TCR_Public/000320.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, March 20, 2000, Vol. 4, No. 55  
                            
                  Headlines

ARM FINANCIAL: Seeks Deadline For Filing Proofs of Claim
AUTOINFO: Announces New Hearing Dates
BRADLEES: Significantly Improved Quarter and Year-End Earnings
BUSH LEASING: Order Extends Time To Assume or Reject Leases
CAREMARK RX: MedPartners Changes Name; Reports Operating Results

CENTRAL VERMONT: Reports Net Income of $16.6 Million
COMMERCIAL FINANCIAL: Seeks Extension of Exclusivity
DAEWOO MOTOR: General Motors Looking for Korean Partner
DIRECT POWER PLUS: Meeting of Creditors Rescheduled
DIXONS US HOLDINGS: Entry of Confirmation Order

EMPLOYEE SOLUTION: Moody's Downgrades Senior Notes To Caa3
FRUIT OF THE LOOM: Fourth Quarter Results
GENICOM CORPORATION: Case Summary and Largest Unsecured Creditors
GIBBS CONSTRUCTION: Reports Continuing Losses
HARVARD INDUSTRIES: Strong Growth in EBITDA

HOME HEALTH: Seeks Extension of Exclusivity
INTEGRATED HEALTH: Committee Taps Arthur Andersen
IRIDIUM: Japan's Kyocera To Pull Out
JUMBOSPORTS: Seeks Authority To Sell Real Property
JUST FOR FEET: Hearing on Counsel For Equity Committee

KEY PLASTICS: Announces Dire Financial Circumstances
LIBERTY HOUSE: JMB Agrees To Settle With IRS
LOUISE'S TRATTORIA: Order Confirms Chapter 11 Plan
OLD AMERICAN COUNTY: S&P Affirms Financial Strength 'CCCpi' FSR
PARACELSUS HEALTHCARE: Moody's Downgrades Ratings

PLAY-BY-PLAY TOYS: Reports Second Quarter Financial Results
SALANT: Stock Holders Report Beneficial Ownership
SUNTERRA CORPORATION: Moody's Lowers Ratings
TEU HOLDINGS: Committee Taps BDO Seidman As Accountants
TEU HOLDINGS: Committee Taps Counsel

TOSHIBA CORP.: To Book 330B Yen Loss for Pension Gap
TPI: Declared Insolvent By Thai Bankruptcy Court
WILLIAM LYON HOMES: Reports 1999 Revenues

                  *********

ARM FINANCIAL: Seeks Deadline For Filing Proofs of Claim
--------------------------------------------------------
ARM Financial Group, Inc. and Integrity Holdings, Inc., debtors
seek an order fixing April 21, 2000 as the deadline for all
prepetition creditors of the debtors, with certain exceptions, to
file proofs of claim.


AUTOINFO: Announces New Hearing Dates
-------------------------------------
On March 16, 2000, AutoInfo, Inc. (OTCBB:AUTO) announced that the
hearing to consider compliance with the disclosure requirement
was adjourned and rescheduled. The hearing to consider compliance
with the disclosure requirements, any objections to the
disclosure statement (the "Disclosure Compliance Hearing"), and
any other matter that may properly come before the Bankruptcy
Court, will be held before the Honorable Adlai S. Hardin, Jr.,
United States Bankruptcy Judge, in Room 520 of the United States
Bankruptcy Court, 300 Quarropas Street, White Plains, New
York 10601, on March 15, 2000 at 10:00 A.M. on April 6, 2000.

William Wunderlich, President and Chief Financial Officer of
AutoInfo stated, "We regret this delay but continue to look
forward to the confirmation of our Plan so that we may proceed
toward the consummation of a transaction in our continuing
efforts to restore shareholder value."


BRADLEES: Significantly Improved Quarter and Year-End Earnings
--------------------------------------------------------------
Bradlees, Inc. (NASDAQ:BRAD) announced significantly
improved sales and earnings for the fourth quarter and fiscal
year ended January 29, 2000.

Income before interest and reorganization items for the fourth
quarter was $25.1 million, a 21% increase over the $20.7 million
recorded in the prior-year period. Income before interest and
reorganization items for the year improved by $22.7 million to
$18.3 million, compared to a loss of $4.4 million in the prior
year.

Net income for the 13-week fourth quarter of fiscal 1999 was
$19.0 million, or $1.69 per diluted share. The net loss for the
52-week year was $9.4 million, or a net loss of $0.95 per diluted
share. Comparisons to the prior year net earnings are not
meaningful due to last year's one-time net gain of $311.3 million
associated with the Company's emergence from Chapter 11
and the adoption of fresh-start reporting.

Comparable store sales for the fourth quarter increased 7.0% over
the prior-year period, while comparable store sales for the 1999
fiscal year increased 11.9% over the prior year. Total sales for
the quarter increased 8.5% to $479.7 million, while total sales
for the year rose 11.6% to $1.541 billion.

"Fiscal 1999 was a breakthrough year for Bradlees," said Bradlees
Chairman and Chief Executive Officer Peter Thorner. "Our
comparable store sales led the industry. We demonstrated we have
a defined niche in the marketplace, and customers responded
favorably to our merchandising and marketing strategies. During
the year, we opened two new stores, installed a new warehouse
management system, paid off a$40 million convertible note
ahead of schedule and substantially exceeded our business plan on
virtually every metric. Our Company is well-positioned to compete
going forward."

The Company announced that it has adopted the Securities and
Exchange Commission Staff Accounting Bulletin No. 101 relating to
the timing of revenue recognition of layaway sales. The Company's
results for fiscal 1999 reflect this change, and a charge of $0.6
million was recorded for the cumulative effect. Reflecting the
change, comparable store sales increases were 6.5% for the fourth
quarter and 11.8% for the year.

Bradlees is a regional discount retailer with 104 stores in seven
Northeast states and 1999 sales of more than $1.5 billion.


BUSH LEASING: Order Extends Time To Assume or Reject Leases
-----------------------------------------------------------
By order entered March 10, 2000, Bush Leasing, Inc. is authorized
to reject immediately its lease of nonresidential real property
located at 761 S. Nelson Avenue, Wilmington, Ohio with D&R
Development.  The time within which the debtor must assume,
assume and assign or reject its other unexpired leases of
nonresidential real property is extended for 60 days until May
10, 2000.  A Further hearing on the motion will be held on April
24, 2000 at 9:00 AM to consider the debtor's request that the
deadline be further extended.
    

CAREMARK RX: MedPartners Changes Name; Reports Operating Results
----------------------------------------------------------------
Caremark Rx, Inc., a Delaware Corporation, is one of the larger
pharmaceutical services companies in the United States. The
company's operations are conducted through Caremark Inc., which
provides pharmacy benefit management services and therapeutic
pharmaceutical services.  These services are sold separately and
together to assist corporations, insurance companies, unions,
government employee groups and managed care organizations
throughout the United States in delivering prescription drugs
to their members in a cost-effective manner.

On September 13, 1999, the company announced that it had changed
its name from MedPartners, Inc. to Caremark Rx, Inc. to reflect
its focus on its pharmaceutical services operations.

For the years ended December 31, 1999, 1998 and 1997, net revenue
was $3,307,806, $2,634,017 and $2,363,404, representing increases
of $673.8 million and $270.6 million during 1999 and 1998,
respectively. Net losses for those years were $143,419,
$1,260,466 and $820,615, respectively.


CENTRAL VERMONT: Reports Net Income of $16.6 Million
----------------------------------------------------
Central Vermont Public Service Corporation is the largest
electric utility in Vermont and serves 140,866 customers in
nearly three-quarters of the towns, villages and cities in
Vermont.  This represents about 50% of the Vermont population.  
In addition, the company supplies electricity to one
municipal, one rural cooperative, and one private utility.

The company's 1999 net income was $16.6 million or $1.28 per
share of common stock, which equates to a 7.9% return on average
common equity.  Net income and earnings per share of common stock
for 1999 compares to $4.0 million and $.18 in 1998, and $16.3
million and $1.25 in 1997.  The return on average common equity
was 1.1% for 1998 and 7.5% for 1997.


COMMERCIAL FINANCIAL: Seeks Extension of Exclusivity
----------------------------------------------------
The debtors, Commercial Financial Services, Inc., and CF/SPC NGU,
Inc. seek court authority to enter an order extending the periods
within which each of the debtors ahs the exclusive right to file
a plan of orderly liquidation and solicit acceptances of such
plan.  

CFRS will be filing an amended complaint to disallow, subordinate
and/or liquidate asset-backed securities claims to take into
account new proofs of claim filed by Norwest on behalf of SMART
1996-4, and supplemental proofs of claim filed by the Trustees on
behalf of each of the securitization trusts.  CFS Hopes that the
Section 510(b) Adversary will heighten the awareness of all
interested parties as to their respective risks and exposures
regarding the Section 510(b) issue, and that such a heightened
awareness will in turn lead to productive settlement discussions.  

CFS and the Committees have had several meetings to discuss
settlement on a preliminary basis.  Each of the Committees has
retained, or is about to retain, financial consultants to assist
in plan settlement negotiations and/or litigation.  The parties
are also discussing the terms of a proposed confidentiality
agreement to govern the exchange of information pertinent to plan
settlement discussions.  CFS and both Committees are hopeful that
this informal information exchange and attendant plan settlement
discussions will lead to a consensual plan.  All parties agree
that the additional time request is reasonable necessary for
those efforts to continue without the distraction of litigation.

Unless the exclusive periods are further extended, each of the
committees may feel compelled to file its own plan.  Both
Committees have agreed to this motion to avoid or minimize
further conflict while negotiations toward a consensual plan
continue.

The debtors seek until June 30, 2000 to file  a plan of orderly
liquidation, and until August 30, 2000 to solicit acceptances of
the plan.


DAEWOO MOTOR: General Motors Looking for Korean Partner
-------------------------------------------------------
General Motors Corp., changing its takeover strategy for
Daewoo Motor Co., is now in search of a Korean partner to
deflect the increasingly negative local feeling against
foreign control of the carmaker.

Allan G. Perriton, a top GM Asia-Pacific executive, said
yesterday GM is prepared to form a strategic alliance with
a Korean company to position itself better in the race for
the Daewoo unit.

"There have been no alliance discussions so far. But a tie-
up with Korean firms is under consideration," said Perriton
in a meeting with reporters. He said that the doors are
open to all Korean firms, and that the major considerations
for an alliance will be human resources, capital and
technology.

Last Friday, GM Korea President David Jerome also said the
American automaker is open to all possibilities as far as
an alliance with Korean firms is concerned.  GM's change in
strategy seems aimed at gaining a firmer footing through
partnerships with local firms, as nearly 90 percent of
respondents to a recent poll were found to be opposed to
foreign takeover of Daewoo Motor.

According to the Seoul-based Korea Research Center's survey
of 503 adults, 56.4 percent said they favored the sale of
the Daewoo carmaker to a Korean-foreign, or purely
domestic, consortium.

"An alliance with Hyundai may trigger controversy over
monopoly issues, while the Samsung Group is engaged in
talks with Renault," said Perriton on the possibilities of
a tie-up with the two Korean giants.

Asked about the Korea Federation of Small and Medium
Business-led consortium, the GM executive said the
consortium's financial and technological capabilities are
questionable.  Perriton also noted that in the wake of an
equity tie-up between Fiat and GM, the two automakers may
launch a joint bid for Daewoo. Fiat is one of the five
bidders for Daewoo, along with Ford Motor, DaimlerChrysler
and Hyundai Motor.

He said that about 70 GM staff members are now
participating in due diligence of Daewoo Motor and plan to
tour the automaker's local and overseas plants shortly.
Perriton refused to reveal GM's price terms, but GM Korea
President David Jerome said last week that GM is not
willing to propose a higher price than rival Ford, which is
reported to have offered up to $7 billion.

Adding further fuel to the already controversial takeover
process, Jerome said GM is not interested in taking over
Daewoo's commercial vehicle operations. (The Korea Herald
16-March-2000)


DIRECT POWER PLUS: Meeting of Creditors Rescheduled
-----------------------------------------------------------------
The Section 341 meeting of creditors of Direct Power Plus, LLC
was originally scheduled for Wednesday March 15, 2000 and has
been changed to Wednesday March 22, 2000 at 12:00 Noon.  The
Meeting will be held at the US Bankruptcy Court, 300 Quarropas
Street, White Plains, NY.


DIXONS US HOLDINGS: Entry of Confirmation Order
-----------------------------------------------
On October 21, 1999 the US Bankruptcy Court for the District of
Delaware entered its order confirming the second amended joint
plan of liquidation.  The Effective Date of the plan occurred on
February 28, 2000.   All proofs of claim arising from the
rejection of an executory contract and/or unexpired leases must
be filed with the court by 4:00 PM on April 7, 2000.


EMPLOYEE SOLUTION: Moody's Downgrades Senior Notes To Caa3
----------------------------------------------------------
Moody's Investor Service downgraded Employee Solutions, Inc.'s
(ESOL) $85 million 10% senior notes from B2 to Caa3. The senior
implied rating was also downgraded from B3 to Caa3. The senior
unsecured Issuer rating is Caa3 and the outlook has been changed
to negative.

The rating downgrade and negative outlook reflect the inability
of management to successfully improve ESOL's operations without
capital restructuring. In addition, due to concerns regarding the
company's viability, Arthur Andersen, ESOL's independent
auditors, have advised that a going concern report is likely to
be issued with its 1999 financial statements. Moody's expects
that the company will need to undertake a comprehensive debt
restructuring which may include the conversion of the senior
subordinated notes into equity.

During fiscal 1999, the company's gross profit increased by
approximately 10% and EDITDA increased from negative $15 million
to slightly positive. However, a high rate of customer attrition
negatively impacted operating results. Furthermore, a $42.2
million non-cash write-off for the amortization of goodwill taken
in the fourth quarter reflects the fundamental weakness in ESOL's
value.

As of 12/31/00, Employee Solution's debt was substantial at $85
million. Moody's considers the company's current valuation to be
materially less than the company's outstanding obligations.

Employee Solutions, Inc., headquartered in Phoenix, Arizona, is a
PEO, providing employers throughout the US with comprehensive
employee payroll, human resources, and benefits outsourcing
services.


FRUIT OF THE LOOM: Fourth Quarter Results
-----------------------------------------
Fruit of the Loom, Ltd. (NYSE: FTL), reported sales of
$429,400,000 for its fourth quarter ended January 1, 2000
compared to $457,000,000 for the fourth quarter of 1998.
Continuing operations resulted in a loss of ($327,800,000) for
the fourth quarter of 1999 compared to a loss of ($32,400,000)
for the fourth quarter of 1998.  Net loss for the fourth quarter
of 1999 was ($398,500,000) compared to a net loss of
($11,000,000) for the fourth quarter of 1998.  

For the year ended January 1, 2000, the Company reported sales of
$1,835,100,000 compared to $1,984,800,000 for 1998.  Continuing
operations resulted in a loss of ($491,100,000) for the year
ended January 1, 2000 compared to earnings of $113,000,000 for
1998.  Net loss for the year ended January 1, 2000 was
($576,200,000) compared to net earnings of $135,900,000 for 1998.  

The Company's ProPlayer Sports & Licensing division has been
classified as a discontinued operation as a result of the wind
down of this operation. Discontinued operations resulted in a
loss (including loss on disposal) of ($ 85,100,000) for the year
ended January 1, 2000 compared to earnings of $ 22,900,000 for
1998.

Net sales decreased $27,600,000 in the fourth quarter of 1999
compared to the same quarter of 1998.  


GENICOM CORPORATION: Case Summary and Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Genicom Corporation
        14800 Conference Center Drive
        Chantilly, VA 20151

Type of Business: Global provider of integrated network
solutions, multi-vendor services and printer solutions focussing
on the midrange client-servicer market.

Petition Date: March 10, 2000    Chapter 11

Court: District of Delaware

Bankruptcy Case No.: 00-01383

Judge: Peter J. Walsh

Debtor's Counsel: Francis A. Monaco, Jr.
                  Walsh Monzack and Monaco, P.A.
                  1201 Orange Street, Suite 400
                  Wilmington, DE 19801
                  (302) 656-8162

                  Francis P. Dicello
                  Red Smith Shaw & McClay LLP
                  1301 K Street, N.W.
                  Suite 1100 - East Tower
                  Washington, DC 20005
                  (202) 414-9200

Total Assets: $ 159,786,000
Total Debts:  $ 177,919,000

20 Largest Unsecured Creditors

Advanced Tech. Svcs., Inc.
8201 N. University
Peoria, IL 61615                        $ 485,341

Advanced Tech. Svcs., Inc.              $ 213,721

CVSI, Inc.
PO Box 414269
Boston, MA 02241-1269                   $ 353,483

Compuprint
Northwood Executive Park
70 Treble Cove Road MA07
North Billerica, MA 01962-2208          $ 986,545

Compuprint SPA
Northwood Executive Park
70 Treble Cove Road MA07
North Billerica, MA 01962-2208          $ 972,580

Dassault of America, Inc.
53 Perimeter Center East
Suite 175
Atlanta, GA 30346          Trade Debt   $ 515,960

Datacom Custom Mfg., Inc.
Attn: Ruth Suarez
4301 W. Military Highway
Mcallen, TX 78503                     $ 8,302,975

Digital Equipment Corporation
Compaq Computer Corporation
Attn: DUNS #4061-15-063
PO Box 10050
Atlanta, GA 30384                    $ 11,002,752

EDS
6400 Legacy Drive
Plano, TX 75024                       $ 3,281,661

Eltech Electronics Technology
No. 11 Ang Mo Kio Street 64
Maybank Centre Unit 03-00
Singapore 569083                        $ 288,955

Fujitsu Computer Products
2904 Orchard Parkway
San Jose, CA 95134-2009    Trade Debt   $ 287,795

Fujitsu-ICL, Systems, Inc.
PO Box 9111410
Dallas, TX 75391-0401                   $ 357,907

Intermec
PO Box 1102493
Atlanta, GA 30368-0493                  $ 397,386

QMS, Inc.
Department 3297
PO Box 21153
Birmingham, AL 35287-3297               $ 381,585

Sercomp Corp
21050 Lassen Street
Chatsworth
CA 9113113-41119           Trade Debt   $ 683,925

Sharp Electronics
11782 Jollyville Road
Suite 214
Austin, TX 78759           Trade Debt   $ 280,890

Snelling Personnel
8614 Westwood Center Drive
Suite 640
Vienna, VA 22182                        $ 364,595

Sun Microsystems, Inc.                  $ 219,957
Xerox Corporation                       $ 227,116

Xerox International Partners
Bank of America
File #72912
PO Box 61000
San Francisco, CA 94161-2912            $ 825,363


GIBBS CONSTRUCTION: Reports Continuing Losses
---------------------------------------------
Gibbs Construction Inc., Garland, Texas, announced that the
company is continuing to experience losses resulting from its
current operations and that it expects to report additional
charges as a result of its Dec. 31, 1999, audit, currently near
completion, according to a newswire report. The company said the
additional charges could substantially eliminate its net worth.
Gibbs President Danny Gibbs said, "Losses stemming from the
construction of hotel projects, the bankruptcy of Just For Feet
(a major client) and the company's inability to attract a
significant volume of profitable work has resulted in a tenuous
situation for the company." He also said the company is
continuing to eliminate non-essential expenses, reduce staff,
reorganize the construction services the company provides and
pursue all avenues that would permit the company to retain value
for its shareholders. Gibbs is a general contractor providing
construction services for retail, office and specialty real
estate. (ABI 17-Mar-00)


HARVARD INDUSTRIES: Strong Growth in EBITDA
-------------------------------------------
"We see strong growth in EBITDA this year as our strategies --
leveraging our technology to offer high value-added products to
industrial as well as our traditional automotive customers - take
hold," Roger Pollazzi, Chairman & Chief Executive Officer of
Harvard Industries, (NASDAQ:HAVA), Inc. told shareholders at
today's annual meeting, the Company's first since emerging from
bankruptcy in November, 1998.

At the meeting, shareholders reelected Harvard's nine-member
board to one-year terms.

Harvard entered Chapter 11 in May 1997, a year when the Company
recorded a loss of $389 million on sales of $810 million and debt
totaled $624 million. A new team, headed by Pollazzi, took over
in November 1997.

Since then, the Company's recovery program has boosted margins
and productivity, diversified its revenues and yielded $163
million in gross proceeds from divestitures as the Company
streamlined operations. In 1999, on a proforma basis, Harvard
achieved EBITDA of$16.7 million on sales of $330 million and
operates debt-free today, with cash and available credit of
approximately $50 million, the Company's chairman said.

The Company believes that EBITDA is a better indication of the
Company's financial performance than net earnings because the
Company's sizable amortization of the "reorganization asset" (the
excess of the Company's reorganization value over its
identifiable assets at the time of the reorganization) totals
over $42 million annually.

Pollazzi termed the recovery of Harvard complete. "Our focus now
is on further boosting our profitability by broadening our
product offerings, both internally and through acquisitions, to
more fully utilize our manufacturing technology and capacity. The
Company is well-positioned, we believe, to produce attractive
returns for our shareholders," he concluded.

Harvard Industries, Inc. designs, develops, and manufactures a
broad range of components for OEM manufacturers and the
automotive aftermarket, as well as aerospace and industrial and
construction equipment applications worldwide. The Company has
approximately 2,500 employees at 10 plants in the United States
and Canada.


HOME HEALTH: Seeks Extension of Exclusivity
-------------------------------------------
The debtors, Home Health Corporation of America, Inc., et al.
seek an order further extending the period during which the
debtors have the exclusive right to file a plan of
reorganization, from the current expiration date of March 31,
2000 through May 30, 2000 and extending the period during which
the debtors have the exclusive right to solicit acceptances of
such plan from the current expiration date of May 30, 200 through
July 31, 2000.

The debtors have rejected a number of commercial leases, resolved
a significant dispute with the Department of Health and Human
Services, filed their schedules of assets and liabilities,
established a bar date for the filing of proofs of claim, and
presented a comprehensive business plan to their lenders.  The
debtors claims that more time is needed to resolve certain issues
with other parties which the debtor believes may be necessary to
create a consensual reorganized capital and corporate structure
and flesh out the particulars of implementation of a plan of
reorganization.

      
INTEGRATED HEALTH: Committee Taps Arthur Andersen
-------------------------------------------------
The Official Committee of Unsecured Creditors asks Judge Walrath
for permission to retain Arthur Andersen LLP as its accountants
and financial advisor in the Debtors' chapter 11 cases.  
Specifically, the Committee asks Andersen:

(a) to assist and advise the Committee in its investigation of
intercompany and related party claims and transactions and to
provide analysis of the conduct of the Debtors' affairs;

(b) to assist and advise the Committee in its investigation of
the Debtors' organizational structure, including relationships
between and among debtor and non-Debtor entities, structure and
composition of intercompany accounts, quality of information
systems, and existence of internal controls;

(c) to assist and advise the Committee in its analysis of
Debtors' current and historical operating performance, financial
condition and cash availability under financing provided by any
DIP lender(s);

(d) to assist and advise the Committee in its analysis of
Debtors' financial projections;

(e) to assist and advise the Committee in its analysis of
Debtors' periodic operating reports and cash budgets to assess
the Debtors' progress during the tenure of the cases;

(f) to assist and advise the Committee in its analysis of
Debtors' proposed Financing arrangements;

(g) to assist and advise the Committee regarding the valuation of
Debtors' assets and claims thereto;

(h) to assist and advise the Committee in its evaluation of
proposed asset sales, divestitures and/or purchase offers;

(i) to assist and advise the Committee in its analysis of
Debtors' proposed employee retention and severance plan(s);

(j) to assist and advise the Committee in its assessment of the
viability and/or feasibility of any plan(s) of reorganization and
accompanying disclosure statement(s) prepared by the Debtors and
other parties-in-interest;

(k) to assist and advise the Committee in its investigation and
analysis of certain historical transactions;

(l) to assist and advise the Committee in its evaluation of any
liquidation analyses submitted by the Debtors,

(m) to provide litigation support services and expert witness
testimony regarding avoidance actions or other matters, as
requested by the Committee; and

(n) to provide any and all other services as many be requested by
the Committee or as directed by the Court that are not
contemplated in the above listing.

Arthur Andersen will bill for its services at its customary
hourly rates:

Partners/ Managing Directors:       $475 to $520
Managers:                           $275 to $385
Seniors:                            $185 to $225
Staff and Paraprofessionals:        $ 85 to $120

James S. Feltman, from Andersen's Chicago and Tampa offices,
leads this engagement.  (Integrated Health Bankruptcy News Issue
3; Bankruptcy Creditor's Service Inc.)


IRIDIUM: Japan's Kyocera To Pull Out
------------------------------------
Japan's Kyocera Corp. said Friday it would withdraw from Iridium,
the satellite telephone firm that has filed for bankruptcy
protection.

"Our company will no longer provide investment or supply
equipment for Iridium," Kyocera president Yasuo Nishiguchi said
in a statement.

The world's largest maker of integrated circuit ceramic packages
joined the project in 1993 by controlling 10 percent of Nippon
Iridium Corp., the operator of the satellite communications
system in Japan.

Kyocera declined to unveil its total investment in the project.

"We invested at least 2.6 billion yen (25 million dollars) in
Nippon Iridium, but that's not our total investment in the
Iridium businesses," said Takahisa Odou, a spokesman for the
firm.

Iridium functions with 66 low earth-orbiting satellites in
conjunction with existing terrestrial cellular networks, but it
has been plagued by technical problems and complaints about high
prices. (Agence France Presse March 17, 2000)


JUMBOSPORTS: Seeks Authority To Sell Real Property
--------------------------------------------------
JumboSports Inc., seeks authority to sell real property located
at 4285 N. Academy Boulevard in the City of Colorado Springs,
Colorado to Cace Realty, LLC for a total purchase price of $2.7
million.

Any competing bidder must submit a competing bid starting at no
less than $2.71 million by no later than 5:00 PM on March 24,
2000. Any higher bid must be in incremental increases of at least
$10,000.


JUST FOR FEET: Hearing on Counsel For Equity Committee
------------------------------------------------------
The US Bankruptcy Court for the District of Delaware will hold a
hearing on the application for authority for Venable, Baetjer and
Howard LLP to be retained by the Official Committee of Equity
Security Holders on March 21, 2000 at 11:00 AM, Us District
Court, 844 King Street, Courtroom #4B, Wilmington, Delaware.


KEY PLASTICS: Announces Dire Financial Circumstances
----------------------------------------------------
According to a report on March13, 2000 in Plastics News,
automotive supplier Key Plastics LLC has told its creditors it is
in "dire financial circumstances" and wants 90 days to reorganize
its debts.

Novi, Mich.-based Key Plastics molds interior and exterior
automotive trim. In September, the company listed $428 million in
debts. Key reported $550.8 million in sales for 1999, up from
$422.6 a year earlier.

According to the report, during a March 3 meeting with the
creditors' committee, Key representatives stated they would have
an investment banker on board by March 10 to seek a sale of the
business.

Last year Key made the biggest acquisition in its history, buying
Foggini Group of Turin, Italy, an injection molder serving
automakers throughout Europe.

March 10 marked the third deadline Key had to secure more
capital. Creditors had extended deadlines in January and Feb. 15.


LIBERTY HOUSE: JMB Agrees To Settle With IRS
--------------------------------------------
A lawyer for Liberty House's parent company announced
an agreement Thursday he said would help resolve one of the
biggest issues surrounding the retailer's effort to emerge from
bankruptcy.
   
Ronald Marmer said JMB Realty Corp. of Chicago has agreed in
principle with the Internal Revenue Service to settle a $103
million portion of a $138 million tax claim against Liberty
House.
   
The amount of the settlement was not disclosed to creditors'
attorneys, prompting criticism that JMB's refusal to share
information is keeping the 2-year-old case from moving forward as
fast as it should.
   
The IRS filed the claim in May, 14 months after Liberty House
filed for Chapter 11 bankruptcy protection listing assets of
$284.2 million and liabilities of $248.4 million.
   
The claim is for taxes owed by Northbrook Corp., a JMB affiliate
that owned Liberty House before the retailer was spun off in
1997. Liberty House was among a group of roughly 80 subsidiaries
whose taxes were consolidated and paid by Northbrook from 1992 to
1996. Liberty House's share of the $138 million tax bill has been
estimated between $1.5 million and $3 million. But IRS attorney
Carol Muranaka  said each member of the consolidated group can be
held responsible for the full amount of the claim under federal
tax law.
   
The tax agreement, expected to be finalized in four to six weeks,
covers the years 1992 through 1994.    
   
Cost-cutting allowed the retailer to triple its profits in 1999.
The company reported 1999 earnings before restructuring expenses
of $11 million, on sales of almost $284 million, according to
court filings.
   
Restructuring expenses have reached $14 million since March 1998.
   
The tax claim is not the only complicating factor in the case, as
JMB and the lenders have placed widely different values on the
department store chain.
   
JMB has appraised Liberty House at $266 million. The lenders
value Liberty House at $174 million, about what Liberty House
owes.
   
The lenders' group includes Oaktree Capital Management and
CanPartners Investments IV of Los Angeles, and B III Capital
Partners of Massachusetts.


LOUISE'S TRATTORIA: Order Confirms Chapter 11 Plan
--------------------------------------------------
An order was entered by the US Bankruptcy Court, Central District
of California confirming the Plan of Reorganization of Louise's
Trattoria, Inc.


OLD AMERICAN COUNTY: S&P Affirms Financial Strength 'CCCpi' FSR
-----------------------------------------------------------------
Standard & Poor's affirmed its triple-'Cpi' financial strength
rating on Old American County Mutual Fire Insurance Co. (Old
American).

Old American commenced operations in 1946. Based in Dallas,
Texas, it is licensed and operates only in Texas. The company was
formed and operates under Chapter 17 of the Texas Insurance Code,
which governs operating structure, minimum statutory surplus
requirements, and permitted lines of business. Management control
is provided through a contract with Old American Insurance
Services Inc., which is owned by Old American Investments Inc.,
which in turn is 73% owned by High Ridge Capital Partners LP.

Old American primarily writes nonstandard automobile liability
insurance and physical damage insurance. With $2.1 million in
surplus in 1998, it is a very small insurer. Old American markets
through a managing general agent and directly through retail
agents. The company cedes over 90% of its business to reinsurers.

The company is rated on a stand-alone basis.

Major Rating Factors:

-- In 1998, leverage (net premiums written plus liabilities to
surplus) was very high at 11.8 times. However, the company did
meet the risk-based capital requirements for Texas County Mutuals
in 1998, which was either $2 million or one-third of 12-month net
retained writings, whichever was greater.

-- Operating performance has been weak, with a five-year average
return on revenue of negative 1.6%. However, net income is
distorted because of the company's unique management contract,
which requires that a statutory minimum surplus of $2.0 million
be maintained. As a result, management fees to Old American
Insurance Services Inc. vary depending on surplus needs. Year-to-
date income as of September 1999 declined by $705,000, compared
with year-to-date as of September 1998, to a loss of $427,000.

-- The company has a weak current liquidity ratio and volatile
earnings. Return on assets, for example, has ranged from negative
4.4% to 2.8% over the last five years.

-- The company's geographic and product line concentration is
high in the context of the current capital adequacy ratio.


PARACELSUS HEALTHCARE: Moody's Downgrades Ratings
-------------------------------------------------
Moody's Investors Service downgraded the ratings of Paracelsus
Healthcare Corporation ("Paracelsus"). The ratings affected are
as follows:

$325 million senior 10% senior subordinated notes due 2006 from
Caa3 to Ca

Senior implied rating from Caa1 to Caa2

Senior unsecured issuer rating from Caa2 to Caa3

The rating outlook remains negative. Paracelsus is an owner and
operator of acute care hospitals.

The rating action follows the company's announcement that it is
in the process of obtaining $50-60 million in subsidiary level
financing and is working to extend its existing $32 million off-
balance sheet receivables financing to fund the working capital
and capital expenditure requirements of its facilities. Moody's
notes that such incremental debt will further disadvantage the
holders of the subordinated notes in a restructuring, as they do
not benefit from subsidiary guarantees. Further, should this debt
be fully drawn, the company's leverage in terms of debt to EBITDA
would approach 8 times.

The company also announced that it would not be making the
scheduled interest payment of $16.25 million on its $325 million
10% senior subordinated notes due March 16, 2000. The interest
payment was originally due on February 15, 2000, and was subject
to a 30 day grace period. In addition, the company's wholly owned
subsidiary, PHC Finance Inc., whose principal assets are several
medical office buildings, has filed a voluntary petition for
reorganization under Chapter 11.

As previously disclosed, the company has retained Chase
Securities Inc. as a financial advisor to explore capital
structure alternates and is engaging in negotiations with the
subordinated note holders.

Paracelsus Healthcare Corporation, headquartered, headquartered
in Houston, TX, owns or operates 10 hospitals in seven states.


PLAY-BY-PLAY TOYS: Reports Second Quarter Financial Results
-----------------------------------------------------------
Play-By-Play Toys & Novelties, Inc. (Nasdaq: PBYP) announced
results for the second quarter and six months ended January 31,
2000.

Net sales for the second quarter of fiscal 2000 decreased 3.3% to
$27.5 million, from $28.4 million reported for the second quarter
of fiscal 1999.  Net loss for the second quarter of fiscal 2000
was $3.1 million, or $0.42 per diluted share, as compared to net
loss of $1.9 million, or $0.26 per diluted share, for the
comparable period last year.  While sales for the quarter were
down slightly, the Company's operating loss improved over the
comparable period in 1999 by 10.9%.  The improvement in operating
loss was primarily attributable to reduced payroll costs and
improved margins.  

Gross profit margin as a percentage of sales improved to 34.8%
for the second quarter of fiscal 2000 from 31.7% in the
comparable period.  In addition, excluding the tax benefit of
$1.0 million recorded in the second quarter of the prior year,
the net loss before income tax for the current quarter increased
less than $367,000, which was principally attributable to
increased borrowing costs of $665,000 from higher interest rates
and debt refinancing costs.  A similar tax benefit was not
available to the Company during the current quarter due to net
operating loss deduction limitations.

Net sales for the six months ended January 31, 2000 decreased
10.2% to $75.5 million, from $84.1 million reported for the
comparable period last year, principally due to lower sales in
the first quarter as compared to the prior year.

Net loss for the first six months ended January 31, 2000 was $1.9
million, or $0.26 per diluted share, compared with net loss of
$486,000, or $ 0.07 per diluted share, for the comparable period
last year, in part attributable to the tax benefit recorded in
the second quarter of the prior year and for which a similar tax
benefit was not available to the Company during the current
quarter due to net operating loss deduction limitations.

The Company is in default in the payment of approximately
$398,000 of interest due under its Convertible Debentures.  As a
result, the Company is also in default of certain cross-default
covenants of its Senior Credit Facility. The Company is in the
process of securing a loan from the Chairman of the Company in
the aggregate principal amount of $2.5 million and intends to
utilize a portion of the proceeds of the loan from the Chairman
to satisfy the past due interest payments.  

Currently, the Company does not have available sufficient
funds to make such interest payments, and there can be no
assurance that the Company will obtain financing sufficient to
cure its payment defaults under the Debentures.  If such payment
defaults continue, then the Debenture holders, subject to certain
limited stand-still provisions, will have the right to accelerate
the entire amount of $15.0 million principal, plus accrued and
unpaid interest, under the Debentures.  

Because of cross-default violations under the Credit Facility
(resulting from payment defaults under the Debentures), the
senior lender thereunder currently has the right to accelerate
the entire amount of principal, plus accrued and unpaid interest,
under the Credit Facility of approximately $27.4 million.  In the
event of the acceleration of the Debentures and/or Credit
Facility, the Company has insufficient funds to pay amounts that
would then be due and payable.

Play-By-Play Toys & Novelties, Inc. designs, develops, markets
and distributes a broad line of stuffed toys, novelties and its
Play-Faces(R) line of sculpted toy pillows based on its licenses
for popular children's entertainment characters, professional
sports team logos and corporate trademarks.


SALANT: Stock Holders Report Beneficial Ownership
-------------------------------------------------
Pichin Corp. Master Trust for TWA Retirement Plans (a
Massachusetts trust) and New Generation Advisers, (also a
Massachusetts trust), beneficially own 886,693.237 shares of the
common stock of Salant Corporation, which
represents 8.87% of the outstanding common stock shares of the
company.  They share voting and dispositive powers.

ACF Industries, Incorporated Master Trust (a New York trust), and
New Generation Advisers, share voting and dispositive powers over
another 221,741 shares, or 2.22%, of the outstanding common stock
of Salant Corporation.

Shares of Salant owned by Pichin Corp. Master Trust for TWA
Retirement Plans and ACF Industries, Incorporated Master Trust
are indirectly controlled by New Generation Advisers, Inc., a
registered investment adviser, by virtue of the fact that New
Generation has the authority to vote and dispose of the Salant
shares.  As a result of their respective authority to terminate
New Generation Advisers, Inc. as investment manager with respect
to the Pichin Corp. Master Trust and the ACF Industries,
Incorporated Master Trust, Pichin Corp. and ACF Industries,
Incorporated, respectively, may also be viewed as beneficially
owning the securities which are held by the Pichin Corp. Master
Trust and the ACF Industries, Incorporated Master Trust.


SUNTERRA CORPORATION: Moody's Lowers Ratings
--------------------------------------------
Moody's Investor's Service lowered the ratings of Sunterra
Corporation's 9.25% of $140 million senior notes, due 2006, to
Caa1 from B2, its 9.75% of $200 million senior subordinated
notes, due 2007, to Caa2 from B3, and its 5.75% of $138 million
convertible subordinated notes, due 2007, to Caa3 from Caa1. In
addition, Moody's lowered the company's senior implied rating to
B3 from B1 and its senior unsecured issuer rating to Caa1 from
B2. The rating outlook is negative.

The lower ratings reflect Sunterra's tenuous liquidity position
and its significantly weakened operating performance. The company
announced today that it has violated covenants under several of
its credit facilities and is negotiating to obtain waivers and
advances. Consequently, Moody's is concerned that should the
company be cut-off from access to credit, that liquidity could
evaporate over the near-term. The company also reported very weak
operating results for the fourth quarter that included a large
charge-off to its mortgages receivable and write-off to the value
of certain properties. Equally as disturbing are the weak
operating results after excluding such charges.

Since Sunterra relies on third party financing to operate, its
access to such financing is critical for the company's viability.
Similar to other timeshare operators, the vast majority of
Sunterra's sales are non-cash, typically generating accounts
receivable that are paid by the timeshare owners over the course
of seven years. Due to Sunterra's low base of accounts receivable
relative to its debt and to its rate of sales, and because of the
large non-cash component of sales, the collection of principal
and interest on its receivables together with cash generated from
operations is insufficient to cover the company's debt financing
and operating costs. Consequently, the company cannot support its
operations without relying on the constant inflow of additional
financing from third parties. Since this financing typically
arises from the pledge or sale of accounts receivable, the large
write-off of receivables incurred by the company in the 1999
fourth quarter will decrease the potential financing available to
the company going forward and may make it more difficult and
expensive for the company to continue to obtain third party
financing.

Management indicated that it has recently expanded its inventory
line with Finova Capital to $50 million from $25 million and is
in the process of arranging for an additional $125 million of
financing with Finova. Since the company is still negotiating
with its lenders to finalize new financing arrangements and may
need to obtain certain covenant waivers, the company's liquidity
and thus viability depends on such outcome, which is uncertain at
this time.

With regard to the company's recent operating results, Sunterra
reported an operating loss of approximately $3 million excluding
its charge-off for uncollectible mortgages receivable and resort
property write-downs. During the fourth quarter of 1999, the
company's marketing costs, general and administrative expenses,
and other expenses increased substantially. Although management
has indicated that it is taking the necessary measures to rectify
its operating problems, Moody's is concerned that operating
problems may continue as management's attention may continue to
be distracted by the company's liquidity issues and that the
company's recent management turnover may add time to this
process.

The potential for severity of loss to Sunterra's bondholders has
increased over the past year as the amount of secured debt has
risen while the accounts receivable balance has declined. Debt
balances have risen to $682 million as of December 31, 1999
compared to $627 million at year-end 1998, while the net accounts
receivable base has declined following its write-off and from
sales of receivables during the year to $244 million from $336
million at year-end 1999 versus 1998, respectively.

Sunterra Corporation is an owner and manager of vacation
ownership resorts in the value, upscale and luxury segments. It
is the largest timeshare company in the world, with over 291,000
timeshare owners and 88 locations primarily throughout North
America and Europe. The company also manages 18 resorts in
Hawaii.


TEU HOLDINGS: Committee Taps BDO Seidman As Accountants
-------------------------------------------------------
The Official Committee of Unsecured Creditors of TEU Holdings,
Inc., et al. seek an order authorizing the retention of BDO
Seidman, LLP as accountants for the Committee.

The firm will provide the following services:

Analyze the financial operations of the debtor since the Petition
date;

Analyze the financial information of the debtors prior to the
Petition Date as necessary;

Prepare and submit reports to the Committee to aid it in
evaluating any proposed plan of reorganization or liquidation;

Verification of the debtor's inventory of merchandise, supplies,
and equipment and other material assets and liabilities, as
necessary;

Assist the Committee in its review of monthly statements of
operations to be submitted by the debtors or their accountants;

Assist the Committee in its evaluation of cash flow and/or other
projections prepared by the debtors or their accountants;

Scrutinize cash disbursements on an ongoing basis for the period
subsequent to the Petition Date;

Analyze transactions with insiders, related and/or affiliated
companies;

Analyze transactions with the debtor's lenders;

Assist the Committee in its review of the financial aspects of a
plan of reorganization or liquidation to be submitted by the
debtors, or in arriving at a proposed plan of reorganization.

The hourly rates of BDO's personnel ranges from $60 to $450 per
hour.


TEU HOLDINGS: Committee Taps Counsel
------------------------------------
The Official Committee of Unsecured Creditors of TEU Holdings,
Inc., et al. seek an order authorizing the retention of Ashby &
Geddes as Delaware counsel to the Committee.  The Committee is
also seeking to retain the law firm of Whitman Breed Abbott &
Morgan as lead counsel.


TOSHIBA CORP.: To Book 330B Yen Loss for Pension Gap
----------------------------------------------------
Toshiba Corp. (6502) will record a parent-only
extraordinary loss of 330 billion yen in the current
business year through March to cover most of the 400
billion yen in reserve shortages for its retirement and
pension funds, company sources said. The remaining 70-80
billion gap will be made up in fiscal 2000 by transferring
stock holdings to trust banks handling pension assets for
the firm.

Total extraordinary losses at the parent will amount to 480
billion yen in fiscal 1999, as restructuring expenses and
the cost of settling a computer-related lawsuit in the U.S.
will also be included.  Toshiba expects to suffer a net
loss of 250 billion yen, much larger than the original
projection of 65 billion yen. The annual dividend will
likely come to 3 yen per share, half the 6 yen payout of
fiscal 1998.

Though the move to cover underfunding will have a major
impact on parent earnings, group results will not be
undermined because Toshiba consolidated statements have
reflected the underfunding for some time, in compliance
with U.S. accounting standards.

On a group basis, Toshiba expects a net loss of 30 billion
yen for fiscal 1999, compared to its initial projection of
ending 50 billion yen in the red. Semiconductor-related
operations have shown considerable improvement over the
course of the year. Operating profit will soar 230% to 100
billion yen.

The semiconductor-related division recorded a consolidated
operating loss of 60 billion yen in the first six months of
the year but expects profit of 30-40 billion yen for the
second half. (Nikkei  16-March-2000)


TPI: Declared Insolvent By Thai Bankruptcy Court
------------------------------------------------
According to a report in The Wall Street Journal on March 16,
2000 the country's bankruptcy court declared Thai Petrochemical
Industry PCL, Thailand's biggest corporate defaulter, insolvent.

The court's decision ends more than two years of tortuous
negotiations  between TPI and its creditors on how to restructure
debts of $3.5 billion, and it sets a legal precedent by forcing a
company's management to undergo a reorganization. TPI's creditors
hailed the court's ruling as a potential  breakthrough in forcing
stubborn Thai debtors to the negotiating table.

The court, however, didn't accept a creditors' petition to take
immediate control of the company by appointing their nominee to
carry out the  reorganization plan. It left that decision to a
meeting of creditors to be convened by an official receiver at an
as yet unspecified date. TPI's existing management will continue
to run the business in the meantime.

According to the article, Bangkok's financial community had
feared a court decision in favor of keeping TPI out of the hands
of its creditors would turn overseas investors off Thailand.
Still, some Thai bankers remain doubtful how much the decision
will help to resolve bad loans. The Stock Exchange of Thailand
index fell 3.5%.


WILLIAM LYON HOMES: Reports 1999 Revenues
-----------------------------------------
William Lyon Homes, a Delaware corporation (formerly named The
Presley Companies), and subsidiaries are primarily engaged in
designing, constructing and selling single family detached and
attached homes in California, Arizona, New Mexico and Nevada. The
company designs, constructs and sells a wide range of homes
designed to meet the specific needs of each of its markets,
although it primarily emphasizes sales to the entry-level
and move-up home buyer markets.

The company currently markets its homes through 50 sales
locations in both its wholly-owned projects and projects being
developed in unconsolidated joint ventures. In 1999, the average
sales price for homes delivered was $240,700, with homes priced
from $83,000 to $1,011,000.

On November 5, 1999, The Presley Companies, which subsequently
changed its name to William Lyon Homes on December 31, 1999,
acquired substantially all of the assets and assumed
substantially all of the related liabilities of
William Lyon Homes, Inc.

In reporting its most recent annual gain the company showed
revenues for 1999 to be $439,981 with a net gain of $47,477.  For
comparison, the years 1998 and 1997 saw revenues of $368,282 and
$329,942, respectively, with net gain of $9,855 for the 1998 year
and a net loss of $89,894 for the year 1997.

                  *********

S U B S C R I P T I O N   I N F O R M A T I O N
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