TCR_Public/000427.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

    Thursday, April 27, 2000, Vol. 4, No. 82

                     Headlines

ADVANCED MICRO DEVICES: Reports Record Sales and net Income
ALTIVIA FINANCIAL: Ceases Loan Originations; Cuts Staff By 90%
AMERICAN BANKNOTE: Seeks Court OK For Insurance Premium Financing
AMERICAN GAMING: Reports Net Loss
AMERICAN OUTPOST: Hires Renaissance Partners

AURORA FOODS: Chase Manhattan To Buy Certain Accounts Receivable
BALDWIN BUILING: Homeowners Settle Defect Action
BRAZOS SPORTSWEAR: Order Extends Exclusivity
BUSH LEASING: Hearing on Order Approving Bidding and Breakup Fee
CHAI-NA-TA: Shareholders Approve Restructuring Plan

CHS ELECTRONICS: Files Voluntary Petition Under Chapter 11
DAIEI OMC INC.: Books 59.8B Yen net loss for FY99
FAVORITE BRANDS: Effective Date of Plan
FRONTIER AIRLINES: Stock Transactions Through Call Options
FRUIT OF THE LOOM: Clarifies Adequate Protection Record Dates

FRUIT OF THE LOOM: First Extension of Exclusivity
GENICOM CORP: Files Voluntary Petition
GRAHAM FIELD: Final Order Authorizing DIP Financing
GRAHAM FIELD: Seeks Exclusivity Extension
HARNISCHFEGER: Court Approves Assumption of Leases

HUNTERS RIDGE: Case Summary
LEVITZ: Sixteenth Amendment to DIP Facility
NMT MEDICAL: Closes Sale To Integra For $12 Million
NORTH AMERICAN VACCINE: BioChem Pharma Owns 40% of Stock
PARAGON TRADE BRANDS: Arthur Andersen Replaced By Ernst & Young

PENNCORP: Responds To Objections To Disclosure Statement
PETSEC ENERGY: Files Voluntary Petition Under Chapter 11
PETSEC ENERGY: Sells Working Interests In Seven Leases
PHILIP SERVICES: Effective Date of Plan
PREMIER REHABILITATION: State To Take Over Nursing Home

SAMSUNG MOTORS: Creditor vote on Renault deal
TEU HOLDINGS: Auction Results and Hearing
TEXFI INDUSTRIES: Seeks Authority To Hire Ernst & Young
TRILOGY LIMITED: Case Summary and 14 Largest Unsecured Creditors
TULTEX: Order Establishes Bar Dates

                     *********

ADVANCED MICRO DEVICES: Reports Record Sales and net Income
-----------------------------------------------------------
Advanced Micro Devices Inc. had record sales of $1,092,029,000
and record net income of $189,349,000 for the quarter ended April
2, 2000.  The company reported strong growth in each of its
product groups - the Computation Products Group, the Memory
Group, and the Communications Group.

Total revenues grew by 13 percent over the immediate-prior
quarter ended December 26, 1999, and by 73 percent over the like
period of 1999. In the immediate-prior quarter, AMD reported
sales of $968,710,000 and net income of $65,080,000. In the first
quarter of 1999, AMD reported sales of $631,593,000, and a net
loss of $128,367,000.

"AMD had the best quarter in its history," said W.J. Sanders III,
chairman and chief executive officer. "Each of our product groups
reported significant growth in the first quarter. Led by strength
in PC processors and Flash memory sales, sales from AMD's three
product groups grew by more than 13 percent sequentially and by
more than 83 percent over the
comparable period of 1999."

"Unit sales of AMD Athlon(TM) processors increased by 50 percent
to 1.2 million units," Sanders continued. "Total PC processor
revenues grew 14 percent sequentially and by more than 65 percent
over the first quarter of 1999. Total unit sales, including AMD
Athlon and AMD-K6(R) family processors, reached a new record at
nearly 6.5 million units. Reflecting a richer PC processor
portfolio with the industry's broadest range of high-performance
solutions, revenues from AMD Athlon processors exceeded revenues
from AMD-K6 family processors."

During the quarter, AMD introduced the industry's first 1-
gigahertz (GHz)PC processor and 850-, 900-, and 950-megahertz
(MHz) versions of the AMD Athlon processor. AMD also began
sampling two new versions of the AMD Athlon processor family that
incorporate on-chip L2 cache. The first, code-named
"Thunderbird," is targeted at the performance segment of the PC
market. The second, code-named "Spitfire," is targeted at the
value segment. Both products are planned for shipment later this
quarter.

The company also commenced shipments of a 550-MHz AMD-K6-2
processor targeted at the value segment of the desktop PC market
and a 500-MHz AMD-K6-2 processor for mobile systems.

The company reported that continuing strong demand for Flash
memory devices coupled with extraordinary operational execution
resulted in record sales of $327 million for the Memory Group, an
increase of 19 percent from the immediate-prior quarter and more
than 150 percent from the comparable period of 1999.  During the
quarter, AMD concluded multi-year agreements with Alcatel and
Cisco Systems to supply Flash memory products. AMD said it
expects that demand for Flash memory devices will continue to
exceed supply for the remainder of the year and into 2001.

Communications Group sales increased by 7 percent over the
immediate-prior quarter and by 59 percent over the first quarter
of 1999 driven by strength in telecommunications line-card
circuits and devices for physical-layer Ethernet solutions.


ALTIVIA FINANCIAL: Ceases Loan Originations; Cuts Staff By 90%
--------------------------------------------------------------
Altiva Financial Corporation reports that as of Friday, April 14,
2000 it had ceased origination of loans and had reduced staff by
90% in both Atlanta and its wholly owned subsidiary, The Money
Centre in Charlotte, North Carolina.

The above actions were taken when an immediate cash infusion into
the company was not available. Consequently, the company was not
able to continue normal operations. The company is pursuing an
orderly winding-down of business activities and is seeking an
arrangement with its creditors.

Altiva Financial Corporation is a specialty financial services
company headquartered in Atlanta, Georgia.


AMERICAN BANKNOTE: Seeks Court OK For Insurance Premium Financing
-----------------------------------------------------------------
The debtor, American Banknote Corporation, seeks court authority
to enter into insurance premium financing agreement to finance a
new crime and transit insurance policy with National Union Fire
Ins. Co. for the debtor's subsidiaries.   

The policy is necessary for the debtor's reorganization to keep
the business operations and assets of the subsidiaries insured.  
Cananwill has agreed to finance the payment for the premium for
the policy substantially in accordance with the PFA for a total
of payments to Cananwill of $124,924.30.


AMERICAN GAMING: Reports Net Loss
---------------------------------
American Gaming & Entertainment, Ltd. reported in its Form 10-QSB
that net loss for common stockholders for the three months ended
March 31, 2000 was approximately $ 452,000 or $ 0.04 per share,
based upon a weighted average number of 12,533,948 common shares
outstanding, as compared to a net loss for common stockholders of
$ 2,330,000 or $ 0.19 per share for the three months ended March
31, 1999, based upon a weighted average number of 12,532,102
common shares outstanding.


AMERICAN OUTPOST: Hires Renaissance Partners
--------------------------------------------
American Outpost and Renaissance Partners L.C. jointly announced
that Renaissance has been retained by Forman Enterprises Inc.,
which operates 51 American Outpost stores in outlet shopping
centers, to provide consulting services in connection with the
company's turnaround and restructuring, according to a newswire
report. The company is currently operating under chapter 11 and
has obtained DIP financing from PNC Bank N.A. Renaissance will
provide services focused on merchandising, merchandise planning
and allocation, distribution and financial planning. (ABI 26-Apr-
00)


AURORA FOODS: Chase Manhattan To Buy Certain Accounts Receivable
----------------------------------------------------------------
On April 19, 2000, Aurora Foods Inc. entered into an agreement
whereby The Chase Manhattan Bank agreed to purchase from time to
time certain of the company's accounts receivable. The agreement
provides that the amount of purchased and uncollected accounts
receivable outstanding at any given time is not to exceed $60
million. Funds affiliated with Fenway Partners, Inc., McCown De
Leeuw & Co. and UBS Capital LLC have agreed to participate, on a
subordinated basis, in not less than 15% of this accounts
receivable transaction. The purchase price will be calculated to
include a customary discount to the amount of the receivables
purchased. The company has agreed to pay customary fees in
connection with this accounts receivable transaction. The
agreement also contains customary representations, warranties and
covenants by the company. The term of the agreement is for 364
days, and may be terminated by the company upon five days' prior
written notice to Chase.


BALDWIN BUILING: Homeowners Settle Defect Action
------------------------------------------------
Under the pressure of a potentially costly and lengthy trial,
insurance companies for the bankrupt Baldwin Building Contractors
and various subcontractors settled a construction defect lawsuit
for $3.75 million, according to a newswire report. The Summit
Court Homeowners Association, a 243-unit condominium complex
located in Anaheim, Calif., was to begin a full trial on Monday
in Orange County Superior Court. Summit Court was built between
1991 and 1995 by the bankrupt master developer Baldwin Builders
and Baldwin Building Contractors L.P., which filed for chapter 11
in 1995. The association filed suit against Baldwin Building
Contractors and various subcontractors on Sept. 12, 1997,
claiming that the association was plagued by extreme winter
weather, including El Nino-driven storms, citing defects
including roof and deck leaks, sheet metal flashing failures,
water intrusion through windows and sliding glass doors and
plumbing and electrical defects. "It would have been a real
travesty if these powerful insurance companies were able to force
the association into a costly trial, pitting their interests
ahead of these homeowners who need the money to fix their homes,"
said construction defect attorney, Thomas E. Miller. "I have
heard of cases settling on the courthouse steps but I never
thought our own homeowners association would have to fight these
big insurance companies to the very end," says Barbara Rennes,
the president of the board of directors of The Summit Court
Homeowners Association. "We are just pleased we do not have to
endure the expense of going to a lengthy trial and that we can
focus our energy on the repair and restoration of our community
and homes."(ABI 26-Apr-00)


BRAZOS SPORTSWEAR: Order Extends Exclusivity
--------------------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order extending the Plan Proposal Period through and including
May 15, 2000.  The Solicitation Period is extended through and
including July 14, 2000.


BUSH LEASING: Hearing on Order Approving Bidding and Breakup Fee
-----------------------------------------------------------------
An expedited hearing before the Honorable Thomas F. Waldron on
the debtor's motion for an order approving bidding procedures and
breakup fee regarding debtor's proposed sale of its lease
portfolio has been scheduled for April 26, 2000 at 9:00 AM.

A competing offer must be specific about the method of payment,
must exceed the original offer by at least $1 million, plus the
Breakup Fee, in the aggregate, must provide for payment to debtor
at closing of not less than $185 million.  The initial deposit
must be in the amount of $1 million and an additional $1 million,
if it is the winning offeror.


CHAI-NA-TA: Shareholders Approve Restructuring Plan
---------------------------------------------------
Chai-Na-Ta Corp. (TSE: "CC"; OTCBB: "CCCFF") President and CEO,
Gerry Gill announced today that shareholders at the Company's
Annual General Meeting approved the issuance of approximately
7,246,300 common shares for CDN$5 million to Road King
Infrastructure Ltd. (RKIL), and the 20,399,149 convertible
preferred shares to John Hancock Life Insurance Company to retire
CDN$13,879,580 of secured debt.

Chai-Na-Ta also reported that its new investor, RKIL, has entered
into agreements with two of Chai-Na-Ta's major creditors to
acquire all, or part of, their interest in the Company.  RKIL has
reached an agreement with HSBC Private Equity (Asia) Ltd. to
purchase their 1,474,895 common shares in the Company which was
acquired through the Company's debt restructuring announced last
week.  These shares will have a one year hold on trading.

RKIL also reached agreement with John Hancock Life Insurance
Company to purchase their CDN$10 million secured debt and
20,399,149 of non-voting convertible preferred shares.  RKIL also
agreed to forgive $5 million of the secured debt and to reduce
the interest rate on the remaining balance from 10.6% to 0%.  The
debt will be extended for a five-year term.  Both agreements are
subject to regulatory approval.

Chai-Na-Ta is the world's largest supplier of North American
ginseng.


CHS ELECTRONICS: Files Voluntary Petition Under Chapter 11
----------------------------------------------------------
On April 4, 2000, CHS Electronics, Inc., filed a voluntary
petition under Chapter 11 of the United States Bankruptcy Code
(in the United States Bankruptcy Court for the Southern District
of Florida. No trustee, examiner with extended powers, receiver,
fiscal agent or similar officer has been appointed with respect
to the company, which continues to operate as a debtor in
possession.

The company filed a Plan of Reorganization with the Bankruptcy
Court. The principal terms of the Plan are as follows:  (1) The
company will sell the capital stock of certain of its
subsidiaries and certain other assets of the company (the
"European Assets") to Europa IT ApS, a Danish corporation,
in accordance with the terms of a Letter Agreement dated March
17, 2000, entered into by the company, Europa and certain
creditors of the company. The European Assets represent a
substantial portion of the company's total assets.

2) In consideration for the European Assets, CHS will receive (a)
the number of shares of common stock of Europa equal to 20% of
the total outstanding fully diluted common stock of Europa as of
the date that is thirty days after the date the order entered by
the Bankruptcy Court confirming the Plan becomes a final order;
(b) $22.5 million in aggregate principal amount of promissory
notes issued by Europa on the Effective Date, bearing interest at
the rate of 10% per annum and due in thirty months and (c) $45
million in aggregate par value of redeemable, convertible
preferred stock issued by Europa on the Effective Date.

3) All of the consideration received by the company from Europa
for the European Assets (except for such number of the Europa
Shares as shall constitute 5% of the fully diluted Europa Common
Stock, which will be retained by the reorganized company) shall
be distributed to the company's creditors in accordance with the
Plan. Furthermore, 25% of the equity of the reorganized company
will be distributed to the company's creditors in keeping with
the Plan. The term "Reorganized Company" refers to the
successor entity to be formed pursuant to the Plan as a result of
the entry by the Bankruptcy Court of the order confirming the
Plan, when such order becomes a final order.

(4) Holders of the issued and outstanding shares of common stock
of the company (including any warrants and options to purchase
such shares) will, in the aggregate, receive 75% of the common
stock of the reorganized company and all such outstanding shares
of common stock of the company will be deemed to be canceled and
extinguished on the Effective Date.

As of April 18, 2000, the following creditors of the company had
approved the Plan and had signed the Letter Agreement: Alliance
Capital Management, LP; Gabriel Elias; Morgan Stanley Dean Witter
Asset Management (various entities); Van Kampen High Income
Corporate Bond Fund; Warburg Dillon Read, LLC; ML CBO XVIII
(Cayman) Ltd.; ML CBO XIX (Cayman) Ltd.; AIU Insurance; American
Home Assurance Co.; Commerce and Industry Insurance Company;
National Union Fire Insurance Company of Pittsburgh, PA; The
Insurance Company of the State of Pennsylvania; Computer
Associates International, Inc.; IBM Credit Corp. (various
entities) and Microsoft Ireland Operations Limited.


DAIEI OMC INC.: Books 59.8B Yen net loss for FY99
-------------------------------------------------
Daiei OMC Inc. (8258) reported on Thursday a 59.8 billion
yen net loss for the fiscal year ended Feb. 29, turning
around from a 212 million yen profit the year before.

Its mainline credit card business was sound, but the
company took an extraordinary loss of 119.2 billion yen to
dispose of trade credit that had turned sour.  Revenue went
up 3% to 99.1 billion yen as the number of cardholders rose
by 300,000 to 6.03 million. Total transaction volume grew
6% to 1.42 trillion yen.

Disposing of bad credit extended to businesses helped
reduce related costs by 9.3 billion yen, and pretax profit
jumped 150% to 20 billion yen.  The company offset part of
the extraordinary loss with an 8.4 billion yen
extraordinary gain, largely from the sale of Recruit Co.
shares. Its switch to the deferred-tax accounting system
also resulted in a 42.9 billion yen tax carryback.

Daiei OMC said it would focus on consumer business this
fiscal year, and plans to post a 14.5 billion yen net
profit for the term. Revenue is projected to rise 4% to 103
billion yen, while pretax profit will grow 25% to 25
billion yen. The number of cardholders is seen rising by
400,000, and total transaction volume by 6%.  (Nikkei  21-
April-2000)


FAVORITE BRANDS: Effective Date of Plan
---------------------------------------
April 11, 2000 is the Effective Date of the First Amended Joint
plan of Reorganization of Favorite Brands International Holding
Corp. and its debtor subsidiaries.


FRONTIER AIRLINES: Stock Transactions Through Call Options
----------------------------------------------------------
B III Capital Partners LP, DDJ Capital III, LLC and DDJ Capital
Management LLC beneficially own 3,292,229 shares of the common
stock of Frontier Airlines Inc., which amount represents 17.9% of
the outstanding common stock of the company.  Sole voting and
dispositive powers are attached to the share ownership.  The
transactions were accomplished through Call Options with all
purchases traded on public markets and therefore there are no
written agreements covering the transactions.

On April 6, 2000, B III Capital Partners, L.P. (the Fund) wrote
100 November 2000 Call Options with a strike price of $15 in
consideration for cash in the amount of $16,624.43, and again on
April 7, 2000, the Fund wrote 1,900 November 2000 Call Options
with a strike price of $15 in consideration for cash in the
amount of $383,369.06.  On April 10, 2000, the Fund wrote 1,000
November 2000 Call Options with a strike price of $17.50 in
consideration for cash in the amount of $166,244.37, and again on
April 13, 2000, the Fund wrote 1,000 November 2000 Call Options
with a strike price of $17.50 in consideration for cash in the
amount of $147,495.00.


FRUIT OF THE LOOM: Clarifies Adequate Protection Record Dates
-------------------------------------------------------------
Fruit of the Loom, Ltd. (NYSE: FTL), one of the world's leading
marketers and manufacturers of basic family apparel, announced
that as a result of the Company's bankruptcy filing December 29,
1999, the timing of interest payments on the above referenced
public bond issues will be fixed pursuant to a stipulation and
order to be considered by the Bankruptcy Court as soon as is
practicable under the Chapter 11 proceeding.  Fruit of the Loom
made the first and second adequate protection payments due under
the Adequate Protection Order dated January 28, 2000, to the
Indenture Trustees on February 22, 2000 and April 3, 2000,
respectively.

To comply with the Adequate Protection Order, the Company will
continue to make interest payments on these three bonds, however,
the payments shall be made quarterly in lieu of the former semi-
annual payments.

Once approved, the Indenture Trustees will publish notice of the
entry of the stipulation and order in The Wall Street Journal
within three (3) business days of its entry.  The record date for
the initial adequate protection payment will be the first
business day that is fifteen (15) days after such publication.  
The stipulation and order directs the Indenture Trustees to pay
the interest accrued under the respective Indentures through
March 31, 2000, to the holders of the Notes as of the initial
adequate protection payment record date.

Thereafter, the Indenture Trustees for the 7-3/8% Indenture and
the 6-1/2% Indenture will distribute future quarterly adequate
protection payments to the holders of record within ten (10) days
of a record date that will be set as the first business day that
is twenty (20) days after the date on which the respective
Indenture Trustees received the adequate protection payments from
Fruit of the Loom.

The Indenture Trustee for the 7% Debentures will distribute
future adequate protection payments to 7% noteholders within ten
(10) days of a record date that will be the fifteenth day of the
month before each scheduled quarterly adequate protection
payment.


FRUIT OF THE LOOM: First Extension of Exclusivity
-------------------------------------------------
Fruit of the Loom tells Judge Walsh that it is still in the
process of stabilizing its business and formulating a business
plan.  Until the company is stabilized and a business plan is
formulated, it will be impossible to craft a feasible plan of
reorganization.  Accordingly, the Debtors ask Judge Walsh for an
extension, pursuant to 11 U.S.C. Sec. 1121, of their exclusive
period during which to file a plan of reorganization and solicit
acceptances of that plan from their creditors.

The Debtors remind the Court that their cases are large and
complex.  This alone, the Debtors suggest, constitutes cause for
an extension.  But the Debtors don't rely on this single
argument, relating how diligent they've been in the
administration of their chapter 11 cases.

The reorganization process, the Debtors envision, will take place
in four stages:

(1) The Initial Stabilization Phase as the Debtors and other
parties in interest recover from the shock of the chapter 11
filing.  Stability will be hallmarked by:

(a) an adequate supply of raw materials and merchandise on
normal pricing terms;

(b) customers willing to place purchase orders substantially
similar to historical orders; and

(c) employees declining headhunters' and competitors'
alternative employment offers.

(2) The Business Assessment Phase where management turns its
focus toward reevaluating and testing basic operating formulae
and evaluating customer and vendor preferences.  The Debtors
indicate that they've already revised their Fiscal Year 2000
Business Plan and have shared it with an unnamed constituency,
perhaps the Lenders.  The Debtors envision drafting a long-term
business plan that will optimize and focus FTL's product
offerings to its customers to improve sales productivity and
reduce overhead.  

(3) The Plan of Reorganization Development and Negotiation Phase
will entail the Bar Date and claims reconciliation process;
valuation of the Fruit of the Loom business; review of the then-
current economic environment, interest rates, operating
performance and other considerations.  "The precise
articulation of these assumptions and factors may create
significant differences in the anticipated value available for
distribution to creditors," the Debtors say, adding that "[t]he
ranges of assumptions and values can indicate great differences
in the form, currency, and amount of recovery available to each
creditor and equity constituency."  As a result, the Debtors
speculate, there will probably be extensive and complex
negotiations between and among all interested constituencies
regarding these assumptions and related issues affecting likely
distributions under any plan of reorganization.  

(4) The Plan of Reorganization Confirmation Phase will follow
once the principal constituencies agree on the principal economic
terms for a plan.  This phase will require drafting voluminous
documentation and extensive exhibits.  The documentation, the
Debtors predict, will spawn more lengthy conversations and
negotiation.  

"The [Debtors have] failed to aver reasonable grounds calculated
to establish the requisite cause for an extension of exclusivity
in which only the Debtors may file and solicit acceptances of a
plan of reorganization as is required by 11 U..S.C. Sec.
1121(d)," Daniel K. Aston, Esq., an Attorney Advisor for the
Office of the United States Trustee, asserts in an Objection to
the Debtors' Motion.  "The U.S. Trustee believes that it is
unclear whether a completing disclosure statement plan will be
filed.  To the extent that a competing plan might be filed by
another interested party, the U.S. Trustee believes, and
therefore avers, that this may have a salutary effect upon the
administration of [these cases].  Based upon information
received, the U.S. Trustee believes, and therefore avers, that a
competitive plan confirmation process may be beneficial to the
estate and creditors.  Therefore, an extension of exclusivity may
not be in the best interests of the estate and its creditors
and the [Debtors] should be left with burden on the merits," Mr.
Aston tells the Court, urging wholesale denial of the Debtors'
Motion.  

Judge Walsh rejected the U.S. Trustee's arguments, finding that
Fruit of the Loom, makes its case for extension of its exclusive
periods.  Rather than granting the nine-month extensions equested
by the Debtors, Judge Walsh grants the Debtors an extension,
through and including October 31, 2000, of their exclusive period
during which to file a plan of reorganization and a concomitant
extension, through December 30, 2000, of their time within which
to solicit acceptances of that plan.  Judge Walsh makes it clear
that these extensions are without prejudice to the Debtors'
absolute right to request further extensions for cause.  
(Fruit of the Loom Bankruptcy News Issue 5; Bankruptcy Creditors'
Services Inc.)


GENICOM CORP: Files Voluntary Petition
--------------------------------------
As previously noted on March 24, 2000, Genicom Corporation filed,
in the United States Bankruptcy Court for the District of
Delaware, a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code.

On March 30, 2000, the Bankruptcy Court approved a proposed
procedure for the solicitation of bids for the sale of the
company's assets. On that date, the Court also approved a break
up fee for Platinum Equity Holdings in the event they were not
the successful bidder for the assets and they elected to leave
their offer in place after April 7, 2000. The Platinum
Equity Holdings offer has been withdrawn. Pursuant to the
approved procedure, bids for all or a portion of the company's
assets were due to be received by the company on April 24, 2000.
In the event there were competitive bids, the debtor was to hold
an auction among the bidders on May 1, 2000. The Court has set
May 3,2000 as the date on which it will consider confirmation of
the sale(s) of assets. The company has filed a Motion for Order
Authorizing Sale of All of its Assets Free and Clear of All
Liens, Claims and Encumbrances, Authorizing Payment To Secured
Creditors Holding Valid Prior Liens On Assets Sold, and
Authorizing Assumption and Assignment of Such Executory Contracts
and Unexpired Leases As the Successful Bidder(s) May Elect to
Acquire.  A Motion to Limit the Time for Objection until April
26, 2000 for the foregoing motion has also been filed.


GRAHAM FIELD: Final Order Authorizing DIP Financing
---------------------------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order authorizing the debtors, Graham-Field Health Products,
Inc., et al. to obtain DIP financing from Congress Financial
Corporation, such amounts not to exceed $25 million, subject to
all of the terms and conditions of the financing agreements.


GRAHAM FIELD: Seeks Exclusivity Extension
-----------------------------------------
The debtors, Graham-Field Health Products, Inc., et al. seek
court authority to extend the exclusive periods during which the
debtors may propose and file a plan of reorganization and solicit
acceptances thereof.  A hearing will be held on May 5, 2000 at
2:00 PM at the US Bankruptcy Court for the District of Delaware.
The debtors request 120-day extensions of each of the exclusive
periods, through and including August 23, 2000 and October 22,
2000, respectively.

The debtors state that they have focused their efforts on
stabilizing and improving their business operations.  The debtors
have also adjusted to a new management team that has been working
toward securing a replacement DIP credit facility.


Over the next few weeks, the debtors intend to formulate and test
alternative strategic plans designed to maximize the value of the
debtors' estates.  The debtors will require additional time to
evaluate such alternatives in light of actual results, making
refinements, and working through their proposals with the lenders
and the Creditors' Committee.  The Committee supports the
extensions of the Exclusive Periods.


HARNISCHFEGER: Court Approves Assumption of Leases
--------------------------------------------------
Upon the Debtors' motion, the Court authorized for the assumption
of the real property leases for:

(1) The Delaware Corporate Headquarters;

(2) Harnco's global computer operations at 2116 East Norse
Avenue, Cudahy, Wisconsin. (Harnischfeger Bankruptcy News Issue
22; Bankruptcy Creditor's Service Inc.)


HUNTERS RIDGE: Case Summary
----------------------------
Debtor: Hunters Ridge, LLC
        Suite 120
        444 East Warm Springs Rd
        Las Vegas, Nevada 89119

Petition Date: April 18, 2000   Chapter 11

Court: District of Nevada

Bankrupcy Case No.: 00-12785

Judge: Robert C. Jones

Debtor's Counsel: Nile Leatham, Esq.,
                  Kolesar & Leatham, Chtd.
                  Suite 380 3320 West Sahara Avenue
                  Las Vegas, NV 89102

Total Assets: $ 3,159,484
Total Debts:  $ 4,327,613


LEVITZ: Sixteenth Amendment to DIP Facility
-------------------------------------------
Judge Walrath approved a Sixteenth Amendment of the Debtors' DIP
Credit Agreement.  Under the Sixteenth Amendment, M.D. Sass
Corporate Resurgence Partners, L.P., as the Overadvance Term
Lender, will increase availability from $5,000,000 to
$15,000,0000.  

The Agent and the Lenders agree to waive any event of default
under Section 8.1 of the Credit Agreement in anticipation that
Minimum EBITDA for the period from April 1, 1999, to December 31,
1999, will not exceed $4,000,000 as previously projected.  

BT Commercial Corporation, as the Agent, collects a $50,000 fee
under the Sixteenth Amendment. (Levitz Bankruptcy News Issue 43;
Bankruptcy Creditors' Services Inc.)


NMT MEDICAL: Closes Sale To Integra For $12 Million
---------------------------------------------------
NMT Medical, Inc. has closed on the previously announced
agreement to sell the Selector(R) Ultrasonic Aspirator,
Ruggles(TM) Surgical Instruments and cryosurgery product lines of
its NMT Neurosciences division, including certain assets and
liabilities, to Integra LifeSciences Holdings Corporation for $12
million in cash. The proceeds will be used for debt reduction of
$5.9 million with the remainder for general working capital
requirements.

Commenting on the news, Thomas M. Tully, President and Chief
Executive Officer of NMT Medical, said, "With the closing of this
transaction we can focus more of our management and financial
resources on the higher growth and profit potential of our
cardiovascular businesses.  The Simon Nitinol Vena Filter and the
CardioSEAL(R) Septal Occluder both achieved record
revenue levels during the first quarter.  More than 45
interventional cardiology centers have received Institutional
Review Board (IRB) approval for implantation of the CardioSEAL
based on our three FDA approvals under Humanitarian Use
Designation regulations. More than 90 other centers are in
the process of gaining IRB approval."

Mr. Tully continued, "NMT Neurosciences will now focus away from
capital equipment sales and onto the sales of its remaining
implantable products and disposables, while reducing overall
expenses. These products represented approximately $20 million of
sales in 1999."

NMT Medical designs, develops and markets innovative medical
devices that utilize advanced technologies and are delivered by
minimally invasive procedures.  The company's products are
designed to offer alternative approaches to existing complex
treatments, thereby reducing patient trauma, shortening
procedure, hospitalization and recovery times, and lowering
overall treatment costs.  The company's medical devices include
self-expanding stents, vena cava filters and septal repair
devices.  The NMT Neurosciences division serves the needs of
neurosurgeons with a range of implantable and disposable
products, including cerebral spinal fluid shunts, external
drainage products, and the Spetzler(TM) Titanium Aneurysm
Clip.


NORTH AMERICAN VACCINE: BioChem Pharma Owns 40% of Stock
--------------------------------------------------------
BioChem Pharma Inc., of Laval, Quebec, Canada, beneficially owns
14,326,418 shares of the common stock of North American Vaccine
Inc., representing 40% of the outstanding common stock of that
company.  BioChem exercises sole voting and dispostitive power
over the stock owned.

North American Vaccine Inc. approached BioChem for assistance in
repaying outstanding amounts under a line of credit that had been
extended by Bank of America, N.A. and guaranteed by Baxter, as
well as to secure additional working capital in order to finance
its operations through either the closing of the arrangement or
until the Share Exchange Agreement is terminated by the parties
thereto.

BioChem, North American Vaccine, Baxter, Frost and Bank of
America entered into an Assignment, Acceptance and Amendment
Agreement dated April 17, 2000, whereby BioChem agreed to provide
up to $40 million in financing for company operations through
June 30, 2000.  The Transitional Financing includes: (i)
BioChem's assumption of the line of credit previously
provided by Bank of America and guaranteed by Baxter under which
the company had drawn approximately $20 million; and (ii) up to
an additional $20 million. Amounts outstanding under the
Transitional Financing accrues interest at a rate of 15% per
annum and is subject to a deferred financing fee of $10 million.
The Transitional Financing, including the deferred financing fee,
is repayable in full on June 30, 2000 or upon a change in
control of the company, whichever occurs first. Baxter has
consented to the Transitional Financing and is being released
from its guarantee under the Original Line. Repayment of the
Transitional Financing is secured by various assets of North
American Vaccine.

BioChem Pharma is an international biopharmaceutical company
dedicated to the research, development and commercialization of
innovative products for the prevention and treatment of human
diseases with a focus in the anti-infective and anticancer areas.


PARAGON TRADE BRANDS: Arthur Andersen Replaced By Ernst & Young
---------------------------------------------------------------
Effective April 12, 2000, the Audit Committee of the Board of
Directors of Paragon Trade Brands, Inc. approved the dismissal of
Arthur Andersen LLP as the independent accountant engaged to
audit the company's financial statements.  Also effective April
12, 2000, the Audit Committee approved the engagement of Ernst &
Young LLP as the new independent accountant to replace Arthur
Andersen LLP and assigned to it the responsibility of auditing
the company's 2000 financial statements.

Arthur Andersen's audit opinion for fiscal year 1998 contained an
explanatory fourth paragraph with respect to the company's ablity
to continue as a going concern, but contained no other
qualifications,  modifications or disclaimers. Arthur Andersen's
audit opinion for fiscal year 1999 was unqualified.


PENNCORP: Responds To Objections To Disclosure Statement
--------------------------------------------------------
PennCorp Financial Group, Inc., debtor, responds to objections
filed by NBT of Delaware Inc. and Steven W. Fickes to the
Disclosure statement proposed by the debtor and the unofficial
committee of preferred shareholders.  The debtor answers each
objection, some of which are answered by amendments or additions
to the Disclosure Statement.  The debtor responds to the
allegation that the sale of assets was contrary to Delaware law,
by stating that the Disclosure Statement merely describes
historical transactions and does no t address unsubstantiated
allegations.  The debtor also answers objections to releases by
stating that the plan does not operate to release any claims or
causes of action that holders of claims against or equity
interests in the debtor may individually hold against non-
debtors.


PETSEC ENERGY: Files Voluntary Petition Under Chapter 11
--------------------------------------------------------
On April 13, 2000, Petsec Energy Inc. filed a voluntary petition
seeking relief under Chapter 11 of the United States Bankruptcy
Code in the United States Bankruptcy Court for the Western
District of Louisiana, Opelousas Division. The Court assumed
jurisdiction on that day. Subject to the supervision of the
Court, the company remains in possession of the its assets and
will manage the business for the benefit of the company's
creditors and equity holders.

The filing will allow Petsec Energy Inc. to continue its
operations under the protection of the bankruptcy court while it
continues discussions with its senior unsecured noteholders
regarding possible solutions to its financial situation. It will
also afford the company the opportunity to evaluate all other
options.

To maintain liquidity through the reorganization process,
including payment of suppliers and trade creditors, the company
is negotiating a commitment for up to US$30 million of post-
petition financing from Foothill Capital, Petsec's existing
secured lender, subject to court approval.

Petsec Energy Ltd is an independent oil and gas exploration and
production company operating in the shallow waters of the US Gulf
of Mexico.


PETSEC ENERGY: Sells Working Interests In Seven Leases
------------------------------------------------------
Petsec Energy Inc. has sold its working interests in seven of its
leases, effective 1 February 2000. The sale price was US$8.45
million cash.

Petsec now holds an interest in 41 leases, with production
established on 21 of them.

The company has sold its 50% working interest in the West Delta
112 & 113 leases, its 25% working interest in the West Cameron
515, 516 and 526 leases and its 25% working interest in the
Vermilion 34 and 47 leases. Net proven reserves attributable to
the West Cameron 515 and 516 leases, as determined by Ryder Scott
Company L.P., Petroleum Consultants at 31 December 1999, were
95,671 barrels of oil and 5.3 billion cubic feet of gas. The
company had not booked any reserves on the other leases that were
sold.

The net proceeds from the sale will be used to reduce the
company's secured bank debt to approximately US$7.7 million.

Petsec is an independent oil and gas exploration and production
company operating in the shallow waters of the US Gulf of Mexico.
The company's corporate office is in Sydney, Australia. Field
operations are managed in the US from Lafayette, Louisiana.


PHILIP SERVICES: Effective Date of Plan
---------------------------------------
On November 30, 1999, the US Bankruptcy Court for the District of
Delaware confirmed the First Amended Joint Plan of  
Reorganization of Philip Services (Delaware), Inc., et al. as
modified. April 7, 2000 is the Effective date of the plan.


PREMIER REHABILITATION: State To Take Over Nursing Home
-------------------------------------------------------
A financially troubled nursing home, Premier Rehabilitation and
Skilled Nursing in Beloit which is owned by Perennial Health
Inc., a national chain that filed for Chapter 11 bankruptcy
protection March 31, The Associated Press reports, has been cited
by the state of Wisconsin for 29 federal violations and 11 state
violations.


SAMSUNG MOTORS: Creditor vote on Renault deal
---------------------------------------------
Creditors of Samsung Motors will hold a plenary session
tomorrow to vote on Renault's final terms on its
acquisition of the ailing Korean automaker, said main
creditor Hanvit Bank yesterday.

According to the bank, representatives of Samsung Motors
creditors and Renault reached a tentative agreement on the
French auto giant's takeover of controlling shares in
Samsung during their last-stage talks in Paris on Saturday.

The Paris agreement will be presented to a plenary meeting,
slated for tomorrow morning in Seoul, of Samsung Motors' 16
creditor institutions, for the final ratification, they
said. If the tentative accord is approved, the signing
ceremony will be held on Thursday or Friday in Pusan, the
host to Samsung's sole passenger-car plant. In the case of
disapproval, both parties are likely to resume negotiations
in Seoul.

Details of the Paris agreement were not revealed. But a
Hanvit executive said, "The cost of Renault's purchase of
about 70 percent of Samsung Motors is estimated to be in
the range of $550-570 million (609.4-631.5 billion won)."
Prior to Saturday's negotiations, Samsung creditors had
reportedly asked for $600 million, whereas Renault stuck to
$540 million.

At tomorrow's meeting, the 16 Samsung creditors will
exercise their voting rights at the ratio of credit to the
automaker. Over 75 percent of the votes are needed for
final approval. Analysts say the results are quite
unpredictable, noting that most creditor institutions had
strongly demanded a sale price of at least $590 million.

The Hanvit executive said Renault proposed paying $100
million in cash and assumed $200 million of Samsung's total
debts estimated at $3.7 billion, adding that the French
firm will pay the remainder out of Samsung's operating
profits over the next 10 years.

Under the deal, Renault will set up a new joint-venture
company to run Samsung Motors and hold about a 70.1 percent
stake in the concern, while the Samsung Group will take
over 19.9 percent and creditors the remaining 10 percent.
Renault is known to agree to keep Samsung Motors' SM brand
alive for five years, turning out 50,000 SM5 cars this year
and expanding the firm's annual capacity to 400,000 units
by 2005. Renault also pledged to retain all of Samsung's
2,000 employees and resume full-scale production, which has
been running at well below its annual capacity of 240,000
units a year.

Analysts speculated that should the Paris agreement be
endorsed, the possibility of Renault taking over the
Samsung Motors' truck plant in Taegu may become higher.
Renault has long had plans to buy the commercial-vehicle
plant from Samsung Motors or Daewoo Motor, they said.

If the Samsung-Renault deal goes through, it would be the
first-ever acquisition by a foreign firm of a local
carmaker. Samsung Motors, which was founded in 1995 and
started producing cars in 1997, was put under court
receivership 10 months ago.

Renault is expected to create enormous synergies by
combining its Japanese affiliate Nissan's technologies and
Samsung's cheap parts and labor. Renault's long-term plan
calls for a market share of 10 to 15 percent in Korea in
five years, or 127,000 units a year. Renault also expects
workers at the Pusan plant to increase to 35,000 persons
this year and 350,000 by 2005.

Meanwhile, officials at Hyundai Motor-Kia Motors feared
that Renault's takeover of Samsung would surely eat into
its mid-sized and recreational vehicle markets. (The Korea
Herald  24-April-2000)


TEU HOLDINGS: Auction Results and Hearing
-----------------------------------------
Twenty properties were sold at auction on April 17, 2000 with
gross proceeds of $1,469,000 and total estimated cures of
$321,711.  A hearing on the assumption and assignment of the
leases will be convened before the Honorable Peter J. Walsh,
Bankruptcy Judge, on April 27, 2000 at 9:30 AM.

TEU Auction 'Results:

Intimate Brands Package:
Galleria at White Plains
White Plains, NY
Trumbull Park, Trumbull, CT
South Park Mall, Charlotte, NC
Roosevelt Field, Garden City, NY
Livingston Mall, Livingston, NJ
Stamford Town Center, Stamford, CT

G&G Package:
Mall St. Matthews, Lousiville, KY
Orland Square, Orland Park, IL
South Hills Village, Pittsburgh, PA
Pembroke Lakes Mall Pembroke Pines, FLA

Payless Package:
Rosedale Center, Roseville, MN
South Park Center, Strongville, OH

Stores Pulled - Pre Auction

Cross Creek Mall, Fayetteville, NC
Augusta Mall, Augusta, GA
The Mall at Tuttle Crossing Cublin, OH

Individually Auctioned Stores:

Crestwood Plaza, St. Louis, MO
Garden State Plaza, Paramus, NJ
Deptford Mall, Deptford, NJ
Broadway New York, NY
Tri-County Mall Cincinnati, OH


TEXFI INDUSTRIES: Seeks Authority To Hire Ernst & Young
-------------------------------------------------------
The debtor, Texfi Industries, Inc. seeks court authority to
retain Ernst and Young LLP as accountant to the debtor.  A
hearing on the application will take place before the Honorable
Arthur J. Gonzalez on May 3, 2000 at 10:00 AM.


TRILOGY LIMITED: Case Summary and 14 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Trilogy Limited Liability Co.
        2450 Chandler, Suite 151
        Las Vegas, Nevada 89120

Petition Date: April 24, 2000   Chapter 11

Court: District of Nevada

Bankruptcy Case No.: 00-12945

Judge: Linda B. Riegle

Debtor's Counsel: David A. Riggi
                  823 S Las Vegas Blvd
                  Las Vegas, NV 89101
                  702-735-4335

Total Assets: $ 1,140,000
Total Debts:  $ 1,265,000

14 Largest Unsecured Creditors

ABC Roofing                  $ 3,987
Alpha Engineering              $ 147
American Woodmark            $ 9,331
Bilt Best of California      $ 3,355
Charmac Builder Services       $ 516
Desert Door & Trim           $ 1,321
Desert Specialties             $ 610
J&G Plumbing                 $ 7,159
Kafoury, Armstrong & Co.     $ 3,656
Nevada Framers, Inc.         $ 2,170
Parkway Landscape           $ 12,435
Sears Commercial Credit      $ 8,822
Terracon                     $ 1,301
United Drywall & Painting   $ 21,495


TULTEX: Order Establishes Bar Dates
-----------------------------------
The US Bankruptcy Court for the Western District of Virginia,
Lynchburg Division entered an order establishing the general bar
date as June 15, 2000.


                     *********

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