TCR_Public/000414.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

     Friday, April 14, 2000, Vol. 4, No. 74


ALTIVA FINANCIAL: Reports Second Quarter Fiscal 2000 Results
AMERICAN HEALTHCHOICE: Announces Approval of Disclosure Statement
AMERISERVE: Loses Burger King Account
APPLE ORTHODONTICS: Venue Transfer to Houston
ARM FINANCIAL: Signs Purchase Agreement with 1st Atlantic

BOSTON CHICKEN: Court Grants Sixth Extension of Exclusivity
CARSON INC: Terra Industries' Revolving Credit Line Replaced
CBO: Moody's Takes Action
COHO ENERGY: Plan Confirmed With Modifications
COHO ENERGY: Reports Plan Effective To SEC

DAEWOO ELECTRONICS: Courts declare Annual Meeting invalid
DOW CORNING: Judge Hears Breast-Implant Suit Arguments
EAGLE FOOD: Seeks Extension of Time To Assume/Reject Leases
IMPERIAL HOME DÉCOR: Seeks Extension of Exclusivity

INTEGRATED HEALTH: SNH Announces Agreements with Integrated
KELLER FINANCIAL: Trustee Sues Auditors and Executives
KENETECH: Court Confirms Judgment in Favor of Kenetech
KITTY HAWK: Moody's Lowers Debt Ratings (Senior Implied To Caa2)
KITTY HAWK: Shares Lose 80% of Value

KMART: Annual Meeting Set For May 16, 2000
LOEWEN: Clarification on Provisions of Original Bar Date Order
MITSUBISHI CORP.: To Post First-Ever Net Loss
NEUMAN DISTRIBUTORS: Files for Chapter 11 Bankruptcy Protection
NISSAN MOTOR: To sell empty showrooms

PAXSON COMMUNICATIONS: Annual Meeting Set For May 1, 2000
PRIMARY HEALTH: Committee Objects to Exclusivity Extension
SERVICE MERCHANDISE: Announces Golden Tuesdays Program
SIZZLER INTERNATIONAL: FMR Reports Beneficial Ownership

TITAN: USWA Slams Titan Once Again
TOWER AIR: Taps Young Conaway Stargatt & Taylor
TOWER AIR: Committee Taps Blank Rome Comisky & McCauley LLP
UNIDYNE: Plans Reorganization
US LEATHER: Motion To Adopt Key Employee Retention Plan

WASTE MANAGEMENT: Subsidiary To Sell Pacific Waste - Australia
WESTSTAR CINEMAS: Seeks Extension of Exclusivity



ALTIVA FINANCIAL: Reports Second Quarter Fiscal 2000 Results
Altiva Financial Corporation (Nasdaq: ATVA) today reported its
financial results for the second quarter of fiscal year 2000
ended February 29, 2000.

Net loss before extraordinary item for the quarter ended February
29, 2000 was $3.3 million ($0.85 per share) compared to net loss
before extraordinary item of $3.1 million ($0.55 per share) for
the quarter ended February 29, 1999. Net income after
extraordinary item for the quarter ended February 29, 2000, was
$4.4 million ($1.16 per share), compared to net income after
extraordinary item of $1.7 million ($0.55 per share) for the
quarter ended February 28, 1999. Income (loss) per share was
based on approximately 3.8 million and 3.1 million weighted-
average shares of common stock on February 29, 2000 and February
28, 1999, respectively.  Stockholders' equity at February 29,
2000 was $23.1 million, compared to $18.6 million at November 30,
1999.  At February 29, 2000, Altiva had $3.1 million in
unrestricted cash, including cash in transit, compared to $11.3
million in unrestricted cash at November 30, 1999.  Subsequent
events may cause a restatement of the value of certain of the
assets carried on Altiva Financial's balance sheet and a
commensurate increase in expense and a related reduction in net

Altiva Financial previously announced that it had sold $14.0
million principal amount of 12% Secured Convertible Senior Notes
due 2006, with net cash proceeds to Altiva Financial of $4.0
million and that it had refinanced most of the $30.4 million
principal amount of its outstanding 12-1/2% Subordinated Notes
due 2001.  While these events generated additional liquidity for
Altiva Financial, viability of Altiva Financial's operations
remained dependent on improving loan production by The Money
Centre, Inc., Altiva Financial's wholly-owned operating
subsidiary, and upon selling the company's existing loan
inventory.  During the calendar quarter ended March 31, 2000,
loan production by The Money Centre, Inc. was significantly below
levels that the company expected.  In addition, as of March 31,
2000, the sale price of loans sold during the period were lower
than the company expected.  These events contributed to a
significant deterioration in Altiva Financial's available cash.

As a result of Altiva Financial's escalating liquidity problems
and continuing losses in the Las Vegas operation, the Board of
Directors authorized the closing of Altiva Financial's operations
in Las Vegas, Nev.

In addition, the Board of Directors has instructed management to
seek an immediate cash infusion.  Management is actively pursuing
such an infusion. Without such an infusion, the Company may not
be able to continue operations for any determinable period of
time and in such a case will consider alternatives, including
seeking an arrangement with its creditors, an orderly winding-
down of the business or protection as a debtor under the United
States Bankruptcy Code.

Altiva Financial also announced today that both Spencer I. Browne
and Hubert M. Stiles, Jr. have elected to resign from Altiva
Financial's Board of Directors, effective immediately.

Altiva Financial Corporation is a specialty financial services
company that originates, purchases, sells sub-prime home equity
loans, conventional home improvement loans, as well as debt
consolidation loans and FHA Title I loans. The Company is
headquartered in Atlanta, Georgia and maintains 20 branch offices

AMERICAN HEALTHCHOICE: Announces Approval of Disclosure Statement
American HealthChoice, Inc. (OTCBB:AHIC) today announced that the
Company's Amended Joint Disclosure Statement was approved by the
United States Bankruptcy Court on April 6, 2000.

The Company is in the process of distributing the Plan, the Order
Approving the Disclosure Statement, the Disclosure Statement and
a Ballot to creditors, equity security holders and other parties
in interest as of April 6, 2000. A hearing on Confirmation of the
Plan is fixed for May 16, 2000. Dr. J. W. Stucki, President and
Chief Executive Officer of American HealthChoice stated, "I
believe that the Plan will be confirmed and the reorganization
completed by June 30, 2000."

An important provision of the Plan is the acquisition of three
established clinics with expected gross annual revenue of
$5,000,000 and expected cash flow of approximately $1,500,000.
The purchase price is approximately $6,000,000 with $900,000 in
cash at closing and the remainder in a debenture, which will be
convertible into common stock if annual cash flow targets are
achieved over a three year period. In addition, the Plan allows
the debenture holders, who are owed$3,385,000 face amount, to
convert their debentures into a fixed amount of common stock. The
acquisition and future working capital requirements will be
funded through an infusion of approximately$1,500,000 in new
capital. The debt conversion and the acquisition of the clinics
will significantly increase the number of outstanding shares of
common stock. In this regard Dr. Stucki stated, "Although the
number of outstanding shares will increase, shareholder value
will be enhanced through a healthy balance sheet and future
profits at the acquired clinics."

Dr. Stucki also stated, "Our existing clinics continue to be
profitable and the Company expects to report a profit for the
three months ended March 31, 2000."

American HealthChoice, Inc. is a provider of healthcare services
and operates primary care clinics located in Texas and Louisiana.
Its stock is quoted on the OTC Bulletin Board under the symbol

AMERISERVE: Loses Burger King Account
AmeriServe Food Distribution Inc., which filed chapter 11 on Jan.
31, said it will lose its account with 5,800 Burger King
restaurants, costing the bankrupt company $2.2 billion of its
$6.2 billion in annual revenue, the Associated Press reported.
AmeriServe chief executive Ronald Rittenmeyer said the company
would lay off 1,400 to 1,600 of its roughly 6,000 employees
(about 25 percent), and is considering whether it wants to
continue as a stand-alone company, merge with a partner or sell
some of its assets, he said. AmeriServe had received $150 million
in temporary financing from its two largest customers, Burger
King and Tricon Global Restaurants Inc., which operates Pizza
Hut, KFC and Taco Bell. Acquisitions that left the company with a
heavy debt load caused the company to miss payments to suppliers,
resulting in spot shortages of food and paper products at some
restaurants, prompting several customers, some Burger King
franchisees included, to switch to other distributors. "The
Burger King system has already arranged for distribution services
for the approximately 5,800 Burger King restaurants currently
served by AmeriServe," said Tulin Tuzel, senior vice president of
worldwide supply and chief technology officer. "We have agreed
with AmeriServe to work through a smooth transition to new
distributors over the next several months." Deliveries of food
products to Burger King will end in July; however, Rittenmeyer
said it would not affect the temporary financing, which runs into
August. The company is in talks with Chase and Deutsche Bank
about permanent financing, but Rittenmeyer acknowledged that the
company probably won't emerge from bankruptcy this year.  (ABI

APPLE ORTHODONTICS: Venue Transfer to Houston
Last week, the Delaware bankruptcy court in Wilmington
transferred the venue of Apple Orthodontics Inc.'s chapter 11
bankruptcy to Houston at the request of one of Apple's creditors,
according to a newswire report. Apple, which filed chapter 11 on
Jan. 27, opposed the transfer venue at a hearing, as did its
unsecured creditors' committee, the official committee of doctors
and Apple's two senior secured lenders, Chase Bank of Texas and
Bank Paribas. Hon. Mary F. Walrath, who presided over the case in
Delaware, cited new procedures in Houston bankruptcy courts among
her reasons for the transfer. "I am aware of the new rules in the
Houston court regarding seeking to solve the problem articulated
by the debtor about prompt scheduling of hearings," she noted in
her ruling. "The rules provide that a complex case will be given
precedence and will be expedited on the court's calendar. And,
quite frankly, comparing it to my own calendar, I think they may
be able to give the debtor a little better service than our
calendar has been able to." The transfer motion was prosecuted by
Samuel M. Stricklin of the Dallas firm of Sheinfeld, Maley &
McKay P.C. (ABI 13-Apr-00)

ARM FINANCIAL: Signs Purchase Agreement with 1st Atlantic
ARM Financial Group Inc., debtor, announced that it has entered
into a stock purchase agreement whereby 1st Atlantic Guaranty
Corp. will acquire ARM Financial Group's wholly owned subsidiary
SBM Certificate Co. for $650,000, $400,000 of which will be
placed in escrow for 18 months following the closing of the
transaction. The escrowed proceeds from the SBM sale will be used
to fund certain indemnification obligations of the company and is
subject the approval of the U.S. Bankruptcy Court for the
District of Delaware. Upon approval, the transaction is expected
to close in the second quarter of 2000.

BOSTON CHICKEN: Court Grants Sixth Extension of Exclusivity
The Debtors have filed previous motions to extend the exclusivity
period, and the Court's latest order in this regard is to grant
extension of the exclusive period to obtain acceptances of plans
of reorganization to March 21, 2000.

Subsequent to the court's previous order governing the extension
of exclusivity period, the court approved the Debtors' Disclosure
Statement for Second Amended Plan. The Disclosure Statement Order
provides that March 22, 2000 is fixed as the last day for filing
and serving written objections to the Plan. It also schedules a
preliminary confirmation hearing on April 4, 2000, and orders
that a final confirmation hearing will be set to commence not
later that the week of May 8, 2000.

The Debtors report that they have been working diligently to
obtain acceptances of the Plan. However, given the deadlines
established in the Disclosure Statement Order, the Debtors say,
it is impossible to obtain acceptances of a plan of
reorganization before the current deadline of March 21, 2000, and
they consider that an additional short period of time
is necessary to finalize confirmation issues relating to the

The Debtors believe that if the exclusive period is not extended,
the process now in place for plan confirmation will be
destabilized and the completion of the solicitation of
acceptances of the Plan will be negatively impacted.

In the Debtors' business judgment, it is of significant economic
importance that the current solicitation of acceptances of the
Plan continues, given the pending transaction with Golden.

The Debtors explicate that this extension is not sought to
pressure creditors to submit to the reorganization demands but to
maintain Boston Chicken's operations as the focal point of plan
negotiations and to protect the Company's ongoing business value
for all creditors and parties in interest. The Debtors tell the
Court there is no indication that they are unwilling to negotiate
in good faith with their creditors. They believe that the
extensions they seek will not do any prejudice to creditors.

Furthermore, the 1996 Lenders are agreeable, the Debtors say, to
an extension of the deadline for seeking acceptances of the Plan
to May 31, 2000. The Debtors point out that the Court has
previously granted both the 1996 Lenders and the Official
Committee of Unsecured Creditors the right to terminate
exclusivity on 10 days' notice to the Debtors, but no such
notice has been given. They suggest that such rights be continued
in connection with the requested extension of the exclusive
period through May 31, 2000.  The motion was granted. (Boston
Chicken Bankruptcy News - Issue 22; Bankruptcy Creditors' Service

CARSON INC: Terra Industries' Revolving Credit Line Replaced
Terra Industries Inc. has completed a $225 million asset-based
financing with Citibank, N.A., as Administrative Agent, and
Salomon Smith Barney Inc., as Arranger, that replaces Terra's
existing $63 million revolving credit line and amends and
restates its $109 million long-term bank notes. The credit
arrangements, which expire in January 2003, contain three
components: a $116 million revolving credit facility, a $59
million amended Canadian term loan and a $50 million consolidated
term loan. The revolving credit facility and amended Canadian
term loan are secured primarily by Terra's accounts receivable
and inventories; the consolidated term loan is secured primarily
by Terra's fixed assets. Anglo American plc, which owns
49.5% of Terra's outstanding common shares, is providing limited
credit support for the consolidated term loan.

Available borrowings under the revolving credit facility and
amended Canadian term loan will depend upon Terra's accounts
receivable and inventory levels. Interest rates for borrowings
under the agreement will not exceed spreads over LIBOR of 4% for
the consolidated term loan, 3.25% for the amended Canadian term
loan and 2.75% for the revolving credit facility. Mandatory
principal repayments are $1.25 million quarterly on the
consolidated term loan. The agreement requires Terra to attain
minimum quarterly earnings before interest, income taxes,
depreciation and amortization (EBITDA) as more particularly
defined in the agreement. The minimum annual EBITDA requirements
for calendar 2000 and 2001 are $45 million and $90 million,

CBO: Moody's Takes Action
Moody's Investors Service announced today that it has downgraded
three tranches within Alliance Collateralized Holdings Series
1997-1. Moody's also downgraded the "mezzanine" tranche of Putnam
CBO I Limited. At the same time, Moody's has confirmed the
ratings of four tranches within York Funding Ltd. Series 1998-1.

The downgrades of Alliance Collateralized Holdings Series 1997-1
and Putnam CBO I Limited, were prompted by a reduction in the
credit quality of the portfolio, including large exposures to Caa
credits as well as a sizable loss of par in the underlying
assets. In both of these transactions, a mix of domestic and
emerging market credit downgrades and defaults have contributed
to the diminished quality of the collateral.

According to Moody's, the confirmation of the existing ratings on
the four tranches in York Funding Ltd. Series 1998-1 reflects an
improvement in the average rating of the collateral pool. Moody's
had the transaction on review for possible downgrade in May 1999.


The ratings of the following tranches have been downgraded:
Issuer: Alliance Collateralized Holdings Series 1997-1
Tranche Description:

$144 MM Class A-2 Floating Rate Second Senior Secured Notes, due
2009; from Aa1 to Aa3

$52.1 M Class B Third Senior Secured Notes, due 2009; from Ba2 to

$36 M Class C Subordinated Notes, due 2009; from Caa1 to Ca
(Principal Only)

Issuer: Putnam CBO I Limited
Tranche Description:
$53.5 M Second Priority Senior Secured Fixed Rate Notes, due
2009; from Ba2 to B1


The ratings of the following tranches have been confirmed:
Issuer: York Funding Ltd. Series 1998-1 Asset Backed Notes
Tranche Description:

$21 M Class II Mezzanine Notes; Rated Baa1

$51 M Class III Mezzanine Notes; Rated Baa3

$45 M Class IV Subordinated Notes; Rated B1

$15 M Class V Subordinated Notes; Rated B3

COHO ENERGY: Plan Confirmed With Modifications
On March 20, 2000 the United States Bankruptcy Court for the
Northern District of Texas confirmed, with several modifications,
Coho Energy Inc.'s plan of reorganization.

The modifications to the plan include the retention by the common
shareholders as of Feb. 7, 2000 of 20% of any proceeds from
Coho's lawsuit against Hicks, Muse as well as 40% of any net sale
proceeds from the company's Tunisia permit.

The company has also announced a change in the number of shares
to be outstanding after the effectiveness of the plan. It had
previously noted a possible reverse stock split to
proportionately reduce the number of authorized and outstanding
shares to help the company satisfy Nasdaq listing requirements.  
To more efficiently effect this change, the company amended its
plan so that the change in capitalization is effective as part of
the plan of reorganization. This change will entail the issuance
of one share of new common stock for each 40 shares of old common
stock, rather than the one-for-one exchange ratio previously
planned. The change will not affect the relative percentage
ownership interests among various groups of
shareholders after the effectiveness of the plan.

In addition to the modifications to the plan of reorganization
the company also announced that its President and Chief Executive
Officer, Jeffrey Clarke, is expected to resign concurrently with
the effectiveness of the company's confirmed plan of
reorganization. At that time, Mike McGovern, a Managing Director
of Pembrook Capital Corporation and formerly the Chairman
and Chief Executive Officer of Edisto Resources Corporation, is
expected to be elected as the new President and Chief Executive
Officer. The change in chief executive officer results from the
request of the majority holders of the company's 8 7/8% bonds and
was not a decision taken by the current board of directors. The
plan entails the issuance of more than a majority of the
company's stock to the bondholders. The confirmed plan, its
effectiveness, and the concomitant change in the company's
management, was anticipated to occur on March 31.

COHO ENERGY: Reports Plan Effective To SEC
Coho Energy, Inc.'s Plan of Reorganization as filed in the United
States Bankruptcy Court for the Northern District of Texas,
Dallas Division, has become effective.

Under 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.

DAEWOO ELECTRONICS: Courts declare Annual Meeting invalid
The workout plan for Daewoo Electronics has reached a
bottleneck, with the Seoul District Court invalidating the
firm's March 24 annual general meeting of shareholders.

Minor shareholders of the firms had earlier filed a request
for a court injunction on resolutions approved at the
meeting as they had been banned from participating and had
been denied their request to make a proposal at the
meeting. Daewoo Electronics and its creditors' group had
passed resolutions to convert a total of W84 billion of the
firm's debt into equity. (Digital Chosun  11-April-2000)

DOW CORNING: Judge Hears Breast-Implant Suit Arguments
Yesterday, a Dow Corning Corp. attorney asked a federal judge to
set aside a bankruptcy court's opinion the company says modifies
and jeopardizes a $3.2 billion settlement over silicone breast
implants, the Associated Press reported. George Tarpley asked
U.S. District Judge Denise Page Hood to vacate federal Bankruptcy
Judge Arthur J. Spector's December opinion that women opposed to
the settlement may sue Dow Corning's parent companies, calling
the opinion "an error of law" that, if allowed to stand, could
cripple the settlement that took years to reach and has been
approved by 94 percent of the 112,774 women who last year voted
on it. The companies and lawyers for women who voted in favor of
the settlement say Spector's opinion changed the terms of the
settlement he approved Nov. 30, invalidating the deal that was
part of Dow Corning's $4.5 billion plan to emerge from chapter 11
bankruptcy. Tarpley told Judge Hood that Dow Corning, a joint
venture between Dow Chemical Co. and Corning Inc., was prepared
to begin paying claimants if Judge Spector's opinion is reversed.
"It serves no purpose whatsoever to pay out $3 billion over a
number of years only to have this litigation continue in other
forms, as it did before bankruptcy," Tarpley said. "We want to
shut down litigation. If we're gonna pay money for it, we want it
over with." Under the settlement, Dow Corning would pay out $3.2
billion to settle claims by more than 170,000 women blaming
various health problems on silicone implants once made by the
company. But Judge Spector's Dec. 21 opinion stated that women
who voted against the settlement still could sue Dow Chemical and
Corning if they chose. A Dow Chemical spokesman said that if
Judge Spector's opinion stands, "then the plan won't be
confirmed." John White, one of the attorneys representing the a
group of women from Nevada, told Judge Hood "there's no reason,
no bankruptcy purpose, for any injunction or stay against suing
Dow Chemical over implants." The hearing is to continue
today.(ABI 13-Apr-00)

EAGLE FOOD: Seeks Extension of Time To Assume/Reject Leases
The debtor, Eagle Food Centers, Inc. seeks court authority to
extend the time to assume or reject unexpired nonresidential real
property leases.

Most of the debtor's stores and the debtor's distribution center
are operated out of leased premises.  The debtor has already
rejected twenty-eight leases.  The disposition of the debtor's
other leases will depend on whether the rejection of such leases
makes economic sense considering the profitability of individual

Until the April 21 bar date passes, and the debtor understands
the scope of potential lease rejection damage claims, the debtor
will be unable to adequately evaluate its leases.  The debtor
continues to monitor and evaluate the performance of its stores.    
The debtor estimates that it will require an extension of the
time to assume or reject its leases until the earlier of the
effective date of the debtor's plan or 120 days from the current
deadline to August 29, 2000, in order to make fully-informed
decisions with respect to the leases.

Standard & Poor's affirmed its triple-'C' foreign currency and
local currency corporate credit ratings on Empresas Municipales
de Cali S.A. (Emcali). At the same time, Standard & Poor's
affirmed its triple-'C' foreign currency rating on TermoEmcali
Funding Corp.'s (TermoEmcali) US$165 million senior secured bonds
due 2014. Both entities have been placed on CreditWatch with
developing implications, which means that their ratings may be
raised or lowered depending on the outcome of the recent
intervention by the Colombian Public Service Superintendencia in

The affirmation follows the news on April 3, 2000, that the
Colombian Public Service Superintendencia intervened and took
management control of Emcali for three months in an attempt to
solve Emcali's financial difficulties. The intervention followed
the Feb. 28, 2000, vote by Cali's city council against a
recapitalization plan for the near-insolvent utility. As a result
of the vote, Cali's mayor requested the intervention of the
Colombian Public Service Superintendencia. Neither the
Superintendencia nor the government is required to make a capital
infusion to pay Emcali's creditors, including TermoEmcali.
Rather, the Superintendencia is likely to end the financial
crisis by selling Emcali's energy company to outside investors.
Empresas Publicas de Medellin (EPM) and two private firms have
expressed interest in purchasing the company's assets. If
Emcali's financial problems are not resolved within three months,
the Superintendencia has stated that all of Emcali's assets might
be fully liquidated.

EPM, the most likely purchaser of the assets, is an efficient
organization with the expertise to run Emcali. EPM also has an
adequate capital base. Emcali's acquisition by this city-owned
company might be perceived favorably by anti-privatization groups
in the Cali region. The major impediment to the recapitalization
plan proposed by the mayor and rejected by the city council early
this year, was the opposition of Emcali's unions.

Despite these advantages, TermoEmcali bondholders must agree
prior to any sale of Emcali's assets that the new entity is not
materially less creditworthy than Emcali. Further, these
bondholders have the right to preclude the transfer of any of
Emcali's substantial assets.

There have been some other near-term positive developments for
TermoEmcali bondholders since the Superintendencia intervened.
The Superintendencia has suspended all liens against Emcali by
Colombian national banks (more than US$200 million), although
foreign obligations must continue to be honored during the three-
month intervention period. Because of the de facto payment
moratorium on Emcali's domestic loans, the company should have
increased cash available to become current on its payments to
TermoEmcali. In fact, Emcali paid the outstanding US$2.3 million
that was 60 days overdue on April 7, 2000, within the 30-day cure
period allowed under the power purchase agreement (PPA),
precluding an event of default under the PPA. Additionally, the
new Emcali board plans to meet with TermoEmcali this week to
discuss a payment plan for the outstanding payments that are
currently 60 days overdue, to prevent a future event of default
under the PPA.

TermoEmcali is a 234MW combined-cycle facility owned by
TermoEmcali I S.C.A. E.S.P. The owners of the project company
include Emcali, subsidiaries of InterGen (InterGen is owned by
subsidiaries of Bechtel Enterprises and Royal Dutch Shell) and
Corporacion Financiera del Pacifico, a local Cali business group.
The project's rating reflects the uncertainty about the cash flow
stream that will come from the sale of capacity and energy to

Emcali is a diversified, municipally-owned utility providing
electricity, water, sewage, and local landline telephone service
to a population of about 2 million located in and around the city
of Cali, Standard & Poor's said.

IMPERIAL HOME DÉCOR: Seeks Extension of Exclusivity
The Imperial Home Decor Group Inc. filed an application with the
to extend the period in which the company has the exclusive right
to file and advance a plan of reorganization in its chapter 11

A hearing to consider the application is scheduled for May 18,
2000. Upon extension of its exclusivity period, the company would
be granted another 120 days, until Sept. 4, 2000, in which only
it may file a plan of reorganization, and another 60 days after
that date, until Nov. 3, 2000, during which only it can solicit
creditors to vote for the plan. The company also announced that
the Official Committee of Unsecured Creditors in its chapter 11
case indicated its support for the motion. The company
emphasized, however, that the decision to grant its extension of
exclusivity is solely within the discretion of the court.

The company reports that it has improved liquidity during the
critical spring production and distribution season, with up to
$75 million available under its Debtor-in-Possession (DIP)
financing facility.

IHDG has extended its marketing reach by moving into new sales
channels such as Eddie Bauer Home Stores, securing new agreements
with high-profile, brand-name lines, and maintaining agreements
with well-known licensors as well as high-profile designers such
as Ralph Lauren. The company has also recently converted its
distribution agreement with Laura Ashley to a licensing
agreement, enabling IHDG to design and manufacture the Laura
Ashley-licensed product.

Employee levels have been reduced by approximately 7 percent in
the company's U.K. operations in line with current sales volume
and expectations.

Imperial Home Decor Group is the world's largest designer,
manufacturer and distributor of residential wallcovering
products. Headquartered in Cleveland, Ohio, Imperial Home Decor
Group supplies home centers, national chains, independent
dealers, mass merchants, design showrooms and specialty shops.

In 1998, Imperial Home Decor Group reported net sales of $416.7

INTEGRATED HEALTH: SNH Announces Agreements with Integrated
Senior Housing Properties Trust, Newton, Mass., announced that is
has a conditional agreement with Integrated Health Services Inc.
and a related agreement with HEALTHSOUTH Corp., according to a
newswire report. SNH currently leases or first mortgage finances
a total of 39 nursing homes to Integrated. The contractual amount
of rent and interest due from Integrated to SNH for these leases
and mortgages is approximately $26.9 million per year. Integrated
had stopped paying rent and interest on these obligations in
January, filing for bankruptcy in February. The conditional
agreement between SNH and Integrated includes new leases for
certain nursing homes. The agreement between SNH and Integrated
is contingent upon approval by the Delaware bankruptcy court.
"SNH is pleased to have reached an agreement with Integrated
early in its bankruptcy process," said David J. Hegarty,
President of SNH. "SNH believes the best way to preserve values
is to free its properties from the uncertainties which arise from
a prolonged bankruptcy process." Senior Housing Properties Trust
is a real estate investment that owns senior housing properties
located in 26 states.

KELLER FINANCIAL: Trustee Sues Auditors and Executives
Kevin O'Halloran filed a suit accusing auditors and executives of
Keller Financial Services, a company operating under Chapter 11
bankruptcy protection, of misrepresenting the company's financial
picture and defrauding investors, The AP relates.

O'Halloran, who hopes to collect $91 million still owed to about
6,000 investors, says that Keller Financial Services, which
specializes in high-interest car loans to people with bad credit
histories, should pay for not disclosing to the investors the
true financial condition of the company, The Associated Press

KENETECH: Court Confirms Judgment in Favor of Kenetech
In the action captioned Quadrangle Offshore (Cayman) LLC and
Cerberus Partners, L.P. vs Kenetech Corporation, the Supreme
Court of the State of Delaware affirmed on all counts the
judgment previously entered by the Court of Chancery of the State
of Delaware in favor of Kenetech.  The action had been brought by
former holders of Kenetech's preferred stock. Plaintiffs had
alleged, among other things, (1) that Kenetech was in liquidation
and had been in liquidation prior to the mandatory conversion of
the preferred stock on May 14, 1998, (2) that the plaintiffs were  
entitled to receive a liquidation preference for each share of
preferred  stock in any distribution Kenetech might make, and (3)
that Kenetech had acted in bad faith with respect to the holders
of preferred stock.  The judgment below had rejected each of
these claims.

KITTY HAWK: Moody's Lowers Debt Ratings (Senior Implied To Caa2)
Moody's Investors Service downgraded the ratings of Kitty Hawk
Inc.'s senior secured debt to Caa2 from B1 and senior implied
rating to Caa2 from B2, and placed the ratings under review for
possible further downgrade. This rating action follows the
company's announcement that it is unlikely to be able to meet the
May interest payment on its senior secured notes in the absence
of an asset sale. Moody's considers the probability of an asset
sale sufficient to meet the upcoming interest payment to be low.
Kitty Hawk also disclosed that it is not in compliance with
certain equipment maintenance covenants under the senior secured
notes, and has not released its audited financial statements for
fiscal, 1999.

Debt ratings downgraded are:

Kitty Hawk, Inc.: Senior Secured Notes to Caa2 from B1; Senior
Secured Revolving Credit to Caa2 from B1; Senior Secured Term
Loan to Caa2 from B1; Senior Implied to Caa2 from B2; Issuer
Rating Caa3 from B3.

Maintenance expense was greater than expected during the first
quarter, and maintenance delays from damage to certain of the
company's wide body aircraft reduced revenue service for these
aircraft. These items, combined with weaker than anticipated
demand for Kitty Hawk's air lift service during the quarter and
considerably higher fuel prices has reduced the cash position to
below the company's upcoming debt service obligations. As well,
the company plans to write down certain of its DC-8 aircraft and
is evaluating its L-1011 fleet for economic viability, which
reduces Moody's expectations for debt holder recovery under a
liquidation. The ratings could be downgraded further depending on
anticipated recovery values in liquidation.

Kitty Hawk, Inc., based in Dallas-Ft. Worth, Texas, operates
aircraft to move cargo from airport to airport in the United
States and around the world, and manages on-demand charters
through its air logistics business.

KITTY HAWK: Shares Lose 80% of Value
Kitty Hawk Inc., the Dallas-based air freight operator, said
yesterday that their shares lost 80 percent of their value after
the company disclosed financial problems that one analyst said
could even lead the company into bankruptcy, according to
Reuters. Traders said the company's publicly held senior debt
also fell sharply and was bid on yesterday at 30 cents on the
dollar, down about 40 since the announcement. The company said
that fuel costs, delays and unexpected costs for aircraft
maintenance, as well as weaker-than-expected demand for scheduled
freight, "seriously eroded cash resources" and increased first-
quarter losses. In addition, Kitty Hawk said it had failed to
comply with the engine maintenance requirements of its lenders
for its fleet of Lockheed L-1011 and Boeing 747 aircraft, which
might require $35 million to fix. As a result, the company might
not be able to pay the $17 million interest due on May 15 on its
senior secured notes on time, or to fix its non-compliance,
without selling or refinancing "significant" assets. Failure to
make that debt payment "could lead to voluntary or involuntary
bankruptcy in the near future," said Bear Stearns analyst Ed

KMART: Annual Meeting Set For May 16, 2000
The 2000 annual meeting of stockholders of Kmart Corporation will
be held at the Detroit Opera House, 1526 Broadway, Detroit,
Michigan on Tuesday, May 16, 2000, beginning at 10 a.m. E.T., for
the following purposes:

1. To elect five Class II directors for a term expiring in 2003.

2. To increase the number of shares of common stock reserved for
issuance under the 1997 Long-Term Equity Compensation Plan.

3. To ratify the appointment of PricewaterhouseCoopers LLP as
independent accountants of the company for the 2000 fiscal year.

4. To act upon a stockholder proposal, if presented at the
meeting, concerning the elimination of the classified Board of

5. To transact such other business as may properly come before
the meeting.

Stockholders of record of Kmart common stock at the close of
business on March 17, 2000 are entitled to notice of and to vote
at the meeting.

LOEWEN: Clarification on Provisions of Original Bar Date Order
The Original Bar Date Order provides for an Amended Schedules Bar
Date, established as the later of the December 15, 1999 general
bar date or 30 days after notice is served pursuant to the
Original Debtors' amendment of the Original Schedules to reduce
the undisputed, noncontingent and liquidated amount, or to change
the nature or classification of a claim.

The Debtors desire that such provisions also apply to additional
types of amendments to the Original Schedules. They request that
the Amended Schedules Bar Date apply to amendments to the
Original Schedules to:

(a)  add claims;

(b)  supplement or change the information listed for entities
holding scheduled claims; or

(c)  change the amount, liability, nature or classification of
any claim, including the designation of any claim as disputed,
contingent or unliquidated.

In addition, the Debtors propose that:

(i)  the filing of any proof of claim, or an amendment to a
previously filed proof of claim, in respect of an amendment to
the Original Schedules, be governed by and subject to the terms
of the Original Bar Date Order; and

(ii) the Amended Schedules Bar Date will apply only to those
entities whose Claims are affected by an amendment to the
Original Schedules, and only with respect to the liabilities to
which such amendments relate.

The Debtors ask the Court for an order for the confirmation of
such clarification. (Loewen Bankruptcy News - Issue 21;
Bankruptcy Creditors' Services Inc.)

MITSUBISHI CORP.: To Post First-Ever Net Loss
Mitsubishi Corp. (8058) apparently suffered its first ever
parent-only net loss (apart from during the chaos
immediately following World War II) in the year ended March
31. The trading house giant has revised its earnings
predictions downward and is set to report a 16 billion yen
net loss compared to an 11.5 billion yen net profit
recorded in fiscal 1998.

The firm booked 140 billion yen in extraordinary loss in
fiscal 1999, of which some 65 billion yen was related to
early retirement incentive payments as part of the
company's restructuring. The rest came from money spent to
cover a shortage in reserves for retirement and severance
obligations and due to withdrawal from money-losing

The trading house did manage to see a 20% increase in
pretax profit to about 77 billion yen and even booked about
20 billion yen in extraordinary profit, but these were
insufficient to offset the extraordinary loss.

"We decided to cover future payments for retirement,
severance and other obligations in order to get the losses
over with," said Vice President Koji Furukawa.

On a consolidated basis, Mitsubishi also estimates it will
post about the same amount in extraordinary loss and that
its net profit will plunge 76% to 6 billion yen. Mitsui &
Co. (8031) has also revised downward its forecast,
apparently managing a parent-only net profit of about 5
billion yen, down 70%, but only after recording an
extraordinary loss of 43 billion yen to partially cover a
shortage in its retirement and severance pay reserves.

The trading house estimates pretax profit at about 60
billion yen, a slight increase. Group net profit is pegged
at 35 billion yen, a jump of 17%. Marubeni Corp. (8002),
another major trading house to revise downward earlier
profit projections, estimates parent-only net profit at 6
billion yen, compared to a 20 billion yen loss in fiscal
1998. Some 120 billion yen in extraordinary loss will be
booked, mainly from dissolution of affiliates and
revaluation loss on properties bought for resale.

Marubeni will forego a dividend payout for the first time
in 47 years, despite 60 billion yen in extraordinary profit
from asset sales.  Mitsubishi and Mitsui will maintain a
dividend payout of 8 yen per share. (Nikkei  11-April-2000)

NEUMAN DISTRIBUTORS: Files for Chapter 11 Bankruptcy Protection
David Shook, writing for The Record, reports that Neuman
Distributors in Moonachie, a pharmaceutical wholesaler owned by
prominent Bergen County businessman Sam Toscano Jr., filed for
bankruptcy protection last week, laying off its workers giving
them final paychecks that some banks would not immediately honor
because of the bankruptcy filing.

"The company was unable to obtain product with which to supply
its own customer base," says Hackensack bankruptcy lawyer Robert
Shapiro, explaining the reasons Neuman chose bankruptcy
protection.  "The banks were choking off cash availability that
was required to pay bills."

If Neuman cannot rework its credit arrangements and obtain cash,
the company may liquidate and close.  Several employees said they
believed the 330,000-square-foot Teterboro facility, built last
year and outfitted with a costly conveyer belt system from
Austria, over-extended the company, relates Mr. Shook.

NISSAN MOTOR: To sell empty showrooms
Nissan Motor, the Japanese carmaker which is 36.8 per cent
owned by Renault, is considering selling vacant properties
in blocks.

The scheme, unprecedented in the Japanese car industry,
would involve selling groups of domestic showroom
properties closed under Nissan's restructuring plan
unveiled last October.  Thierry Moulonguet, chief financial
officer, said that the idea had already attracted investor

"A lot of investors, both Japanese and foreign, are looking
at the [property] market and saying that now is a good
opportunity to come and build a retail base in Japan," he

As part of the restructuring, Carlos Ghosn, Nissan chief
operating officer, promised to close 10 per cent of
showrooms and 20 per cent of sales affiliates by 2002.
Last week, Mr Moulonguet said that Nissan had already shut
more than 100 dealership outlets, equivalent to about 3 per
cent of its 3,000- strong retail network. He added that he
would consider packaging several dealerships together for
sale on a "case-by-case basis".

The move suggests that Nissan is tackling one of the most
sensitive - and problematic - issues facing corporate Japan
as it tries to eliminate excess capacity.  In many
industries, particularly manufacturing, distribution
networks harbour heavy debts and inefficiencies due to

As a result, nearly 40 per cent of car dealers in Japan are
generating losses. Loans to troubled dealers have
contributed to mounting debts at some Japanese carmakers,
including Nissan.  The group had net interest-bearing debts
of Y1,382bn ($13bn), excluding finance-related liabilities,
at the end of September 1999.

It was not clear how many of Nissan's sales affiliates,
which operate more than one dealership, have been closed.
Analysts have been hoping that asset sales would improve
Nissan's financial situation. The carmaker has warned of
more than Y600bn in net losses in the year ended in March
because of weak sales and restructuring charges.

This week, Nissan confirmed the sale of its aerospace
division to Ishi kawajima-Harima Heavy Industries, a
Japanese engineering group. Last month, it sold its shares
in local dealership Tokyo Nissan. (Financial Times  12-

PAXSON COMMUNICATIONS: Annual Meeting Set For May 1, 2000
The annual meeting of stockholders of Paxson Communications
Corporation will be held at The Ritz-Carlton Amelia Island, 4750
Amelia Island Parkway, Amelia Island, Florida 32034, on May 1,
2000, at 11:00 a.m., local time, for the following purposes:

1. To approve an amendment to the company's Certificate of
Incorporation to adopt a classified board of directors so that
only one-third of the directors would be elected annually;

2. To elect nine directors to serve for terms of one to three
years as set forth in Proposal 1, or if Proposal 1 is not
approved, until the next annual meeting of stockholders, and
until their successors have been duly elected and qualified;

3. To approve the issuance of shares of company Class A common
stock upon conversion of shares of its Series B Convertible
Exchangeable Preferred Stock and certain warrants issued to
subsidiaries of National Broadcasting Company, Inc., under the
terms of those instruments;

4. To approve an amendment to the company's Certificate of
Incorporation to increase the total number of authorized shares
of common stock from 197,500,000 shares to 327,500,000 shares,
the number of authorized shares of Class A common stock from
150,000,000 shares to 215,000,000 shares, and the number of
authorized shares of Class C non-Voting common stock from
12,500,000 shares to 77,500,000 shares;

5. To ratify the appointment of PricewaterhouseCoopers LLP as the
company's independent certified public accountants for 2000.

The Board of Directors has fixed the close of business on March
29, 2000, as the record date for the determination of
stockholders entitled to notice of and to vote at the annual

PRIMARY HEALTH: Committee Objects to Exclusivity Extension
The Official Committee of Unsecured Creditors objects to the
motion of the debtors, Primary Health Systems Inc. and its
affiliates, seeking to extend the exclusive plan filing deadline
to June 30, 2000 and the exclusive solicitation period to August
31, 2000.

The committee claims that the debtor asserts that cause exists to
further extend the exclusive period due to its pending sale to
The Cleveland Clinic Foundation for the sale of two hospitals and
the IMC.  However, the committee states that the debtor made no
reasonable effort to develop a consensual plan prior to the sale
announcement.  And the Committee is quick to point out that it
was never informed of the sale, and in fact learned of the sale
from a news reporter. The Committee sees no evidence of plan
negotiations.  Instead, the Committee sees a case being operated
for the sole benefit of the secured creditor.  The debtor states
that extending the exclusive period will not materially prejudice
the interests of creditors; and, in fact, will be beneficial to
the estate.  The Committee points out that $25 million in
administrative expenses are unpaid and that there is no agreement
that any of these claims will receive payment from the sale
proceeds, and the lenders have refused to pay the claims.  At a
minimum, the Committee states that the debtors must be able to
show reasonable prospects of confirming a plan.  According to the
Committee, the debtor has no viable plan of reorganization.    
The committee strongly believes that exclusivity should not be

SERVICE MERCHANDISE: Announces Golden Tuesdays Program
Service Merchandise Company, Inc. (OTCBB:SVCDQ) announced that
all of its 221 stores will now participate in its Golden Tuesdays
Senior Citizen Discount Program, under which adults aged 50 and
over will enjoy an additional 5 percent discount every Tuesday.
Service Merchandise initially launched its Golden Tuesday Senior
Citizen Discount Program on October 26, 1999 to a select group of

"In our test markets we found that our mature shoppers enjoyed
our emphasis on convenience, service and value at even lower
prices. We are very pleased to now be able to offer this program
to all of our aged 50 and above shoppers in all of our 221
stores," said President and Chief Operating Officer Charles

Every Tuesday, customers 50 years old and over will receive an
additional 5 percent off on all purchases. This includes all
sale, clearance, and regularly priced merchandise in the store.
In addition, the discount may be used in conjunction with other
coupons, specials or discount offers.

Shoppers may confirm their eligibility with a valid drivers'
license or state identification card. "We value our strong base
of mature customers, and we want to make sure we provide them
with every incentive to shop with us more often," said Mr.
Septer. "These customers enjoy our wide selection
of fine jewelry and gift items in addition to our wide array of
home, health and personal care products." (Service Merchandise
Bankruptcy News Issue 11; Bankruptcy Creditors' Service Inc.)

SERVICE MERCHANDISE: Atty. Rice Agrees To Slice Stores In Half
Glenn B. Rice, a New York attorney charged with fighting for each
cent owed to a group of creditors by Service Merchandise Co.
Inc., announced in court the company's plan to slice its stores
in half, reports Stacey Hartmann, a Staff Writer from The

The plan, which would result in cutting more than 5,000 jobs
because of the downsizing of its stores, aims to unleash real
estate value previously pent up in non-productive warehouse
space, a leftover from the company's catalog showroom days.

Now, with its vendors and creditors fully informed of its plans,
the Brentwood-based retailer is diving in and spending up to $ 70
million to shrink and remodel about 70 of its 221 stores by
September. It plans after 2001 to transform the bulk of its
remaining stores.

SIZZLER INTERNATIONAL: FMR Reports Beneficial Ownership
FMR Corp. reports beneficial ownership of 2,860,600 shares of the
common stock of Sizzler International Inc., which represents
10.192% of the outstanding common stock of the company.  FMR has
sole voting and dispositive power over the shares, as does Edward
C. Johnson 3d and Abigail P. Johnson by virtue of their positions
as Chairman and Director, respectively, of FMR Corp, and their
holding predominant voting stock in FMR Corp.

TITAN: USWA Slams Titan Once Again
The United Steelworkers of America are quick to point out that
Titan International, Inc.  reported in its annual 10-K report,
recently filed with the federal Securities and Exchange
Commission (SEC), that Titan lost $18.4 million (55 cents/share)
before taxes in 1999 and that Moody's Investors Services has
owered Titan's debt ratings.

The USWA reports that Titan lost more than $20 million on its
U.S. operations and foreign profits fell to $2.3 million;
A $250 million revolving credit line issued by a consortium of
lenders led by Harris Bank of Chicago, Ill. -- a member of the
Bank of Montreal (NYSE: BMO) group of companies -- has been cut
to $175 million.

"Titan's shaky financial situation gets scarier by the day," said
John Peno, President of USWA Local 164 of Des Moines, Iowa.  
Titan Forced Peno's 670-member local into an Unfair Labor
Practice Strike on May 1, 1998.  "Taylor increased the loan on
Sept 17, 1998 to try to finance his union-busting efforts here
and at the plant in Natchez, Miss. (where 330 members of USWA
Local 303L were forced into an Unfair Labor practice Strike on
Sept. 14, 1998).  The USWA is hoping that the lender will call in
the loan and stop financing Titan

TOWER AIR: Taps Young Conaway Stargatt & Taylor
The debtor, Tower Air, Inc. seeks authority to employ and retain
Young Conaway Stargatt & Taylor LLP as attorneys for the debtor.  
The hourly rates for attorneys and paralegals of the firm range
form $100 per hour to $410 per hour.

The firm will provide legal advice with respect to the debtor's
powers and duties in the continued operation of its businesses
and management of its business;

The firm will prepare and pursue confirmation of a plan and
approval of a disclosure statement;

The firm will prepare on behalf of the debtor necessary
applications, motions, answers, orders, reports and other legal

The firm will appear in court to protect the interests of the
debtor before the court.

TOWER AIR: Committee Taps Blank Rome Comisky & McCauley LLP
The Official Committee of Unsecured Creditors of Tower Air, Inc.
seeks authority to employ Blank Rome Comisky & McCauley LLP as
Delaware counsel and co-counsel with the firm of Holland & Knight

UNIDYNE Plans Reorganization
UNIDYNE Corporation (OTC-Bulletin Board: UDYN) announced that it
has begun the process of structuring a reorganization of its
business in consultation with financial and legal professionals.  
The Corporation is reviewing various options in cooperation with
its key lenders and suppliers.

No corporate decision has been made with regard to reorganization
under bankruptcy law.  Any reorganization will involve careful
consideration of all relevant factors including the best
interests of the company's creditors, employees and stockholders.  
The Company expects to resume normal business operations as part
of its reorganization efforts.  Further information will be
made available after the corporation has structured its
reorganization strategy.

Kenosha, Wis.-based UNIDYNE Corp. and its subsidiaries
manufacture, sell, service and finance a variety of products,
including vehicle emissions testing systems, specialized electric
motors, and variable speed drives and controls. UNIDYNE also
manufactures engine and chassis dynamometer testing systems for a
variety of large industrial customers, primarily in the
automotive and heavy equipment industries.  The Company has
facilities in Kenosha, Wis. and Exton, Pa.

US LEATHER: Motion To Adopt Key Employee Retention Plan
United States Leather, Inc., debtor, seeks court authority to
adopt a key employee retention plan.

The debtor has identified 71 post-petition salaried employees to
receive a vacation/severance benefit and a performance based stay
bonus to twenty-two of the 71 who are crucial employees.  The
amount of additional cost to the debtor for vacation/severance
benefits under the plan, if all employees stay, is estimated to
be approximately $692,018.  In connection with the plan, the
debtor will ask and Congress Financial Corporation, as lead
lender of the debtor's secured creditors, will require that the
court grant a superpriority priming lien for all amounts paid for
vacation/severance benefits.  The debtor will also be requesting
a "carve-out" from the debtor's secured lenders for the benefits
earned under the plan.  The maximum amount of payments achievable
collectively by all 22 crucial employees I s$694,700.

The plan provides for six Milwaukee employees to receive bonuses
ranging from $350 to $1500 and the plan includes the assumption
of 5 contracts with key management employees of the Caldwell-
Moser division. Assumption of these contracts is essential to
maintaining the value of the Caldwell-Moser division which is
expected to be sold.

WASTE MANAGEMENT: Subsidiary To Sell Pacific Waste - Australia
Waste Management Inc. (NYSE:WMI) announced that its international
subsidiary, Waste Management International B.V., has reached an
agreement to sell Pacific Waste Management, its Australian
subsidiary, to Paris-based SITA for $230 million.

The Company said it is anticipated that the transaction will be
completed in the second quarter. SITA is Suez Lyonnaise des
Eaux's waste services division. Pacific Waste Management
currently provides services to more than 600,000 residents and
30,000 industrial and commercial customers.

The sale is part of Waste Management's strategic plan to re-focus
the Company on its North American solid waste operations. Waste
Management subsidiaries are in discussions with other parties on
the divestiture of certain other international businesses, as
well as certain non-core and non-integrated solid waste assets in
North America. The Company intends to use the proceeds of these
divestitures primarily to reduce debt and over time to repurchase
shares and make selective tuck-in acquisitions of solid waste
businesses in North America.

Waste Management Inc., based in Houston, 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.

WESTSTAR CINEMAS: Seeks Extension of Exclusivity
The debtors, Weststar Cinemas, Inc., and its affiliates seek an
order further extending plan exclusivity periods.  In addition to
court approval of the sale of substantially all of the debtors'
assets, the debtors have begun the claims analysis process.  The
debtors established, with the approval of the court, a bar date
of December 30, 1999 for the filing of claims against the
debtors.  The debtors, however, have not yet prepared a plan of

The debtors request that the court further extend the time within
which the debtors maintain the exclusive right to file a plan of
reorganization for a period of approximately 45 days, through and
including May 30, 2000.  Additionally, the debtors request that
the court extend the time within which the debtors maintain the
exclusive right to solicit acceptances on any such plan filed on
or prior to such date, for a period of approximately 45 days
through and including July 31, 2000.

DLS Capital Partners, Inc., bond pricing for week of April 10,

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                 13 - 15 (f)
Ameriserve 8 7/8 '06                   8 - 10 (f)
Asia Pulp & Paper 11 3/4 '05          82 - 84
E & S Holdings 10 3/8 '06             38 - 42
Fruit of the Loom 6 1/2 '03           38 - 40 (f)
Genesis Health 9 3/4 '05              12 - 14 (f)
Geneva Steel 11 1/8 '01               20 - 21 (f)
Globalstar 11 1/4 '04                 35 - 37
Hechinger 9.45 '12                     3 - 5 (f)
Iridium 14 '05                         3 - 4 (f)
Loewen 7.20 '03                       36 - 40 (f)
Paging Network 10 1/8 '07             60 - 62 (f)
Pathmark 11 5/8 '02                   28 - 32
Pillowtex 10 '06                      38 - 42
Revlon 8 5/8 '08                      49 - 51
Rite Aid 6.70 '01                     78 - 80
Service Merchandise 9 '04             10 - 11
Trump Atlantic 11 1/2 '06             67 - 69
TWA 11 3/8 '06                        32 - 33
Vencor 9 7/8 '08                      19 - 21 (f)


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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR subscription rate is $575 for six months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 301/951-6400.

                 * * * End of Transmission * * *