TCR_Public/000419.MBX     T R O U B L E D   C O M P A N Y   R E P O R T E R

        Wednesday, April 19, 2000, Vol. 4, No. 77


ADVA INTERNATIONAL: Signs Letter of Intent for Share Exchange
AGRIBIOTECH: Filing Leaves Farmers Hanging
ARCADE/WRIGHT: Developers Buy Building, Plans to Renovate
BLUE GIANT: Case Summary and 20 Largest Unsecured Creditors
CLARK MATERIAL: Case Summary and 20 Largest Unsecured Creditors

CLARK MATERIAL: Files For Chapter 11 Reorganization
CLARK MATERIAL: Moody's Downgrades Notes After Chapter 11 Filing
FAMILY GOLF CENTERS: May Seek Bankruptcy Protection
FIRST ALLIANCE: Deloitte & Touche Resigns
FIRST ALLIANCE: Nasdaq De-Lists Stock

FRIEDE GOLDMAN: Moody's Downgrades Notes; Outlook Negative
FRONTIER FIN: S&P Lowers Rating to 'D'; Off Watch
FRUIT OF THE LOOM: Needs Additional Time To Assume/Reject Leases
GENCOR INDUSTRIES: Involuntary Case Summary
GLENOIT CORPORATION: Moody's Downgrades Ratings

GLOBAL VAN: Allied Worldwide Buys Company
GRAND COURT LIFESTYLES: Nasdaq Delists Common Stock
GUANGDONG INT'L TRUST AND INV.: Restructuring at standstill
HARNISCHFEGER: Competitor Extends Job Offers
HARVARD PILGRIM: Lost Members Exceeds Estimate

HITACHI LTD: Erases 250B Yen pension fund shortfall
HMU INC: Files For Bankruptcy Protection
HYUNDAI MOTOR: DaimlerChrysler eyes stake
JDN REALTY: Moodys Downgrades Ratings; Remain Under Review
LACLEDE STEEL CO.: Accident Forces Company to Rebuild Once Again

MARUETSU INC.: Suffers 17.1B Yen FY99 group net loss
PITTSBURGH CORNING: Corning Inc Issues Statement
RAYTHEON: To Sell or Spin Off RE&C
RITE AID: Commitment Letter Details Out-of-Court Restructuring

SUNBEAM: Signs Definitive Agreement with Lending Banks
SURREY HILLS: Court Approves Sale
TV FILME INC: Reports Confirmation of Plan of Reorganization
U.S. ENRICHMENT: Shutdown of One Plant Next Summer
ZETA CONSUMER: Shuts Down Plant, Considers Bankruptcy as Option


ADVA INTERNATIONAL: Signs Letter of Intent for Share Exchange
ADVA International Inc. (OTC Bulletin Board: ADII) announced
signing a Letter of Intent to acquire all of the shares of Global
Information Group USA, Inc. (GIG) in exchange for 12,468,750
common shares of ADVA International Inc. (following a recent 1
share for 10 shares reverse stock split), or approximately 95% of
the total stock to be outstanding after the transaction.

GIG develops and markets applications software for the LINUX
Operating System.  Its current software, believed to be the only
complete 3D solid modeling, animation and rendering system
currently available on the LINUX OS, is used by Digital Media
professionals in the production of film and video special
effects; animation; Computer Aided Design (CAD) and scientific
visualization; website and print graphics; game development; and
virtual television.

The LINUX OS is "open-source" software distributed free on the
Internet and developed, debugged and improved by an international
community of programmers in cooperation with companies such as VA
Linux (LNUX), Red Hat (RHAT), Silicon Graphics (SGI), IBM and
many other major concerns in the computer industry.  The
application software market targeted by GIG is the high
volume/low price segment of the computer market where users are
rapidly embracing LINUX as a robust, stable and lower cost
alternative to both UNIX and MS Windows.

Ronald Moyer, a spokesman for ADVA International Inc.,
(previously Advanced Medical Products, Inc., who sold its assets
pursuant to 11 U.S.C. Section 363 of the bankruptcy code in mid
1999), said: "The share exchange transaction contemplated by the
Letter of Intent is subject to, among other things, completion of
satisfactory due diligence, execution of definitive
documentation, any regulatory approval that may be required, and
the issuance by the United States Bankruptcy Court for the
District of South Carolina of an order confirming that the
Company will not be dissolved, and the shares of ADVA
International Inc. will not be extinguished unless and until
authorized by the Board of Directors in their discretion, thereby
providing for the continuation of ADVA International as an
ongoing corporation capable of entering into the proposed
transaction.  Global Information Group USA has agreed to pay a
transaction fee of $300,000 at closing, provided the Bankruptcy
Court agrees to the issuance of the order by May 5, 2000.  A
condition of the court order may include assignment of part or
all of the $300,000 transaction fee for payment of the expenses
associated with the transaction and payment of creditors of
Advanced Medical Products, Inc."

LINUX is the trademark of Linus Torvalds.  GIG is the trademark
of Global Information Group USA, Inc.  VA Linux, Red Hat, SGI,
IBM and all others are the trademarks of their respective owners.

AGRIBIOTECH: Filing Leaves Farmers Hanging
A Chapter 11 filing by the world's largest seed company has
Washington seed growers wondering if they will survive.

More than 50 Washington turfgrass and alfalfa seed growers have
filed claims against AgriBioTech of Henderson, Nev., for a total
of about $5 million, said Jerry Buendel of the Washington
Department of Agriculture.

Seed growers across the West have lost at least $55 million, much
of it owed to Oregon growers for the 1999 seed crop.

It's unlikely they will recoup more than a few cents on the
dollar, especially in Oregon, where an estimated 650 growers have
claimed an estimated $ 40 million in losses.

"They don't know what's going to happen to them," said Bruce
Pokarney, at the Oregon Department of Agriculture.

There's still fear the breakup of AgriBioTech, known as ABT, will
force Northwest farmers out of business.

"This bankruptcy case has created a disastrous situation for many
alfalfa, clover and turfgrass seed producers, especially since
the chances for recovery of payment for the 1999 seed crop is
uncertain," said a March letter to the U.S. Department of
Agriculture by several members of the Northwest congressional

Legislation was being considered to help ease the burden on

The company went on a buying spree, purchasing smaller seed
companies across the West. But ABT got overextended and in
January filed for Chapter 11 protection - seeking time to
reorganize its affairs under federal bankruptcy law.

Washington's smallest claim is about $2,000, and the largest is
more than $ 680,000.

The state only has $220,000 in a surety bond to cover farmers'
losses to ABT. The money is expected to be doled out by summer.

But it won't go far.

On average, farmers will still be in the hole about $88,000 each
as they wait to see what comes out of the slow-moving bankruptcy
hearings in Las Vegas.

Washington's alfalfa seed growers are hedging their bets by
taking roughly 15 percent of the state's crop out of production,
leaving about 16,500 acres in the ground.

"There is a lot of seed in the pipeline and it is probably going
to hit the market somewhere," said Rod Christensen, administrator
for the Northwest Alfalfa Seed Growers Association based in

So far, federal farm agencies aren't prepared to assist, despite
pleadings from Northwest politicians.

They "strongly urged" U.S. Agriculture Secretary Dan Glickman to
offer low-interest loans to producers with money tied up in ABT.
As of this week, it didn't appear USDA would be offering help.

Still, Christensen said things could be worse.

For one thing, the court ruled a few weeks ago that farmers
contracted to ABT could take their land out of production if they
wanted to. Before that, growers were obligated to keep their ABT-
contracted seed in the ground even after the company folded.

ARCADE/WRIGHT: Developers Buy Building, Plans to Renovate
On April 13, 2000, Charlene Prost reported for the St. Louis
Post-Dispatch that Pyramid Construction Co. is buying the now-
vacant Arcade/Wright from P-D St. Louis Associates, an investment
group in New York city that has owned it since 1982 at a going
price of between $3 million to $3.5 million, "Our plan would be
to restore the Arcade to its original condition," Matt O'Leary,
Pyramid's development coordinator, was quoted as saying.

But city preservation officials then, as in the past, declined to
issue a demolition permit, saying the building is a designated
city landmark.

The owners also have filed for bankruptcy, claiming debts and
back taxes owed on the building amounted to about $ 5 million.

O'Leary said the bankruptcy judge would have to approve the sale
of the Arcade/Wright before Pyramid could proceed with its plans.

BLUE GIANT: Case Summary and 20 Largest Unsecured Creditors
Debtor: Blue Giant Corporation
        A Delaware Corporaton
        204 Industrial Park Dr.
        Pell City, Alabama 35125

Petition Date: April 17, 2000  Chapter 11

Court: District of Delaware

Bankruptcy Case No.: 00-01731

Judge: Sue L. Robinson

Debtor's Counsel: Teresa K.D. Currier
                  Adam G. Landis
                  Eric Lopez Schnabel
                  Klett Rooney Lieber & Schorling, P.C.
                  1201 North Market Street, Suite 1501
                  Wilmington, DE 19801
                  (302) 552-4200

Total Assets: $ 10 million above
Total Debts:  $ 100 million above

20 Largest Unsecured Creditors

Prestolite Electric Inc.     Trade      $ 246,712
Dixie Tool & Die, Inc.       Trade      $ 168,588
Curtis Instruments, Inc.     Trade      $ 142,981
Custom Tool                  Trade       $ 88,736
National City Bank of
Kentucky                     Trade       $ 73,620
Laser Fabrication &
Machine Co.                  Trade       $ 72,880
Alabama Plat Cutting         Trade       $ 71,285
Thieman Metal                Trade       $ 54,065
Motion Industries, Inc.      Trade       $ 46,611
Haldex Barnes Corp.          Trade       $ 45,105
Falcon Wheel Div.            Trade       $ 45,023
The G.A. Avril Co.           Trade       $ 40,606
Thielman Stamping Co.        Trade       $ 36,825
O'Neal Steel, Inc.           Trade       $ 35,797
Blue Grass Mfg. Co.          Trade       $ 33,548
Black Creek, Inc.            Trade       $ 31,587
Behlen Manufacturing         Trade       $ 30,618
Blue Grass Wire              Trade       $ 28,971
Fenner Fluid Power           Trade       $ 27,870
20 Walron Industries         Trade       $ 24,801

CLARK MATERIAL: Case Summary and 20 Largest Unsecured Creditors
Debtor: Clark Material Handling Company,
        A Delaware Corporation
        172 Trade Street
        Lexington, KY 40511

Type of Business: Designer, manufacturer, and marketer of
forklift trucks, parts and other related products and services.

Petition Date: April 17, 2000  Chapter 11

Court: District of Delaware

Bankruptcy Case No.: 00-01730

Judge: Sue L. Robinson

Debtor's Counsel: Teresa K.D. Currier
                  Adam G. Landis
                  Eric Lopez Schnabel
                  Klett Rooney Lieber & Schorling, P.C.
                  1201 North Market Street, Suite 1501
                  Wilmington, DE 19801
                  (302) 552-4200

Total Assets: $ 349 million
Total Debts:  $ 374 million

20 Largest Unsecured Creditors

US Trust Co.       
of NY              
114 West 47th St      Indenture Trustee
New York, NY          w/respect to
10036-1532            10 3/4% Sen Notes   $ 150,000,000

Spicer Clark-Hurth
Ten Briele 3
1293 Glenway Drive
8200 Brugge, Belgium       Trade            $ 4,430,428

Lift Technologies, Inc.
251 Woodlawn Rd West
Unit 217
Guelph, ON NIH8J1          Trade            $ 2,992,513

1250 Greenbriar Drive
Suite E
Addison, IL 60101          Trade            $ 1,548,601

Cascade / Kenhar
2201 North East 201st Ave
Fairview, OR               Trade            $ 1,351,894

Eaton / Vicker
15151 Highway 5
Eden Prairie, MN 55344     Trade            $ 1,105,876

Wayne Metal
400 East Logan St
Markle, IN 46770           Trade            $ 1,101,576

PO Box 73468
Chicago, Il 60673-7468     Trade              $ 951,063

Custom Transportation, Inc.
PO Box 4483
Jacksonville, FL 32203     Trade              $ 944,000

8800 Rostin Road
Southhaven, MS 38671       Trade              $ 918,000

7100 East 15 Mile Road
Sterling Hts., MI 48312    Trade              $ 908,938

Prime Mover
3305 North Highway 38
Muscatine, IA 52761        Trade              $ 708,121

Custom Tool & Mfg.
1031 Industry Road
Lawrenceburg, KY 40342     Trade              $ 663,230

Central Industrial
172 Trade Street
Lexington, KY 40511        Trade              $ 647,079

AIG Insurance Group
80 Pine Street, 5th Flr
New York, NY 10005         Trade              $ 586,000

General Electric
PO Box 469
6801 Industrial Drive
Mebane, NC 27302           Trade              $ 572,830

PO Box 8500 (S-9015)
Philadelphia, PA
19178-9015                 Trade              $ 485,936

United Tractor
2161 Enterprise Parkway
Twinsberg, OH 44087        Trade              $ 376,108

CIA, Fundidora
Julio Diaz Torre Y Carolin
Aguascalientes, Mexico
20290                      Trade              $ 344,395

Prestolite Electric
7585 Empire Drive
Florence, KY 41042         Trade              $ 287,170

CLARK MATERIAL: Files For Chapter 11 Reorganization
In light of the ongoing adverse impact of CLARK Material Handling
Company's high cost structure and leveraged capital position
on the Company's operations, CLARK Material Handling Company
announced that it is implementing a series of actions designed to
address these issues. CLARK and certain of its US based
subsidiaries have filed today voluntary petitions for
reorganisation under Chapter 11 of the Bankruptcy Code.

CLARK also announced that it is shifting production and assembly
of its forklift trucks from its Lexington, Kentucky plant to its
facilities in Korea, Germany and Alabama in order to consolidate
its manufacturing operations. In North America, the Company will
maintain its world headquarters in Lexington as well as its parts
business and its Sales and Marketing Group which supports its
North American operations.

Dr. Martin M. Dorio, Jr., Chairman and Chief Executive Officer
stated that CLARK has received commitments for debtor in
possession financing of up to US Dollars 45 million. He said,
"For CLARK's US operations to have the opportunity to return to
profitability, the consolidation is a necessary part of the
process. We can lower our cost structure and reduce over capacity
by closing the Lexington, KY plant. The Lexington plant's
production and assembly of forklift trucks will shift to CLARK
facilities in Korea, Germany, and Alabama. Specifically, the
state-of-the-art-facility in Korea will now produce CLARK's lines
of high volume three and four wheel electric lift trucks. In
Germany, where the Company produces electric and internal
combustion lift trucks, CLARK will now also produce its pneumatic
and cushion lines of four to seven ton internal combustion
forklift trucks. In Alabama, where the Company produces hand and
electric pallet trucks and tow tractors, CLARK will now also
produce its ESM and NPR lines of reach trucks. Production of
CLARK's large internal combustion and electric trucks will be
outsourced to equally high quality manufacturers. The Kentucky
plant will remain in operation through the remainder of this

"The decision to close our Lexington facility, where we have deep
roots and so many valued employees, is exceedingly painful. It
is, however, absolutely necessary in light of our current over
capacity, which translates into an unprofitably high cost
structure. We simply could not continue operating as we
have been."

The Chapter 11 petitions for relief were filed in Delaware.

In addition to CLARK Material Handling Company, the US operating
subsidiaries included under the filing are Blue Giant Corporation
and Hydrolectric Lift Trucks, Inc.

CLARK MATERIAL: Moody's Downgrades Notes After Chapter 11 Filing
Moody's Investors Service downgraded to Ca from Caa1 the rating
on Clark Material Handling Company's ("CMHC") $150 million of 10
3/4% guaranteed senior notes, downgraded to B3 from B2 the rating
on its $30 million senior secured credit facility, and confirmed
the "c" rating on its $20 million senior exchangeable preferred
stock. The senior implied rating is Ca. The senior unsecured
issuer rating is C.

The downgrade reflect CMHC's Chapter 11 bankruptcy protection
filing today.

On March 30, 2000, Clark Material Handling Co. said in a filing
with the Securities and Exchange Commission that it expected to
report "significantly greater losses" for the year ended Dec. 31,
1999, than the $6.2 million net loss posted for the prior year.
The company attributed the losses to its transition to a new
Enterprise Resource Planning computer system for its North
American operations. Clark Material also said it would miss the
March 31 deadline to file its annual report because the company
requires additional time to conduct a full-scale inventory at its
new parts depot located in Louisville, Ky.

The filing estimates the company has more than 1,000 creditors
and that funds will be available for distribution to unsecured

Clark Material Handling Company, located in Lexington, Kentucky,
designs, manufactures and markets forklifts, narrow aisle
stackers, and powered hand trucks.

FAMILY GOLF CENTERS: May Seek Bankruptcy Protection
If a waiver is not extended on its credit facility or its
covenants aren't amended before May 5, Family Golf Centers,
Melville, N.Y., said it may seek bankruptcy protection, The Wall
Street Journal reported. Standard & Poor's had lowered the
company's corporate-credit and bank-loan ratings yesterday as a
result of the company's failure to meet its April 15 interest
payment, and the company's stock fell 38 percent. Family Golf,
which owns and operates golf centers throughout North America,
reported on Friday a net loss of $76.1 million for the fourth
quarter, compared with a net income of $776,000 a year earlier.
(ABI 04-18-00)

FIRST ALLIANCE: Deloitte & Touche Resigns
On April 13, 2000 the Los Angeles Times reported that Deloitte &
Touche LLP resigned as the First Alliance Corp.'s auditor after
the latter stopped making loans and filed for Chapter 11
Bankruptcy protection.

First Alliance said in a document filed with the SEC last week
that the resignation did not reflect any dispute over the
company's financial statements.  Deloitte, in a separate letter
to the SEC, agreed.  

FIRST ALLIANCE: Nasdaq De-Lists Stock
First Alliance Corporation, a sub-prime lender headquartered in
Irvine, California whose business was making mortgage loans
primarily to borrowers with impaired credit, announced that The
NASDAQ-Amex Market Group, a NASD Company, notified the Company
that, at the opening of business on April 20, 2000, the Company's
common stock will be delisted from the NASDAQ National Market due
to (i) the uncertainty regarding the timing of effectiveness for
a plan of bankruptcy reorganization; (ii) the uncertainty
regarding the specific terms of the planned bankruptcy
reorganization; (iii) the Company's failure to satisfy NASDAQ's
continued listing requirements; (iv) concerns regarding the
residual equity interest of the existing listed securities
holders; and (v) the Company's March 23, 2000 filing under
Chapter 11 of the U.S. Bankruptcy Code and associated public
interest concepts set forth under Marketplace Rules 4450(f)
and 4430(a)(3).

FRIEDE GOLDMAN: Moody's Downgrades Notes; Outlook Negative
Moody's Investors Service downgraded to B3 from B2 its rating on
Friede Goldman Halter's (FGH) $185 million of 4.5% convertible
subordinated notes due 2004 issued by predecessor Halter Marine.
The senior implied rating is B1, down from Ba3, and the senior
unsecured issuer rating is B2, down from B1. FGH's $120 million
secured bank borrowing base revolver and $44 million secured
letter of credit facility have not been rated. The outlook
remains negative.

A negative outlook was assigned June 4, 1999, citing FGH's
declining order backlog, negative new order trends in the
offshore oil and gas sector, a concentration of existing order
backlogs in four troubled fixed price semi-submersible rig
construction contracts, cost overruns on those contracts, and
revenue credit exposure on two of those contracts to Ocean Rig
Norway (B3; review down) and on two contracts with highly
leveraged Petrodrill/Amethyst. The ratings were placed under
review for downgrade on January 14, 2000, pending resolution of
the Ocean Rig and Amethyst disputes.

The downgrades reflect lean liquidity, negative new order and
cash flow trends, contract settlements requiring FGH to fund at
least another $66 million in cost overruns out of its own pocket,
financial exposure to its ability to henceforth perform under the
new Ocean Rig and pending Amethyst amended contracts, stiff
competition for new business, and risks to FGH's ability to bid
and win new business if availability under its bank letter of
credit facilities is impaired due to future covenant breaches.

Still, so far, the B3 rating is supported by FGH's strong
longstanding market franchise positions that may benefit FGH
during the up-cycle, distinct competitive advantages in certain
business lines, a reasonable feasibility that FGH's cash raising
plan and 2000 cash collections can cover 2000 needs, the
feasibility that FGH will now be able to perform on its
semisubmersible contracts, low debt maturities and low capex in
2000 and 2001, and the possibility of slow improvement in the
order book towards the end of 2000 or 1H2001.

As of April 14, FGH had an equity market capitalization of $264
million versus book equity of $248 million on December 31, 1999
and tangible book equity on that date of $53 million.

FGH reports it currently has $30 million of undrawn bank
borrowing capacity.

FGH reports that 73% of its current order backlog would be
completed by year-end 2000. Friede Goldman's backlog declined
from $407 million on 3/31/99, to $338 million by 9/30/99, and
$335 million on 12/31/99, a major amount of which is in deepwater
semi-submersible rigs.

FRONTIER FIN: S&P Lowers Rating to 'D'; Off Watch
Standard & Poor's lowered its preferred stock rating on Frontier
Financing Trust from single-'C' to 'D' and removed it from
CreditWatch, where it had been placed on March 17, 2000, with
negative implications.

Frontier Financing Trust is fully guaranteed by Frontier
Insurance Group, Inc.

This rating action follows the company's deferral of its April
15, 2000, dividend payment on its 6.25% convertible trust
originated preferred securities, Standard & Poor's said.

FRUIT OF THE LOOM: Needs Additional Time To Assume/Reject Leases
Fruit of the Loom, Inc. et al. seeks entry of an order granting
the debtor until January 29, 2001 to assume, assume and assign,
or reject all unexpired nonresidential real property leases under
which the Fruit of the Loom entities are lessees or sublessees.

The Fruit of the Loom entities are lessees under approximately 40
leases.  The leases relate to the debtor's corporate offices and
various manufacturing, distribution, and other facilities.

The debtor submits that it has had insufficient time to appraise
the value of the leases in the context of developing its
strategic plan going forward.

The debtor claims that the extension of time requested in this
motion will not adversely affect lessors.

GENCOR INDUSTRIES: Involuntary Case Summary
Alleged Debtor: Gencor Industries, Inc.
                5201 N. Orange Blossom Trail
                Orlando, Florida 32810

Involuntary Petition Date: April 5, 2000

Bankruptcy Case No.: 00-01579  Chapter 11

Court: District of Delaware    Judge: Peter J. Walsh

Petitioner's Counsel: Laurie Selber Silverstein
                      Potter, Anderson & Corroon, LLP
                      1313 N. Market Street, 6th Floor
                      Wilmington, DE 19801
                      (302) 984-6000


Bank Austria         Unpaid principal plus  
Creditanstalt        other amounts due under
Corporate Finance    loan agreement        $ 15,956,984

BHF (USA)            Unpaid principal plus  
Capital              other amounts due under
Corporation          loan agreement        $ 15,670,220

Parnco Cayman Ltd.   Unpaid principal plus  
                     other amounts due under
                     loan agreement         $ 9,183,840

Skandinaviska        Unpaid principal plus
Enskilda             other amounts due under
Banken Corporation   loan agreement         $ 7,278,399

Balanced High Yield  Unpaid principal plus
Fund I, Ltd.         other amounts due under
                     loan agreement         $ 2,449,281

ML CBO IV (Cayman)   Unpaid principal plus
Ltd                  other amounts due under
                     loan agreement         $ 2,511,807

GLENOIT CORPORATION: Moody's Downgrades Ratings
Moody's Investors Service downgraded to Caa1 from B1, the rating
on Glenoit Corporation's amended and restated $175 million
secured and guaranteed credit facility due December 31, 2003, and
to Ca from B3, the rating on its $95 million issue of 11%
guaranteed senior subordinated notes due 2007. In a related
action, the company's Senior Implied rating was lowered to Caa1
from B1 and the Issuer Rating was lowered to Caa2 from B2. The
outlook on the ratings is stable.

The downgrade reflects the company's current liquidity crisis,
and Moody's belief that there will be a restructuring of existing

There have been a number of adjustments and subsequent waivers to
the financial covenant tests under the credit facility during
1999 and the first quarter of 2000. Some were related to
acquisitions, while others resulted from production downtime due
to Hurricane Floyd and a severe snowstorm in January 2000. A
subsequent shortfall in the borrowing base in February 2000,
triggered a $2 million principal repayment under the revolver.
The company's failure to pay resulted in a default under the
credit agreement. On March 16, 2000, the default was temporarily
waived until April 10th, and availability under the revolver was
frozen at $48.3 million. A mutually acceptable modification to
the agreement has not been achieved and the waiver has since been
terminated. The lenders subsequently elected to prohibit interest
payments on the subordinated debt, which were due April 15th. The
company is therefore currently in default under the notes and has
30 days to cure the default.

The company's recent debt-financed acquisitions of two home
furnishings companies, combined with continued declines in
earnings in its apparel segment, has contributed to the
ballooning of the company's leverage to 7.45 times fiscal 1999
EBITDA. The acquisitions, which are seasonal in nature and have
significant imports, increased the company's working capital
needs. In addition, the fixed charge coverage on an EBIT basis
was insufficient, due to significant interest expense of over $25
million, $1.7 million of quarterly principal amortizations and
over $4 million of rents. With an EBIT return on average total
assets of almost 11% in 1999, Moody's believes the company could
potentially return to profitability with an appropriate resizing
of its debt.

Glenoit Universal, Ltd., the sole shareholder of the company, has
two PIK issues due prior to the maturity of the notes. One is the
$13.6 million of 12.5% Junior PIK subordinated notes due December
14, 2005 and the second is a $1 million PIK subordinated note due
December 14, 2004.

Glenoit Corporation is an operating company based in New York,
New York. Through its divisions and its wholly-owned
subsidiaries, the company designs, manufactures, imports and
distributes consumer goods (75% of revenues), primarily in the
home textiles market, as well as manufactures and markets sliver-
knit pile fabrics, fake furs, other pile fabrics (25% of
revenues) for the apparel market. The company is the sole asset
of Glenoit Universal, Ltd., a privately held company.

GLOBAL VAN: Allied Worldwide Buys Company
On April 12, 2000 The News-Sentinel reported that Allied
Worldwide -- formed by the merger of North American and Allied
Van Lines bought California-based Rival Global Van Lines for $
4.2 million, a company operating under Chapter 11 Bankruptcy

Global name will be retained despite the buy out and the purchase
will have no impact on local employment, currently about 1,300,
according to John McGauley, local spokeswoman.

GRAND COURT LIFESTYLES: Nasdaq Delists Common Stock
Grand Court Lifestyles, Inc. (Nasdaq: GCLI), a developer of
retirement and long-term care residences, today announced that it
had been informed by The Nasdaq-Amex Market Group that the Nasdaq
Staff had determined to delist the Company's Common Stock from
the Nasdaq National Market, effective at the opening of business
on April 18, 2000.

Nasdaq based its determination on several factors, including (1)
the Company's March 20, 2000 filing under Chapter 11 of the
United States Bankruptcy Code, (2) the market value of the
Company's Common Stock in the public float was less than the
required $5,000,000, and (3) the bid price for the Company's
Common Stock was less than the required $1.00 per share.

GUANGDONG INT'L TRUST AND INV.: Restructuring at standstill
Foreign creditors have been left on the sidelines as
domestic wrangles over the financial overhaul of China's
troubled International Trust and Investment Corporations
(Itics) have slowed the sector's cleansweep to a snail's

China's trust firms, the fund-raising arms of local
governments and ministries, hit the international headlines
in October 1998 when flagship Guangdong International Trust
and Investment Corp (Gitic) collapsed under a US$4.7
billion (HK$36.66 billion) mountain of debt.

The country's 240 Itics were expected to be whittled down
to just 70 or 80 within a year of Gitic's closure, but over
a year and a half later only one other Itic, the Hainan
Hong Kong and Macau Itic, has been shuttered.

"Nobody is talking about closures anymore. Gitic was an
exception because it's problems were so big," said an
analyst with Shanghai International Trust and Investment
Corp, one of the country's healthier trust firms. "The
government has the funds to pay the foreign debt but it's a
question of priority."

The state media reported this week that the country's trust
law, which observers hoped would clearly define the role of
China's trust firms and pave the way for a culling of the
worst-run Itics and restructuring of the remainder, is
still under discussion.  The article in the official China
Securities News on Wednesday made no mention of when the
law will be unveiled.

The problems with the sector's clean-up highlight the
complexity of restructuring China's creaking financial
sector where the nexus of relationships between state-owned
enterprises, local governments and financial institutions
has built a web of bad loans.

"There are a lot of practical problems, the debt
negotiations are still in a deadlock situation and the
central government has not issued any clear policy towards
the restructuring of the Itics," said Makoto Ikeya, chief
analyst with Japanese ratings agency RetI.

Mr Ikeya said that regulators have to untangle such a
complex web of domestic relationships in addition to
foreign creditors' demands, that the original target of
publishing a list of surviving Itics by June this year may
be delayed for as much as six months.

"Itics' reported financial performances at present bear
little relation to reality and their true financial
condition - especially the value of their assets but even
including the extent of their liabilities," said a report
by Moody's Investors Services.

Foreign banks, which have lent several billions of US
dollars to the Itics, may have to take a so-called
"haircut" on debt repayments as some of the Itics are
closed, merged or restructured.  But the final plan of
which Itics will survive and in what form they will
continue their business is still in flux, said Charles Tan,
senior analyst on Chinese financial institutions at

Originally, China's government had felt that clearly
separating the country's trust, insurance, banking and
securities businesses would minimise financial risk, but a
global financial sector consolidation has called that
assumption into question.

"If the thinking is going forward is to build a universal
banking model, that is something Chinese authorities will
have to consider," said Mr Tan. (Hong Kong Standard  17-

HARNISCHFEGER: Competitor Extends Job Offers
Valmet, which has been a competitor of Harnischfeger Industries'
Subsidiary Company, Beloit, is extending about 120 job offers
locally and 85 former Beloit Corp. employees are now on it's
payroll, although the company based in Finland has not yet
received final approval to purchase the papermaking equipment
manufacturer's assets from Harnischfeger Industries, according to
The AP.

The sale is part of bankruptcy reorganization of Beloit Corp.'s
parent company, Harnischfeger Industries, based in the Milwaukee
suburb of St. Francis.

HARVARD PILGRIM: Lost Members Exceeds Estimate
Harvard Pilgrim Health Care has been in state receivership since
Jan. 4, with estimated losses of $ 226 million has lost 215,000
members exceeding the estimated number who were expected to leave
the troubled Health Maintenance Organization which was 175,000

A plan was recently filed by Attorney General Thomas Reilly and
Insurance Commissioner Linda Ruthardt for the HMO to emerge from
receivership by paying the creditors and getting new board of
directors that would be appointed by the state.

HITACHI LTD: Erases 250B Yen pension fund shortfall
Hitachi Ltd. (6501) erased its shortage in reserves for
parent-only retirement pay obligations in the year to March
31, The Nihon Keizai Shimbun learned Sunday.

Hitachi had a pension fund shortfall of 250 billion yen at
the end of fiscal 1998, but that was turned around to a 30
billion yen surplus in fiscal 1999.  The sharp improvement
is partly due to a 21% return on investment -- on a
preliminary basis -- as well as amelioration in the
financial health of its pension accounts and strengthening
of fund management.

Assuming a discount rate of 4.5%, Hitachi had 1.38 trillion
yen in aggregate liabilities at March-end. Meanwhile, the
company holds pension assets worth 1.16 trillion yen and
retirement reserves of 250 billion yen.  The surplus will
be booked into operating profit over five years.

Hitachi cut payroll by some 7,000 in 12 months through
September 1999, and has trimmed total pension payouts since
1998. It also added an extra 130 billion yen into its
pension assets pool to improve investment efficiency.
On a consolidated basis, the Hitachi group had a 200
billion yen pension/retirement liabilities shortfall at the
end of last December. (Nikkei  17-April-2000)

HMU INC: Files For Bankruptcy Protection
An Edina company that operates six nursing homes in western
Wisconsin and North Dakota has filed for bankruptcy.

HMU Inc. is seeking to reorganize its finances so it can continue
to operate Sergeant Manor in Forman, N.D., and five facilities in
Wisconsin: Birch Hill Healthcare Center and Evergreen Healthcare
Center in Shawano, Barron Healthcare, Dallas Healthcare and
Ellsworth Healthcare.

The company filed for Chapter 11 protection in U.S. Bankruptcy
Court in Minneapolis last week.

HMU president and owner Glen Urquhart attributed the company's
financial difficulties to several factors, including changes in
Medicare reimbursement, a tight labor market and nursing-home
residents who are generally sicker than in the past.

HYUNDAI MOTOR: DaimlerChrysler eyes stake
German-U.S. automaker DaimlerChrysler is seeking to acquire
a stake in Hyundai Motor, reported the German weekly Der
Spiegel in its edition due to be published Monday, with no
mention of sources.

According to Der Spiegel, DaimlerChrysler is considering
two approaches: either its new partner Mitsubishi, which
already holds 5 percent of Hyundai's capital, could
increase its stake, or the German-US group could directly
buy shares in the Korean company.

DaimlerChrysler recently became the world's third-largest
automaker after General Motors and Ford Motor, after
acquiring a 34-percent stake in Mitsubishi. Spokesmen from
both DaimlerChrysler Korea and Hyundai Motor refused to
comment on the Spiegel report, dismissing it as
"speculation." The possible alliance between
DaimlerChrysler and Hyundai Motor, two of the five bidders
for ailing Daewoo Motor, if materialized, will likely bring
about drastic changes in the automaker's sales.

Earlier this month, Daimler-Chrysler Chairman Juergen
Schrempp said in a press interview that the German-U.S.
auto is interested in pushing for alliance with Hyundai
Motor, raising speculation that they may jointly attempt to
take over the troubled Daewoo. "I'm interested in working
together with Hyundai on certain projects," Schrempp was
quoted as saying.

The labor and lawmakers at the Grand National Party are
stubbornly opposed to the possible foreign sale of Daewoo
Motor to a foreign company.  Amid overall uncertainties
further confounded by stiff labor resistance, a possible
alliance between foreign and domestic automakers may gain a
more advantageous stance in the Daewoo bidding. Daewoo
creditors are scheduled to select one or two companies from
among the five bidders by June 30 for exclusive
negotiations. (The Korea Herald  17-April-2000)

JDN REALTY: Moodys Downgrades Ratings; Remain Under Review
Moody's Investors Service has downgraded the senior unsecured
debt rating of JDN Realty Corporation to B1, from Ba1, and the
preferred stock rating to "b3", from "ba3". These ratings remain
under review for possible downgrade. According to Moody's, these
rating actions follow JDN's announcement that its interim funding
agreement with its bank lenders expired on April 14, 2000 after
the REIT and its bank group were unable to consummate the
previously announced oral agreement to extend or amend JDN's bank
credit agreement. Moody's indicated that this development will
put further stress on JDN's liquidity, and could potentially
result in acceleration of debt payments by the bank group. JDN
continues to discuss with the bank group an extension or
amendment of the funding agreement. The REIT also announced that
it is in the process of selecting a financial advisor to advise
it on alternative financial strategies. This announcement follows
JDN's April 12, 2000 announcement of the discovery of
discrepancies related to cost and other information underlying
certain leases and real estate sales with major tenants -- Wal-
Mart Stores Inc. and Lowe's Corporation -- and the resignations
of its chairman, J. Donald Nichols, and chief financial officer
William Kerley. These matters are in addition to the February 14,
2000 announcement by JDN regarding undisclosed compensation
arrangements and related-party transactions involving senior
management, which resulted in financial statement inaccuracies,
and the resignation of J. Donald Nichols as chief executive
officer. A special committee of JDN's Board of Directors
continues to investigate these financial matters. Moody's
indicated that the downgrade of JDN's securities ratings reflects
the increased uncertainty regarding the business direction and
leadership of the REIT, funding stress, and the heightened
potential that the bank group will accelerate payment.

Moody's review will continue to focus on the outcome of JDN's
discussions with its banking group to waive the covenant
defaults, the specific terms of any new agreement, and the impact
on the REIT's financial profile. Furthermore, the rating agency
will monitor the development of alternative financing strategies,
the resolution of the leadership issues, and their effects on
JDN's competitive position.

The following ratings were downgraded and remain under review for
further downgrade:

JDN Realty Corporation -- senior unsecured bank credit facility
to B1, from Ba1; senior unsecured debt rating to B1, from Ba1;
senior unsecured debt shelf to (P)B1, from (P)Ba1; subordinate
debt shelf to (P)B3, from (P)Ba3; Series A cumulative preferred
stock to "b3", from "ba3"; cumulative preferred stock shelf to
(P)"b3", from (P)"ba3"; and non-cumulative preferred stock shelf
to (P)"caa", from (P)"b1".

LACLEDE STEEL CO.: Accident Forces Company to Rebuild Once Again
Al Stamborski, writing for St. Louis Post-Dispatch reports that
Laclede Steel Co., which has been in business under bankruptcy
protection for more than 16 months, had hoped to come out from
under that cloud already, but the date for filing its plan for
reorganization keeps getting pushed back.

Then on March 31, the roof of the company's steel mill in Alton,
in a building where steel scrap is unloaded from railroad cars
and dumped into buckets, collapsed forcing the company to shut
down its only operating furnace.  The cause of the accident has
yet to be determined, according to Mike Lane, Laclede's executive
vice president and chief financial officer.

He also said the collapse "shouldn't have a significant impact on
the bankruptcy case."  Plans now call for filing the
reorganization plan by the end of this month, recalls Al

MARUETSU INC.: Suffers 17.1B Yen FY99 group net loss
Maruetsu Inc. (8178) posted consolidated net loss of 17.1
billion yen for the year ended February, the supermarket
chain operator said Friday.

The poor figure is attributable to a 31.8 billion yen
extraordinary loss which the firm booked to cover latent
losses on its holdings of Daiei Inc. (8263) shares.
In a bid to cut unrealized loss, Maruetsu in January sold
and repurchased 18 million Daiei shares, about 85% of its
total stake in the firm.

The move helped to slash total securities paper loss for
the year to 8.6 billion yen, down 34.7 billion yen.
Although the parent company recorded a 14.4 billion yen net
loss, it will dip into reserves to maintain its annual
dividend payment at 12 yen per share, company officials

Parent-only pretax profit increased 22% to 4.66 billion yen
on sales of 325.5 billion yen, up 0.5%. The company's shift
to straight-line depreciation boosted pretax profit by 1.07
billion yen, meaning that such profit effectively fell by
6%.  For fiscal 2000, Maruetsu projects a 4% rise in pretax
profit to 4.85 billion yen, and a 3% increase in sales. The
firm expects to return to the black with a net profit of
2.5 billion yen. (Nikkei  15-April-2000)

PITTSBURGH CORNING: Corning Inc Issues Statement
In response to the announcement earlier today that Pittsburgh
Corning Corporation has chosen to file a petition for
reorganization under Chapter 11 of the Federal Bankruptcy Code,
Corning Incorporated (NYSE:GLW) issued the following statement:

"Corning Incorporated understands and supports Pittsburgh
Corning's decision to seek the protection of the court so that it
may continue to conduct its business and address the resolution
of pending asbestos litigation in a rational and organized

Corning will record a non-cash, after-tax charge of
approximately$35 million to reflect the write off of its
investment in Pittsburgh Corning, to be reported in its first
quarter results which will be released after the close of the New
York Stock Exchange on April 24.  Corning did not anticipate any
earnings from Pittsburgh Corning in its 2000 outlook. The
company's contribution to Corning's overall earnings in recent
years has been insignificant. Pittsburgh Corning is a 50% owned
equity investment of Corning Incorporated and PPG Industries,

Established in 1851, Corning Incorporated (
creates leading-edge technologies for the fastest-growing markets
of the world's economy. Corning manufactures optical fiber, cable
and photonic products for the telecommunications industry; and
high-performance displays and components for television and other
communications-related industries. The company also uses
advanced materials to manufacture products for scientific,
semiconductor and environmental markets. Corning's revenues in
1999 were $4.7 billion.

PPG Industries will record an after-tax charge against first-
quarter earnings of about$35 million, or 20 cents a share, to
write off its investment in Pittsburgh Corning Corp., which has
announced filing a petition for reorganization under the federal
bankruptcy code.

"The write-off simply represents a one-time loss on an investment
that, for a number of years, has produced insignificant earnings
for PPG," said PPG Chairman and Chief Executive Raymond W.
LeBoeuf.  "The potential loss to PPG related to our Pittsburgh
Corning investment was noted in our 1999 financial reports. This
one-time charge involves no cash payment and has no effect on PPG

Pittsburgh Corning is a producer of glass block and specialty
glass products. PPG and Corning Inc. each hold half of the
company's shares.

RAYTHEON: To Sell or Spin Off RE&C
According to The Boston Globe last April 12, Raytheon Co.
lastweek said in a discussion they are considering whether to
sell or spin off its troubled Cambridge-based Raytheon Engineers
& Constructors(RE&C) that had an operating loss of $ 61 million
setting aside previous pledges that it would hang on to the unit,
also is a way to raise cash and pay existing debt.

Raytheon did not reveal with whom it is holding talks with,
although all eyes were pointed to Morrison Knudsen Corp. in
Boise, Idaho, who did not return messages after seeking comment.
Raytheon said it is also considering setting up a joint venture
with another company to run RE&C, BG reports.

RITE AID: Commitment Letter Details Out-of-Court Restructuring
Rite Aid Corporation delivered a copy of an April 10, 2000,
Commitment Letter from Salomon Smith Barney Inc., Heller
Finanical, Inc., and Fleet Retail Finance, Inc., for a $1
billion senior secured credit facility providing new financing
that underpins a $4.3 billion out-of-court restructuring, to
the Securities and Exchange Commission under cover of a Form
8-K.  A full-text copy of the Commitment Letter and its detailed
exhibits is available at
84129/0000950172-00-000738.txt from the SEC.

Contrary to our reporting in yesterday's edition of the TCR,
Rite Aid Corporation did NOT file for chapter 11 protection.  
The new financing pact is a cornerstone of Rite Aid's
out-of-court restructuring effort and management's turnaround

The $1 billion financing commitment is premised on Rite Aid's
lenders exercising an option to swap 50% of their debt claims
for equity at $5.50 per share and the other 50% of their debt
claims for new debt.  J.P. Morgan negotiated for the first right
to participate for up to 100% of its $200 million in outstanding
loans to Rite Aid.  Other lenders participate on a pro rata
basis.  Maturity dates on the remaining debt obligations will be
extended into 2002.

Salomon, Heller and Fleet intend to complete their due diligence
by April 30, allowing the new financing pact to close before
the end of May.  Additionally, Rite Aid will attempt to modify
the terms of approximately $214,000,000 of Synthetic Lease

With respect to Bondholders, Rite Aid will seek to exchange not
less than 85% of its senior indenture debt (the "Senior Notes")
consisting of $200,000,000 of unsecured 5.50% fixed rate senior
notes due 2000 (the "5.50% Notes") and $350,000,000 of unsecured
6.70% notes due 2001 (the "6.70% Notes", and together with the
5.50% Notes, the "Existing Notes") in an exchange offer in
accordance with Section 4(2) of the Securities Act of 1933
(the "Securities Act"), made only to Qualified Institutional
Buyers or institutional Accredited Investors (as such terms are
defined in the rules and regulations under the Securities Act),
at par, for new senior notes (the "Exchange Notes") maturing on
September 15, 2002 and having, among other things, the same
silent second priority lien on the Collateral that will be shared
with the Agreement Debt, the Exchange Debt and the Synthetic Leases
on a pari passu basis.

Costs and expenses (including amounts payable under certain
non-public Fee Letters) incurred in connection with the out-of-court
restructuring transactions are projected to total $60,000,000.  

Jeffrey A. McDermott and Richard D. Banziger lead the Salomon team.  
Salomon is represented by Cravath, Swaine & Moore.  Skadden, Arps,
Slate, Meagher & Flom LLP represents Rite Aid in its out-of-court

SUNBEAM: Signs Definitive Agreement with Lending Banks
Sunbeam Corporation (NYSE: SOC) today announced that, as
expected, it signed a definitive agreement with its lending banks
to extend covenant relief and waivers of past defaults under its
$1.7 billion credit agreement until April 10, 2001.  Sunbeam also
said it expects to file its Form 10-K shortly, which will include
the results reported for 1999 earnings on March 8, 2000.

Sunbeam Corporation is a leading consumer products company that
designs, manufactures and markets, nationally and
internationally, a diverse portfolio of consumer products under
such world-class brands as Sunbeam(R), Oster(R), Grillmaster(R),
Coleman(R), Mr. Coffee(R), First Alert(R), Powermate(R), Health
o meter(R) and Campingaz(R).

SURREY HILLS: Court Approves Sale
As reported in the Daily Oklahoman on April 12, 2000, estate
trustee David Payne reportedly said that the U.S. Bankruptcy
Court has given approval to the sale of Surrey Hills Country Club
to a group headed by a local developer Claud Cypert.

The club and its parent, Eagle's Nest Corp., entered Chapter 11
bankruptcy in August.

The deal includes nearly 1,200 acres of mostly undeveloped
commercial and residential property with a $ 5.3 million price

TV FILME INC: Reports Confirmation of Plan of Reorganization
TV Filme, Inc. (OTC Bulletin Board: PYTV) reported today that on
April 10, 2000  the United States  Bankruptcy  Court for the  
District  of  Delaware confirmed  TV Filme, Inc.'s First Amended
Plan of Reorganization, dated February 29, 2000,  filed  in  TV  
Filme's pending  Chapter 11 bankruptcy case. Overwhelming
majorities of holders of TV Filme, Inc.'s outstanding 12-7/8%
senior notes  due 2004 and holders of TV Filme, Inc.'s common
stock voted in favor of the restructuring set forth in the Plan.

The Company's restructuring represents a consensual arrangement,
pursuant to a Restructuring Agreement dated January 24, 2000,  
with holders of  more than  65%  of  the  Company's outstanding  
Senior  Notes.  TV Filme, Inc. expects that this restructuring  
will  significantly reduce the Company's existing long-term  
debt, and enable the Company to continue the build-out of  its
recently acquired multi-point, multi-channel distribution
systems  ("MMDS")  licenses.  The restructuring of  the  
Company's indebtedness provides, among other things, as follows:

Once the "Effective Date" of the Plan occurs, the holders of
Senior  Notes will receive a $25 million cash payment  and  their
existing notes will be converted into (i) Senior Secured Notes in
the  aggregate principal amount of at least $35 million,  subject
to  adjustment, with a five year maturity and interest of 12% per
annum  (interest payable-in-kind at the option of the reorganized
company  through the first 24 months), and (ii) 80%  of  the  new
common  equity  of  the reorganized company.  Current management
will receive 15% of the new common equity, and existing common
stockholders of TV Filme, Inc. will receive 5% of the new common
equity  of the reorganized company in exchange for their  current
stake.  The Plan provides that the reorganized company will be a
newly-formed Cayman Islands holding company, and that the Senior
Secured   Notes   will  be  issued  by  ITSA  -- Intercontinental
Telecomunicacoes  Ltda., an existing Brazilian subsidiary  of
TV Filme.

The Effective Date of the Plan is contingent upon obtaining
approval of the  restructuring contemplated by  the  Plan  from
Agencia  Nacional de Telecomunicacoes, the Brazilian  government
agency that regulates telecommunications services in Brazil, and
the Central Bank of Brazil.

Hermano Studart Lins de Albuquerque, Chief Executive Officer of  
TV Filme, Inc. said, "We are pleased to announce confirmation of
the Plan.  We believe the Brazilian government agency approvals
needed to consummate the Plan will be obtained in the foreseeable
future  and,  once implemented, the restructuring will  place  TV
Filme's business in a much stronger position."

Mr. Albuquerque emphasized that the restructuring is being
implemented at the  U.S.  holding company level  and  will  not
affect  the Company's operations in Brazil.  "We will continue  
to provide  our  customers with the highest quality of  
programming, service, and reliability."

Headquartered in Brasilia, Brazil, TV Filme, Inc.  is  a leading
provider of subscription television, data  and  internet services  
in mid-sized  markets in  Brazil.  The Company has established   
wireless cable operating systems  in   Brasilia, Goiania,  Belem
and Campina Grande, which together comprise  over 1.4  million  
households.  Also, the Company holds wireless cable licenses  in  
the cities of Bauru, Caruaru, Franca, Porto  Velho, Presidente  
Prudente, Uberaba and Belo Horizonte, which together comprise
nearly 1.2 million households. TV Filme, Inc. reports all results
in U.S. dollars and prepares its financial statements in
accordance with U.S. generally accepted accounting principles.

U.S. ENRICHMENT: Shutdown of One Plant Next Summer
Analyst Richard Rossi wrote a report for The Bank of New York
Capital Markets, assuming that the financially troubled company,
U.S. Enrichment Corporation will have to close one of its plants
in either Paducah Gaseous Diffusion Plant having 1,700 workforce
or in Portsmouth Gaseous Diffusion Plant in Piketon having 2,000
people before July of next year to save $ 65 million a year in
power and labor costs, The Associated Press reports.

Closing a plant is one of the number of assumptions made by BNY
Capital in saying that the company's debt is a good investment
for bond buyers.  But, the report does not speculate which plant
it is that will close. USEC told the Associated Press that the
key will be which plant gets a multiyear contract to buy

ZETA CONSUMER: Shuts Down Plant, Considers Bankruptcy as Option
Zeta Consumer Products Corp. of Little Falls, NJ shut down its
Arlington plant Tucker Housewares two weeks ago and laid off most
of their workers, saying the future of the company remains

Company executives and their lenders have been meeting in New
Jersey to determine the private company's future. Jackowski said
options under consideration include a sale of the company or its
assets, bankruptcy, or investors putting in new capital.


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
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