/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/000530.MBXT R O U B L E D C O M P A N Y R E P O R T E R Tuesday, May 30, 2000, Vol. 4, No. 105 Headlines AAMES FINANCIAL: DCR Announces Rating Watch-Down AAMES FINANCIAL: Fitch IBCA Places Debt Ratings On Alert Negative AGRIBIOTECH: Seeks Approval For Sale of Assets APPLE ORTHODONTIX: Committee Seeks Appointment of Examiner AUTO-INFO INC: Announces Rescheduled Hearing Date BOSTON MARKET: McDonald's Closes Deal; New Management CHARTER BEHAVIORAL: Announces Results of Bidding and Auction COMPLETE MANAGEMENT INC: Law Firm Announces Bar Date COSTILLA ENERGY: Prize Energy Objects to Sale of Assets FRUIT OF THE LOOM: Committee Applies to Examine Board Members GODO STEEL LTD.: FY99 group net loss narrows to 3.3B Yen GOLDEN OCEAN: Frontline Announces Acquisition GST TELECOMMUNICATIONS: Xethos Group Announces No Affiliation HAZAMA CORP.: Asks creditors to forgive debts HAZAMA CORP.: Books 25.5B Yen net loss for FY99 HEDSTROM HOLDINGS: Final Order Authorizes Post-Petition Financing INNOVATIVE CLINICAL: Moody's Downgrades Ratings INNOVATIVE CLINICAL: To Convert Debt Through Prepackaged Plan ITS SUPPLY CORP: Boots & Coots Supplier Files for Bankruptcy LAMONTS APPAREL: To Redeem Unused Gift Certificates LOEWEN: Motion To Obtain $100,000,000 Replacement DIP Financing MARTIN COLOR-FI: Files Disclosure Statement and Plan NEXTWAVE: FCC Wins in Case PERKINS: Subsidiary of JDK Management To Purchase 15 Units PHYSICIANS RESOURCE: Equity Objects to Extension of Exclusivity RAMA GROUP: Files for Chapter 11 SIRENA APPAREL: Intimate Apparel Division For Sale SKELLY RANCH: Auctioned For $ 8.1M SUPERIOR NATIONAL: Moody's Downgrades Ratings TELSTRA: Looking for foreign money VISTA EYECARE: Seeks To Extend Time To Assume/Reject Leases WORLDTEK (CANADA) LTD: Default in Filing Financial Statements Meetings, Conferences and Seminars ********* AAMES FINANCIAL: DCR Announces Rating Watch-Down ------------------------------------------------ Duff & Phelps Credit Rating Co. (DCR) has placed the credit ratings of Aames Financial Corporation (Aames) on Rating Watch- Down. In addition, the ratings have been lowered from 'B-' (Single-B-Minus) to 'CCC' (Triple-C). The affected ratings include Aames' senior debt and subordinated convertible debt. Approximately $276 million of outstanding debt is affected. DCR's 'CCC' (Triple-C) rating category indicates considerable uncertainty as to timely payment of principal, interest and preferred dividends. Protection factors are narrow, and risk can be substantial with unfavorable industry conditions and company developments. The rating action is prompted by Aames' announcement on May 22, 2000 that it would incur further losses due to additional write- downs to securitization-related residual assets and the unfavorable climate in the whole-loan sales market. On May 19, 2000, Aames entered into an agreement with Specialty Finance Partners, the company's lead stockholder, which is controlled by Capital Z Financial Services Fund II, L.P. (Cap Z) for the sale of $50 million of Aames' Series C convertible preferred stock. This expected capital infusion should relieve near-term financial stress for Aames. This capital infusion is being offered under the New York Stock Exchange's 'Financial Distress Exception,' which does not require shareholder approval of the additional preferred stock. In addition to normal closing conditions, the investment is subject to several other conditions. These include a fairness opinion to be delivered by a nationally recognized investment banking firm, the receipt by the company of waivers from certain of the company's financing providers, and a material adverse change provision in the stock purchase agreement. Additionally, Aames also announced that it has entered into negotiations with an affiliate of Cap Z for a $75 million forward residual purchase facility. While the preferred stock and residual purchase facilities provide near-term relief from liquidity constraints, they alone do not alter the weak fundamentals in the company's business. DCR believes that, over the near term, the company will continue to be impacted by weak margins in the whole loan markets, negative operating earnings and cash flow, as well as the heavy burden of executing home equity securitizations. Senior and subordinated creditors are also at risk if the company fails to successfully execute on the above transactions, as all of the company's credit facilities are cross-defaulted. Failure to renegotiate covenants under the company's warehouse facilities would trigger an event of default under the senior and subordinated bonds. It is DCR's opinion that, under realistic valuation assumptions for Aames' interest-only residual assets and taking into consideration the first priority position of secured lenders, the probability of full recovery for unsecured bondholders is unlikely if a liquidation scenario was to arise based on the company's current financial profile. DCR expects that timely and full repayment will only occur under a positive operating environment resulting from a sustained favorable business climate. The Rating Watch status will be resolved provided the company can successfully execute the preferred stock offering and residual purchase facility, as well as begin to generate positive operating trends with respect to profitability and asset quality. The current ratings take into account the challenges facing management in its attempt to turn the company around. Success will depend on Aames' ability to grow spread revenue, improve asset quality, reduce the company's overhead cost structure, and expand the company's funding capabilities. AAMES FINANCIAL: Fitch IBCA Places Debt Ratings On Alert Negative ----------------------------------------------------------------- The 'CCC' senior and 'CC' subordinated debt ratings for Aames Financial Corp. (Aames) have been placed on RatingAlert Negative by Fitch IBCA. Approximately $276 million of outstanding debt is affected. Ratings in the 'CCC' category indicate that default is a real possibility. Capacity for meeting financial commitments is solely reliant upon sustained, favorable business or economic developments. The rating action is prompted by Aames' announcement on May 22, 2000, that it would incur further losses due to additional write- downs to securitization related residual assets and the unfavorable climate in the whole-loan sales market. On May 19, 2000, Aames entered into an agreement with Specialty Finance Partners, the company's lead stockholder which is controlled by Capital Z Financial Services Fund II L.P. (Cap Z) for the sale of $50 million of Aames' series C convertible preferred stock. This expected capital infusion should relieve near-term financial stress for Aames. This capital infusion is being offered under the New York Stock Exchange's 'Financial Distress Exception', which does not require shareholder approval of the additional preferred stock. In addition to normal closing conditions, the investment is subject to several other conditions. These include a fairness opinion to be delivered by a nationally recognized investment banking firm, the receipt by the company of waivers from certain of the company's financing providers, and a material adverse change provision in the stock purchase agreement. Additionally, Aames also announced that it has entered into negotiations with an affiliate of Cap Z for a $75 million forward residual purchase facility. In Fitch IBCA's view, while the preferred stock and residual purchase facilities provide near term relief from liquidity constraints, they alone do not alter the weak fundamentals in the company's business. Fitch IBCA believes that over the near term, the company will continue to be impacted by weak margins in the whole loan markets, negative operating earnings and cash flow as well as the heavy burden of executing home equity securitizations. Senior and subordinated creditors are also at risk if the company fails to successfully execute on the above transactions as all of the company's credit facilities are cross defaulted. Failure to renegotiate covenants under the company's warehouse facilities would trigger an event of default under the senior and subordinated bonds. It is Fitch IBCA's opinion that under realistic valuation assumptions for Aames' interest-only residual assets and taking into consideration the first priority position of secured lenders, the probability of full recovery for unsecured bondholders is unlikely if a liquidation scenario was to arise based on the company's current financial profile. Fitch IBCA expects that timely and full repayment will only occur under a positive operating environment resulting from a sustained favorable business climate. The RatingAlert will be resolved provided the company successfully executes the preferred stock offering and residual purchase facility, as well as begins to generate positive operating trends with respect to profitability and asset quality. The current ratings take into account the challenges facing management in its attempt to turn the company around. Success will depend on Aames ability to grow spread revenue, improve asset quality, reduce the company's overhead cost structure and expand the company's funding capabilities. AGRIBIOTECH: Seeks Approval For Sale of Assets ---------------------------------------------- The debtor, Agribiotech, Inc. and its debtor affiliates and the major constituencies in these cases have decided to pursue a series of sale with multiple interested parties, all of which are subject to overbid. The first such sale is the proposed sale to the Buyers, Kenneth R. Budd and J. R. Simplot Company, and covers ABT's turf grass assets and businesses and SPD. The purchase price for this transaction is estimated to be between $60 million and $65 million. The Buyer states that it must close this transaction by June 30, 2000. Under the Grower Settlement the debtors must complete the sale by June 14, 2000. The DIP Loan Agreement expires on July 31, 2000. The debtors entered a Term Sheet with the Buyer covering the sale and the debtor seeks approval of the procedures for the sale of the assets. APPLE ORTHODONTIX: Committee Seeks Appointment of Examiner ---------------------------------------------------------- The Official Committee of Practitioners of Apple Orthodontix, Inc. seeks the appointment of an Examiner to perform an audit of the books and records of Apple Orthodontix, Inc.. The Committee hopes that the appointment of an Examiner would provide an objective accounting of each practitioner's account with the debtor based on the terms of their respective agreements with the debtor, which includes an audit of the Practice Revenues and expenses, the management fees, the profits returnable to the practitioners and all other financial arrangements between the debtor and each practitioner; and an investigation and a report on the nature, value and extent of the debtor's assets and liabilities. The doctors accuse the debtor of failing to provide accurate financial statements of each doctor's account, and they are faced with negotiating with Orthodontic Centers of America, Inc. to have their Service Agreements assumed, and negotiation with the debtor to buy back their practices or the threat of costly, extended litigation by the debtor against the doctors. Without a proper accounting, performed by an independent party, the doctors are at the mercy of the debtor and its lenders, unable to evaluate the accuracy of the debtor's statement and the accounts receivable due from the doctors, the payables the debtor owes the doctors, the amount of vendor claims that remain unpaid and the profits payable to the doctors, etc. Instead, according to the Committee, the debtor, relies on its incomplete books and records and the information provided by the lenders' financial advisors, and effectively controls the negotiation process. Further, the Committee asserts that an Examiner is required to investigate and report on the nature, value and extent of the debtor's assets and liabilities. The Committee states that the debtor's assets and liabilities remain a mystery even though the case was filed nearly four months ago. This motion is filed for the sake of basic fairness and to pry vital information out of the debtor at a critical stage in this Chapter 11 case. AUTOINFO INC: Announces Rescheduled Hearing Date ------------------------------------------------ AutoInfo, Inc. (OTCBB:AUTO) announced that the hearing schedule to be held before the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge, in Room 520 of the United States Bankruptcy Court, 300 Quarropas Street, White Plains, New York 10601, on May 31, 2000 has been rescheduled for 11:00 AM on June 7, 2000. William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "the hearing date has been rescheduled to allow us additional time to file our amended disclosure statement. We anticipate that we will satisfy issues raised by all interested parties and are hopeful that the acceptance of the disclosure statement will lead to the timely confirmation of our reorganization plan so that we may proceed toward the consummation of a transaction in our continuing efforts to restore shareholder value." BOSTON MARKET: McDonald's Closes Deal; New Management ----------------------------------------------------- McDonald's Corporation (NYSE: MCD) announced that it has completed its acquisition of the Boston Market business and has named two executive officers to lead the business, effective immediately. James R. Cantalupo, Vice Chairman and President of McDonald's Corporation, announced that Jeffrey B. Kindler, currently Executive Vice President of McDonald's, will serve as Chairman and Chief Executive Officer of Boston Market. Michael D. Andres, currently Senior Vice President of McDonald's, has been named President and Chief Operating Officer. J. Michael Jenkins, who has served as the Chairman and CEO of Boston Market since May 1998, will become a resource for Kindler and Andres and, having passed the baton to them, is seeking other opportunities within the restaurant industry. The other members of Boston Market management will continue in their current positions. In connection with last week's bankruptcy court approval, Boston Market closed approximately 100 underperforming restaurants or restaurants with unfavorable lease terms. As previously announced, McDonald's plans to convert certain sites to McDonald's as well as Donatos Pizza and Chipotle Mexican Grill locations over the course of the next year. After those conversions are complete, however, the company will continue to operate a significant majority of the more than 750 restaurants as Boston Market. With the acquisition complete, Boston Market will begin to explore opportunities for growth. CHARTER BEHAVIORAL: Announces Results of Bidding and Auction ------------------------------------------------------------ Charter Behavioral Health Systems, LLC announced that the Delaware Bankruptcy Court approved an agreement to sell 24 facilities in addition to two additional facilities that were approved by the court earlier this month. Charter will continue to seek buyers for the remaining seven facilities. On May 10, 2000, a court-supervised auction took place in the Delaware Bankruptcy Court. Agreements to sell two facilities were approved following the auction. Negotiations on the remaining facilities continued through May 25, 2000, when agreements were reached concerning the 24 additional facilities to be sold. For those facilities being sold, the sales process will take place over the next several weeks, during which resolution of certain contingencies must be met. Facility operations will transition to the new owners at the completion of the sales process. During this time patient care will continue as usual. For the remaining seven facilities, announcements are expected to be made within a week at the conclusion of additional negotiations. Charter also manages five facilities as joint ventures. These facilities are not involved in the bidding or auction process. On February 16, 2000, Charter announced a voluntary Chapter 11 filing, through which it planned to sell its core business in the Delaware Bankruptcy Court. Charter Behavioral Health Systems currently owns or operates 31 behavioral health facilities and 5 joint venture facilities in 21 states. * Facility Sale List Follows Approved Sales Agreement -- Facility List (By State) Charter Behavioral Health System of NW Arkansas Fayetteville, AR Charter Behavioral Health System of San Diego/API La Mesa, CA Charter Behavioral Health System of Centennial Peaks Louisville, CO Charter Behavioral Health System of Delaware at Rockford Center Newark, DE Charter Behavioral Health System at Manatee Palms Bradenton, FL Charter Behavioral Health System of Tampa at Bay Harbor Largo, FL Charter Anchor Behavioral Health System Atlanta, GA Charter Behavioral Health System of Atlanta at Laurel Heights Atlanta, GA Charter Behavioral Health System of Atlanta at Peachford Atlanta, GA Charter Laurel Brook Atlanta, GA Charter Midtown Behavioral Health System of Atlanta Atlanta, GA Talbott Recovery Campus Atlanta, GA Charter Savannah Behavioral Health System Savannah, GA Charter Beacon Behavioral Health System Ft. Wayne, IN Charter Ridge Behavioral Health System Lexington, KY Charter Louisville Behavioral Health System Louisville, KY Charter Behavioral Health System of Maryland at Potomac Ridge Rockville, MD Charter Parkwood Behavioral Health System Olive Branch, MS Charter Behavioral Health System of New Jersey/Summit Summit, NJ Charter Fairmount Behavioral Health System Philadelphia, PA Charter Charleston Behavioral Health System Charleston, SC Charter Greenville Behavioral Health System Greer, SC Charter Lakeside Behavioral Health System Memphis, TN Charter Provo Canyon School Provo, UT COMPLETE MANAGEMENT INC: Law Firm Announces Bar Date ---------------------------------------------------- The following was issued today by Salomon Green & Ostrow, P.C.: TO ALL CREDITORS, EQUITY HOLDERS & OTHER PARTIES IN INTEREST HAVING PRE-PETITION OR POST-PETITION (ADMINISTRATIVE) CLAIMS: On October 12, 1999 (the "Filing Date"), Complete Management, Inc. filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York - Case No. 99 B 10857 (JHG). By order of the Bankruptcy Court, June 22, 2000 has been fixed as the last date by which all entities are permitted to file proofs of claim, including all individuals, partnerships, corporations, estates, trusts and governmental units (i) who hold claims against the Debtor which arose prior to the Filing Date; or (ii) who hold administrative claims (other than the claims of professionals retained pursuant to court order) which arose between the Filing Date and April 21, 2000. The Order setting the Bar Date provides as follows: 1. Each holder of a claim who is required to file a proof of claim by the Bar Date, but fails to do so, shall be forever barred from asserting such claim against the Debtor and its properties; and the holder of the claim shall be forever barred from voting on a plan(s) or participating in any distributions in this case, but shall nevertheless be bound by the terms of a plan confirmed by this Court. 2. Proofs of claim must be filed by persons (i) whose claims are not listed on the Debtor's schedules of assets and liabilities filed on December 10, 1999 (the "Schedules"); (ii) whose claims are listed on the Schedules as "contingent," "unliquidated" or "disputed"; (iii) who dispute the amount of their claims as listed on the Schedules; or (iv) who dispute the manner in which their claims are listed on the Schedules. 3. The Bar Date shall apply to all claims of whatever character against the Debtor or its properties, whether secured, unsecured or priority claims, liquidated, unliquidated, fixed or contingent. The Bar Date shall not extend to: (i) claims or interests already filed in these proceedings; (ii) claims or interests listed in the Schedules, unless such claims or interests were scheduled as "contingent," "unliquidated," or "disputed"; (iii) administration claims of professionals retained pursuant to court order; (iv) claims for the payment of the principal of or interest payable on any public debt security by the holders thereof; and (v) claims for which the Court has previously faced specific deadlines. 4. Any person who has already filed a proof of claim need not re-file, and any proofs of claim filed with the Clerk of the Court shall be deemed to be, and shall be, treated as a properly filed proof of claim, subject to the rights of the Debtor, or any party in interest, to object to the allowance thereof. The caption at the top of each proof of claim must set forth the Debtor's name and case number. All claims against the Debtor should be contained on a single proof of claim form. Copies of the Debtor's Schedules are on file with the Clerk of the Bankruptcy Court. The Schedules may be inspected from 9:30 a.m. to 4:30 p.m., Monday through Friday at the Bankruptcy Court, and are available at the Court's website at http://www.nysb.uscourts.gov/. Proofs of claim must be filed so as to be received on or before June 22, 2000 at 5:00 p.m. by the Clerk, United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004, with a copy to the Debtor's counsel at the address below. SALOMON GREEN & OSTROW, P.C. Counsel to the Debtor and Debtor in Possession 919 Third Avenue, 15th Floor New York, New York 10022 Attn: Alec P. Ostrow, Esq. and Gary I. Selinger, Esq. 212-319-8500 COSTILLA ENERGY: Prize Energy Objects to Sale of Assets ------------------------------------------------------- Prize Energy Corporation filed an objection to the motion of the debtor to sell substantially all of the debtor's assets. Prior to the Petition Date, the debtor and Prize Energy entered into a Due Diligence Use Agreement. The debtor agreed to share due diligence information it had obtained from Pioneer Natural Resources USA, Inc. with Prize Energy in order to allow Prize to determine whether to purchase certain assets from Pioneer. The agreement further provided that if Prize Energy purchased the assets from Pioneer, Prize Energy would deliver an exploration agreement to the debtor. On or about April 28, 2000 the debtor filed a motion to sell, seeking to assume and assign an alleged exploration agreement with Prize to Louis Dreyfus Natural Gas Corp. There is a dispute between Prize and the debtor as to the terms of any such exploration agreement. In particular, there is a dispute between Prize Energy and the debtor as to the precise size of the debtor's interest in the properties specified under any alleged exploration agreement. Accordingly, Prize Energy objects to the motion to sell to the extent that the debtor is attempting to assign any of Prize Energy's interest in the properties owned by the exploration agreement. Prize asks that any order approving the motion to sell not state the percentage of the debtor's interest in the exploration agreement that is assigned, and should specifically reserve the rights of Prize Energy to resolve or litigate the meaning of the provision in the Due Diligence Agreement. FRUIT OF THE LOOM: Committee Applies to Examine Board Members ------------------------------------------------------------- The Official Committee of Unsecured Creditors sought and obtained authority, pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure to examine: (A) former directors Omar Z. Al Askari and Mark McCormack; (B) James Doyle of Ernst and Young L.L.P.; and (C) Jay Novak and William Peluchiwski of Houlihan Lokey Howard & Zulkin. The Farley Loan Guaranty, the Committee tells Judge Walsh, was discussed at the Board meeting of February 24,1999, and these individuals were supposedly present. Doyle was there as an independent financial auditor to the Debtor to review the appropriate accounting treatment of the transaction. Messrs. Novak and Peluchiwski acted as financial advisors to the Debtor. HLHZ provided a reasonableness opinion for the loan collateral proffered by Mr. Farley and the 2% guarantee fee charged to him by the Debtor. The Committee wants, among others, documents relating to the reasonableness opinion. (Fruit of the Loom Bankruptcy News Issue 6; Bankruptcy Creditors' services Inc.) GEOTELE.COM: Files Plan of Reorganization ----------------------------------------- Geotele.com, Inc. (OTC:GEOLQ) announced that it has filed a proposed plan of reorganization to take the company out of bankruptcy. The plan calls for a nominal one time cash payment to creditors and will be funded by the private sale of stock. It is anticipated that it will be presented to the bankruptcy judge for final approval in the near future. GODO STEEL LTD.: FY99 group net loss narrows to 3.3B Yen -------------------------------------------------------- Godo Steel Ltd. (5410) said Tuesday its consolidated net loss was 3.3 billion yen in fiscal 1999, narrowing from a 13.7 billion yen loss the year before. Falling unit prices for steel products hurt profitability, and the company recorded a 1.9 billion yen charge to close a subsidiary in the city of Kita Kyushu, but it offset part of its losses by selling 5.3 billion yen in fixed assets. (Nikkei 24-May-2000) GOLDEN OCEAN: Frontline Announces Acquisition --------------------------------------------- Norwegian shipping company Frontline announced last Friday that it had signed an agreement to take over U.S.-based Golden Ocean Group, which filed for chapter 11 in the District of Delaware on Jan. 14, according to Reuters. Frontline said it has signed a term sheet with Golden Ocean, under which the parties agreed to propose a joint plan for a financial restructuring of Golden Ocean, which holds interests in 14 very large crude carriers (VLCC), three VLCC newbuilding contracts and 10 bulk carriers. Frontline said the joint plan included a payment to all unsecured creditors in Golden Ocean, including the bondholders, and that it has committed to pay up to $33 million in cash, or to issue up to 4.1 million shares and 1.9 million warrants in Frontline valued to $48 million, to take over all unsecured debt. (ABI 26-May-00) GST TELECOMMUNICATIONS: Xethos Group Announces No Affiliation ------------------------------------------------------------- The European-based Xethos Group Inc., which specializes in products and services for use in e commerce and Internet applications, announced that it is not affiliated in any manner with GST Telecommunications Inc., which last week filed for chapter 11 protection in the United States, according to a newswire report. In addition, Xethos said it is not affiliated with GST Telecom Inc. or any other name-related companies. "Because our former corporate name was similar to other non- associated companies, it is important to clarify and dispel any misconceptions that this may cause to our shareholders, clients and the investment community," said Colin Gervaise-Brazier, Xethos Group's chief executive officer. HAZAMA CORP.: Asks creditors to forgive debts --------------------------------------------- For the second time in just a few weeks, a large Japanese company appealed to its banks today to forgive billions of dollars in debts, intensifying pressure on Japan's stressed financial system. The decision by the Hazama Corporation, a general contractor, to request 400 billion yen, or $3.7 billion at current exchange rates, worth of debt forgiveness is yet another sign that the bad-loan problems of Japanese banks are far from over. On April 26, Sogo, a faltering Japanese retail company, astonished its bankers by asking them to write off 639 billion yen, or roughly $6 billion, in debts. That was the largest amount of debt forgiveness ever sought in Japan, where the practice is far from standard. The shock of Sogo's request was magnified a few days later when the senior executive in charge of the retailer's restructuring plans was found dead in his home, apparently having committed suicide. On Tuesday, the company's lenders postponed a decision on the request for debt forgiveness, although its largest lender, the Industrial Bank of Japan, has said it is willing to do so. Sogo's outstanding debts to the Industrial Bank -- 180 billion yen, or $1.7 billion -- are roughly equivalent to a year's worth of operating profit, according to James P. Fiorillo, senior banking analyst at ING Barings here. Nor does the bank have sizable unrealized gains on its securities portfolio to offset such a write-off. "The question of whether to forgive these debts or not is a big one," Mr. Fiorillo said. Hazama's largest lender, Dai-Ichi Kangyo Bank, is apparently willing to waive 90 billion yen of the construction company's loans, according to Nihon Keizai Shimbun, Japan's leading business daily. Changes in accounting standards are intensifying the pressure on troubled companies. In the fiscal year that began on April 1, they must value their real estate and securities holdings at market levels. The new rules also strictly limit their ability to hide their debts in the accounts of affiliates, requiring that they report their financial results on a consolidated basis. Including Hazawa and Sogo, more than 10 large companies have asked for debt relief this year. The greatest number seeking such forgiveness have come from the construction industry, and analysts warn that many more contractors are in similarly weak shape. Like Hazama, they took on loads of debt to finance real estate purchases in the 1980's, only to watch the value of that real estate plummet when Japan's economic bubble burst. But whether debt forgiveness will in fact help such ailing companies regain their footing is a matter of much debate here. Unlike in the United States, where creditors of distressed companies can force radical changes on businesses in exchange for debt relief, Japanese creditors have very little power to do that. "It would be much better if these companies went bankrupt," said Tadashi Nakamae, a prominent economist here. "Debt forgiveness is only going to prolong their problems." What drove Hazama to the move was the tightening in local accounting rules regarding depreciated assets. Beginning the year ending next March, the Japanese Institute of Certified Public Accountants had decided companies must immediately take losses on their for-sale real estate assets, the market value of which has fallen to 50% or less of book value, instead of spreading them over future periods as was commonly practiced in the past. Hazama appears to have posted extraordinary losses exceeding 20 billion yen for the last fiscal year after recording such appraisal loss. But analysts estimate actually needed charges at tens of billions of yen more, this by a company whose shareholders' equity amounted to less than 30 billion yen as of March 1999. Moreover, Hazama has to account for many more rotten apples on a newly limelighted consolidated basis, like a golf-course subsidiary that is chronically in the red. Without the debt relief being sought, going a meaningful distance toward cleaning up its balance sheet would plunge the company into insolvency. Negotiations with the banks can be grueling, though. In an inauspicious parallel, similar talks over Sogo Co. (8243), the struggling department-store firm, have been dragging on for weeks. As with Sogo, the outcome will depend crucially on the attitudes of second-tier main creditors, such as Long-Term Credit Bank (which is also a semi-main bank to Sogo) and Nippon Credit Bank. In any event, of overriding importance is whether Hazama will be able to present the creditors with a far-reaching yet realistic restructuring package. (Nikkei 24-May-2000, New York Times 25-May-2000) HAZAMA CORP.: Books 25.5B Yen net loss for FY99 ----------------------------------------------- Hazama Corp. (1837) announced Wednesday that it has posted a net loss of 25.5 billion yen for fiscal 1999 after booking 46 billion yen in extraordinary charges. The major construction firm booked 1.5 billion yen in net profit the year before. The one-time charges include 9.8 billion yen in latent losses incurred on real estate held for sale, whose market value fell more than 50% from book value at the time of purchase. Hazama also saw 22.5 billion yen in losses on loans extended to a golf course operator subsidiary and costs associated with guaranteeing its debt. It also booked 5.6 billion yen against its loan-loss reserves after its investments in its U.S. real estate subsidiary went sour. This fiscal year, Hazama plans to write off the 8.1 billion yen in losses remaining as of the end of fiscal 1999 by tapping into reserves and reducing capital. (Nikkei 25- May-2000) HEDSTROM HOLDINGS: Final Order Authorizes Post-Petition Financing ----------------------------------------------------------------- By order entered on May 9, 2000, the debtors, Hedstrom Holdings, Inc. and Hedstrom Corporation et al. are authorized to obtain post-petition financing by entering into a post-petition financing agreement with Credit Suisse First Boston and certain other lenders. After the Effective Date and through the Termination Date the debtors are authorized to borrow up to $50 million in post- petition loans. INNOVATIVE CLINICAL: Moody's Downgrades Ratings ----------------------------------------------- Moody's Investors Service downgraded the ratings assigned to Innovative Clinical Solutions, Ltd. The ratings affected are as follows: � $100 million 6.75% convertible subordinated debentures due 2003 from Caa3 to C � Senior implied rating from Caa1 to Caa3 � Senior unsecured issuer rating from Caa2 to Ca The rating action follows the company's announcement that it intends to recapitalize the company by converting its $100 million 6.75% convertible subordinated debentures into common equity through a voluntary prepackaged plan of reorganization. Moody's believes that recovery of investment will be very low, even though debenture holders will own 90% of the new common equity. ICSL has suffered significant losses in recent years as it has repositioned itself away from the physician practice management business. Innovative Clinical Solutions, Ltd., headquartered in Providence, RI, provides services that support the needs of the pharmaceutical and managed care industries. INNOVATIVE CLINICAL: To Convert Debt Through Prepackaged Plan ----------------------------------------------------------------- According to an article in the Providence Journal-Bulletin On May 26, 2000, Innovative Clinical Solutions, of Providence, said it will restructure its $ 100-million, 6.75 percent convertible debentures due 2003 into ICSL common equity. The company will seek to convert this debt through a voluntary prepackaged plan of reorganization of ICSL and its subsidiaries under Chapter 11 of the Bankruptcy Code. The company has opted to recapitalize through a prepackaged plan, rather than through an exchange offer, primarily because this process enables the company to convert all $ 100 million of debentures as long as the plan is approved by holders of at least two-thirds of the principal amount of the debentures that actually vote on the plan and more than one-half of the number of debenture holders who actually vote on the plan. Holders of more than 50 percent of the principal amount of the debentures have agreed in writing to vote in favor of the prepackaged plan. The plan must also be confirmed by a U.S. Bankruptcy Court. ITS SUPPLY CORP: Boots & Coots Supplier Files for Bankruptcy ------------------------------------------------------------ Boots & Coots International Well Control Inc., a Houston oil- field-services company, announced that its ITS Supply Corp. unit filed for chapter 11 in Corpus Christi, Texas, on May 18, according to a Dow Jones newswire report. The company said that the filing doesn't affect the operations of Boots & Coots or any other subsidiaries, and said it has issued a $1.5 million guaranty for an ITS Supply debt, subordinated to the full payment of all senior debt. Boots & Coots said it doesn't expect to pay any part of the guaranty. Boots & Coots, a provider of prevention and emergency- response well-control programs to the oil and natural-gas industry, said ITS Supply will file a reorganization plan, but that ITS Supply's operating subsidiaries are not included in the chapter 11 filing and shouldn't be affected by it. Last year, Boots & Coots said ITS Supply lost roughly $1.8 million on revenue of $11.3 million as a consequence of the sharp drop in oil and gas prices and significantly fewer new international projects in the third quarter of 1999. Boots & Coots is in the process of completing the documentation necessary for the acquisition by Foothill Capital Corp. of existing senior credit debt currently led by Comerica Bank-Texas. LAMONTS APPAREL: To Redeem Unused Gift Certificates --------------------------------------------------- Lamonts Apparel Inc. (OTC:LMNTE.OB), with the support of its unsecured creditors committee, announced today that it will redeem unused gift certificates for customers in all of its markets who are still holding gift certificates that can no longer be utilized at stores due to the current inventory liquidation sales. Customers who still possess gift certificates are asked to send them for cash redemption to Lamonts' corporate headquarters as follows: Lamonts Apparel Inc. Attention: Gift Certificate Redemption 12413 Willows Road N.E. Kirkland, Wash., 98034 Gift certificate holders should include their name, address and telephone number for reference and allow 30 days for validation and processing. All gift certificates must be received by Lamonts by June 30, 2000. On April 24, Lamonts publicly announced plans to sell its real estate assets and liquidate store inventories. On April 27, the company stopped selling gift certificates, although merchandise certificates were issued up to May 9 for returned merchandise without a receipt. Notices in the stores advised customers that certificates could only be used in stores until May 16 in accordance with the Court- approved inventory sale agreement. Founded in 1967, Lamonts Apparel operates 38 stores in Alaska, Idaho, Oregon, Utah and Washington. The company has headquarters in Kirkland and employs approximately 1,500 people. The company voluntarily filed to reorganize under Chapter 11 protection on Jan. 4, 2000. LOEWEN: Motion To Obtain $100,000,000 Replacement DIP Financing --------------------------------------------------------------- The $100,000,000 Replacement DIP Facility arranged by First Union National Bank will provide Loewen with access to a sufficient and more affordable source of working capital financing during the chapter 11 and CCAA proceedings, Richard M. Cieri, Esq., and Charles M. Oellermann, Esq., explained to Judge Walsh. Moreover, the Replacement Facility relaxes many of the financial and operational covenants under the Old $200,000,000 Facility. The $100,000,000 Replacement DIP Facility will mature on June 30, 2001. All of Loewen's borrowings under the Replacement Facility will be secured by a first priority lien on all otherwise unencumbered assets and will constitute a superpriority administrative expense claim pursuant to 11 U.S.C. Sec. 364(c)(1). After First Union's syndication of the Replacement DIP Facility, consent to any modification of the facility will require affirmative acceptance by Lenders holding at least 51% of the aggregate unpaid principal and more than one-half of in number of the Lenders. This is a relaxation of the two-thirds dollar and numerosity requirements under the Old Facility. First Union's liens will continue to be subject to a $10,000,000 Carve-Out for payment of professional fees and fees of the U.S. Trustee. Excluding the 371 properties permitted to be sold under the Global Bid Procedures approved by the Court in January, Loewen covenants with the Lenders that it will not dispose of more than $35,000,000 in assets without the express written consent of the Required Lenders. The Minimum Cemetery Operating Cash Flow, Minimum Non-Cemetery Operating Cash Flow, Consolidated Operating Cash Flow, Minimum Funeral Home Gross Margin, and Minimum Funeral Home Revenue Performance covenants under the Old DIP Facility are abolished under the Replacement DIP Facility. The Replacement DIP Facility contains two financial covenants: * The Debtors agree that they will not permit, at the end of any fiscal quarter, the ratio of (x) Consolidated Operating Cash Flow to (y) Consolidated Interest Charges to exceed 3 to 1. * Minimum Funeral Home Gross Margin (similar to an EBITDAL calculation), for any one fiscal quarter period, the Debtors covenant with First Union, shall not be less than $35,000,000. Limits on Capital Expenditures are abolished in the Replacement DIP Facility. Richard S. Toder, Esq., and Mark Lisco, Esq., of Morgan, Lewis & Bockius LLP, continue to serve as counsel to First Union. First Union Securities, Inc., will handle the syndication of the Replacement DIP Facility. The Debtors will reimburse First Union for these professionals' fees. Based on the record before the Court in connection with the interim and final approval of the Old DIP Facility and in the absence of any objection to the Replacement DIP Facility, Judge Walsh granted Loewen's Motion in all respects. (Loewen Bankruptcy News Issue 23; Bankruptcy Creditors' Services Inc.) MARTIN COLOR-FI: Files Disclosure Statement and Plan ---------------------------------------------------- Martin Color-Fi, Inc. ("MCF") announced that it has filed a Disclosure Statement and Plan of Reorganization ("Plan") with the Bankruptcy Court in Columbia, South Carolina, the next step in completing the Company's reorganization. Under the plan, the Company seeks Bankruptcy Court approval of an agreement executed by the Company with Dimeling, Schreiber & Park ("DS&P") and an affiliate of DS&P. Pursuant to the agreement, DS&P proposed to acquire all of the stock of the reorganized company and all presently outstanding shares of the Company would be canceled. Neither the DS&P agreement nor the Plan will provide any recovery for the Company's existing shareholders. Additionally, GE Capital has given the Company a non-binding commitment letter to provide a revolvingline of credit and term loan facility in the aggregate amount of approximately $ 21.7 million, which will be used both to pay out creditors of the estate and for post reorganization general working capital purposes. The Bankruptcy Court has directed that competitive bids from other prospective equity investors, if any, are to be received no later than June 11, 2000, and, if necessary, a hearing has been scheduled for June 15, 2000. A confirmation hearing has been set for June 26, 2000. If the Plan, which encompasses the DS&P agreement, is approved by the Bankruptcy Court, a closing with DS&P is anticipated in early July 2000. Martin Color-Fi filed for Chapter 11 protection on November 16, 1998. Since that time, it has stabilized its core operations, liquidated its non-core assets, and is now seeking to reorganize its capital structure. The carpet facility was sold in February of this year and the Star facility has been shut down. The Company further streamlined operations by moving a portion of its pigment division, formerly located in Pensacola, Florida, to its Sumter facility. These actions have allowed the Company to focus on its core business of being one of the leading producers of solution-dyed polyester fiber from recycled materials and return it to profitability. Stephen A. Zagorski, President and Chief Operating Officer of MCF, said: "... I am looking forward to a successful exit in early July." Martin Color-Fi, Inc. produces polyester fibers and pellets from recycled plastic materials such as soft drink bottles, off-class packaging resins, polyester fiber waste and film waste. The Company uses these materials to produce polyester fibers for a wide range of markets, including automotive fabrics, carpet, apparel, home furnishings, industrial fabrics and construction reinforcement materials. The Company also produces yarns from synthetic fibers, as well as dyes and pigments. NEXTWAVE: FCC Wins in Case -------------------------- Yesterday, a federal appeals court ruled that a bankruptcy court did not have the authority to block the Federal Communication Commission (FCC) from re-auctioning licenses held by NextWave Telecom Inc., according to Reuters. The Second Circuit Court of Appeals ruled that the bankruptcy court had overstepped its bounds because FCC licensing decisions are subject only to rulings by appeals courts, saying that licensing decisions were "outside the limited jurisdiction of the bankruptcy court." It also said the bankruptcy court violated an earlier mandate issued by the appeals court that "repeatedly emphasizes that the bankruptcy court is without power to review the FCC's regulatory actions. Our mandate required the bankruptcy court to refrain from impeding the regulatory actions of the FCC, in particular, the FCC's enforcement of the payment schedule established by its regulations, orders and decisions," the court said. "Today's decision puts us one step closer to bringing this spectrum to the marketplace so consumers can enjoy next generation wireless services," said FCC Chairman William Kennard. The Hawthorne, N.Y.-based NextWave won the 90 licenses, which include rights to offer telephone service in New York, Chicago and Los Angeles, at two 1996 government auctions for more than $4.8 billion. But the company was unable to raise the money and declared bankruptcy in 1998. Subsequently, the FCC moved to cancel the licenses, but the bankruptcy court ruled that NextWave could keep them. Last year, the Second Circuit overturned the decision and the FCC said it planned to re-auction the licenses. When the bankruptcy court issued an order prohibiting the FCC from re-auctioning the licenses on Feb. 7, the FCC then petitioned the Second Circuit to force the bankruptcy court to follow its earlier ruling. PERKINS: Subsidiary of JDK Management To Purchase 15 Units ---------------------------------------------------------- The Cincinnati Enquirer reports on May 24, 2000 that a subsidiary of JDK Management Co. Inc., which operates 20 Perkins franchises in Pennsylvania, Maryland and New Jersey and also is a franchisee of several other restaurant and hotel lines, will buy the remaining assets of Cincinnati-based Reading Restaurants Inc., said Ed Doherty, president of Reading Restaurants. The Perkins locations will continue to operate as planned after the deal closes in early June, said Mr. Doherty, who will remain as operations director. "This is outstanding," he said. "This is the best case for our employees." The deal does not include five Perkins locations in Greater Cincinnati, including two operated by Reading Restaurants and three by a separate franchisee in Butler County. The acquisition will make JDK Management the largest Perkins franchisee in the country. "We intend to restore Perkins to its former leadership position in this area," said Dan Klingerman, a principal in JDK Management. Reading Restaurants filed for Chapter 11 bankruptcy protection in October 1999. Nationally, Perkins operates 134 of its own restaurants and franchises 332 more. The first Perkins restaurant was opened in Silverton in 1958 by brothers Ivan and Matthew Perkins. PHYSICIANS RESOURCE: Equity Objects to Extension of Exclusivity --------------------------------------------------------------- The Official Committee of Equity Security Holders of Physicians Resource Group, Inc. objects to a ninety-day extension of the exclusive periods. The Committee allleges that this is not an unusaually large or complex case. The debtor has only approximately 100 creditors. And although the debtor's assets are approximately $135 million, its asset structure is simple. The Committe states that the debtor is relying on attempted settlements and litigation with the physician practices to satisfy the "complexity factor" but admits that there are only 63 practice groups left. The Equity Committee states that the debtor has ignored its request for information, even when the Committee volunteered to sign a confidentiality agreement, and has opposed every pleading the Committee has filed seeking such information. This case is a liquidation, not a reorganization. The Committee states that any interested party should be free to file its won plan of reorganization and creditors and equity interest holders should be given an opporutunity to choose between competing plans, if available. According to the committee, "The debtor has offered no evidence to show why a 90-day extension of the exclusivity periods would move the case more quickly toward confirmation." RAMA GROUP: Files for Chapter 11 -------------------------------- According to the Buffalo News dated on May 20, the Rama Group of Companies, which publishes the Metro Community News, filed for Chapter 11 bankruptcy protection in Buffalo's Western District Federal Court. The filing follows an announcement on April 9 that Strategic Publications has signed a letter of intent to buy the Cheektoowaga business to protect jobs at Metro and permit the orderly transfer of ownership. SIRENA APPAREL: Intimate Apparel Division For Sale -------------------------------------------------- Sirena Apparel Group has downsized in the wake of bankruptcy and reorganization. It was reported that in a disclosure statement and business plan filed in bankruptcy court, Sirena put its Jezebel/Renee of Hollywood intimate apparel division on the block and discontinued all but three labels: Sirena swimwear, the Liz Claiborne And Elisabeth plus-size swimwear licenses, and Wearabouts, a coverup line, according to Brian Zientek, who became chief executive officer in February. As part of the reorganization, Sirena will no longer be publicly traded, according to Zientek. The firm will be owned by its debtors upon court approval of the reorganization plan. Sirena last traded at $ 2 a share in over-the-counter trading, before it was halted on June 8. Zientek said Sirena will end its fiscal year on June 30 with a volume of $ 32 million. He also projected sales for fiscal year 2001 of $ 32 million to $ 34 million. At its peak in 1998, Sirena posted a volume of $ 51 million, Zientek said. As part of the reorganization of the company, Sirena has put Jezebel up for sale and is negotiating with at least three interested parties, he said. At its peak, Jezebel had a volume of $ 10 million, but at the time of the bankruptcy filing the division posted about $ 7 million in sales, Zientek said. The other key strategy is the discontinuation of several labels, including the license for Anne Klein intimate apparel, swimwear (which will be distributed through June) and sleepwear; Rose Marie Reid, a popular-priced line the company relaunched in 1998; the Hang Ten license for junior and kid's swimwear; HotWaters, a junior's line; Concepts by Sirena, a contemporary label; Look & Sea, a misses' and children's swimwear label, and Sirena Kids. Zientek said that the firm's growth areas are in the three remaining labels. Liz Claiborne has extended its licenses through 2001, he added. Doug Arbetman remains president of the company and oversees merchandising. Sirena has also requested a credit facility from Foothill Capital of $ 25 million to $ 27 million annually, as part of the reorganization plan. The plan, pending approval from creditors' committees and the court, would allow debtors to acquire stock in the company as opposed to a cash payout. (WWD; May 17, 2000) SKELLY RANCH: Auctioned For $ 8.1M ---------------------------------- U.S. Bankruptcy Judge Dana S. Rasure ordered for Skelly Ranch, real estate parcels, for its property and all other assets to be auctioned. The sale, which was conducted by Williams & Williams, amounts to $ 8.1 million gathered a number of 5,000 bidders. The auction was a result of the bankruptcy filing in Tulsa last September by Terrance P. Dillon, who bought the property in the 1990's. SUPERIOR NATIONAL: Moody's Downgrades Ratings --------------------------------------------- Moody's Investors Service has further downgraded the senior debt and financial strength ratings of Superior National Insurance Group, Inc. The senior bank facility rating was downgraded to C from Ca. The insurance financial strength ratings of the company's insurance subsidiaries were moved to Ca (Extremely Poor) from Caa1 (Very Poor). The ratings of trust preferred securities remain unchanged at "c", Moody's lowest rating class. This rating action follows Moody's March, 2000 downgrade which came after the California Department of Insurance seized control of Superior National's four California companies. Since that time, in late April, Superior National Insurance Group, Inc. filed for Chapter 11 bankruptcy protection. More recently, the California Department of Insurance, Conservation and Liquidation Office stated in a request for proposal (RFP) that "(the statutory statements for the Companies as of December 31, 1999) may show a deficit as regards policyholders for some or all of the Companies (under DOI control)". The RFP put forth by the Conservation and Liquidation Office seeks parties interested in taking part in the rehabilitation of the Superior National companies. Under the most likely scenario, the party successful in the RFP process would assume new and renewal business and certain assets and liabilities of the Companies. The RFP also seeks a claims administrator to run off the in-force business and historical liabilities of the Companies. Lastly, the RFP seeks a proposal for retroactive protection of the loss reserves for all policies written prior to April 5, 2000. On that date, the Conservator entered into an Interim Cut-Through Reinsurance Agreement with Lumbermens Mutual Casualty Company (Moody's financial strength rating of A2). The interim agreement inures to the benefit of policies written after the effective date. Moody's rating of Ca (Extremely Poor) on the Superior National insurance companies speaks to the level of protection afforded to policyholders with claims prior to that effective date. The following ratings actions have been taken: Superior National Insurance Group, Inc. -- guaranteed senior secured term loan facility to C from Ca; Superior National Insurance Company -- insurance financial strength to Ca from Caa1; Superior Pacific Casualty Company -- insurance financial strength to Ca from Caa1; California Compensation Insurance Company -- insurance financial strength rating to Ca from Caa1; Commercial Compensation Insurance Company -- insurance financial strength rating to Ca from Caa1; Combined Benefits Insurance Company -- insurance financial strength rating to Ca from Caa1. Superior National Insurance Group, based in Calabasas, California, ranked as the second-largest writer of workers' compensation in the state of California, and the largest private sector workers' compensation writer in the state. At September 30, 1999 the company's shareholders' equity stood at $174 million and it had reported a net loss of $30 million for the year-to- date. TELSTRA: Looking for foreign money ---------------------------------- Telstra Corp Ltd plans to push ahead with plans to raise up to $7.5 billion in offshore and local borrowings this year despite the downturn in the telecommunications sector worldwide. Telstra, which will next month launch its first Euro bond issue in almost two years, said yesterday it would turn to the euro, yen market later this year to raise funds. Telstra corporate treasurer Mr Cliff Davis said he was confident of raising between $5.75 billion to $7.5 billion this calendar year. However, Mr Davis admitted the downturn in the sector and increasing number of capital raisings following the huge prices paid for mobile phone spectrums in Europe would make it more difficult. "There is no doubt we will be able to undertake all those borrowings," Mr Davis said. "It's just a question of how difficult will it be and what pricing we will encounter." Following meetings with European investors this month, Telstra will launch a one billion euro bond issue worth $1.5 billion on June 5. Telstra is now investigating the possibility of following this up with a yen private placement, to raise up to another $1.5 billion. "Private placements in the yen market is offering pretty good funding," Mr Davis said. "The Japanese cashflow is very strong and they are starting to recover as an investor." In September-October, Telstra will turn to the U.S. global markets to raise the funds needed for its major investment in Hong Kong's Pacific Century Cyberworks Ltd. (The Border Mail 25-May-2000) VISTA EYECARE: Seeks To Extend Time To Assume/Reject Leases ----------------------------------------------------------- Vista Eyecare, Inc., debtor and its debtor affiliates seek to extend the time to assume or reject all unexpired leases of nonresidential real property under which they are lessee. The debtors are the lessee under several hundred leases involving quite substantial rental obligations. The debtors need additional time to analyze and gauge the performance of their various stores and determine the number and location of stores that will maximize profits. The debtors seek this extension due to the size of the cases, the substantial number and complexity of the leases. The debtors request that the court grant an extension of the time, through and including the date of confirmation fo a plan of reorganization. WORLDTEK (CANADA) LTD: Default in Filing Financial Statements ------------------------------------------------------------- Worldtek (Canada) Ltd. (CDNX:WTK) announced that there is a default in filing financial statements for the year ended December 31, 1999 and an anticipated default in filing financial statements for the first quarter ended March 31, 2000. The default in filing was caused by a delay in completing the audit of the Corporation's joint venture assets in China. Worldtek (Canada) Ltd. is attempting to expedite completion of this audit and it is anticipated that the required financial statements will be filed in approximately eight weeks. The Ontario Securities Commission may impose an Issuer Cease Trade Order if the default is not remedied by July 19, 2000. Worldtek (Canada) Ltd. intends to satisfy the provisions of the Alternative Information Guidelines so long as it remains in default of the filing requirements for financial statements. Unaudited financial statements dated February 29, 2000 for the Corporation's wholly owned subsidiaries, Worldtek (Bahamas) Limited and Worldtek International Limited, indicate net earnings of HK$618,087 and a net loss of HK$52,456 respectively. Meetings, Conferences and Seminars ---------------------------------- June 8-11, 2000 AMERICAN BANKRUPTCY INSTITUTE 7th Annual Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800 June 14-17, 2000 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 16th Annual Bankruptcy & Restructuring Conference Swissotel, Chicago, Illinois Contact: 1-541-858-1665 or aira@ccountry.net June 29-July 2, 2000 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: 1-770-535-7722 July 13-16, 2000 AMERICAN BANKRUPTCY INSTITUTE 7th Annual Northeast Bankruptcy Conference Doubletree Hotel, Newport, Rhode Island Contact: 1-703-739-0800 July 21-24, 2000 National Association of Chapter 13 Trustees Annual Seminar Adams Mark Hotel, St. Louis, Missouri Contact: 1-800-445-8629 or info@nactt.com August 3-5, 2000 ALI-ABA Fundamentals of Bankruptcy Law Seaport Hotel and Conference Center, Boston, Massachusetts Contact: 1-800-CLE-NEWS August 9-12, 2000 AMERICAN BANKRUPTCY INSTITUTE 5th Annual Southeast Bankruptcy Workshop Hyatt Regency, Hilton Head Island, South Carolina Contact: 1-703-739-0800 August 14-15, 2000 TURNAROUND MANAGEMENT ASSOCIATION Advanced Education Workshop Loews Vanderbilt Plaza, Nashville, Tennessee Contact: 1-312-822-9700 or info@turnaround.org August 17-19, 2000 ALI-ABA Banking and Commercial Lending Law -- 2000 Renaissance Stanford Court San Francisco, California Contact: 1-800-CLE-NEWS September 7-8, 2000 ALI-ABA and The American Law Institute Conference on Revised Article 9 of the Uniform Commercial Code Hilton New York Hotel, New York, New York Contact: 1-800-CLE-NEWS September 12-17, 2000 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Convention Doubletree Resort, Montery, California Contact: 1-803-252-5646 or info@nabt.com September 15-16, 2000 AMERICAN BANKRUPTCY INSTITUTE Views From the Bench 2000 Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800 September 21-22, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. 3rd Annual Conference on Corporate Reorganizations The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com September 21-23, 2000 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Emory University School of Law, Atlanta, Georgia Contact: 1-703-739-0800 September 21-24, 2000 AMERICAN BANKRUPTCY INSTITUTE 8th Annual Southwest Bankruptcy Conference The Four Seasons, Las Vegas, Nevada Contact: 1-703-739-0800 November 2-6, 2000 TURNAROUND MANAGEMENT ASSOCIATION Annual Conference Hyatt Regency, Baltimore, Maryland Contact: 312-822-9700 or info@turnaround.org November 27-28, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Third Annual Conference on Distressed Investing The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com November 30-December 2, 2000 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800 February 22-24, 2001 ALI-ABA Real Estate Defaults, Workouts, and Reorganizations Wyndham Palace Resort, Orlando (Walt Disney World), Florida Contact: 1-800-CLE-NEWS The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter, co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler, Edem Alfeche and Ronald Ladia, Editors. Copyright 2000. All rights reserved. ISSN 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *