtains CCAA Extension
CROWN CENTRAL: Moody's Places Ratings On Review
DIAMOND ENTERTAINMENT: Reports Net Loss of $1.6 Million For 1999
EAGLE FOOD: Obtains $50 Million In Financing
EMPRESA ELECTRICA: S&P Downgrades Ratings to 'B' From 'BB-'

HEATWAY SYSTEMS: Files For Chapter 11 Protection
GENEVA STEEL: Reports Quarter Results
INTEGRATED HEALTH: US Trustee Appoints Committee
LAMONTS APPAREL: Reports Operating Results
LOEWEN: Rose Hills' Motion For Assumption or Rejection of ASA

MARINER POST ACUTE: Reports Operating Results
NIPPON CREDIT BANK: No Deal Yet for Lehman, Gets Closer
NISSAN MOTOR CO.: Seen to rebuff workers on wage hike
PHELPS TECHNOLOGIES: Adversary Proceeding
PIC'N PAY: Case Summary and 20 Largest Unsecured Creditors

POWER DESIGNS: Reports Operating Results
SALANT CORP: Announces Fourth Quarter and 1999 Year End Results
SAMSUNG MOTOR: Creditors to reject Renault offer
SAMSUNG MOTOR: Renault, Creditors Vie in Pricing Dispute
SIZZLER: Announces Third Quarter Results

SUMITOMO METAL INDUSTRIES: Raises expected net loss
SUPERIOR NATIONAL INSURANCE: S&P Lowers Ratings to 'D'
SYSTEMSOFT CORP: Announces Resolution of Chapter 11 Status

BOND PRICING For Week of March 6, 2000

                  *********

ABLE TELCOM HOLDING: Reports Operating Results
----------------------------------------------
Able Telcom Holding Corp. and its subsidiaries develops, builds
and maintains communications systems for companies and
governmental authorities. The company has five main
organizational groups. Each group is compromised of subsidiaries
of the company with each having local executive management
functioning under a decentralized operating environment.  The
company completed operational restructuring of its subsidiaries
during fiscal year 1999. As a result, it now has 14 active
subsidiaries, 11 of which are wholly-owned.

Able Telcom has borrowed the maximum available under its existing
Credit Facility and is in default of the related covenants. While
the company is current with respect to amounts due under the
Credit Facility, the lender has the right to demand payment and
the company has insufficient liquidity to pay such amounts, if
called. Able has not yet been successful in obtaining alternative
financing and may have insufficient liquidity to fund
its continuing operations. Consequently, there is substantial
doubt about the company's ability to continue as a going concern.

For the fiscal year ended October 31, 1999, revenues totaled
$418.6 million compared to $217.5 million during the fiscal year
ended October 31, 1998, an increase of $201.1 million or 92
percent. This increase in revenues is due primarily to growth in
the company's operations through the acquisition of MFSNT on July
2, 1998. Revenues generated by MFSNT for the fiscal year ended
October 31, 1999, totaled approximately $264.0 million and
included sales of conduit capacity of approximately $35.7
million.

For the fiscal year ended October 31, 1999, net loss was $18.1
million compared to net income of $2.5 million for the fiscal
year ended October 31, 1998 a decrease of $20.6 million. Net loss
applicable to common stock was $36.8 million after $18.7 million
in charges related to the Series B Preferred Stock and Warrants.


AMERICAN ECO, CORP.: S&P Cuts Ratings
-------------------------------------
Standard & Poor's lowered its corporate credit rating and its
senior unsecured debt rating on American Eco Corp. to triple-'C'-
plus from single-'B', affecting $117 million in debt securities.

The outlook is negative. The rating actions reflect the company's
significantly weaker-than-expected financial performance,
resulting in a deterioration of credit protection measures and
increasing liquidity pressures. At Nov. 30, 1999, the company had
about $5.4 million in cash and currently has about $2 million
available under its $30 million revolving credit facility.
Houston, Texas-based American Eco is a leading provider of
industrial support and specialty fabrication services to the
energy, pulp and paper, and power generation industries.

The company's operating performance continues to deteriorate,
resulting in reduced cash generation and erosion of the balance
sheet due to increased debt levels and asset write-downs.
The firm had a net loss of $46 million for the year ended Nov.
30, 1999, compared with a net loss of $30 million for 1998.
American Eco's operating performance continues to be well below
expectations, primarily resulting from an inability to control
costs and continued weakness in several key markets served. The
company has discontinued several unprofitable operations, made
changes to the management team, and it continues to cut costs.

For fiscal 1999, total debt to earnings before interest, taxes,
depreciation, and amortization (EBITDA) was about 11.2 times (x),
and EBITDA interest coverage was 1.1x. In the future, some
improvement in American Eco's operating performance is expected,
reflecting some recovery in key markets, including the oil and
gas and pulp and paper industries.

Credit measures, however, are expected to remain very weak.
Financial flexibility is very limited, as the company has a $5.6
million interest payment due May 15, 2000.

OUTLOOK: NEGATIVE

Liquidity will remain tight, heightening concerns about the
company's ability to meet its debt service obligations during the
near term. Failure to improve cash generation could result in the
company's inability to make its May 2000 interest payment,
resulting in a default, Standard & Poor's said. At Nov. 30, 1999,
the company had about $5.4 million in cash and currently has
about $2 million available under its $30 million revolving credit
facility.

Houston, Texas-based American Eco is a leading provider of
industrial support and specialty fabrication services to the
energy, pulp and paper, and power generation industries.
The company's operating performance continues to deteriorate,
resulting in reduced cash generation and erosion of the balance
sheet due to increased debt levels and asset write-downs.
The firm had a net loss of $46 million for the year ended Nov.
30, 1999, compared with a net loss of $30 million for 1998.
American Eco's operating performance continues to be well below
expectations, primarily resulting from an inability to control
costs and continued weakness in several key markets served. The
company has discontinued several unprofitable operations, made
changes to the management team, and it continues to cut costs.

For fiscal 1999, total debt to earnings before interest, taxes,
depreciation, and amortization (EBITDA) was about 11.2 times (x),
and EBITDA interest coverage was 1.1x. In the future, some
improvement in American Eco's operating performance is expected,
reflecting some recovery in key markets, including the oil and
gas and pulp and paper industries. Credit measures, however, are
expected to remain very weak. Financial flexibility is very
limited, as the company has a $5.6 million interest payment due
May 15, 2000.

OUTLOOK: NEGATIVE

Liquidity will remain tight, heightening concerns about the
company's ability to meet its debt service obligations during the
near term. Failure to improve cash generation could result in the
company's inability to make its May 2000 interest payment,
resulting in a default, Standard & Poor's said.


AMERISERVE: Pilgrim's Pride Notes Effect of Bankruptcy
-------------------------------------------------------
Pilgrim's Pride Corporation (NYSE: CHX, CHX.A) stated that in-
light of the Chapter 11 bankruptcy filing on January 31, 2000 by
AmeriServe in Wilmington, Delaware, the ice storm losses incurred
on January 27-28, 2000 and the generally weaker chicken markets
being experienced currently in the U.S., they would not meet the
consensus estimates of $.32 per share for their second quarter
ending on April 1, 2000.  At this time, the Company anticipates
their second quarter's earnings will be in the range of $6.2-$8.3
million or $.15-$.20 per share.

As has been reported, AmeriServe is a significant distributor of
products to several fast food and casual dining restaurant
chains, several of which are customers of Pilgrim's Pride
Corporation.  At the time of the Chapter 11 filing, Pilgrim's
Pride Corporation had extended approximately $6 million in trade
credit to AmeriServe all of which will be reserved in the second
quarter and decreasing reportable earnings by approximately $.09
per share on an after-tax basis.  The Company has reached the
necessary post-reorganization agreements with its customers
supplied by AmeriServe to continue distribution of its products
and does not believe that the reorganization filing by AmeriServe
will materially adverse effect the distribution of its products
on a going-forward basis.

The Company estimates that losses realized from the late January
ice storm will negatively affect second quarter pre-tax earnings
by approximately $2 million or $.03 per share on an after-tax
basis.


BEVERAGE CANNERS INTERNATIONAL: Files For Chapter 11
----------------------------------------------------
According to a report in the BROWARD DAILY BUSINESS REVIEW
On March 8, 2000, a Miami-based bottled water distributor filed
for Chapter 11 bankruptcy last month to stave off creditors while
it reorganizes. Beverage Canners International said the
bankruptcy filing does not impact production at the company's
four factories, which continue making carbonated drinking and
distributing several brands of bottled water.

BCI has four beverage plants located in Texas, Tennessee, Miami
and Orange, and employs more than 400 people.

Company president and CEO Allen Fleischer could not be reached,
but in a written statement he said BCIs inability to extend
credit past March left it temporarily unable to pay debts.

We are highly confident that BCI will emerge from bankruptcy by
the summer or early fall, and our plan is that our banks and
suppliers will receive 100 cents on the dollar under the BCI
reorganization plan, Fleischer said.

Chapter 11 is a voluntary filing that protects a company from
creditors and allows it to continue operating while it
restructures debt.

According to federal bankruptcy court records filed in Miami, BCI
has $ 10 million in assets, while owing about $ 28 million.
Negotiations with several investors to pay back debt are ongoing,
the company said.  But that does not ease the minds of all its
creditors. Bob Zingler, director of credit operations for
Wisconsin-based Green Bay Packaging, doubts he will see
much of the roughly $ 300,000 owed his company.

From what I understand there is a substantial amount of unsecured
debt from suppliers, who probably will see only a portion paid
back, people like us, Zingler said.  Zingler, whose company
continues to sell packaging cardboard to BCI on a cash-advance
basis, said he believes BCI has been in financial straits for
years.

We have been in business with them since November, he said. We
dont think they gave us a fair idea of their condition then.

BCI, which reported revenues of $ 128 million for 1999, produces
Crystal Bay Naturally Flavored Sparkling Water and Samantha
Springs water, which appears under various labels in stores such
as Albertsons, Walgreens and Wal-Mart.

BCI officials refused to discuss what has gone wrong with the
company, or how long it has been in trouble. Over the past year,
it has introduced a number of new drinks, and managed to get
placement on several major television series such as Ally McBeal
and Friends.

Gilbert Bigio, chairman of the board, said BCI is exploring
several alternatives to strengthen its balance sheet.

That does not necessarily include shutting down plants or laying
off workers, said Patricia Clements, BCIs director of public
relations.


CELLNET DATA: Court Approves Asset Sale Procedures
--------------------------------------------------
Bankruptcy Judge Peter J. Walsh (D. Del.) this week approved
bidding procedures for the sale of substantially all of CellNet
Data Systems Inc.'s assets to stalking horse bidder Schlumberger
RMS, a unit of Schlumberger Ltd. (SLB), a French energy services
firm, according to a newswire report. Judge Walsh authorized a $5
million break-up fee payable to Schlumberger if the deal with
CellNet falls through, and he set a $2.5 million bid increment
for offers seeking to top Schlumberger's proposal to acquire
CellNet. The deal is valued at more than $225 million, and the
opening bid at auction must be at least $7.5 million greater than
that. Judge Walsh set an April 12 bid deadline, and if higher or
better offers are received, an auction will be held on April 14
in the New York office of Simpson, Thacher & Bartlett, CellNet's
lead bankruptcy counsel. A hearing to approve the sale to
Schlumberger or the highest bidder will be held shortly after the
April 17 deadline for objections to the sale. CellNet recently
received final court approval of $30 million in debtor-in-
possession financing from Schlumberger. CellNet filed chapter 11
in February, listing assets of $343.4 million and liabilities of
$503.7 million as of Dec. 31. (ABI 09-Mar-00)


CHAI-NA-TA: Obtains CCAA Extension
----------------------------------
Chai-Na-Ta Corp. announced that it has been granted an extension
to creditors' protection under the Companies' Creditors
Arrangement Act (CCAA) of January 28, 2000.

Chai-Na-Ta, a leading producer of North American ginseng, has
been battling the impact of depressed market prices for its
product, and has been engaged in efforts to restructure its
financial position for more than eighteen months.  On January 28,
2000, the Company filed for CCAA protection to enable it to
pursue refinancing and restructuring opportunities while
continuing its operations. The Company continues to work on its
restructuring plan and discussions aimed at refinancing the
Company's debt with its principal lenders are ongoing. Under the
CCAA extension, which was granted on February 25, 2000, the
Company is under order to file a formal restructuring plan with
the Supreme Court of British Columbia on or before April 28,
2000.

Chai-Na-Ta Corp., based in Langley, British Columbia, is the
world's largest supplier of North American ginseng. The Company
farms, processes and distributes North American ginseng as bulk
root, and supplies processed extract powder for the manufacture
of value-added ginseng-based products.


CROWN CENTRAL: Moody's Places Ratings On Review
-----------------------------------------------
Moody's Investors Service placed the ratings of Crown Central
Petroleum Corporation on credit review, direction uncertain.
Moody's action follows the company's announcement that Rosemore,
Inc. has offered $8.35 per share for the company's publicly held
stock. Ratings affected include: the company's $125 million
10.875% senior unsecured notes, due 2005, rated B2; the company's
senior implied rating of B1; and the company's senior unsecured
issuer rating of B2. Acquisition of the company by Rosemore could
have positive rating implications. Absent a transaction with
Rosemore, the ratings would be under pressure as a result of
sustained pressures on financial flexibility over the past year.

Rosemore is a privately held company owned by the family of Henry
Rosenberg, Chairman of Crown. Rosemore owns 49% of Crown's A
shares, 11% of Crown's B shares, and has been supporting the
company's liquidity with working capital lines of credit. It is
not clear whether a purchase by Rosemore would trigger the change
of control provision of the note indenture, and Rosemore's
intentions regarding the notes have not been made public.
Rosemore's offer, which is being considered by Crown's board,
expires Friday, March 10, unless extended, and would require two-
thirds shareholder approval.

In February 1999, Crown hired an advisor to review its strategic
alternatives, including potential asset sales and sale of the
company. Late in 1999, a group including Paul Novelly proposed a
merger involving Apex (a private company of which Paul Novelly is
chief executive) and Crown, which has not proceeded. To date,
Crown has not concluded a strategic restructuring or completed
sales of any major assets.

Crown's financial position has long been eroding. Its two small
and relatively uncompetitive Gulf refineries, combined with
difficult sector conditions, resulted in significant losses
during 1999. Market conditions improved in 4Q99 and to date in
2000, however, with consequent improvement in Crown's
performance. The company reported a loss of $30 million for full
year 1999 and a loss of $1 million for 4Q99, while reported
EBITDA was $10 million for the full year and $7 million for the
fourth quarter. Coupled with a 4Q99 sale of non-strategic assets,
Crown internally funded its financing requirements for full year
1999, but financial flexibility remains sensitive to changes in
sector conditions.

Moody's review will assess the likely business and financial
strategies of Rosemore for Crown, should the offer be accepted by
Crown, as well as Crown's prospects and plans should the sale to
Rosemore not be concluded.

Crown Central Petroleum, headquartered in Baltimore, Maryland,
owns and operates two refineries in Texas, and markets and
distributes products through company-owned gas stations,
convenience stores, and terminals.


DIAMOND ENTERTAINMENT: Reports Net Loss of $1.6 Million For 1999
----------------------------------------------------------------
Diamond Entertainment Corporation is in the business of
distributing and selling videocassettes, general merchandise,
patented toys, furniture, and Cine-Chrome gift cards, with a web
site presence throughout the United States.  Sales are recorded
by the company when products are shipped to customers and are
shown net of returns and allowances. The company incurred net
losses of $1,602,652 and $1,505,442 for the years ended March 31,
1999 and 1998, respectively, and had a working capital deficit at
March
31, 1999 of $2,154,599.  The company had also been experiencing
difficulties in paying its vendors on a timely basis. These
factors create uncertainty whether the company can continue as a
going concern.

For the nine months ended December 31, 1999 and 1998, the company
had net sales to six customers of approximately $1,872,426 or 59%
and to seven customers of approximately $2,089,895 or 57%,
respectively.  The company's net loss for the nine months ended
December 31, 1999 was approximately $1,857,000 as compared to a
net loss of approximately $583,396 for the same period last year.
According to the company the primary reason for the net loss was
the company's operating loss of approximately $1,479,000.

The company's operating loss for the nine months ended December
31, 1999 was approximately $1,479,000 as compared to an operating
loss of approximately $471,000 for the same period last year. The
company's operating loss arose primarily from an increased
operating expenses of approximately $186,000 and decreased gross
profit of approximately $822,000.

The company's sales for the nine months ended December 31, 1999
and 1998, were $3,195,037 and $3,671,185, respectively. Its sales
decreased by approximately $476,148 from the same period a year
earlier with decreased video product sales and toy sales of
approximately $336,000 and $140,000. The lower video product
sales when compared to the same period a year earlier were
primarily the result of the company experiencing selling and
marketing difficulties, including a temporary reduction in sales
orders from principal customers. The company intends on marketing
furniture in the fourth quarter of fiscal 2000, although there is
no assurance the company will be successful in such efforts.
Sales of the company's products are generally seasonal which
normally results in increased sales starting in
the third quarter of the fiscal year, however the company
experienced lower than expected sales during the recent Christmas
season.

The company's net loss for the three months ended December 31,
1999 was approximately $508,000 as compared to a net income of
approximately $9,000 for the same period last year. The company's
sales for the three months ended December 31, 1999 and 1998, were
$1,521,926 and $1,593,878, respectively. The company's sales
decreased by approximately $72,000 from the same period a year
earlier with increased video product sales of approximately
$98,000 and decrease toy sales of approximately $170,000.


EAGLE FOOD: Obtains $50 Million In Financing
--------------------------------------------
The supermarket chain operator filed for Chapter 11 protection on
February 29, 2000 in the U.S. Bankruptcy Court in Wilmington,
Delaware.

Concurrent with the filing, Eagle Food reported it had secured$50
million in financing and negotiated the terms of a plan of
reorganization with its biggest secured lenders and substantially
all identifiable institutional holders of 8-5/8% senior unsecured
notes due April 15, 2000. The company's largest secured
lender, Congress Financial, has agreed to provide the company
with interim debtor-in-possession financing to fund operations
and sustain financial obligations. The proposed debtor-in-
possession financing agreement and reorganization plan are both
subject to U.S. Bankruptcy Court approval.

Although primarily a regional company in focused in the Midwest,
Eagle Foods is the largest supermarket chain to file bankruptcy
in 2000, claiming $283.2 million in pre-petition assets.

The largest creditor on the list of 40 largest unsecured claim is
Alliance Capital Management, LLC. with a claim of $12.55 million.
The listed claims total $38.22 million, which is only a small
portion of the $237.82 million in liabilities shown on Eagle
Foods' bankruptcy petition.


EMPRESA ELECTRICA: S&P Downgrades Ratings to 'B' From 'BB-'
----------------------------------------------------------
Standard & Poor's today lowered its senior unsecured debt and
corporate credit ratings on Empresa Electrica Del Norte Grande
S.A. (Edelnor) to single-`B' from double-`B'-minus.

The outlook is negative.

Southern Energy, a subsidiary of Southern Co. (single-
`A'/Stable/`A-1'), owns 82% of Edelnor. Edelnor generates and
transmits electricity in the Northern Interconnected System
(SING), Chile's second largest electrical grid.

The downgrade reflects:

--  The recent regulatory decision rejecting Edelnor's petition
to use    a blend of pet coke fuel and coal in its existing coal
plants;

--  The anticipated loss of significant contract cover at the end
of 2001;

--  Uncertainty about Edelnor's ability to keep and attain new
sales contracts or sell into the spot market considering the
competitive disadvantage generated by the regulatory decision;

--  The entry of gas and gas-fired plants, which have created
overcapacity in the SING grid;

--  The likely ranking of the company's coal plants at the end of
the dispatch curve after 2001, given their higher marginal cost;

--  Uncertainty over the level of capacity payments Edelnor would
be entitled to receive.

In March 2000, Edelnor received a formal communication from the
COREMA, the local government environmental agency, rejecting
Edelnor's petition to use petroleum coke in its coal plants. The
use of pet coke lowers the marginal cost of Edelnor's coal plants
by about 45%. This decision prevents Edelnor from attaining
marginal costs that approach those of their competitors' newly
installed combined-cycle gas turbines.

A positive outcome might have placed the company in a better
position to attract new customers, a key issue given that Edelnor
will loose two significant contracts later in 2000 and at the end
of 2001, which together account for 225MW (55% out of a total
capacity of 424MW), and represent a loss of roughly 50% of
contracted revenues. At present, Edelnor has contracts for
approximately 90% of its installed capacity, which is mostly
coal-fired.

The loss of these contracts coincides with the entry of lower
marginal cost gas-fired facilities, which will double installed
capacity in the SING. Because most large customers have already
procured firm supply, there is little opportunity for Edelnor to
replace these customers, especially in light of the recent
ruling.

Edelnor is currently reviewing its options for an appeal to the
COREMA's decision. If Edelnor is unable to or is unsuccessful in
its appeal, Standard & Poor's is likely to further lower
Edelnor's ratings.

Mejillones I and II power plants (combined 341MW) burn coal. The
addition of Mejillones III combined-cycle gas unit in March 2000
should help strengthen Edelnor's position in the system's current
dispatch order. Still, a significant amount of Edelnor's capacity
might not be dispatched into the SING.

In that event, Edelnor would still be entitled to capacity
payments, which are made to all generators in the system as a
means to encourage standby reserves. However, a finite payment-
the amount of which is dependent upon the future supply, demand,
and the marginal cost of incremental capacity-is allocated over
the system's total firm capacity.

Standard & Poor's expects difficulties to arise among members of
the Economic Load Dispatch Center (other system generators) when
allocating capacity payments. Thus, it is difficult to specify
with any certainty what Edelnor's capacity payments will be in
2002. If capacity payments prove to be much smaller than
Edelnor's current estimates, they may be insufficient to cover
expenses.

With expected narrowing margins on sales of coal-powered energy,
Edelnor's cash interest coverage could decline to slightly more
than 1 times (x) by 2002. This ratio assumes the failure to
assume new contracts in the SING, a sensitivity incorporating
only 40% of the capacity payments Edelnor expects to receive
going forward, and that a planned interconnection between the SIC
(Chile's largest electrical grid) and the SING will be
constructed.

OUTLOOK: NEGATIVE

The negative outlook reflects uncertainty about the supply/demand
balance in the SING after 2001, Edelnor's competitive position,
its level of plant dispatch at that time, and whether the level
of capacity payments will be sufficient to cover costs if
Edelnor's plants are not fully dispatched, Standard & Poor's
said.


HEATWAY SYSTEMS: Files For Chapter 11 Protection
------------------------------------------------
According to a report in Rubber & Plastics News on March 6, 2000,
Heatway Systems filed for Chpater 11 after losing a federal
lawsuit against Goodyear about Entran II radiant heating hose.

The Springfield-based supplier of components for hydronic heating
systems filed a petition for Chapter 11 protection from its
creditors Feb. 25 at the U.S. Bankruptcy Court in Kansas City,
Mo., said Dan Chiles, executive vice president of the company.

Heatway is reportedly negotiating with Watts Industries Inc. to
be acquired by the plumbing and heating component manufacturer.

According to the report, the bankruptcy could affect Goodyear's
ability to collect on a $2.7 million trade debt existing between
the two companies.

Watts is a publicly held company with more than 4,600 employees
and about $520 million in annual sales. It has operations in the
U.S., Canada, Europe and China.


GENEVA STEEL: Reports Quarter Results
-------------------------------------
Geneva Steel Company filed for Chapter 11 bankruptcy protection
on February 1, 1999 and management currently anticipates that the
Plan of Reorganization will be completed and ready to file with
the Bankruptcy Court during mid 2000. The Plan of Reorganization
will be premised on the company being approved for a guarantee
under the Loan Guarantee Program, and the company may not file
its Plan of Reorganization until a decision on the loan guarantee
application has been announced. There is no assurance as to the
actual timing for the filing of the Plan of Reorganization or the
approval by the Bankruptcy Court, if at all.

Since its bankruptcy filing, the company has supplemented its
liquidity by the sale of certain non-core assets. During the
first quarter of fiscal year 2000, the company completed the sale
of its quarry for $10.0 million ($1.5 million of which is
contingent upon the future issuance, by the
relevant governmental entity, of a conditional use permit) and
received $8.5 million in October 1999. There is no assurance that
the conditional use permit will be issued or that the company
will receive the additional $1.5 million of the sale price.

Geneva's revenues for the three months ended December 31, 1999
were $126,169 as compared to the same quarter of 1998 with
revenues of $78,699.  Net gain for the first quarter of fiscal
2000 was $1,761 as compared to a net loss in the first quarter of
fiscal 1999 of $49,818.


INTEGRATED HEALTH: US Trustee Appoints Committee
-------------------------------------------------
The United States Trustee for Region III convened an
organizational meeting for the purpose of forming one or more
official committees of the Debtors' creditors.  At that meeting,
John "Jack" McLaughlin, Esq., the attorney for the U.S. Trustee
in charge of Integrated's chapter 11 cases, announced that one
official committee is appointed to represent the interests of the
Debtors' unsecured creditors, and the members are:

     Citibank, N.A.
     599 Lexington Avenue, 21st Floor/Zone 10
     New York, New York 10043
          Mr. Anthony Murphy

     Oaktree Capital
     333 South Grand Avenue, 28" Floor
     Los Angeles, CA 90071
          Mr. Matt Barrett

     U.S. Bank, N.A.
     Corporate Trust Services
     190 East Fifth Street
     St. Paul, Minnesota 55101
          Mr. Timothy Jon Sandell

     SunTrust Bank
     Mail Code NA 1982
     P.O. Box 305110
     Nashville, TN 37230-5110
          Ms. Janet R. Naifeh, Vice President - Special Assets
Group

     Capital Research
     11100 Santa Monica Blvd.
     Los Angeles, CA 90025-3384
          Mr. David Daigle

     Van Kampen Investment Advisory Corp.
     1 Parkview Plaza, 5th Floor
     Oakbrook Terrace, IL 60181-5555
          Mr. Douglas J. Smith, Vice President

     Credit Suisse First Boston Corporation
     111 Madison Avenue

     New York, NY 10022
          Mr. Alex Lagetko, Director

     PharMerica
     175 Kelsey Lane
     Tampa, FL 33619
          Mr. Gerald R. Gerlach

     Gulf South Medical
     P.O. Box 841968
     Dallas, TX 75284-1968
          Mr. Matt Adkins

Following its appointment, the Committee selected Van Kampen
Investment Advisory Corp., represented by Douglas J, Smith, Vice
President, and PharMerica, represented by Gerald R. Gerlach, Vice
President of Finance and Accounting, as its Co-Chairpersons.


LAMONTS APPAREL: Reports Operating Results
------------------------------------------
On January 4, 2000, Lamonts filed a voluntary petition for
reorganization under Chapter 11 of the Bankruptcy Code and on
January 6, 2000, the Bankruptcy Court issued its Interim
Borrowing Order that authorized debtor-in-possession financing
with terms and conditions intended to resolve Lamonts' liquidity
issues.

Prior to this year's bankruptcy filing Lamonts had filed for
Chapter 11 protection.  On January 6, 1995, Lamonts filed a
voluntary petition for relief under Chapter 11 in the United
States Bankruptcy Court for the Western District of Washington at
Seattle. The Lamonts' Modified and Restated Plan of
Reorganization was confirmed by the Bankruptcy Court on
December 18, 1997 and Lamonts emerged from bankruptcy on January
31, 1998.

In reporting on its quarterly results for the quarter ended
October 30, 1999 Lamonts reports comparable store revenues of
$51.2 million an increase of $0.3 million or 0.6% from $50.9
million for third quarter 1998. Comparable store revenues of
$143.3 million for Year-to-Date 1999 increased $2.4 million or
1.7% as compared to $140.9 million for Year-to-Date 1998.
Revenues increased due primarily to higher average inventory
levels and strong Year-to-Date 1999 sales in the Alaska, Idaho,
Oregon, and Utah markets, partially offset by a decrease in sales
in the Seattle/Tacoma market.

Lamonts recorded a net loss of $2.5 million for third quarter
1999, compared to a net loss of $0.7 million for third quarter
1998, and a net loss of $8.3 million for Year-to-Date 1999,
compared to a net loss of $6.5 million for Year-to-Date 1998.


LOEWEN: Rose Hills' Motion For Assumption or Rejection of ASA
-------------------------------------------------------------
The Debtors draw the Court's attention to the fact that remind
the Court that Rose Hills' Motion for a Deadline for the Debtors
to Assume or Reject the Administrative Services Agreement comes
after Rose Hills' failure in seeking relief from stay for the
termination of the Administrative Services Agreement.  The
Debtors assert that Rose Hills' Motion for the Deadline is, in
effect, an action to seek the same result.

The Debtors point out Rose Hills' bare mention that (a) the ASA
is one of four complex, integrated agreements that stemmed from
Loewen's 1996 acquisition of a minority stake in Rose Hills, (b)
Loewen's stake in Rose Hills represents an approximate $100
million investment, (c) Blackstone Capital Partners, the
majority owner of Rose Hills, has asserted claims in excess of $1
billion in the cases, the vast majority of which relates to Rose
Hills and (d) termination of the ASA will likely adversely impact
the Debtors by potentially increasing Blackstone's claim under
the related agreements by tens of millions of dollars.

The Debtors recapture that in November 1996 Loewen partnered with
Blackstone to collectively acquire what became Rose Hills
Company. This acquisition, the Debtors relate, came at a heavy
price to Loewen, as it transferred 17 of its California cemetery
properties to Rose Hills and contributed nearly $35 million
in cash in exchange for 20.5 percent of the common stock and 10
percent of the preferred stock of Rose Hills. For its financial
stake, Blackstone became the majority owner of Rose Hills,
acquiring 78.5% of its common stock.

Related to this acquisition, Loewen entered into a series of
complex agreements, all dated November 19, 1996:

(1) the Subscription Agreement between Loewen and Blackstone,
which outlines each party's contributions and resulting equity
stake in Rose Hills;

(2) the Stockholders' Agreement, which concerns the corporate
governance of Rose Hills.;

(3) the Put/Call Agreement, which sets forth a variety of
situations where Loewen can "call" Blackstone's equity stake in
Rose Hills or where Blackstone can "put" its equity interests to
Loewen; and

(4) the ASA.  

The Debtors point out that the Stockholders' Agreement
importantly contains an integration clause that reads: "(t)his
Agreement, together with [the Subscription Agreement, the
Put/Call Agreement and the ASA], is the entire Agreement among
the parties." In addition, the Debtors point out that this
agreement provides that it terminates upon the earlier of the
exercise of an option under the Put/Call Agreement or the
parties' mutual agreement.

The Debtors emphasize that perhaps most critically for purposes
of the Motion is the provision of the Put/Call Agreement that
says: "If the ASA becomes terminable by Rose Hills, the Put
Option Price becomes the greater of (i)the normal calculated
amount, or (ii)the sum of the Blackstone Put Hurdle Profit and
the Blackstone Contribution, as defined in the Agreement. The
Debtors tell the Court that termination of the ASA will likely
substantially increase by a magnitude of perhaps tens of millions
of dollars the put price to the detriment of the Debtors.

As a result of the Put/Call Agreement, the Debtors report,
Blackstone has asserted at least ten proofs of claim in these
cases that aggregate more than $1 billion. Specifically, the
claims, among other things, contend that: Loewen is contingently
liable for $158.8 million because "pursuant to the Rose Hills
Put/Call Agreement, the Blackstone Rose Hills Entities hold an
irrevocable option to put the Blackstone Rose Hills Common Stock
to [Loewen], a minority shareholder of Rose Hills, for purchase
at a price calculated pursuant to a formula contained in the Rose
Hills Put/Call Agreement.

The Debtors relate that on November 19, 1996, they entered into
the ASA Agreement under which they agreed for a term of 8 years
to provide Rose Hills with certain administrative servces such as
accounting, legal, computer and telecommunications support, as
Rose Hills "may request from time to time." In return, Rose Hills
pays "a substantial fee for these services": $334,000 for the
first year and $250,000 per year for the following years, subject
to a 2.5% annual increase.

The Agreement provides that the parties may negotiate to reduce
the administrative fee "if the scope of the Services provided is
reduced.

The ASA further provides that the Agreement can be terminated by
Loewen or Rose Hills upon material breach that is not remedied
within 30 days after receipt of written notice of such breach.

Importantly, the Debtors point out, rejection of the ASA in a
bankruptcy proceeding effects a termination of the ASA.
Therefore, the Debtors' rejection of the ASA could trigger a
substantially higher put price for Blackstone's equity stake in
Rose Hills.

With the above information about the ASA presented, the Debtors
put forward to the Court grounds for rejecting Rose Hills' Motion
as follows:

(1) A termination of the ASA will likely adversely impact the
Debtors by potentially increasing Blackstone's claim under the
related agreements by tens of millions of dollars, but denial of
the Motion will not harm Rose Hills. The Debtors claim that the
intended effect of the ASA potentially encompasses Loewen's
entire investment in Rose Hills. They assert that Rose
Hills has suffered no post-petition economic harm under the ASA.
They inform the Court that Rose Hills candidly admits that it has
not paid Loewen any administrative fees. In addition, Rose Hills
never sought to mitigate any financial burden that it alleged by
seeking to reduce the required administrative fees under the
provision of the ASA, the Debtors point out.

(2) On the matter about breach of agreement, the Debtors argue
that the ASA provides that Loewen is to furnish administrative
services only upon Rose Hill's request, but it is Rose Hills that
ceased making requests.

(3) The Debtors assert that ASA's complaints that Loewen has been
in breach of the Agreement is both irrelevant to the Motion and
contrary to fact. Despite the irrelevance to the Motion, the
Debtors maintain that Loewen has fulfilled its obligations under
the ASA by providing services on Rose Hills' request. The Debtors
claim that post-petition, Loewen continues to provide services to
Rose Hills especially telecommunications and environmental
support, while evidence of pre-petition breaches is irrelevant.

(4) The Debtors point out that, despite the stipulation in the
Agreement, Rose Hills never lodged a written complaint with
Loewen about services under the ASA, a contract that was in
effect for nearly three years prior to the filing of Rose Hills'
initial Motion.

(5) The Debtors further allege that, contrary to the accusations
by Rose Hills, it is Rose Hills that falls short on making
payments for administrative fees since November 1998 and has
failed to reimburse Loewen approximately $400,000 for payments
made.

(6) The Debtors draws the Court's attention to section 365(d)(2)
of the Bankruptcy Code, which provides a debtor in possession
with the exclusive right to assume or reject an executory
contract at any time prior to the confirmation of its plan of
reorganization. The Debtors maintain that as strongly suggested
by the factual record, there are no compelling circumstances, in
fact no cause at all, to force the Debtors to make an early
decision.

The Debtors also suggest to the Court that Rose Hills' delay in
complaining about Loewen's performance raises questions about its
real motivation for pursuing this Motion. The Debtors mention
that it's not Rose Hills, but a representative from Blackstone,
that instigated the issue.

The Debtors further argue that while the Motion addresses when
the Debtors must elect to assume or reject the ASA, it is a
fallacy for Rose Hills to assert in its Motion that the Debtors
cannot ultimately assume the ASA. The Debtors remind the Court
that while 11 U.S.C. S. 365(d)(2) authorizes the Court to assume
or reject a contract, it does not authorize the Court to order
either acceptance or rejection of a contract. The Debtors infer
that any allegation or evidence that the Debtors cannot assume
the ASA is irrelevant and should be disregarded by the
Court for purposes of the Motion.

The Debtors conclude that they require the full statutory period
to appropriately address the four complex agreements relating to
the Rose Hills acquisition, and they request that the Court deny
Rose Hills' Motion accordingly.

Committee's Objection

The Committee also objects to Rose Hills' Motion, largely echoing
the arguments put forward by the Debtors. In addition, the
Committee informs the Court that the Debtors have been working
with the Committee since the Petition Date, to evaluate the
funeral homes and cemetery operations in the Loewen group,
including Rose Hills, as part of developing an overall business
plan for Reorganization for Loewen. The Committee asserts that
with regard to Rose Hills and the ASA, the Debtors and the
Committee must consider all the related agreements in aggregate.
The Committee affirms that this and numerous other components are
being actively pursued by the Debtors and their professionals, in
consultation with the Committee. In addition, the Committee
reports to the Court that the Committee's own financial advisors,
Houlihan Lokey Howard & Zukin are evaluating the value of the
Debtors' interests in Rose Hills in the light of the Debtors'
business plan.

The Committee, like the Debtors, draws the Court's attention to
Bankruptcy Code S. 365(d)(2) which gives the Debtors until the
confirmation of a plan to decide whether to assume or reject the
ASA. The Committee asserts that, allowing Rose Hills to force
rejection or assumption of the ASA at this stage may negatively
and irreparably affect the value of Rose Hills and, consequently,
the value of the Debtors' interests in this entity. Furthermore,
it will destroy the balance among the integrated agreements, of
which the ASA only forms one part, the Committee remarks. The
Committee reiterates that only after the Debtors have completed
their business plan and properly assessed the role of Rose Hills
as part of their future business can the Debtors properly make a
decision whether to move for assumption or rejection of the ASA.
(Loewen Bankruptcy News Issue 20; Bankruptcy Creditor's Service
Inc.)


MARINER POST ACUTE: Reports Operating Results
---------------------------------------------
Mariner Post-Acute Network, Inc. changed its name effective
August 1, 1998 from its former name, Paragon Health Network,
Inc., following the consummation of the merger with Mariner
Health Group, Inc. on July 31, 1998.  The company had previously
changed its name from Living Centers of America, Inc. to Paragon
on November 4, 1997.

In reporting on its financial condition the company has assumed
that it will continue as a going concern, however, the company
has experienced significant losses, has a working capital
deficiency of approximately $2.0 billion, and has a capital
deficit of approximately $1.4 billion at December 31, 1999.  In
addition, the company has violated certain covenants
of various loan agreements. On January 18, 2000, the company,
Mariner Health and certain of their respective subsidiaries filed
separate voluntary petitions for relief under Chapter 11 of the
U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the
District of Delaware. These matters, among others, raise
substantial doubt about the company's ability to continue as a
going concern. Management is in the process of developing a
plan of reorganization that will be submitted to the U.S.
Bankruptcy Court, the company's and Mariner Health's creditors
for their approval. In the event the plan of reorganization is
accepted, continuation of the business thereafter is dependent on
the company's ability to achieve successful future operations.

In the quarter ended December 31, 1999 Mariner Post's
consolidated revenues were $537,206 with net losses of $58,041.  
In the same period of 1998 revenues were $672,680 and net losses
$39,023.


NIPPON CREDIT BANK: No Deal Yet for Lehman, Gets Closer
-------------------------------------------------------
Lehman Brothers, the fourth-largest US investment bank,
denied reports that it is close to buying a stake in
Japan's Nippon Credit Bank from Softbank.

"It's news to me," said Michael O'Hanlon, co-head of
Lehman's investment bank unit in Japan. "There is no
agreement with Softbank or anybody else."

Lehman originally submitted its own bid for Nippon Credit
in October and has considered buying a stake in the bank
since it withdrew that bid in November. The Yomiuri
newspaper reported yesterday that Lehman plans to take a 5-
10 per cent stake, without citing sources. Softbank
declined to comment.

Lehman, which is setting up an online bond trading system
with Softbank called E-Bond Securities Co, wouldn't rule
out an eventual agreement with the Internet investor, which
wants to lower its own stake in the bank.

"I'm not saying it's never not going to happen," Mr
O'Hanlon said. "The ball is in their court."

The government agreed on Feb 24 to sell Nippon Credit to
Softbank, leasing firm Orix Corp and Tokio Marine and Fire
Insurance Co, the top non-life insurer. Softbank needs to
cut its stake in the bank to less than 50 per cent, from 65
per cent now, in order to keep the bank from being
considered a subsidiary. (Singapore Business Times  08-
March-2000)


NISSAN MOTOR CO.: Seen to rebuff workers on wage hike
-----------------------------------------------------
Nissan Motor Co. (7201) Chief Operating Officer Carlos
Ghosn on Tuesday dampened the union's hopes of receiving
the full amount of a proposed wage hike, The Nihon Keizai
Shimbun has learned.

In his first appearance at a session of the automaker's
"shunto" spring wage negotiations, Ghosn said that the
company had promised to return to the black for fiscal
2000, but it now faces a tough environment. Despite high
expectations on the part of labor, a rebound in Nissan's
earnings must take precedence, he added.

Nissan expects to sustain a net loss of 730 billion yen for
the fiscal year ending March 31. Ghosn has staked his job
on the automaker's turnaround, having publicly pledged to
resign if it fails to post a profit for fiscal 2000, in
line with the firm's Revival Plan announced last fall.
(Nikkei  08-March-2000)


PHELPS TECHNOLOGIES: Adversary Proceeding
-----------------------------------------
The Official Committee of Unsecured Creditors of Phelps
Technologies Inc. and its debtor affiliate, filed an action
against Sharp Electronics seeking to avoid and recover $700,000
in alleged preferential payments. Both the Committee and Sharp
are seeking summary judgments.  Sharp says that the payments were
made by Monorail as an independent obligation as a guarantor of
the debtor's debt to Sharp.  Sharp argues that no property of the
debtor was transferred.  The Committee states that the debtor had
a contractual right to receive payments under the Phelps/Monorail
Agreement and that the language of that agreement created an
account receivable that is property of the bankruptcy estates.

The court agrees with the Committee and states that the debtor's
right to receive payments under the Phelps/Monorail Agreement was
a contractual right that vested at the time the parties signed
the agreement.  All future payments which the debtor was entitled
to receive under the agreement were, and are, property of the
bankruptcy estate.


PIC'N PAY: Case Summary and 20 Largest Unsecured Creditors
------------------------------------------------
Debtor: Pic 'N Pay
        10301 Old Monroe Rd.
        Mathews, N.C. 28105

Petition Date: March 8, 2000   Chapter 11

Court: District of Delaware

Bankruptcy Case No.: 00-01358

Debtor's Counsel: S. David Peress
                  Robert S. Brady
                  Young Conaway Stargatt & Taylor, LLP
                  11th Floor, 1100 North Market Street
                  Wilmington, DE 19899-0391
                  PO Box 391
                  (302) 571-6600

Total Assets: $ 50 to 100 million
Total Debts:  $ 50 to 100 million

20 Largest Unsecured Creditors

The Topline Corporation
13150 SE 32nd Street
Bellevue, WA 98805-4436       Trade        $ 3,527,345


Renaissance Imports, Inc.
150 Woodbury Road
Woodbury, NY 11797            Trade        $ 2,896,866

Marlboro Footworks
60 Austin Street
Newton, MA 02160              Trade        $ 2,200,472

Fritz Companies, Inc.
PO Box 360302
Pittsburgh, PA 15250-6302     Trade        $ 1,325,577

Direct Buying Service
426 N. Park Place
Yellow Springs, OH 45387
ATTN: Jean Kessel             Trade          $ 842,831

Polo Imports
1699 South Hanley Road
St. Louis, MO 63144           Trade          $ 694,507

Pacific Connections, Inc.
135 South LaSalle Dept. 3365
Chicago, IL 60674             Trade          $ 662,234

BBC International, Ltd.
1515 North Federal Highway
Boca Raton, FL 33432          Trade          $ 539,096

Trade Winds Importing
10200 Timberlake Road
Lynchburg, VA 24502           Trade          $ 507,025

Elan Imports
630 Melrose Avenue
Nashville, TN 37211           Trade          $ 313,956

Lyle Richards
7 Cabot Place Unit 9
Stoughton, MA 02072           Trade          $ 272,226

Carat ICG                     Trade          $ 186,622
ADVO, Inc.                    Trade          $ 171,988
Gary Gaines                   Trade          $ 151,210
ES Originals, Inc.            Trade          $ 119,161
Answer Think Consulting       Trade           $ 91,192
Roth Bros., Inc.              Trade           $ 87,365
State of Georgia              Tax             $ 76,677
Mail South, Inc.              Trade           $ 62,024
Triumph Hosiery Corp          Trade           $ 60,705


POWER DESIGNS: Reports Operating Results
----------------------------------------
Since its inception in 1952 Power Design Inc. has been engaged
exclusively in the design and manufacture of electronically
controlled power sources used in the operation of electronic
equipment and mechanical instruments. The power sources produced
by the company function by taking electric current from batteries
or commercial power lines and converting it into controlled
voltages or currents for the operation of the end equipment.

The equipment is used by military, industry, scientific research,
and electro-medical organizations for such applications as
computers, data processors, video and sound communications media,
nuclear biological and medical research, nuclear power
generation, and other facilities where disturbances in the
primary power source for these systems may affect their
accuracy and performance. These power sources or conditioners are
connected between the primary source, which may be a commercial
power line, battery, diesel, gasoline or steam-driven generator,
and the system being powered, to stabilize, eliminate surges or
transient changes, or convert the input voltages and currents to
other voltage or current levels required by the system.

An unacceptable level of product failures in the early shipments
of the UPS/PLC product line, required Power Designs to suspend
product distribution and initiate efforts to resolve serious
technical and production problems. As a result of the significant
operating losses sustained during its attempts to resolve these
issues, the company ceased operations and filed for relief under
Chapter 11 of the United States Bankruptcy Code on January 22,
1998. On January 26, 1998 Power Designs reopened for business on
a reduced scale and under new management. At this writing, the
company continues to manufacture its original product line, as
well as the autotransformer and military power supply line.

The company's revenues for the fiscal year ended June 30, 1999
were $2,875,686 compared to $2,602,387 in fiscal 1998.  Net
losses were $1,560,176, fiscal 1999, and $8,649,067, fiscal 1998.

In the first quarter of fiscal 2000 the company had revenues of
$823,912 and net losses of $329,474.  In the same quarter of 1998
revenues were $745,706 and net losses were $413,119.

During the first quarter of fiscal 2000, the company and its
wholly-owned subsidiary, continued manufacturing operations as
debtors-in-possession under Chapter 11 protection. The Vantage
Partners LLC, a management consulting firm retained pursuant to
court order, together with Melvin A. Becker, Vice President of
Operations, continued in their roles as senior management.
Product offerings were confined to three historical families
of products: military grade power supplies, variable
autotransformers, and linear switching power supply products.
Employees and contracted consultants of the company at September
30, 1999 totaled 26.

The company's net profit before other income in the first
quarter, 2000, showing improvement over the first quarter fiscal
1999 net profit is largely due to the increased sales levels
which have resulted from the company's increased efforts in the
areas of sales and marketing. In addition, improved manufacturing
efficiencies have resulted in the company's ability to shorten
the span of time between the receipt and the fulfillment of
customer orders.

A confirmation hearing on the amended plan of reorganization has
been continued to March 21, 2000, although it may be continued
from time to time by the court. Should the amended plan not be
confirmed, there is significant probability that the case may be
converted to a Chapter 7 case. In the instance of a conversion to
a Chapter 7 liquidation, there is little likelihood of any value
remaining to satisfy the existing equity interests of the
debtors.


SALANT CORP: Announces Fourth Quarter and 1999 Year End Results
---------------------------------------------------------------
Salant Corporation (OTC Bulletin Board: SLNT) has announced its
financial results for the fourth quarter and year ended January
1, 2000.  The results for the quarter are a continuation of the
improvement reported by the Company in the third quarter.

Perry Ellis products experienced an increase of $5.6 million in
net sales for the fourth quarter of 1999 as compared to the same
quarter for 1998.  The Company's total net sales for the fourth
quarter were $50.7 million, compared to $73.9 million for the
comparable quarter in 1998.  This decrease resulted primarily
from a reduction of $28.8 million in net sales for the
discontinued non-Perry Ellis businesses which were closed and/or
sold during 1999.

Income from continuing operations before interest, income taxes
and extraordinary gain for the fourth quarter was $1.9 million,
compared to a loss of $51.5 million for the fourth quarter of
1998.  The fourth quarter 1998 loss was primarily caused by the
planned closure and/or sale of non-Perry Ellis businesses and
Chapter 11 and debt restructuring costs.  Net income for the
fourth quarter of 1999 was $1.9 million, or $0.19 per diluted
share on a pro forma basis, compared to a net loss of $67.9
million or $6.79 per diluted share on a pro forma basis for the
same period in 1998, which included $1.28 loss per diluted share
from discontinued operations.

The net sales of Perry Ellis products for the year increased
$16.8 million over the prior year.  The Company's total net sales
for the year 1999 were $ 248.4 million, compared to $300.6
million for the year 1998.  This decrease was primarily due to
the discontinuation of non-Perry Ellis businesses which were
closed and/or sold during 1999.

Income from continuing operations before interest, income taxes,
extraordinary gain, debt restructuring costs and a restructuring
provision for 1999 was $2.6 million compared to a loss for the
same period in 1998 of $9.2 million.  Income from continuing
operations before interest, income taxes, extraordinary gain,
debt restructuring costs and a restructuring provision for
the year includes a loss of $11.0 million from non-Perry Ellis
products which were phased out during the year.  For the year,
the Company earned net income of $20.6 million, which amount
included an extraordinary gain of $24.7 million related to the
conversion of certain senior notes and related unpaid interest
into equity pursuant to the Company's reorganization, or $2.06
per diluted share on a pro forma basis, as compared to a loss of
$72.7 million or $7.27 per diluted share for the year 1998.

Commenting on the results, Michael J. Setola, Chairman and Chief
Executive Officer stated: "The extraordinary efforts of the new
Salant team have produced these strong fourth quarter results.  
The reorganization of the Company was successfully completed in
1999, and the year-end figures reflect that success. Salant's
focus will be to actively pursue a strategic plan of growth by
way of new license and acquisition opportunities".
  
Salant Corporation markets and distributes Perry Ellis menswear
in the sportswear, accessories, pants and dress shirt categories.  
Its products are sold in major department and specialty stores.  
The Company employs more than 500 people in the United States and
overseas.


SAMSUNG MOTOR: Creditors to reject Renault offer
------------------------------------------------
Creditors of Samsung Motors say they will reject Renault's
offer of US$ 450 million for the Korean auto maker,
insisting the price will go no lower than $1 billion.

"The Seoul District Court has put Samsung's value at 1.2
trillion won (US$1.07 billion), so Renault's offer is
outrageous," said a creditor source.

The creditors will convene an emergency meeting today.
"It cost 5 trillion won to build Samsung Motors so the
Korean public will not understand if it is sold to a
foreign company at one tenth the price," the source said.

Thus negotiations on the sale of the car maker is
apparently back to square one.  Renault said it offered to
create a joint venture with Samsung in the hope of allowing
the insolvent car maker to produce 200,000 vehicles a year
within a few years.  Representatives of the French car
maker had stayed in Seoul and Pusan for the past two months
visiting the plant and examining related papers.

Renault also proposed a joint venture in which it would own
70 percent and Samsung 30 percent to acquire the operating
assets of Samsung Motors.  Samsung says it wants to own no
more than 20 percent.  (Asia Pulse  07-March-2000)


SAMSUNG MOTOR: Renault, Creditors Vie in Pricing Dispute
--------------------------------------------------------
Renault and Samsung Motors' creditors have intensified
their dispute over the Korean carmaker's takeover price.

Rejecting Renault's offer of about $450 million (500
billion won), Korean creditors yesterday set the minimum
sale price at $1 billion (1.12 trillion won).

"It is absurd that Renault is attempting to purchase
Samsung Motors for just half of the court-calculated
company value of 1.2 trillion won," said a top creditor
bank official.  "Few Koreans will understand if Samsung
Motors, built at a cost of over 5 trillion won, is sold to
foreigners for just one-tenth of the cost," he stressed.

He also noted that even neutral parties, such as lead
manager Banque Paribas and U.S. consulting firm KPMG, also
set the value of Samsung Motors at over 1 trillion won.
Amid the escalating argument the creditors' original plan
to finalize the sale contract by the end of March may be
considerably delayed, industry watchers forecast.

"Renault is likely to stick to its stance of knocking down
the takeover price, out of the conviction that it is the
only automaker in the position to buy Samsung," said an
industry executive, forecasting turbulence in the upcoming
negotiations, set to begin next week.

Indeed, some officials belonging to the creditor group have
indicated that Samsung could be put up for international
bidding, in case of a failure to compromise on the pricing
terms.  In its takeover proposal, meanwhile, Renault said
it wishes to create a joint venture with the Samsung Group
in hopes of allowing the insolvent carmaker to produce
200,000 vehicles annually within a few years.

Renault also proposed owning 70 percent of the joint
venture while giving a 30-percent stake to Samsung.
However, the Korean firm is reportedly determined to
restrict its equity ownership to less than 20 percent,
sources said. (The Korea Herald  08-March-2000)


SIZZLER: Announces Third Quarter Results
----------------------------------------
Sizzler International, Inc. (NYSE:SZ) reported financial and
operational improvements for the third quarter of Fiscal 2000
ended February 6, 2000.

For the third quarter, the company reported revenues of $71.9
million, an increase of 6 percent over the $68.1 million in the
comparable period in Fiscal 1999. Sizzler reported net income for
the third quarter excluding one-time items of $1.3 million, or
$0.05 per diluted share, compared with net income of $1.2
million, or $0.04 per diluted share in the same period a year
ago. Including the non-recurring items, the company reported a
net loss of $4.9 million, or $0.17 per diluted share.

"The continued financial and operational improvement that Sizzler
is experiencing is due to a number of factors, primarily
continued same-store-sales growth from the company's U.S. Sizzler
and Australian KFC operations, but also increased guest counts.
Sizzler USA reported its first quarterly increase in guest counts
in over two years," said Charles Boppell, President and CEO of
Sizzler Intl. "As our results indicate, we believe our management
team has built the platform needed to not only lead the company
to increasing profitability, but also to sustain a level of
accelerated growth and expansion."

The company's continued turnaround reflects Sizzler's success in
the improvement of its restaurant operations, including cost
controls, positive customer response to the enhanced food quality
and cooking methods, and the early success Sizzler has achieved
with its store remodeling program. The company plans to continue
with the implementation of its strategic growth plan. Among the
primary goals of this plan are the remodeling and repositioning
of domestic restaurants, which has yielded positive results since
its initiation in the fall of 1999.

The company has also completed the repurchase of approximately
half of the 1.5 million shares of common stock it has been
authorized to repurchase by its Board of Directors. As of quarter
end February 6, 2000, the company had bought 706,700 shares of
its common stock, all in open market transactions. Subject to
applicable law and other factors, the company expects to continue
its stock repurchase program.

The company reported the final financial adjustments related to
its 1996 Chapter 11 reorganization, including a$6.6 million
non-recurring, one-time charge to its third quarter earnings. The
charge resulted from the completion of an extensive review of the
complex financial issues that resulted from the reorganization.

After an assessment of all of the costs associated with the
reorganization, Sizzler's management has determined that the
original$108.9 million estimate is lower than the final expected
cost by $6.6 million. As such, Sizzler has taken a $6.6 million
charge against earnings on its third quarter 2000 income
statement, attached hereto. Importantly, because the final
payment was made to the creditor trust in January 2000, the
company does not anticipate any further cash outlay in settlement
of Chapter 11 related matters. The company has now settled
substantially all of the original claims and does not anticipate
any further charges relating to the reorganization.

Sizzler International, Inc. operates, franchises or joint
ventures 347 Sizzler restaurants worldwide, in addition to the
101 KFC restaurants in Queensland, Australia.


SUMITOMO METAL INDUSTRIES: Raises expected net loss
---------------------------------------------------
Sumitomo Metal Industries Ltd. (5405) said Tuesday it has
raised its expected group net loss to 146 billion yen for
the year through March from the earlier projection of 84
billion yen.

The loss would be the largest ever recorded by a major
steelmaker. The company posted a loss of 69.5 billion yen a
year earlier. Sumitomo Metal blamed the blowout on a
parent-only extraordinary loss of 207 billion yen incurred
on the consolidation of money-losing semiconductor and
other non-core businesses.

The red ink will wipe out group capital surplus
(accumulated past profits), which stood at 125 billion yen
at the end of March last year, and leave a capital loss.
The company expects to fall short of the unconsolidated
pretax profit target of 8 billion yen for the six-month
period ending March 31, due largely to the yen's
appreciation.

Consequently, the group pretax balance for the whole of
fiscal 1999 is likely to see a 65 billion yen loss.
The bottom line should improve substantially by next fiscal
year at the earliest as unprofitable operations are
terminated, company officials said. (Nikkei  07-March-2000)


SUPERIOR NATIONAL INSURANCE: S&P Lowers Ratings to 'D'
-----------------------------------------------------
Standard & Poor's revised its financial strength ratings on
Superior Pacific Casualty Co., California Compensation Insurance
Co., and Combined Benefits Insurance Co., three of the five
members of the Superior National Insurance Group Inc., to 'R'
from single-'B'-plus.

An insurer rated 'R' is under regulatory supervision owing to its
financial condition.

On March 3, 2000, Standard & Poor's lowered its counterparty
credit rating on the Superior National Insurance Group Inc., one
of California's largest workers' compensation insurers, to 'D'
from triple-'C'-plus and removed it from CreditWatch, where it
had been placed on Dec. 22, 1999, with developing implications.
At the same time, on March 3, 2000, Standard & Poor's revised its
financial strength rating on the group's lead company, Superior
National Insurance Co., to 'R' from single-'B'-plus.

These ratings actions followed California Insurance Commissioner
Chuck Quackenbush's issuance of a seizure order to take control
of Superior National Insurance Group.

The California Department of Insurance (DOI) appeared before the
Los Angeles and Sacramento superior courts on March 6, 2000, to
seek a conservation order for Superior National Insurance Group
to allow the commissioner to use department staff to conduct the
business of the conserved company as he sees appropriate. The
order was approved by the courts and received by the department
on March 7.

In a report entitled, "Insurer Financial Troubles on the Rise"
(http://www.standardandpoors.com/ratings/insurance/index.htm),
Standard and Poor's cites the main reason for failures in the
property/casualty industry as competitive pressures that have led
to inadequate pricing and, subsequently, weakened reserve
positions. The California DOI's report stated that its financial
examinations of Superior National Insurance Group revealed that
the company was in hazardous financial condition and was severely
under-reserved.

The Superior National Insurance Group Inc., consists of five
companies. Four of the companies -- California Compensation
Insurance Co., Combined Benefits Insurance Co., Superior National
Insurance Co. and Superior Pacific Casualty Co. -- have been
seized by California regulators. Appropriate actions relating to
the fifth company, Commercial Compensation Insurance Co., are
being pursued in coordination with regulators in the company's
domiciliary state of New York. At the time of this release,
Standard and Poor's has been unable to confirm what action, if
any, has been taken by the New York State Insurance Department.


SYSTEMSOFT CORP: Announces Resolution of Chapter 11 Status
----------------------------------------------------------
The company's Plan of Reorganization, approved on February 22,
2000, by the United States Bankruptcy Court for the District of
Massachusetts, states that the Assets and Intellectual Property
Rights of SystemSoft Corporation were acquired by Rocket
Software, a privately held company also of Natick. The Plan of
Reorganization became effective March 2, 2000.

SystemSoft Corporation is now privately held by Rocket Software.
All issued and outstanding publicly traded shares of SystemSoft
stock were canceled effective March 1, 2000.


BOND PRICING For Week of March 6, 2000
======================================
DLS Capital Partners, Inc., bond pricing for week of March 6,
2000.  Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                     14 - 16 (f)
Ameriserve 8 7/8 '06                      10 - 14 (f)
Asia Pulp & Paper 11 3/4 '05              90 - 91
E & S Holdings 10 3/8 '06                 37 - 40
Fruit of the Loom 8 7/8 '06                4 - 6 (f)
Genesis Health 9 3/4 '05                  13 - 14
Geneva Steel 11 1/8 '01                   21 - 23 (f)
Globalstar 11 1/4 '04                     46 - 48
Hechinger 9.45 '12                         6 - 9 (f)
Integrated Health 9 1/4 '08                4 - 6 (f)
Iridium 14 '05                             3 - 4 (f)
Loewen 7.20 '03                           44 - 46 (f)
Paging Network 10 1/8 '07                 82 - 84 (f)
Pathmark 11 5/8 '02                       37 - 39
Pillowtex 10 '06                          38 - 40
Revlon 8 5/8 '08                          44 - 46
Rite Aid 6.70 '01                         72 - 74
Service Merchandise 9 '04                 12 - 13 (f)
Sunbeam 0 '18                             14 - 15
TWA 11 3/8 '06                            33 - 35
United Artists 9 3/4 '08                   2 - 5
Vencor 9 7/8 '08                          18 - 20 (f)


                  *********

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 * * *