TCR_Public/000404.MBX   T R O U B L E D   C O M P A N Y   R E P O R T E R

     Tuesday, April 4, 2000, Vol. 4, No. 66  

AMERICAN HOMEPATIENT: Files Notice of Late Form 10-K Filing
AMERISERVE: Refutes Stoppage of Business With Burger King
ARC INTERNATIONAL: Reports Fourth Quarter Results
BENNETT FUNDING: Trustee Breeden Sees $720 Million Distribution
CAJUN ELECTRIC: Louisiana Generating Completes Asset Purchase

CASMYN CORP: Announces Plan of Reorganization Confirmed
CHS ELECTRONICS: Can It Sell European Subsidiaries?
CITADEL BROADCASTING: Moody's Confirms Ratings
COHO ENERGY: Emerges From Bankruptcy
CONNEAUT LAKE: Amusement Park Commences Chapter

CRIIMI MAE: Files Second Amended Plan and Disclosure Statement
DAEWOO GROUP: Foreign creditors agree to debt buyout
DAEWOO MOTORS: Workers strike to protest foreign sale
DAEWOO MOTORS: 22 creditors ordered to be paid
DAEWOO MOTORS: Heading for foreign takeover

ESSEX CORPORATION: Revenue Increases 6%
GLOBE MANUFACTURING: Moody's Investors Notes
GUY'S FOODS: Union Contract To Result in Chapter 11 Exit
HANDY & HARMAN: Missing Peruvian Gold Forces Bankruptcy

HAWAIIAN SUPER: Race Track Elicits $400,000 Bid
INTEGRATED HEALTH: Stops Paying Interest on Omega Mortgages
JUST FOR FEET: Equity Committee Fights For Survival
KAWASAKI HEAVY INDUS.: Predicts FY99 group net loss
LL KNICKERBOCKER: Reports Improved Quarter And Year-End Results

MMH HOLDINGS: Reports Financial Results For Quarter
PARACELSUS: Announces Financial Results For 1999
PHILIP SERVICES: Record Date Will Be Amended
PRIMARY HEALTH: Judge Walrath Keeps Hospitals Open
PRISON REALTY TRUST: Moody's Downgrades Securities

ROBERDS: Asks Judge To Permit Bonuses To Four Employees
SPECIAL DEVICES: Moody's Downgrades Ratings
SUPERCANAL HOLDING: Facility Downgraded To `D'
TEU HOLDINGS: Committee Taps Whitman Breed Abbott & Morgan

TURBODYNE TECHNOLOGIES: Notification of Late Filing
WASTE MANAGEMENT: Appoints David R. Hopkins Sr. VP of South
WASTE MANAGEMENT: Subsidiary Acquires Browning-Ferris Units

Meetings, Conferences and Seminars


AMERICAN HOMEPATIENT: Files Notice of Late Form 10-K Filing
American HomePatient, Inc. (OTCBB:AHOM) today reported that it will not
file its annual report on Form 10-K on its due date as the company had
previously announced because of developments in negotiations with its
lenders. The Company is in default of several financial covenants in its
bank credit facility. The
Company has been negotiating with its lenders to amend the bank credit
facility to cure the default and modify financial and other covenants. The
Company reached an agreement in principle to do such on March 30, 2000.
Because this agreement in principle was reached on the due date of the
Company's Form 10-K,
the Company was unable to finalize the description of the Company's debt
and complete other portions of the Company's financial statements and Form
10-K. The Company anticipates filing its Form 10-K as soon as practicable
upon completion
of such portions as affected by the agreement in principle to amend the
bank credit facility.

AMERISERVE: Refutes Stoppage of Business With Burger King
AmeriServe Food Distribution, Inc., in responding to a story by Dow Jones
reporter Richard Gibson, and reprinted in the TCR, regarding Burger King
ending its relationship with AmeriServe, issued the following statement:

AmeriServe has numerous contracts with Burger King franchisees, the
majority of which state that they expire on May 15, 2000.  AmeriServe
continues to discuss with Burger King's franchisees and Restaurant Services
Incorporated (RSI), a Burger King franchisee cooperative, their continued
involvement with AmeriServe.  At this time no formal decisions have been
reached.  AmeriServe believes that there will be a substantial or possibly
complete reduction in the number of Burger King restaurants served by
AmeriServe in the coming months.

The company further states its Debtor In Possession (DIP) credit facility
is not conditioned upon the status of the Burger King franchisee
agreements. This credit facility continues to be available subject to
ongoing budget approvals.

AmeriServe Food Distribution, Inc. filed for Chapter 11 reorganization on
January 31, 2000.

AmeriServe, headquartered in Addison, Texas, a suburb of Dallas, is the
nation's largest distributor specializing in chain restaurants, serving
leading quick service systems such as Burger King, Chick-fil-A, KFC, Long
John Silver's, Pizza Hut and Taco Bell.

ARC INTERNATIONAL: Reports Fourth Quarter Results
ARC International Corporation, a developer and
operator of ice skating facilities in North America with controlling
interests in Ballantyne of Omaha and Cabletel Communications Corp.,
reported results for the three-month and year-end periods ended December
31, 1999. All figures are reported in U.S. dollars.

Net sales for the three-month period ended December 31, 1999 rose 35% to
$19,240,338 from $14,231,550 in the year-ago quarter. Gross profit for the
quarter rose 4% to $2,788,274 from $2,672,786 in the fourth quarter of
1998. Excluding a non-cash holding loss related to deferred income tax, the
Company reported a net loss for the 1999 fourth quarter of $4,835,376, or
$0.31 per share.

Reflecting the non-cash holding loss, ARC International reported a 1999
fourth quarter net loss of $5,050,058, or $0.33 per share, compared to a
net loss of $9,818,392, or $0.69 per share, in the 1998 fourth quarter. The
weighted average number of diluted shares outstanding for the fourth
quarters of 1999 and 1998 was 15,353,286 and 14,279,373, respectively.

Net sales in 1999 rose 14% to $65,549,263 from $57,297,379 in 1998.

As previously announced, the Company continues to experience a liquidity
problem and has inadequate working capital to meet its cash requirements.

In order to meet its liquidity needs and fulfill its other obligations, the
Company continues to explore a number of options including, without
limitation, (i) raising additional financing through the issuance of debt
or equity securities, and (ii) selling certain assets of the Company. There
can be no assurances that the Company will be successful in raising any
funds, or that it will be able to timely raise additional funds in order to
meet its current liquidity needs. If the Company is unable to raise
additional funds to meet its liquidity needs, or if creditors pursue
remedies before additional funds can be raised, the Company will be
required to consider alternative
courses of action including, without limitation, seeking to reorganize by
filing of a voluntary petition seeking protection under the bankruptcy laws.

ARC International Corp. is a leading developer and operator of, and
full-service equipment supplier to, ice skating facilities in North America
with six locations featuring 16 surfaces of ice. ARC also has significant
equity holdings in Cabletel Communications Corp., Canada's leading supplier of
broadband equipment, and Ballantyne of Omaha, America's leading
manufacturer of motion picture projection and specialty entertainment
lighting equipment. Additional corporate information is available at the
Company's web site

BENNETT FUNDING: Trustee Breeden Sees $720 Million Distribution
As widely reported, Patrick R. Bennett was ordered to serve a 30-year jail
term after being convicted last year on 49 charges that he used the family
companies to cheat investors and ordered to repay $109 million to swindled

In an interview with The Associated Press, bankruptcy trustee Richard C.
Breeden, overseeing the bankruptcy case involving Bennett Funding, Inc.,
disclosed that he expects to collect about $720 million for 21,000
creditors owed approximately $1 billion by the end of the case.
Additionally, Breeden anticipates asking for up to 3 percent of what he
collects, which means he could earn $21.6 million.  

CAJUN ELECTRIC: Louisiana Generating Completes Asset Purchase
NRG Energy, Inc. (NRG Energy), a wholly owned subsidiary of Northern States
Power Company (NYSE:NSP), announced today that its wholly owned subsidiary
Louisiana Generating LLC (Louisiana Generating) has completed the purchase
of 1,708 megawatts of fossil fuel generating assets from Cajun Electric Power
Cooperative, Inc. (Cajun). The stated price in the asset purchase agreement
was $1.026 billion.

"The completion of the Cajun purchase brings a successful end to a long and
complex bankruptcy process," said Craig Mataczynski, president and chief
executive officer of NRG North America. "Louisiana Generating now will
focus on providing low-cost, reliable energy that will help promote the
economic growth
of the region served by the member cooperatives. We will also focus on
developing additional business opportunities in the region."

Louisiana Generating's fossil assets consist of two plants near New Roads,
La., a two-unit, 220 MW gas-turbine generating station and a three-unit,
1,488 MW coal-fired generating station.

In October 1999, Louisiana Generating was confirmed as the winning bidder
for the Cajun assets. Cajun had sought bankruptcy protection in December
1994 amid financial problems related to an investment in the River Bend
Nuclear Power Plant near St. Francisville, La. Cajun produced and sold
electricity to 11
distribution cooperatives, which deliver power to more than one million
people in Louisiana, as well as to three off-system customers. Louisiana
Generating will continue to serve the distribution cooperatives and
off-system customers under a mix of long-term and short-term contracts.

NRG Energy is one of the world's leading independent power producers,
specializing in the development, construction, operation, maintenance and
ownership of electric generation facilities. Established in 1989, NRG is
involved in over 28,000 MW of high quality projects throughout the United
States, Europe, the Pacific Rim, and Latin America, utilizing diverse fuel
including natural and landfill gas, hydro, and solid fuels such as coal,
lignite, biomass and refuse-derived fuel.

CASMYN CORP: Announces Plan of Reorganization Confirmed
Casmyn Corp. announced that the United States Bankruptcy Court for the
Central District of California confirmed the Company's Second Amended Plan
of Reorganization on March 31, 2000. Pursuant to Court order, the effective
date for the Plan is April 11, 2000.  All of the Company's First
Convertible Preferred Stock and substantially all of the Company's debt
obligations, with aggregate claims in excess of $27,000,000, were converted
into common stock under the Plan.  In accordance with the Plan, creditors
and preferred shareholders will receive 85% of the common equity and common
shareholders will receive 15% of
the common equity, subject to certain Plan-authorized adjustments.  It is
currently estimated that a total of approximately 3,500,000 shares of
common stock will be issued and outstanding once the Plan is fully
implemented.  The Plan received the overwhelming support of creditors and
shareholders.  Of those creditors and shareholders voting, 100% of the
creditors, 100% of the preferred shareholders and approximately 98% of the
common shareholders voted in favor of the Plan.  

The Company's gold mining operations in Zimbabwe are owned by
separate 100%-owned subsidiaries of the Company and were not a part of the
bankruptcy proceedings and continue to conduct business as usual.
Commented President Mark S. Zucker, who led the successful reorganization
effort, "We are extremely pleased by the strong mandate given to new
management.  The confirmation of the Plan has eliminated substantially all
of the Company's debt obligations, as well as all of the outstanding
preferred stock and related creditor claims.  We now have a
solid balance sheet, enhanced liquidity, a rational capital structure and a
shareholder constituency sharing common interests.  We look forward to
being able to implement a comprehensive operating plan to develop the
Company's gold mining properties in Zimbabwe.  The success of the
reorganization positions the Company to take advantage of other business
opportunities that only now may become available to it."

CHS ELECTRONICS: Can It Sell European Subsidiaries?
The Broward Daily Business Review reports on March 31, 2000 that
with CHS Electronics Inc. teetering on the edge of bankruptcy and its
corporate bonds trading at 5 cents on the dollar, vulture capitalist Wayne
Teetser, with Stonehill Institutional Partners in New York, saw what he
thought was a great opportunity.

After all, the once high-flying Miami computer distributor still has $ 1.4
billion in assets and there is still a possibility that the company could
slash its debts by selling off its European subsidiaries to the companys
former chief operating officer, Mark Keough. If CHS pulls off the European
sale, Teetser says, CHS bonds could be worth as much as 40 cents on the

But Teetser saw a problem with his plan to make a seven-fold profit as he
believes that the possibility of CHS being able to unload its European
subsidiaries was dimming. The company first wanted to get shareholders and
bondholders to approve the transaction through a proxy vote scheduled for
March 22. But no vote took place.

Now, CHS is reportedly trying to get its major creditors to approve the
Keough deal before the company files for Chapter 11 bankruptcy protection.
Without that deal, Teetser says the companys bonds would be worthless.

If the company is forced into an unstructured bankruptcy without a
pre-packaged deal, bondholders would probably be left with nothing, Teetser
says. All remaining assets would go to paying off bank debt and legal fees.

CITADEL BROADCASTING: Moody's Confirms Ratings
Moody's assigned a Ba3 rating to Citadel Broadcasting's $500 million
guaranteed senior secured credit facilities due 2007. The facilities
consist of a $375 million multi-draw term loan and a $125 million revolving
credit. It also confirmed the B1 senior implied rating, the B2 issuer
rating, the B3 ratings on the $115 million of 9.25% guaranteed senior
subordinated notes due 2008 and the $101 million of 10.25% guaranteed
senior subordinated notes due 2007 and the "caa" rating of its $100 million
of 13.25% exchangeable redeemable preferred stock due 2009. In addition,
Moody's withdrew the Ba3 ratings on the $150 million credit facility which
was refinanced by the new facility. After completion of pending
acquisitions, Citadel will own or operate 137 FM and 61 AM radio stations.
The outlook for all ratings has been changed to stable from positive.
Proceeds from the new bank loan will principally fund pending acquisitions
from Broadcast Partners and Bloomington Broadcasting in conjunction with
proceeds from a common equity offering.

The ratings reflect Citadel's high leverage, including the exchangeable
preferred stock as debt; the expectation that debt-financed acquisition
activity will continue, moderating its ability to reduce leverage;
competition in some markets from other small-market radio consolidators,
which are building significant market positions of their own; and the
uncertainty of the degree of exposure to a down cycle.

The ratings are positively supported by Citadel's dominant positions in
most of its markets, cost savings that can be realized by combining costs
for Citadel's in-market acquisitions; and broad diversification of its
formats in each market, geographical location of its station groups, and
cash flow contributions. The strong management team has demonstrated the
ability to improve audience share and cash flow for stations it has owned
for some time. Finally, the ratings are supported by Citadel's willingness
to access the equity markets to repay debt as evidenced by the initial
public offering of $140 million in common stock last June and the recent
issue in February 2000.

The Ba3 bank debt rating reflects strong collateral coverage, while the
"caa" preferred stock rating reflects Moody's view that preferred
stockholders are bearing significantly more risk of timely payment of
dividends and full recovery than the bank and subordinated debt. The B3
rating on the subordinated debt reflects Moody's expectation that Citadel
is likely to raise additional senior debt to make future acquisitions. The
change in the outlook to stable from positive reflects Moody's expectation
that, while the company has a good track record of integrating acquisitions
and improving cash flow at the acquired stations, the pace of future
acquisitions will keep leverage relatively high.

Larry Wilson, Citadel's CEO, has been running Citadel's stations since the
mid-1980's, although the bulk of the acquisitions have taken place since
the change in radio ownership rules in 1996. Most of the financing to-date
has come from the $150 million bank facility, the existing senior
subordinated notes and preferred stock and the initial public offering of
$110 million in common stock. Wilson owns 10.9% on a fully-diluted basis.

Some of Citadel's more notable combined audience shares are in Albuquerque,
New Mexico; Spokane, Washington; Colorado Springs, Colorado; Charleston,
South Carolina and Providence, RI., which are all between 24-39%. The
company's revenue shares in those same markets range from 33-54%. Moody's
expects most of Citadel's purchase and sale activity to be focused on
either strengthening its position in some of these new markets, or exiting
them. The targeted market focus on the mid-size markets remains unchanged.

Pro-forma for the transaction, Moody's expects Citadel's ratio of debt plus
preferred to EBITDA for year- end 1999, will be approximately 8.0 times.
This ratio is expected to decrease as the full impact of the pending
acquisitions are incorporated into the cash flows. Citadel has the option
to pay dividends on the exchangeable preferred in cash or in-kind for five
years. Thus the company will only need to service interest and relatively
modest principal amortization, assuming no additional credit facility
borrowings, over the medium term. Moody's ratings, however, treat the
preferred as if it was a cash-pay security.

Moody's expects Citadel to continue to finance its acquisition activity
with debt. However, the incurrence test in the notes indenture, which
limits Citadel's ratio of debt to cash flow to 7.0 times, and the
maintenance test in the new credit facility beginning at 7.25 and declining
over time, will force Citadel to raise additional preferred or common stock
to execute its acquisition strategy.

Headquartered in Las Vegas, Nevada, Citadel owns and operates radio
stations in mid-sized market in the United States.

COHO ENERGY: Emerges From Bankruptcy
Coho Energy, Inc. (OTCBB:CHOH) announced that its Plan of Reorganization as
filed in the United States Bankruptcy Court for the Northern District of
Texas, Dallas Division, became effective today.

Pursuant to the Plan, the consummation of the new bank credit agreement and
the standby loan agreement provided funds for the repayment of Coho's
existing bank debt.  The Company's 8 7/8% senior subordinated notes due
2007 were exchanged for 96% of the outstanding shares of a new common stock
of Coho, with the existing shareholders receiving the balance.

The new common shares issued as a result of the plan of reorganization are
expected to trade on the Nasdaq Over the Counter market under the symbol
CHOH as soon as possible.

Coho Energy, Inc. is a Dallas-based independent oil and gas producer
focusing on exploitation of underdeveloped oil properties and exploration
in Oklahoma and Mississippi.

CONNEAUT LAKE: Amusement Park Commences Chapter
Conneaut Lake Park Management Group filed for bankruptcy under chapter 11
on March 28, 2000, according to a report circulated by The Associated
Press, after repeated failure to pay rent or show proof of healthy

William Jorden, a court-appointed Trustee said the nonprofit Conneaut Lake
Park Exposition Co. would run the park.  

Attorney John Falgiani Jr., reportedly represents Conneaut in its
bankruptcy proceeding.  "Our clients have worked real hard to make this
park operate," Falgiani told the AP.  "We're hoping we can resolve this

CRIIMI MAE: Files Second Amended Plan and Disclosure Statement
CRIIMI MAE Inc. (NYSE: CMM) and two of its affiliates, CRIIMI MAE Holdings
II, L.P. and CRIIMI MAE Management, Inc., filed their Second Amended Joint
Plan of Reorganization and proposed Amended Disclosure Statement with the
United States Bankruptcy Court for the District of Maryland in Greenbelt,
Maryland. The Plan was filed with the full support of the Official
Committee of Equity Security Holders, which is a co- proponent of the Plan.
The Company's Plan also has the support of the Official Committee of
Unsecured Creditors of CRIIMI MAE, which was previously pursuing its own
plan. The Company, the Equity Committee and the Unsecured Creditors'
Committee are now all proceeding jointly in support of the new Plan filed
March 31, 2000.

In addition, as previously announced, Merrill Lynch Mortgage Capital Inc.
and German American Capital Corporation, two of the
Company's largest secured creditors, would provide exit financing under the
Plan as part of the recapitalization of the Company.

The Bankruptcy Court has scheduled a hearing for April 25 and 26, 2000 on
approval of the Disclosure Statement. Once the Disclosure Statement has
been approved by the Bankruptcy Court, the Plan, together with the
Disclosure Statement and appropriate ballots, will be sent to all impaired
creditors and equity security holders for acceptance or rejection.

The Plan contemplates approximately $856 million of
recapitalization financing.  To support the Plan, approximately $275
million of recapitalization financing will be provided by Merrill Lynch and
GACC through a secured financing facility, and approximately $155 million
would be provided through new secured notes issued to a portion of the
Company's unsecured creditors. Another $35 million of recapitalization
financing would be obtained from another existing creditor in the form of
additional secured financing. The sale of certain of the Company's
non-resecuritized CMBS assets, as previously contemplated in the Amended
Joint Plan of Reorganization filed by the Company on
December 23, 1999, is expected to provide the remaining balance of the
recapitalization proceeds. The Company may seek new equity capital from one
or more investors, although new equity is not required to fund the Plan.

The Plan further contemplates that the holders of the Company's common
stock will retain their stock. Subject to approval by the holders of the
Company's Series B Preferred Stock and the Series F Preferred Stock, the
Plan contemplates an amendment to their relative rights and preferences to
permit the payment of
accrued and unpaid dividends in cash or common stock at the Company's
election. The Plan contemplates amendments to the relative rights and
preferences of the Series D Preferred Stock, through an exchange of Series
D Preferred Stock for Series E Preferred Stock, similar to those amendments
effected in connection with the recent exchange of the former Series C
Preferred Stock for Series E Preferred Stock.

Reference is made to the Plan and Disclosure Statement for a description of
the financing to be obtained from the respective existing debtholders
including, without limitation, payment terms, restrictive covenants and
collateral, and a more detailed description of the treatment of the
preferred stockholders. The
Company is filing a Form-8K with the Securities and Exchange Commission,
which will include the Plan and Disclosure Statement as exhibits.

CRIIMI MAE also announced that on March 29, 2000, the Company filed a Form
12b-25 with the Securities and Exchange Commission to extend the filing of
its Annual Report on Form 10-K to no later than April 14, 2000.

On October 5, 1998, CRIIMI MAE Inc. and two affiliates filed for protection
under Chapter 11 of the U.S. Bankruptcy Code. Before filing for
reorganization, the Company had been actively involved in acquiring,
originating, securitizing and servicing multi-family and commercial
mortgages and mortgage related assets throughout the United States. Since
filing for Chapter 11 protection, CRIIMI MAE has suspended its loan
origination, loan securitization and CMBS acquisition businesses. The
Company continues to hold a substantial portfolio of subordinated CMBS and,
through its servicing affiliate, acts as a servicer for its own as well as
third party securitizations.

DAEWOO GROUP: Foreign creditors agree to debt buyout
The government wrapped up its negotiations with foreign
creditors of the Daewoo Group's four major units on the
buyout of their debts by granting them the right to benefit
from future profits, an official at the Financial
Supervisory Commission (FSC) said yesterday.

"Oh Ho-keun, head of Daewoo's Corporate Restructuring
Committee, agreed with foreign creditors of the four Daewoo
units on the 'out-the-money warrant' in New York,
completing the debt buyout talks," FSC spokesman Kim Young-
jae said.

Under the agreement, foreign creditors of the four units -
Daewoo Corp. Daewoo Heavy Industries, Daewoo Electronics
and Daewoo Motor - will be allowed to share future profits
stemming from a rise in their values.  In January this
year, the government agreed with Daewoo's foreign creditors
to buy their loans to Daewoo units at an average 40 percent
of their market value. (Korea Herald  31-March-2000)

DAEWOO MOTORS: Workers strike to protest foreign sale
Thousands of workers at Daewoo Motor Co. went on strike
Friday to protest the sale of their troubled company to a
foreign automaker.

Five carmakers, including General Motors Corp. and Ford
Motor Co. of the United States, are bidding for Daewoo
Motor, South Korea's second-largest carmaker, which
produced 758,500 vehicles in 1999 at its 17 facilities at
home and abroad. Fat SpA of Italy and Hyundai Motor also
have shown interest.

Workers fear that once a foreign investor takes over, they
might face big layoffs. They demanded that the government
buy their company and run it.

"We oppose a selloff to foreigners!" chanted 3,000 Daewoo
Motor workers during a rally in a railway plaza in Pupyong,
west of Seoul.

Earlier, they rallied at the factory and marched 3
kilometers (2 miles) to the plaza, carrying picket signs
and banners. No violence was reported.  Daewoo's Pupyong
factory, which usually produces half of all Daewoo cars
sold in South Korea, was closed. Another major Daewoo
factory was running normally. A smaller bus assembly line
on the south coast stopped for two hours as workers
held a protest.

Daewoo Motor workers said they will stay off the assembly
lines Saturday and Sunday and decide whether to continue
the strike Monday.  Management said it has enough inventory
to make up for the two-day work stoppage. But it feared
that if the strike were prolonged, it would hurt Daewoo's
exports and hundreds of subcontractors.

The government and creditor banks are determined to sell
the ailing carmaker. The Hyundai conglomerate said Friday
it would not assist its car-making arm in its bid to
purchase Daewoo Motor. The Daewoo conglomerate narrowly
escaped bankruptcy when its domestic creditors agreed in
June to delay repayment of dlrs 8.3 billion in debt for six
months and extend dlrs 3.3 billion in new loans.

Daewoo agreed to sell or spin off 13 units. Its 12 other
units, including Daewoo Motor, were placed in a program
that calls for creditors to turn debts into equity or delay
debt payments.  By taking over Daewoo Motor, U.S.
automakers hope to strengthen their presence in Asia.

At the end of June 1999, Daewoo Motor had dlrs 18.3 billion
in total assets and dlrs 13.9 billion in debt. A militant
labor umbrella group threatened to call a week-long
industry-wide strike Thursday unless the government agrees
to talk about taking over Daewoo Motor.  Workers at Hyundai
Motor Co., South Korea's largest carmaker, and another
major carmaker, Kia Motor, will join Daewoo workers in the
bigger strike, said Dan Byong-ho, head of the Confederation
of Korea Trade Unions.  (AP Worldstream  31-March-2000)

DAEWOO MOTORS: 22 creditors ordered to be paid
The Inchon District Court recently ruled in favor of 22
holders of insolvent commercial papers (CP) issued by
Daewoo Motor worth 6.4 billion won for them to receive
payment from Daewoo Motor Sales (KSE: 04550).

The court ordered Daewoo Motor Sales March 17 to pay the
debts, Daewoo creditors said Thursday.  The individual
creditors filed suit for payment as all assets of Daewoo
Motor were tied to payment guarantees.  Despite the ruling,
Daewoo is unable to pay the debts and will organize a
negotiating team to deal with individual and corporate
creditors in a bid to help resolve the case in a package, a
Daewoo Motor source said.  (Asia Pulse  30-March-2000)

DAEWOO MOTORS: Heading for foreign takeover
Daewoo Motor looks certain to succumb to a foreign
takeover, with General Motors and Ford Motor the likely
buyers of the insolvent company. The chances of
South Korean conglomerate Hyundai have been wrecked by a
family power struggle.  (Financial Times [London]  30-

PPM America CBO II Management Company owns 735,624 shares of the common
stock of Elder Beerman Stores Corporation with shared voting and
dispositive powers.  The amount held represent 4.93% of the outstanding
common stock of the company.  Additionally, with shared voting and
dispositive power PPM America Fund Management GP, Inc. and PPM America
Special Investment Fund, L.P. own 1,231,244 shares representing 8.25% of
the outstanding common stock of the company; PPM America Inc. owns
1,966,868 shares, or 13.18% of the outstanding Elder Beerman common stock;
and PPM America Special Investments CBO, II L.P. owns 735,624 shares, or

On March 7, 2000, PPM insisted that Elder Beerman Stores respond to its as
yet unmet requests no later than March 17, 2000. However, according to PPM,
the company has failed to address any of those requests. In fact, it is
PPM's understanding that the company now has terminated or suspended its
share buy-back program, which PPM maintains, was the only concrete step the
company had taken to increase shareholder value. PPM accordingly has
determined to nominate and to solicit proxies for the election of three new
independent directors for election at the company's next annual meeting in
lieu of any incumbents or other nominees proposed by the company. PPM is
now in the process of evaluating possible candidates for the company's
board and intends to identify its proposed candidates in the near future.

ESSEX CORPORATION: Revenue Increases 6%
Essex Corporation provides systems engineering services in signal
processing and telecommunications to industrial, commercial and government
customers.  The company's engineering teams perform systems engineering,
simulation, modeling and software development for the Motorola satellite
communications systems.  Experience includes low earth orbit, medium earth
orbit, high earth orbit and geosynchronous earth orbit constellations such
as Iridium(R), Teledesic(SM), MILSTAR, TDRSS, Intelsat and other systems.

The company's marketing strategy is constrained by limited financial
resources to the use of internal staff.  Military end-use marketing
continues to be carried out by key employees, both directly to government
agencies and indirectly through prime contractors, through the submissions
of proposals. Such proposals may be in response to customer requests while
others are unsolicited proposals by the company to potential customers to
solicit new work.  As of February 29, 2000, the company had approximately
40 employees, of whom 27 were full-time employees.

Revenues were $4,813,000 and $4,532,000 for 1999 and 1998, respectively, an
increase of 6%. The company's work for Motorola on its Iridium(R) cellular
satellite communication system accounted for revenues of $2.2 million and
$3.2 million in 1999 and 1998, respectively.  This represented
approximately 45% and 70% of revenues for 1999 and 1998, respectively.
There was a decrease in revenues from this program between 1998 and 1999,
as the company's involvement on the initial satellite system was
essentially completed in December 1999.  The company continues to bid on
new work for the current and successor satellite systems.

During the year ended December 26, 1999 Essex earned a net income of
$44,768 compared to the net loss experienced in the 1998 year of $117,732.

GLOBE MANUFACTURING: Moody's Investors Notes
Moody's Investors Service downgraded to Caa1 from B2, the rating on Globe
Manufacturing Corp.'s $165 million guaranteed senior secured credit
facility due 2006, and to Ca from Caa1, the rating on the company's $150
million issue of 10% guaranteed senior subordinated notes due 2008. In a
related action, Moody's downgraded the $49 million issue of 14% senior
discount notes due 2009, of Globe Holdings, Inc. ("Holdings") to C from
Caa2. The senior implied rating for Globe Holdings,Inc., is lowered to Caa2
from B2, and the issuer rating is lowered to C from Caa2.

The downgrade is prompted by the company's disclosure that it will not be
in compliance with certain covenants under its credit agreement in the
first quarter of fiscal 2000, and is in discussions with its bank group. As
mentioned in Moody's press release of September 1999, the rating agency
anticipates a recapitalization, and therefore potential impairment to the
outstanding public debt. The downgrade reflects Moody's concern with Global
Manufacturing's ability to renegotiate its credit agreement, as well as any
potential equity infusion by Code Hennessy & Simmons LLC, the largest
holder of Globe's stock. The absence of a restructuring of capital could
jeopardize the company's ability to remain as a "going concern".

The company has requested a 15 day extension time to file its form 10K for
the year ended 1999. Based upon covenants under the third amendment to the
credit facility dated October 1999, it is anticipated that the company will
report leverage in excess of its maximum leverage ratio of 7.3 times EBITDA
(exclusive of the impact of the senior discount notes due 2009, at Globe
Holdings, which become cash pay after August 1, 2003).

The company had significant increases in working capital needs during the
first nine months of this year and currently needs to pass a maximum
leverage test for additional funding under its revolver. Current
availability under the revolver is unknown at this time. However, the
company had year over year increases in days sales outstanding from 52 days
to 72 days for the nine months ending September 1999, due in part to slower
foreign receipts, and smaller increases in inventory days and days payables.

For the last twelve months dated September 1999, the company had both debt
to sales, and debt to total assets of 1.7 times, further signaling a need
for a recapitalization.

The Caa1 rating on the bank debt incorporates the benefits and limitations
afforded the creditors by the security package in a distressed scenario.

The Ca rating on the subordinated notes reflects their contractual
subordination to the senior debt.

The C rating on the senior discount notes of Holdings reflects the
structural subordination of the notes to the debt of the operating company.

The credit facility was amended as of January 28, 1999, May 24, 1999, and
October 20, 1999, in response to lower than expected earnings. Certain
leverage ratio tests were waived and certain covenants were amended; the
interest rates on both the term loans and the revolver were increased; and
the $1 million annual management fee due to an affiliate of Code Hennessy &
Simmons LLC may only be paid if certain leverage tests are met. The October
amendment established a minimum EBITDA test, and an availability test based
upon a leverage ratio test.

The $165 million credit facility is guaranteed by the parent and all future
direct and indirect subsidiaries. (The company has no subsidiaries at this
time). The security consists of a first priority perfected security
interest in all assets of company and its guarantors and a pledge of all
capital stock of the company and the guarantors (65% of foreign stock). The
facility consists of a $50 million, 6.5-year revolving credit, and a
minimally amortizing term loan consisting of a $60 million, 6.5-year
tranche and a $55 million, 8-year tranche.

The indenture for the guaranteed senior subordinated notes provides for up
to $300 million in aggregate principal, of which $150 million was issued.
The notes are guaranteed by any future restricted subsidiaries, but not by
the parent. The covenants allow for $210 million of senior indebtedness,
including borrowing based working capital facilities for future foreign
subsidiaries, capital leases and limited originator securitization
programs. Additional debt is permitted if the Fixed Charge Coverage Ratio
(on a pro forma, EBITDA basis, adjusted for extraordinary gains, losses and
one-time charges) remains at or above 2 times. Restricted payments are
limited to a basket derived from $10 million, plus 50% of net income.
Additional allowable payments to Holdings include taxes, bona fide
corporate overhead, fees and expenses, and payment of up to $1 million per
annum to repurchase equity, related stock options or debt of former
employees up to $5 million in the aggregate plus additional equity sales at
Globe Holdings. The annual management fee of $1 million is permitted under
transactions with affiliated companies. (This payment is currently
restricted under the credit facility.)

The senior discount notes accrete in value on a compounded, semi-annual
basis until August 1, 2003. Thereafter the interest will become cash pay.
The covenants in the indenture mirror those of the subordinated notes at
the operating company except for a weaker debt incurrence test

Globe Manufacturing Corp., based in Fall River, Massachusetts, is a
domestic manufacturer and worldwide supplier of spandex and elastomeric
fibers. It exports about one third of its product, primarily to Europe and
Latin America. The company a wholly-owned subsidiary of Globe Holdings,
Inc., which is controlled by Code Hennessy & Simmons LLC (75.7%) and the
Rodgers Family (11.7%).

GUY'S FOODS: Union Contract To Result in Chapter 11 Exit
Ratification of a union contract at Guy's Foods has paved the way for the
snack food company to emerge from Chapter 11 bankruptcy.

Members of the United Food and Commercial Workers Local 211 approved by a
204-40 vote Wednesday the contract with Fort Wayne, Ind.-based General
Products and Services Inc., which closed its purchase of Guy's Foods'
assets earlier in the week.

"The negotiations were easy," Larry Lang, Local 211's president, said
Thursday. "There was no bickering. They basically accepted the old contract
and even added raises for 2004."

General Products and Services emerged as the winning bidder for Guy's
Foods' assets last week, when U.S. Bankruptcy Judge Frank Koger approved
the company's offer to assume about $14 million in Guy's Foods debt.

"Our objective over the next 30 days is to put the company back on its feet
in every respect," said General Products chairman and chief executive
officer Ron Hirasawa.

Hirasawa also is chairman and president of Guy's Acquisition Co. LLC, which
was formed to buy Guy's Foods. Guy's sought Chapter 11 protection Feb. 14
after losing $5.75 million over the previous 16 months.

HANDY & HARMAN: Missing Peruvian Gold Forces Bankruptcy
Handy & Harman Refining Group Inc., South Windor, Conn., a member of the
Golden West Refining Group of Australia, was forced to seek bankruptcy
protection after discovering that $12.5 million worth of gold was missing
in Peru, according to Reuters. The precious-metals company, which filed
chapter 11 on Tuesday in Hartford, Conn., has "hundreds of creditors, and
total claims against the debtor may exceed $100 million," Handy & Harman's
lawyer, Eric Henzy. Golden West and one of Handy & Harman's creditors,
Gerald Metals Inc. (GMI), allege that on Feb. 21, Handy & Harman discovered
that gold it had purchased in Peru, worth approximately $12.5 million, was
missing. A GMI lawyer stated that in late January, "Golden West commenced
an investigation into allegations made by an internal auditor of (Handy &
Harman) of alleged irregularities regarding (its) purchase of certain gold
in Peru." The missing Peru gold "left us in a position where we could not
meet all of the claims of our customers," Henzy said. "It's a pretty
complex matter, but the plan is to work it out and pay everybody." Handy &
Harman's president and CEO and most of its senior management have
reportedly either resigned or been terminated, and its plant was closed to
nearly all outgoing shipments on March 15. However, Golden West stated that
previous charges against three former employees stemming from incidents
from 1992-1996 "relate to various precious metals transactions undertaken
with gold fabrication companies in Argentina prior to August 1996 and do
not relate to the transactions involving (Handy & Harman) in Peru."
Hearings on the bankruptcy are scheduled next week. The company's
subsidiary, Attleboro Refining Co., of Attleboro, Mass, is also seeking
bankruptcy protection. (ABI 03-Apr-00)

HAWAIIAN SUPER: Race Track Elicits $400,000 Bid
Hawaiian Super Prix filed a chapter 11 case in November, 1999, reporting
roughly $3.9 million in assets and liabilities.  The company has searched
for buyers of its assets, and Hawaii Motorsports Center has advanced a
$400,000 bid.  Hawaii Motorsports Center attorney Carl Debo told The
Associated Press in an interview the equipment the company has bid on
includes grandstands, fencing, indoor-outdoor carpeting and barrier
materials. Court-appointed bankruptcy trustee Paul Sakuda said it could
take years before he is able to clean up the financial mess and repay
creditors, the AP noted.  Sakuda confirmed for the AP that he is trying to
find other bidders interested in the company's remaining assets.

INTEGRATED HEALTH: Stops Paying Interest on Omega Mortgages
Omega Healthcare Investors, Inc. reports that Integrated Health Services,
Inc. has ceased paying interest on $55 million in mortgages owed to Omega.
Interest payable by Integrated amounts to approximately $5.5 million
annually. Omega holds $1.25 million in letters of credit to secure payment
performance of the foregoing. Omega continues to negotiate with Integrated
respect to payment of interest for the properties operated by Integrated
during the pendency of Integrated's bankruptcy proceeding.

Reprotedly, Integrated will report a loss for the year ended Dec. 31 in
excess of $2.2 billion. Integrated Health said the loss was primarily due
to around $2.1 billion in non-recurring charges "resulting primarily from a
loss on impairment of long-lived assets due to the impact of the new
Medicare prospective payment system."

JUST FOR FEET: Equity Committee Fights For Survival
The Official Committee of Equity Security Holders, files a response to the
debtors' objection to application to employ counsel and a cross-motion to
dissolve the committee.

According to the debtors, they are administratively solvent.  According to
the Equity Committee, there is no situation that would justify denial of

The issue is whether the US Trustee abused her discretion in appointing the
equity committee.  The committee also claims that the propsect of the
debtors' cases being converted is not reason to dissolve the Euqity Committee.

KAWASAKI HEAVY INDUS.: Predicts FY99 group net loss
Kawasaki Heavy Industries Ltd. (7012) said Wednesday it
expects a group net loss of 17 billion yen for the year
ending this month, compared with a loss of 6.1 billion yen
in fiscal 1998.

The company initially projected a 9 billion yen loss.
The firm also predicts a pretax loss of 15 billion yen,
against 500 million yen in red ink the previous year.
Profit at divisions handling plant engineering, machinery
and steel structures has deteriorated in the second half
because of repair work at their facilities in Japan and

An extraordinary loss of 4 billion yen will be taken on
securities reassessed ahead of the fiscal 2000 introduction
of market-value accounting.  On a parent-only basis,
Kawasaki Heavy will record a pretax loss of 20 billion yen,
compared with profit of 5 billion yen in fiscal 1998.
Revenue will drop 7% to 940 billion yen. The company
expects a net loss of 16 billion yen, against profit of 3.6
billion yen a year earlier.

Overall order value will drop 10% to 860 billion yen. The
shipbuilding division saw orders for three large crude oil
tankers canceled, while those for plant engineering in
Japan and Southeast Asia were sluggish.

Parent-only underfunding of retirement benefit obligations
stands around 130 billion yen, and at 140 billion yen on a
group basis, assuming a discount rate of 3.5%. Kawasaki
Heavy plans to cover the shortfall over the 10 years
starting fiscal 2000, when a new accounting law requiring
firms to disclose retirement benefit obligations comes into
effect. (Nikkei  30-March-2000)

LL KNICKERBOCKER: Reports Improved Quarter And Year-End Results
The L.L. Knickerbocker Co., Inc. (OTC Bulletin Board: KNIC) today reported
its financial results for the fourth quarter and fiscal year ended December
31, 1999.

Fourth-quarter net sales in 1999 were $10.0 million, 49.5% lower than the $
19.7 million in the prior year period.  Fourth-quarter net loss decreased
by 69.4% to $6.7 million, or $.15 per diluted share (on 43.0 million
weighted average shares outstanding), from $21.8 million, or $1.06 per
diluted share (on 20.6 million weighted average shares outstanding), in the
same period a year

Net sales in 1999 were $42.2 million, 30.2% less than 1998 net sales of $
60.4 million.  For the year, net loss decreased by 61.0% to $11.2 million,
or $ .33 per diluted share (on 34.3 million weighted average shares
outstanding), from net loss of $28.7 million, or $1.46 per diluted share
(on 19.6 million
weighted average shares outstanding), in 1998.

The increase in weighted average shares outstanding reflects the issuance
in 1999 of approximately 22.5 million shares of the Company's common stock
in connection with certain convertible securities.

"Although we continued to operate at a loss in 1999, the loss was
substantially lower than in 1998, and we believe we are making progress in
our turn-around to profitability," said Anthony Shutts, Chief Financial
Officer of The L.L. Knickerbocker Co., Inc.  "In 1999, Knickerbocker
generated positive cash flow from operations, a significant milestone given
the many challenges
that faced the Company.  Our primary goal in 1999 was to stabilize cash
flow, which we accomplished.  In addition, we sharply reduced our operating
expenses. General and Administrative expenses alone were $11.6 million
lower than the
prior year."

Mr. Shutts expanded, "We now must focus on growing the business.  Many of
our brands performed very well in 1999.  Our fashion jewelry business
performed very well in 1999.  Our collectibles division continues to
perform well through electronic retailing and traditional retail
distribution.  We remain committed to our strategy of developing both
high-quality brands and distribution channels that will strengthen our

As announced earlier, the Company is in the midst of a Chapter 11
reorganization.  Mr. Shutts added, "the Company is working with its
creditors to arrive at a mutually beneficial settlement.  We remain
optimistic that a settlement will be accomplished in the near future for
the Company to emerge from Chapter 11.  The Chapter 11 process is a
tremendous burden on our bottom line and takes considerable resources away
from our core business."

The L.L. Knickerbocker Co., Inc. is a multi-brand collectible products,
gift, toy and jewelry company that designs, develops, produces and markets
products over diverse distribution channels.  The Company's products are
sold through independent gift and collectible retailers, department stores,
electronic retailers, Internet, and international distributors.  The
Company is a major supplier of collectible products and fashion jewelry to
the leading electronic retailer.

MMH HOLDINGS: Reports Financial Results For Quarter
MMH Holdings, Inc. is a holding company whose sole direct subsidiary is
Morris Material Handling, Inc., a manufacturer, distributor and service
provider of "through-the-air" material handling equipment with operations
in the United States, United Kingdom, South Africa, Singapore, Canada,
Australia, Thailand, Chile and Mexico.

The company experienced a net loss of $3,912 on net revenues of $66,719 for
the three months ended January 31, 2000.  In the same three month period
ended January 31, 1999 the net loss was $3,944 on net revenues of $68,022.

The company advises that were its lenders not to cause an acceleration to
occur on March 29, 2000, the company would nonetheless be unable to meet
certain of its obligations as they become due after that date, including a
$9.5 million interest payment obligation under the Senior Notes due on
April 1, 2000. As a result, the lenders and, after expiration of the  
applicable grace period, the trustee under the indenture will have the
right to accelerate the company's outstanding indebtedness. In such event,
the company will not have sufficient funds to repay New Credit Facility
borrowings and the Senior Notes.

The company is currently seeking, and is engaged in discussions regarding,
its strategic alternatives.  The company has engaged in discussions with
the lenders and representatives of the holders of Senior Notes concerning
the possible restructuring of the company's capital structure, including a
possible sale of the company to a third party in that connection.  There is
no assurance that MMH will be able to successfully pursue strategic
alternatives or that the results of its discussions with its creditors will
be successful.  If the company fails in the near future to resolve its
critical liquidity issues, the company may be unable to continue as a going

PARACELSUS: Announces Financial Results For 1999
In conjunction with its earnings release, the Company announced that on
March 30, 2000 it received a commitment for a $62.0 million secured
financing facility (the "New Facility") from a lending group.  The New
Facility will replace the Company's off balance sheet commercial paper
program and outstanding letters of credit.  The New Facility will be
primarily used to fund normal
working capital of the Company's hospitals.  Although the Company is in
default under certain provisions of its off balance sheet commercial paper
program due to the Company's previously announced interest payment default
on its $325 million Senior Subordinated Debentures (the "Notes"), the
commercial paper
lender has agreed to extend the program until April 17, 2000 while the
Company completes the documentation necessary for the New Facility.

Net revenue was $84.2 million for the quarter ended December 31, 1999,
compared to $143.3 million for the same period in 1998.  Excluding unusual
items, non-cash impairment charges and the gain from the sale of
facilities, earnings before interest, income taxes, depreciation and
amortization ("EBITDA") were a negative $11.9 million for 1999 versus $15.6
million for the comparable
period in 1998.  As a percentage of net revenue, the Company's 1999 EBITDA
margin was a negative 14.2% compared to 10.9% for the same period in 1998.
These results reflect the sale of seven acute care hospitals (one of which
was closed) and four convalescent hospitals in 1999.

Same Hospital net revenue was $79.8 million for 1999 compared to $83.9
million in 1998.  Same Hospital EBITDA was a negative $1.4 million, or 1.7%
of net revenue, in 1999 compared to $8.4 million, or 10.0% in 1998.

The Company reported a net loss of $20.5 million, or $0.36 per share, for
1999 compared to a net loss of $8.2 million, or $0.15 per share, for the
same period in 1998.  The net loss for 1999 included a $26.8 million
increase in the provision for income taxes to record a valuation allowance
against all remaining
net deferred tax assets as of December 31, 1999.  

Same Hospital net revenue was $357.6 million for 1999, compared to $366.0
million in 1998.  Same Hospital EBITDA decreased to $45.6 million, or 12.8%
of net revenue, in 1999 from $57.9 million, or 15.8% in 1998.  The factors
noted in the quarterly discussion above contributed to the decline in Same

The Company reported a net loss of $33.6 million, or $0.60 per share, for
1999 compared to a net loss of $6.2 million, or $0.11 per share, for 1998.

As previously reported, the Company did not make the interest payment of
approximately $16.3 million due on the Notes, which resulted in an event of
default under the Notes after the expiration of a thirty day grace period.
The Company's decision not to make the interest payment represents a
continuation of
its efforts to restore its financial health by addressing capital structure
issues at the parent company level.  To this end, the Company has retained
an investment banking firm and legal counsel to review its strategic
alternatives. The Company is also engaged in discussions with major holders
of the Notes to develop an alternative, sustainable capital structure for
the Company.  At this time, the Company is unable to predict the ultimate
outcome of these initiatives.  These issues are discussed further in the
Company's 1999 Annual Report on Form 10-K, which was filed with the
Securities and Exchange Commission on March 30, 2000.

Paracelsus Healthcare Corporation, a public company listed on the New York
Stock Exchange, was founded in 1981 and is headquartered in Houston, Texas.
Including a hospital partnership, Paracelsus presently owns the stock of
hospital corporations that own or operate 10 hospitals in seven states with
a total of 1,287 beds.  Additional Company information may be accessed through
http://www.prnewswire.comunder the Company's name.

PHILIP SERVICES: Record Date Will Be Amended
Philip Services Corp. (TSE:PHV.) announced that the previously announced
record date of March 31, 2000 to determine shareholders who will receive
shares in the restructured Company under the Company's Plan of
Reorganization will be amended to a later date.

Philip is in the final stage of completing a financial reorganization under
Chapter 11 of the U.S. Bankruptcy Code and the Companies Creditors'
Arrangement Act in Canada. The Company has provided documentation requested
by the Toronto Stock Exchange ("TSE") in order for the record date to be
finalized, and will announce the revised record date once the TSE has
concluded its review. Shareholders who own Philip shares at the close of
trading on the TSE record date will receive shares of the newly
restructured company. Under the Company's Plan of Reorganization, existing
shareholders will receive 2% of the shares of the restructured company,
which represents a total of 480,000 common shares, or one share for every
273 shares held as of the record date.

The new shares will be issued after the implementation of the Company's
Plan of Reorganization. American Securities Transfer and Trust Inc. will
manage the share issuance. It is expected that the distribution of shares
of the newly restructured company will occur within one week of the
effective date of the reorganization.

Philip Services is an integrated metals recovery and industrial services
company with operations throughout the United States, Canada and Europe.
Philip provides diversified metals services, together with by-products
management and industrial outsourcing services, to all major industry sectors.

PRIMARY HEALTH: Judge Walrath Keeps Hospitals Open
In bankruptcy court last week, Judge Walrath ruled that two hospitals --
St. Michael Hospital in Cleveland and Mt. Sinai Medical Center-East in
Richmond Heights -- will remain open as they are put up for sale through
bids.  The ruling came in the chapter 11 reorganization cases involving
Primary Health Systems, Inc.  Judge Walrath allowed PHS an additional 30
days to solicit bids.  

The decision blocks a $ 62.6 million deal the Cleveland Clinic Foundation
made with PHS to buy the two community hospitals after they have been
closed and also for the functioning PHS Mt. Sinai Integrated Medical
Campus, which is made up mainly of doctors' offices, in the suburb of
Beachwood, according to a report circulated by The Associated Press, adding
that Cleveland Mayor Michael R. White had worked out a deal with PHS and
the Cleveland Clinic to keep some medical services going at St. Michael.

PRISON REALTY TRUST: Moody's Downgrades Securities
Moody's Investors Service has lowered the senior unsecured debt rating of
Prison Realty Trust, Inc., to B2 from B1, and the senior secured bank line
rating to B1 from Ba3. The ratings remain under review for possible further
downgrade. These rating actions reflect increased uncertainty regarding
Prison Realty's restructuring, particularly with regard to the acceleration
rights of its bank lenders. The rating review also reflects uncertainty
regarding the restructuring proposals of affiliates of Fortress Investment
Group, The Blackstone Group, and Bank of America on the one hand, and
Pacific Life Insurance Company on the other.

Prison Realty Trust is a REIT that is the largest private owner of
correctional facilities in the world. According to Moody's, the REIT and
its operating company affiliates have a leadership position in the private
corrections business. However, the REIT has been facing a challenging
capital market environment, and its aggressive growth strategy through this
time period has weakened its financial fundamentals, including those of its
largest lessee, Corrections Corporation of America.

Moody's noted that the announced comprehensive restructuring proposals
reflect efforts to alleviate financial pressures on the company. Under the
Fortress/Blackstone proposal, Prison Realty would de-REIT, enabling it to
retain substantial free cash flow, enhance financial flexibility through a
new $1.2 billion long-term bank facility, and receive a minimum of $315
million as a preferred stock investment. Negotiations with Pacific Life
have not been finalized, but the original proposal contemplates a capital
infusion, along with plans to de-REIT for calendar year 2000.

Moody's expressed concern over Prison Realty's covenant defaults under its
and its affiliate's lending agreements; several of the covenant defaults
result from specific actions being conducted without receiving waivers or
consents from lenders. Although lenders have not sought to accelerate
amounts payable, they have not, for the most part, committed to a formal
waiver. Management's ability to juggle the needs of its creditor
constituencies in the face of the complex restructuring process remains a
key challenge.

The rating agency also cited the REIT's likely failure to satisfy all
conditions necessary to enforce the original Fortress/Blackstone agreement
as a risk factor. If a restructuring fails to occur, according to Moody's,
it is likely that the company will pursue an alternative strategy for
addressing its financial needs, which could adversely impact security

The following ratings were lowered:

Prison Realty Trust, Inc. - senior unsecured debt to B2 from B1; secured
debt under the existing bank facility to B1 from Ba3; and senior unsecured
debt shelf to (P)B2 from (P)B1.

The "b3" cumulative preferred stock rating reflects its risk of loss and
its subordination within the corporate structure, and also remains under
review for further downgrade.

Prison Realty Trust, Inc. (NYSE: PZN), headquartered in Nashville,
Tennessee, USA, is the largest real estate investment trust investing in
correctional facilities. The REIT reported total book assets of $2.7
billion, and equity of $1.4 billion, at December 31, 1999.

ROBERDS: Asks Judge To Permit Bonuses To Four Employees
The Dayton Daily News reports on April1, 2000 that
retailer Roberds Inc. has asked a federal bankruptcy court
judge to let it pay four of its Tampa, Fla., employees bonuses so they will
remain with the company until it closes its Florida operations.

The furniture, bedding, appliance and electronics retailer in January filed
for reorganization protection under Chapter 11 of the federal bankruptcy
code. Roberds plans to exit the Cincinnati and Tampa markets and
concentrate on its Dayton and Atlanta operations.

The filing asks U.S. Bankruptcy Judge Thomas Waldron for permission to
establish a bonus program that would pay $ 32,500 in bonuses to four of the
six remaining workers if they remain at least through May 31. Creditors
have until April 17 to respond to Roberds' request.

Since the retailer announced plans to close eight stores and a distribution
center in greater Tampa, its direct payroll there has dropped from 350 to
six employees, according to documents filed in the U.S. Bankruptcy Court's
Dayton office. Within two weeks of Roberds saying it would leave Tampa,
many store and
distribution center managers and dozens of employees resigned, court
documents state.

Roberds executives, who could not be reached for comment Friday, said in
court documents the company needs workers to handle customer-service tasks,
ensure Roberds gets as much money as possible from selling inventory and
equipment in Tampa and prepare Florida real estate holdings for sale.
Proceeds from the liquidations are to go to BankBoston, the company's
principal lender.

"These four individuals will represent (Roberds') interests and protect its
assets through the completion of the inventory liquidation sale and at
least the initial stages of the real property liquidation," court documents

The Debtors tell Judge Paine that their implementation of the 1999
Stabilization Plan was a great success, capturing a nine-month continuing
EDITDAR of $47.6 million, an amount which exceeded their target by over
40%. The Debtors assert that, with improved vendor relationships, increased
trade credit, restored confidence and streamlined operations, they are now
well positioned to present and implement their 2000 Business
Plan, which is consistent with their time line announced at the outset of
their chapter 11 case.

The Debtors reiterate that Service Merchandise is a high volume retailer of
jewelry, gifts and home products, with 223 go-forward stores in 32 states
across the country as of the commencement of the chapter 11 cases, and with
annual sales of over $2 billion in 1999. As such, they require continued
access to readily available capital in order to finance their operations.

The Debtors affirm that the existing DIP financing facility of $750 million
provided a solid foundation for them to continue the operation of their
go-forward stores under the 1999 Stabilization Plan. In connection with
this, they were indebted to the Existing Lenders in the principal sum of
approximately $180 million, plus almost $66 million of contingent liability
in respect of outstanding letters of credit, plus accrued interest and
costs and fees, the Debtors inform the Judge.

In their business judgment, the Debtors see that they need a financing
package which, while similar to the Existng DIP Facility in certain
respects, is more tailored to their ongoing financing needs, and in
particular to facilitate implementation of the 2000 Business Plan, and
their anticipated emergence from chapter 11 in 2001, for which the 2000
Business Plan provide a platform.

The Debtors explain that they do not, for example, require the same level
of financing for future operations as was available under the Existing DIP
Facility, and the New DIP Facility is accordingly designed to avoid
continuing fees associated with excess availability.

Moreover, as the Debtors begin to look toward emergence, they specifically
negotiated for the contractual right to convert the New DIP Facility into
exit financing upon the confirmation and consummation of a plan of
reorganization. This conversion feature, the Debtors say, will permit them
to avoid additional closing fees that would otherwise be associated with a
new exit facility negotiated in connection with the Debtors' emergence
from these proceedings.

The New DIP Facility of $600,000,000, pursuant to a Commitment Letter dated
February 21, 2000, executed by Fleet Retail Finance and Service
Merchandise, should provide the Debtors with the necessary liquidity to:
   (1) continue to purchase needed inventory;

   (2) maintain the continuity of their operations;

   (3) implement the 2000 Business Plan; and

   (4) successfully emerge from chapter 11 through the Exit Facility.

   (5) instill confidence in vendors and suppliers, and encourage them to  
       continue to extend credit to the Debtors.

Similar to the Existing DIP Facility, the New DIP Facility includes a
financial convenant test which will not indicate a breach of the financial
convenant unless unused borrowing availability falls below $50 million and
the Debtors fail to meet specified EBITDAR performance. Excluded from
EBITDAR calculations are revenue and expenses associated with discontinued
inventory lines, closed distribution centers and workforce reductions and
other items as agreed in the Commitment Letter (except with respect to
non-continuing EBITDAR amounts in excess of $100 million).

The Debtors affirm that their negotiations with the New Lenders were
conducted in good faith and they believe the terms and conditions to be
fair and reasonable. They tell the Court that before entering into the
Commitment Letter with Fleet Retail Finance, they had solicited new DIP
financing from Existing Lenders. Despite their attempt, they were unable to
obtain DIP financing in the form of unsecured credit on terms and
conditions more favorable to the estates than those offered by the New

Contending that the New DIP Facility is more appropriately tailored for
their ongoing needs, will facilitate the implementation of the 2000
Business Plan, and its exit conversion feature will provide the necessary
foundation for emergence from chapter 11, the Debtors' seek the Court's
approval of the New DIP Facility, including commitment for exit financing
upon confirmation, granting liens, superpriority claims and adequate
protection, authorizing use of cash collateral, and authorizing payment of
existing DIP Financing.

A hearing on the Motion is scheduled for April 4, 2000.
(Service Merchandise Bankruptcy News Issue 11; Bankruptcy Creditors'
Services, Inc.)

SPECIAL DEVICES: Moody's Downgrades Ratings
Moody's Investors Service lowered the ratings of Special Devices Inc.'s $25
million revolving credit facility and $70 million term loan from Ba3 to B3
and lowered the ratings on its $100 million senior subordinated notes due
2008 from B3 to Caa2. The senior implied rating has been lowered to B3. The
outlook is negative.

The ratings reflect Special Devices' high leverage, inadequate interest
coverage, poor operating performance as well as the uncertainty associated
with the outcome of its current lawsuits based on EPA and OSHA violations.
In addition, Moody's believes Autoliv's acquisition of OEA (Special
Devices' sole, non-captive competitor) may limit the company's future
opportunities with Autoliv, today 37% of total revenues. As a result,
Special Devices' cash flow may be lower unless other product categories
eventually replace the lost business. Currently, Special Devices sells 80%
of its products, pyrotechnic devices used in airbag initiators, to the
automotive industry and is subject to high customer concentration; its two
largest customers, TRW and Autoliv, comprise approximately 80% of
automotive revenues. The remaining 20% of revenues are driven by the
aerospace industry, particularly defense contractors.

However, the ratings also consider Special Devices' dominant market
position (34% worldwide market share in 1999 based on an initiator volume
of 45.2 million) and the opportunities for a more diversified product line
associated with the production of micro gas generators (used in seat belt
pre-tensioners). Moody's also recognizes that the company's operating
capacity and efficiency is expected to improve now that the company's move
to the Moorpark facility is complete following a several month delay. In
addition, the company anticipates substantial cash proceeds from the sale
of certain assets in the near future.

During 1999, Special Devices' profitability was negatively impacted by unit
price concessions made to its leading automotive customers, inefficiencies
associated with the Moorpark move and delays in the adoption of enhanced
cost standards and financial reporting. In addition, two incidents at its
former Newhall facility (an explosion followed by an OSHA investigation and
an internal investigation/compliance audit in connection with the
California EPA) resulted in large, negative cost implications for the
company. In regard to the EPA investigation, the company expensed $3.1
million for the fourth quarter of 1999 and $8.2 million in reserves for
estimated costs during 2000 and 2001. Potential fines associated with the
EPA violations are not yet evident and have not been accounted for.

Furthermore, management is likely to be distracted by its legal burdens
including the lawsuit it filed against the former owners of the company for
common law fraud relating to the EPA investigation for permit violations
and misleading information regarding contracts with customers.

Despite recent challenges, the company maintains a strong market position.
It recently contracted to produce all North American micro gas generators
units for its second largest customer (TRW). J.F. Lehman has taken
considerable measures to improve the company's managerial and operational
organization, the positive effects of which are expected to be realized
toward the end of 2000.

The downgrade reflects the series of obstacles that have negatively
affected the company's performance. In addition, the possibility for
negative legal outcomes would further hinder the company's already
constricted cash flow. If the operating adjustments (discussed above) fall
short of improving performance in the short to medium term, we believe the
bank debt and the notes risk further deterioration in value.

Last twelve months ended January 30, 2000, Special Devices' debt is
substantial at approximately $180 million. It is highly leveraged with
debt-to-book capitalization of 203% (book equity of negative $91 million)
and estimated debt-to-EBITDA of 6.4 times. Due to high capital expenditures
and legal costs associated with the now vacated Newhall facility and
relocation to its Moorpark facility, cash flow coverage of interest expense
is constrained; EBITDA-less-CapEx is inadequate at 0.75 times. Furthermore,
Special Devices' EBIT return on liabilities (given liabilities are greater
than assets) is weak at 4.9%.

Special Devices is a leader in the design and manufacture of pyrotechnic
devices, which the automotive industry uses as initiators in airbag systems
and aerospace industry uses in tactical military crew escape systems. The
company, which operates facilities in Moorpark, Ca., Mesa, AR, and Downers
Grove, IL, employs more than 1,300 people.

SUPERCANAL HOLDING: Facility Downgraded To `D'
Fitch IBCA lowers its rating on Supercanal Holding S.A.'s (Supercanal) $300
million senior secured credit facility to `D' from `C' and withdraws the
rating due to the company's inability to provide information on a timely

The lowered rating reflects Supercanal's inability to make scheduled
amortization of principal, due Jan. 2000, on its senior secured credit
facility. This event follows the company's default - in May of 1999 - of
interest payment terms under its $300 million senior unsecured notes, as
well as a breach of several bank facility financial covenants in May of
1998. The rating also acknowledges Fitch IBCA's understanding that the
financial covenants breached in 1998 remain unresolved.

As of 12/31/99, the company reported $419 million in total debt outstanding
primarily comprised of bank debt of $104 million and senior notes of $300
million. The balance is comprised of seller debt. According to Supercanal
management, negotiations are underway with lenders on a restructuring plan.
Company management is also deliberating over the benefits of an outright
sale of the company to interested parties.

The company's primary shareholders include Multicanal S.A., Latlink, Grupo
Uno and the Vila family. Multicanal is Argentina's largest cable television

TEU HOLDINGS: Committee Taps Whitman Breed Abbott & Morgan
The Official Committee of Unsecured Creditors of TEU Holdings, Inc., et al.
seeks court authority to retain Whitman Breed Abbot & Morgan LLP as counsel
for the committee.

At an organizational meeting of creditors of the debtors held on February
2, 2000, the Office of the US Trustee appointed the following Committee to
represent all unsecured creditors:

Air Craftsmen, Inc.
Feright Handlers, Inc.
Hickory Hill Furniture Corp.
Melville Realty Co., Inc.
Simon Property Group

The firm's hourly rates for work of this nature currently range from $90 to
$125 per hour for paralegals, from $125 to $275 for associates and afrom
$300 to $420 for members.  These hourlyrates are subject ot periodic
adjustments .

Included among the professional services which WBAM may be called upon to
render to the Committee are: advising the Committee and representing it
with respect to proposals and pleadings submitted by the debtors or others
to the Court or to the Committee; representing the Committee with respect
to any plans of reorganization or disposition of assets proposed in these
cases; attending hearings, drafting pleadings and generally advocating
positions which further the interests of the creditors represented by the
Committee; assisting in the examination of the debtors' affairs and review
of the debtors' operations; investigating any potential causes of action
which the debtors or the Committee may bring against any third-party;
advising the Committee as to the progress of the Chapter 11 proceedings.

TURBODYNE TECHNOLOGIES: Notification of Late Filing
Turbodyne Technologies Inc. (EASDAQ:TRBD) announced that it has filed a
notification of late filing of the company's Annual Report on Form 10-K
with the U.S. Securities and Exchange Commission pursuant to Rule 12b-25
and with the Market Authority of EASDAQ.

The company anticipates that it will file its annual report on or before
April 14, 2000.  The company has not been able to complete the compilation
of the requisite financial data and other narrative information necessary
to enable it to have sufficient time to complete the company's Annual
Report on Form 10-K
by March 30, 2000, the required filing date, without unreasonable effort
and expense.

The results for the year ended Dec. 31, 1999, are significantly negatively
affected by the bankruptcy of Pacific Baja Light Metals described in the
company's news releases dated March 15, 2000, and Feb. 18, 2000. The
disposition of Pacific Baja Light Metals will have a material adverse
effect on the gross
sales and net income of the company as well as stockholders' equity.
Consequently, the company expects to incur a substantial net loss for the
year ended Dec. 31, 1999, as compared with the prior period.

The company's filing on Form 12b-25 is accessible on the Internet at

Turbodyne Technologies Inc., a California-based high-technology company,
specializes in the development of charging technology for internal
combustion engines plus the development and manufacturing of high-tech
assemblies for electrically assisted turbochargers and superchargers.
Turbodyne Technologies'
headquarters is located in Carpinteria; the European business location is
Frankfurt, Germany. Additional information about the company is available
on the Internet at

WASTE MANAGEMENT: Appoints David R. Hopkins Sr. VP of South
Waste Management Inc. (NYSE:WMI) today announced the appointment of David
R. Hopkins as senior vice president of the Company's Southern area.
Hopkins, 56, succeeds Miller Mathews, who has decided to retire from the
company on April 30.

"Dave Hopkins has been in the waste industry for 20 years and brings
enormous talent and experience in both operations and finance to this
important role," said Maury Myers, Waste Management's chairman, president
and chief executive officer. "I am very pleased to have a person of Dave's
strong industry knowledge and financial acumen to head our business in the
south and southeast. Miller Mathews has made important contributions to the
Company, and I would like to thank him for his years of service and wish
him well as he moves toward full retirement. Miller has agreed to continue
to serve the company on a part-time
basis and will be available for the next three years to help with various

Hopkins, a Waste Management senior vice president, has been chief executive
officer of the Company's Waste Management International business since
September 1998, overseeing operations in 21 foreign countries. In recent
months, he has directed the implementation of the Company's strategic plan
to divest of these
operations as Waste Management re-focuses on its core North American solid
waste business. He will continue to direct the divestiture process
involving these international operations, which is expected to be complete
this year.

Prior to joining Waste Management, Hopkins was vice president, controller
and chief accounting officer of Browning-Ferris Industries Inc. between
1980 and 1997. He was divisional vice president and assistant controller of
BFI from 1980 to 1986. Prior to joining BFI, he was with PPG Industries,
Inc., where he served in a variety of financial positions.

Waste Management Inc. is its industry's leading provider of comprehensive
waste management services. Based in Houston, the Company serves municipal,
commercial, industrial, and residential customers throughout the United
States, and in Canada, Puerto Rico and Mexico.

WASTE MANAGEMENT: Subsidiary Acquires Browning-Ferris Units
Waste Management, Inc. (NYSE:WMI) announced that its Canadian Waste
Services, Inc. (CWS) subsidiary has completed the previously announced
acquisitions of certain commercial, roll-off and recycling waste collection
businesses of Browning-Ferris Industries, Ltd. (BFIL), a Canadian
subsidiary of Allied Waste Industries, Inc. (NYSE:AW). CWS has acquired
BFIL's commercial
waste collection, roll-off and recycling businesses in Toronto, Halifax,
St. John's, Brandon, Kenora and Nanaimo. CWS also has acquired some
predominantly roll-off and recycling businesses of BFIL in several other
areas in which BFIL will continue to have a presence following this
transaction, as well as some
residential collection businesses in Alberta, Manitoba and Nova Scotia.

CWS also expects to complete the acquisition of BFIL's landfill in Red Deer
and BFIL's interest in a disposal business in Halifax upon receiving
certain consents and regulatory approvals.

The Canadian Competition Bureau has reviewed the competitive implications
of this transaction, and did not object to CWS acquiring the above
businesses. However, as a result of discussions with the Competition
Bureau, CWS will not be acquiring in this transaction BFIL's commercial and
certain roll-off and recycling businesses in Vancouver, Calgary, Edmonton,
Kelowna, Lethbridge, Medicine Hat, Winnipeg, Portage la Prairie, Thunder
Bay, Kitchener, Halton, Victoria, London, Windsor or Ottawa, or any of
BFIL's collection business in Montreal. In addition, CWS will not be
acquiring in this transaction any of
BFIL's disposal sites in Montreal, Winnipeg or Calgary, any of BFIL's
residential collection businesses in Ontario, or any of BFIL's recycleries
located in Victoria, Kelowna, Calgary, Ottawa or Winnipeg.

The Bureau has objected to CWS acquiring the Ridge landfill in Southwest
Ontario. However, CWS and the Bureau have agreed that CWS may complete the
acquisition of the Ridge landfill, provided that CWS holds the Ridge
landfill separate and apart from the other operations of CWS under
management independent of CWS management pending the resolution of an
application by the Bureau to the Competition Tribunal seeking an order
requiring CWS to divest of the Ridge landfill. CWS will oppose such
application by the Bureau.

Waste Management, Inc., based in Houston, Texas, is the industry leader in
providing waste management services. In North America, the Company operates
throughout the United States, and in Canada, Puerto Rico, and Mexico,
serving municipal, commercial, industrial and residential customers.

Meetings, Conferences and Seminars
April 5-8, 2000
      Spring Meeting
         The Pointe Hilton Squaw Peak Resort
         Phoenix, Arizona
            Contact: 1-312-822-9700 or
April 6-7, 2000
      Commercial Securitization for Real Estate Lawyers
         Walt Disney World, Orlando, Florida
            Contact: 1-800-CLE-NEWS

April 10-11, 2000
      22nd Annual Current Developments in
      Bankruptcy and Reoorganization Conference
         Grand Hyatt Hotel, San Francisco, California
            Contact: 1-800-260-4PLI

April 27-30, 2000
      Annual Spring Meeting
         J.W. Marriott, Washington, D.C.
            Contact: 1-703-739-0800

May 4-5, 2000
      Bankruptcy Sales & Acquisitions
         The Renaissance Stanford Court Hotel
         San Francisco, California
            Contact: 1-903-592-5169 or   

May 15, 2000
      2nd Annual New York City Bankruptcy Conference
         Association of the Bar of the City of New York,
         New York, New York
            Contact: 1-703-739-0800

May 26-29, 2000
      52nd Annual Meeting of the New England Region
         Colony Hotel, Kinnebunkport, Maine
            Contact: 1-617-742-1500 or

June 8-11, 2000
      7th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800
June 14-17, 2000
      16th Annual Bankruptcy & Restructuring Conference
         Swissotel, Chicago, Illinois
            Contact: 1-541-858-1665 or

June 29-July 2, 2000
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 1-770-535-7722

July 13-16, 2000
      7th Annual Northeast Bankruptcy Conference
         Doubletree Hotel, Newport, Rhode Island
            Contact: 1-703-739-0800
July 21-24, 2000
   National Association of Chapter 13 Trustees
      Annual Seminar
         Adams Mark Hotel, St. Louis, Missouri
            Contact: 1-800-445-8629 or

August 3-5, 2000
      Fundamentals of Bankruptcy Law
         Somewhere in Boston, Massachusetts
            Contact: 1-800-CLE-NEWS

August 9-12, 2000
      5th Annual Southeast Bankruptcy Workshop
         Hyatt Regency, Hilton Head Island, South Carolina
            Contact: 1-703-739-0800

August 14-15, 2000
      Advanced Education Workshop
         Loews Vanderbilt Plaza, Nashville, Tennessee
            Contact: 1-312-822-9700 or
September 12-17, 2000
         Doubletree Resort, Montery, California
            Contact: 1-803-252-5646 or

September 15-16, 2000
      Views From the Bench 2000
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800

September 21-22, 2000
      3rd Annual Conference on Corporate Reorganizations
         The Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or   

September 21-23, 2000
      Litigation Skills Symposium
         Emory University School of Law, Atlanta, Georgia
            Contact: 1-703-739-0800

September 21-24, 2000
      8th Annual Southwest Bankruptcy Conference
         The Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800

November 2-6, 2000
      Annual Conference
         Hyatt Regency, Baltimore, Maryland
            Contact: 312-822-9700 or

November 27-28, 2000
      Third Annual Conference on Distressed Investing
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or   
November 30-December 2, 2000
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to are encouraged.  


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
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