TCR_Public/000710.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

   Monday, July 10, 2000, Vol. 4, No. 133

                   Headlines

ACTION INDUSTRIES: Creditors Object To Reorganization Plans
AHERF: Hearing To Consider Approval of Disclosure Statement
AMERISERVE: Fails To Disclose True Status Before Bond Offering
CODA ACQUISITION: Disclosure Statement for Liquidating Plan
CYANOTECH: Reports Net Losses of $4.485 Million

DAEWOO INT'L: Seeks Extension of Exclusivity
DE-VLIEG BULLARD: Extension of Exclusivity
FIRST UNION: Ratings Under Review For Possible Downgrade
FREEWWWEBB: Notice of Important Hearing Dates
GARDEN BOTANIKA: Reports June Comparable Store Sales

GENESIS MULTICARE: GHV Applies To Employ Richards, Layton
GNI GROUP INC.: Moodys' Downgrades 10.875% Sr Unsecured Notes
GOTHIC ENERGY: Chesapeake Buys Rival Energy
HAMILTON INSURANCE: Seeks Way To Enhance Finances
HARNISCHFEGER: Committee Taps BDO as Financial Advisor

HARNISCHFEGER: Joy Mining Workers Meet With Chase Manhattan Bank
INNOVATIVE CLINICAL: Substantial Doubt About Going Concern
K-TEL: Lays Off More Than 100 Employees
LACLEDE STEEL: Higbee Named President and CEO
LESLIE FAY: Ex-Financial Chief, Polishan, Found Guilty of Fraud

MCA FINANCIAL:  Files Chapter 7 In Detroit
NEW AMERICAN: Order Approves Counsel to Committee
OAKWOOD HOMES: Moody's Lowers Debt Ratings
PANDA GLOBAL: Downgraded To 'CCC' By Fitch
PATHMARK: Bondholders to Vote on Ownership Transfer

POWER PLUS: Reports Pared Down Operations
PRISON REALTY: Moody's Downgrades Securities
RAYTHEON CO.: Settles Suit Filed by Three Women
RELIANCE GROUP: S&P Lowers Ratings
SAFETY KLEEN: Applies To Employ Lazard Freres

SAFETY-KLEEN: Seeks To Sell 44% Stake in Waste Disposal Company
SHONEY'S: NYSE To Suspend Trading of Common Stock
SILVER CINEMAS: Committee Taps Milbank, Tweed
SITE TECHNOLOGIES: Order Confirms Liquidation Plan
SITI-SITES COM: In Early Stages Of Developing Websites

STONE & WEBSTER: Shaw Group Wins Bid For Assets
TBS SHIPPING: Case Summary and 20 Largest Creditors
TBS SHIPPING: Provides For Restructuring of Notes
VISTA EYECARE: Seeks Extension To File Schedules and Statements
WISER OIL: Shareholders Report Holdings

                   *********

ACTION INDUSTRIES: Creditors Object To Reorganization Plans
-----------------------------------------------------------
Action Industries' creditors committee filed an objection to the
company's reorganization plan with the U.S. Bankruptcy Court in
Manhattan, saying that the company failed to provide enough
information in the disclosure statement about key players in the
reorganization.  The committee also faulted the company's failure
to include provisions to sell its General Vision Services unit to
the former chairman of Sterling Vision Inc., now Emerging Vision
Inc.  They claim that the value of the reorganized company's
stock would never be able to increase because of a mandatory
redemption requirement incorporated into the plan.  The committee
is advocating its own plan which, it claims, would pay creditors
$600,000 more than the $3.2 million offered by GVS on the
effective date of the plan.

As reported, Action Industries' creditors filed an involuntary
Chapter 11 petition on April 16, 1999.  The case was converted to
a voluntary Chapter 11 on Sept. 9.


AHERF: Hearing To Consider Approval of Disclosure Statement
-----------------------------------------------------------
A hearing shall be held before the Honorable M. Bruce McCullough,
US Bankruptcy /Court for the Western District of Pennsylvania,
600 Grant Street, USX Tower, 54th Floor, Courtroom B, Pittsburgh,
Pennsylvania 15222 on August 15, 2000 at 10:00 AM to seek entry
of an order approving the Chapter 11 Trustee's Disclosure
Statement as containing "adequate information."  


AMERISERVE: Fails To Disclose True Status Before Bond Offering
--------------------------------------------------------------
Dow Jones Business News reports that Ameriserve Food Distribution
Inc. was experiencing financial trouble and difficulty dealing
with its suppliers and customers months before a $200 million
junk-bond offering in September 1999.  According to a preliminary
report filed with the federal bankruptcy court in Wilmington,
Del. by a court-appointed examiner, it seems that the company
failed to reveal this situation to its bondholders and that it
also appears to back lead underwriter Donaldson, Lufkin &
Jenrette Inc.'s insistence that it didn't know about Ameriserve's
problems with Burger King Corp., but the report indicates this
may have been the result of poor diligence on DLJ's part.


CODA ACQUISITION: Disclosure Statement For Liquidating Plan
-----------------------------------------------------------
On June 21, 2000, the US Bankruptcy Court fort he Southern
District of New York entered an order finding that the Amended
Disclosure Statement for the debtor's liquidating plan of
reorganization contained "adequate information", authorizing the
debtor to solicit acceptances to the debtor's amended liquidating
plan of reorganization.  The Confirmation Hearing will be held on
July 25k, 2o000 at 10:00 AM before the Honorable Burton R.
Lifland.

The plan will permit the debtor to conclude the liquidation of
its estate and make distributions to creditors following
acceptance of the plan.  There are approximately $10.6 million in
general unsecured claims, and the debtors estimate a 10%-15%
recovery for allowed claimants.


CYANOTECH: Reports Net Losses of $4.485 Million
-----------------------------------------------
Cyanotech Corporation is a leader in the development and
commercialization of high value products derived from microalgae.
Microalgae are a diverse group of over 30,000 species of
microscopic plants which have a wide range of physiological and
biochemical characteristics and naturally contain high levels of
proteins, amino acids, vitamins, pigments and enzymes. The
company currently produces natural products from microalgae for
the  nutritional supplement, aquaculture feed, animal nutrition,
and immunological diagnostics markets.  Cyanotech cultivates and
processes its microalgae products at a 90-acre production
facility on the Kona Coast of the Island of Hawaii.  Products
include BioAstinTM, a natural astaxanthin product for use as a
human nutritional supplement; NatuRose(R) natural astaxanthin
used worldwide in the aquaculture and animal feed industry;
Spirulina Pacifica(R), a nutrient-rich dietary supplement; and
phycobili  proteins, which are fluorescent pigments used in the
immunological diagnositics market.

The company reported annual sales for the fiscal year ended March
31, 2000 of $7,398,000 with net losses of $4,485,000.  In the
1999 fiscal year company sales were $6,738,000 with resulting net
losses of $2,557,000.


DAEWOO INT'L: Seeks Extension of Exclusivity
--------------------------------------------
The debtor, Daewoo International (America) Corp., seeks to extend
its exclusive periods to file a plan of reorganization and
solicit acceptances thereto.

The debtor seeks to extend the exclusive periods within which the
debtor may file a plan of reorganization, and solicit acceptances
thereto, to October 13, 2000 and December 12, 2000 respectively.

The debtor claims that its business and financial affairs are
extremely complex, with liabilities of almost $800 million and
creditors in the United States and abroad.  A world-wide purchase
offer was only recently commenced to non-Korean bank creditors on
account of their claims against the Daewoo group, including
approximately $335 million in claims held against the debtor.

The debtor is cautiously optimistic that the offer will be
successful.  Korea Asset Management Corporation ("KAMCO"), a
statutory juridical entity incorporated in Kor3ea is funding the
offer and will ultimately succeed to the ownership of these
claims if the offer is successful.  Given the pendency of the
offer and the significant time and effort it involves, KAMCO has
not yet met with the debtor and its attorneys.  If the offer is
accepted by the requisite number of non-Korean bank creditors and
the Global Restructuring Agreement is consummated, KAMCO will
control an exceedingly high percentage of the claims asserted
against the debtor's estate.  The debtor asserts that to attempt
to formulate a plan without KAMCO's participation would be a
wasteful exercise in futility.  As such, the pendency of the
offer militates strongly in favor of extending the debtor's
exclusivity periods.  The debtor also states that it is premature
and unreasonable to expect the debtor at this early stage to be
in a position to promulgate a plan of reorganization.


DE-VLIEG BULLARD: Extension of Exclusivity
------------------------------------------
By order entered on June 28, 2000 by the US Bankruptcy Court,
Northern District of Ohio, Eastern Division, the debtor, Devlieg-
Bullard, Inc. shall have, up to and including July 31, 2000, the
exclusive right to file a plan of reorganization.  The debtor
shall have up to and including September 30, 2000 the exclusive
right to solicit acceptances of its plan of reorganization.


FIRST UNION: Ratings Under Review For Possible Downgrade
--------------------------------------------------------
Moody's has placed under review for possible downgrade the B2
senior unsecured debt rating and the "b3" cumulative preferred
stock rating of First Union Real Estate Equity & Mortgage
Investments. These rating reviews reflect the announcement by
First Union Real Estate that it has signed a non-binding letter
of intent to sell a significant portion of its real estate assets
to its business manager, Radiant Partners, for $205 million.
Moody's review will focus on the long-term financial and
operational impact this asset sale will have on bondholder and
preferred shareholder protection. Moody's added that the
strategic flux of the REIT, as exemplified by this planned asset
sale, creates uncertainty around its capital structure and
business plans which could result in a heightened operating risk
profile.

The following ratings have been placed under review for possible
downgrade:

First Union Real Estate Equity & Mortgage Investments -- 8.875%
Senior Unsecured Notes at B2; senior unsecured debt shelf at
(P)B2; 8.4% convertible preferred stock at "b3"; cumulative
preferred stock shelf at (P)"b3"; and noncumulative and junior
preferred stock shelf at (P)"caa".

First Union Real Estate Equity & Mortgage Investments [NYSE: FUR]
is a stapled-stock real estate investment trust (REIT)
headquartered in New York City, New York, USA.


FREEWWWEBB: Notice of Important Hearing Dates
---------------------------------------------
The following was released by Law Offices of Douglas T. Tabachnik
and Douglas J. Pick & Associates:

Pursuant to an order of the United States Bankruptcy Court,
Southern District of New York,  dated July 5, 2000 entered in the
chapter 11 bankruptcy cases of Smart World Technologies, LLC,
Freewwwebb, LLC, and Smart World Communications, Inc., two
hearings are scheduled by the Bankruptcy Court.

Smart World Technologies, LLC, Smart World Communications, Inc.
and Freewwweb, LLC (collectively the "Debtors") filed a
motion dated July 5, 2000, with the United States Bankruptcy
Court for the Southern District of New York, seeking an
order, pursuant to Section 105, 363, 365, 1107 and 1146 of Title
11 of the United States Code (the "Bankruptcy Code"), as
complemented by Rules 2002, 4001, 6004, 6006, 9007 and 9008 of
the Federal Rules of Bankruptcy Procedure, among other things:

1.  Authorizing the Debtors to assume and approving, subject to
higher or otherwise better offers, a Term Sheet between the
Debtors and Juno Online Services, Inc. and/or its successors and
assigns ("Juno") and to take all actions reasonably necessary to
effectuate the transactions contemplated by the Term Sheet,
including but not limited to entering into a Referral Agreement;

2. Authorizing and approving the sale of the Domain Names (as
defined in the Motion) and the referral of subscribers to Juno or
such higher and better bidder, free and clear of, among other
things, any and all mortgages, security interests, conditional
sale or other title retention agreements, pledges, liens,
judgments, demands, hypothecations, claims, encumbrances or other
interests or charges of any kind or nature, but excluding any of
the foregoing to the extent the Purchaser agrees to take subject
thereto;

3. Finding that the Juno or the successful bidder is a good faith
purchaser of the within the meaning of Section 363(m) of the
Bankruptcy Code;

4. Declaring that Juno, or any successful bidder, shall have no
liability or responsibility for any liability or obligation of
the Debtors;

5. Determining that, pursuant to Bankruptcy Code Section 1146(c),
the proposed sale is exempt from stamp, transfer, recording or
similar taxes;

6. Decreeing that the Debtors are exempt and excused from
complying with any state or local bulk transfer laws or any laws
or regulations requiring notice to any taxing authority of any
jurisdiction or other laws which might directly or indirectly
affect consummation of the transaction or the relief requested in
the Motion; and

7. Granting such other related relief consistent with the Motion
as the Court deems just or proper.

Pursuant to an order to show cause dated July 5, 2000, (a) the
Bidding Procedures Hearings, at which the Court will establish
the procedures pursuant to which other parties may submit
competing bids for the Purchased Assets, will be held on July 12,
2000 at 2:00 p.m. before the Honorable Cornelius Blackshear,
United States Bankruptcy Judge, in Room 601 of the United States
Bankruptcy Court at the address set forth below; and (b) all
parties in interest must show cause at a hearing to be held
before the Honorable Cornelius Blackshear, United States
Bankruptcy Judge, in Room 601 of the United States Bankruptcy
Court, One Bowling Green, New York, New York on July 19, 2000 at
2:00 p.m., or as soon thereafter as counsel can be heard, why
this Court should not enter an order approving among other
things, the Term Sheet and the transactions contemplated thereby,
and granting the relief to be sought by the Motion.

LAW OFFICES OF DOUGLAS T. TABACHNIK
Co-Counsel designate to the Debtors
Douglas T. Tabachnik, Esq. (DT 6337)
Three Osage Drive
Old Bridge, New Jersey 08857-2910
732-360-2112

DOUGLAS J. PICK & ASSOCIATES
Co-Counsel designate to the Debtor
750 Third Avenue, 29th Floor
New York, New York 10017
212-983-8484


GARDEN BOTANIKA: Reports June Comparable Store Sales
----------------------------------------------------
Garden Botanika, Inc. (OTCBB:GBOTQ.OB) reports comparable store
sales for June (the five-week fiscal period ended July 1, 2000).

Comparable store sales decreased 7% from sales in June of 1999
for the 108 stores open at least one complete fiscal year. Total
sales declined to $4.0 million from $5.2 million in the prior
year, primarily due to a decrease in the number of stores from
150 to 109. For the month, combined mail order and Internet sales
were $360,000 and commercial sales were $5,000. The Company also
recognized $194,000 in revenue from sales of annual memberships
in the Company's discount shopping "Garden Club" program, which
membership sales are amortized over the course of a year.

For the twenty-two weeks ended July 1, 2000, sales decreased to
$18.1 million from $31.4 million in the comparable prior period.
Included in total sales are mail order and Internet sales of $1.0
million, commercial sales of $1.1 million and the recognition
of$999,000 in revenue from sales of annual memberships in the
Garden Club program.

In other news, Chief Executive Officer Bill Lawrence also
announced that Jeffrey M. Hare has been promoted to Senior Vice
President -- Operations. Commenting on the promotion, Mr.
Lawrence stated, "Jeff Hare has been a valued team member since
1991, and his proven abilities to coordinate the Company's
manufacturing, distribution and warehouse functions should be a
valued asset as we move ahead." (a)

Garden Botanika markets botanically based cosmetic and personal
care products through its 109 stores across the U.S., through its
own catalog and on the Internet. The Company's headquarters are
located at 8624-154th Avenue NE, Redmond, Washington 98052, and
its Web site address is www.gardenbotanika.com.


GENESIS MULTICARE: GHV Applies To Employ Richards, Layton
---------------------------------------------------------
The GHV Debtors seek the Court's authority to employ and retain
Richards, Layton & Finger, P.A. as their local counsel.  

The Debtors tell the Court they have selected Richards Layton as
their co-counsel because of the firm's extensive experience and
knowledge, in particular its experience in working with the
Debtors acquired in connection with the filing of the chapter 11
cases, and also for Richards, Layton's expertise and experience
in practicing before the Bankruptcy Court in Delaware, the firm's
proximity to the Court and its ability to respond quickly to
emergency hearings and other emergency matters in the
Court.

By separate application, GHV also seeks to employ and retain the
law firm of Weil, Gotshal & Manges as co-counsel in these cases.
The Debtors submit that WG&M and Richards Layton have discussed a
division of responsibilities and will make every effort not to
duplicate effort in their representation of the Debtors' chapter
11 cases.

GHV desires that Richards Layton will:

(1) advise the Debtors of their rights, powers, and duties as
debtors and debtors in possession;

(2) take all necessary action to protect and preserve the
Debtors' estates, including prosecution, defense and other
actions, negotiation in disputes and the preparation of
objections to claims;

(3) prepare motions, applications, answers, orders, reports, and
papers in connection with the administration of the Debtors'
estates;

(4) negotiate and prepare a plan of reorganization and all
related documents; and

(5) perform necessary legal services in connection with the
Debtors' chapter 11 cases.

The Debtors agree to pay Richards Layton its customary hourly
rates for the principal professionals and paraprofessionals
designated to the GHV cases:

                        Mark D. Collins              $310
                        Daniel J. DeFranceschi      $260
                        Deborah E. Spivack          $225
                        Margreta M. Sundelin      $130
                        Laura B. Ahtes              $105
                        Monica A. Molitor          $ 95

Prior to the Petition Date, the Debtors paid Richards Layton a
$123,840 retainer.  The Debtors propose that the portion paid and
not expended for prepetition services and disbursements be
treated as a retainer for services to be rendered.
(Genesis/Multicare Bankruptcy News Issue Number 2; Bankruptcy
Creditors' Service Inc.)


GNI GROUP INC: Moodys' Downgrades 10.875% Sr Unsecured Notes
------------------------------------------------------------
Moody's Investors Service downgraded to Caa3 from B2, the rating
on GNI Group, Inc.'s ("GNI") $75 million issue of 10.875% senior
unsecured notes due 2005. The senior implied rating is Caa3 and
rating outlook is negative.

The downgrade is prompted by the company's disclosure that it
will be missing its July 15, 2000 interest payment on its senior
notes. Further, the downgrade reflects Moody's concern with GNI's
inability to obtain alternative financing and the Moody's belief
that the company restructuring is necessary to remain as a "going
concern".

The GNI Group has been operating under a forbearance agreement
with its senior secured lenders, which will expire on July 10,
2000. Inability to obtain an extension on the forbearance
agreement would result in default on $12 million senior secured
revolving facility and $75 million senior unsecured notes.

The current liquidity crisis, heightened by decreasing
profitability due to lowered demand for higher margin specialty
chemical services and the expansion of lower margin waste
management services, suggests that GNI Group, Inc. will not be
able to return to profitability in the near term even with
appropriate resizing of its debt. Moody's believes that GNI will
need to restructure its operations.

The GNI Group, Inc., headquartered in Deer Park, Texas, is an
operator of commercial deepwells for hazardous and non-hazardous
waste in the U.S. and is a manufacturer of specialty chemicals.


GOTHIC ENERGY: Chesapeake Buys Rival Energy
-------------------------------------------
According to a report in the New York Times on July 1, 2000,
Chesapeake Energy Corporation has agreed to buy its rival, Gothic
Energy Corporation (GOTHZ: OTCBB) which is based in Tulsa.  
Oklahoma-based Chesapeake will pay $ 28 million in stock and
assume $ 316 million in debt.  Chesapeake's purchase will
increase its reserves by 25 percent or to 1.6 trillion cubic
feet, and will increase its daily production by 22 percent.  
After the deal Gothic shares were $ 1.50 each.


HAMILTON INSURANCE: Seeks Way To Enhance Finances
-------------------------------------------------
The Philadelphia Inquirer reports that Hamilton Insurance Co.,
has been given a deadline "to find a business solution".  
Spokeswoman Melissa Fox also said that automobile insurer in Fort
Washington will face liquidation if they cannot come up with a
plan.   According to documents filed with the Commonwealth Court
that aside from the $ 10 million deficit the company is
suffering from last year it has liabilities totaling to $ 36
million, while $ 26 million only for its assets.

Carmen J. Cocca Jr. and Charles M. Lederman, both of the Maple
Glen section of Horsham Township, Montgomery County, and former
Wayne resident Timothy I. McCarthy Sr., who lives in Boca Raton,
Fla., owns Hamilton Insurance and are former owners of the
Physicians Insurance Co.  The insurance company also known as PIC
Insurance Group, was declared insolvent in 1998, left losses
estimating to $ 320 million by the state guaranty fund that bails
out doomed property and casualty companies.


HARNISCHFEGER: Committee Taps BDO as Financial Advisor
------------------------------------------------------
The Beloit Committee asks Judge Walsh for permission to retain
BDO Seidman to review and analyze financial issues identified by
counsel and the Beloit Committee with respect to the Beloit
Issues and other related matters. Specifically, BDO will:

(1)   assist the Beloit Committee in analyzing the claims of the
Debtors' creditors and in negotiating with such creditors;

(2)   assist with the Beloit Committee's identification and
analysis of the assets, liabilities and financial condition of
the Debtors and of the operation of the Debtors' business;

(3)   assist the Betoit Committee in its analysis and
understanding of inter-company transactions between Beloit and
various other Debtor and non-debtor entities;

(4)   assist the Beloit Committee in its analysis of and
negotiations concerning matters related to the terms of plans of
reorganization for the Debtors;

(5)   perform other financial advisory services as may be
required and are deemed to be in the interests of the Beloit
Committee.

Subject to court approval, compensation will be payable to BDO on
an hourly basis, plus reimbursement of actual, necessary
expenses:

                   Partners and Directors       $ 300 - $ 450
                   Senior Managers              $ 225 - $ 325
                   Managers                     $ 150 - $ 280
                   Seniors                      $ 100 - $ 170
                   Associates                   $  60 - $ 150

The Beloit Committee also agrees to a general retainer for BDO to
serve all of the Beloit Committee's purposes because extensive
financial advisory services may be necessary in this case, and
because the nature and extent of such services are not known at
the time of the motion. The Beloit Committee believes
that the rates are reasonable standard rates.

The Beloit Committee believes that BDO possesses extensive
knowledge in the areas of financial analyses relevant to the
issues and the employment of BDO is necessary and in the best
interests of the Beloit Committee.

Accordingly, the Beloit Committee seeks the court's approval for
the retention of BDO as financial advisor retroactively to March
31, 2000, the date that BDO commenced doing work on behalf of the
Beloit Committee. (Harnischfeger Bankruptcy News Issue 24;
Bankruptcy Creditors' Service Inc.)


HARNISCHFEGER: Joy Mining Workers Meet With Chase Manhattan Bank
-----------------------------------------------------------------
The 73 workers at Joy Mining Machinery in Moss Vale were locked
out of their factory more than three months ago over a pay claim
and company moves to shut unions out from pay talks. After 12
weeks of protests and rallies, the workers went to Sydney to meet
with the heads of the Chase Manhattan Bank which has lent Joy
management $750 million to restructure the company.
            
Joy is part of US mining company Harnischfeger Industries, which
has filed for Chapter 11 bankruptcy. Australian Manufacturing
Workers Union state secretary John Parkin said the delegation
today tried to find out more about the restructure from Chase
Manhattan, but were thrown out of the bank's Sydney offices.

"You think about the kind of money Harnischfeger has got out of
this bank, well then why is Joy locking you out for a pittance of
pay claim you have got against them for improving an enterprise
agreement?" he said.

"The guys in this bank are making decision about whether or not
to give Harnischfeger $750 million to allow the boss to give them
time to lock you out for 12 weeks.

"Joy doesn't care about a few week's lost production when
they've got that money.  All they care about is using the money
from this bank to starve you into submission and to starve you
out of work."

South Coast Labor Council secretary Arthur Rorris said it was
appalling that Chase Manhattan was propping up industrial
thuggery.

The company this week agreed to allow workers to return to work
for a four-week trial period.  But management threatened workers
with another lockout notice if they fail to behave in an
appropriate manner or negotiate in good faith. Joy has also
sought Supreme Court injunctions against union officials, who
were handed subpoenas from the company claiming personal damages
of up to $700,000.


INNOVATIVE CLINICAL: Substantial Doubt About Going Concern
----------------------------------------------------------
Innovative Clinical Solutions' extensive losses in the past two
years, its negative cash flows from operations and its net
negative equity, as well as management's assessment that the
company will be unable to retire its $100 million 6.75%
Convertible Subordinated Debentures due 2003 at maturity
raise substantial doubt about its ability to continue as a going
concern. The company intends to commence voluntary bankruptcy
cases to effect the Recapitalization through a joint prepackaged
plan of reorganization of the company and its subsidiaries under
chapter 11 of Title 11 of the United States Code.  Virtually all
of the company's operations are conducted through its
subsidiaries. Because the Debentures are guaranteed by certain of
the company's subsidiaries and because its operations are
conducted through its subsidiaries, Innovative believes it
prudent that all of its subsidiaries participate in any
bankruptcy proceeding in order to extinguish any guarantor
liability under the Debentures and to avoid potential disruption
to its businesses.

Unless extended, Debentureholders will have until 5:00 p.m. on
July 12, 2000 to vote on the Prepackaged Plan. If the company
receives the requisite acceptances of the Prepackaged Plan, the
company and its subsidiaries intend to commence the bankruptcy
cases. The company anticipates that the bankruptcy cases will be
commenced before it is in default on the next interest payment on
the Debentures which is due on June 15, 2000 and is subject to a
30 day grace period thereafter. However, the commencement of the
bankruptcy cases would constitute an event of default under the
Indenture governing the Debentures.

For the quarter ended April 30, 2000 the company has net revenues
of $25,654 with net losses of $7,850.  In the same quarter of
1999 net revenues were $60,664 and net losses $11,185.


K-TEL: Lays Off More Than 100 Employees
---------------------------------------
Music retailer K-Tel International said it fired 123 employees to
try to stop growing losses.

Of the cuts, 88 were workers in Karben, Germany, who lost their
jobs when K-Tel shut down its German subsidiary June 30. The
other 35 were at the company's headquarters and warehouse in this
Minneapolis suburb.

The German division accounted for nearly 21 percent of K-Tel's
revenue in the year ended June 30, 1999, but it reported losses
of $1.6 million.

The company said Thursday that K-Tel now employs 77 people in the
United States, down from more than 100. A year ago, the company
had 195 workers in the United States and Europe.

K-Tel said in a prepared statement that cost savings from the
closing, the U.S. layoffs and an earlier consolidation of its
London operations should total $4 million in the current fiscal
year, which began July 1.

Closing the German operations will result in a $950,000 charge in
the quarter ending June 30.

K-Tel lost $4.6 million on sales of $47.4 million through nine
months ended March 31. In May, Nasdaq warned K-Tel that it no
longer met the requirements for continued listing on the national
market system.

A delisting would hurt K-Tel's chances of raising additional
money, but the company's stock is not widely traded. More than 40
percent of it is in the hands of its founder, Philip Kives, who
got his start selling pots and pans on the fair circuit in Canada
in the 1950s.

Kives, a pioneer in using television to sell household products
such as the Veg-O-Matic and music compilation albums such as
"Hooked on Classics", founded K-Tel - short for Kives Television
- in Winnipeg in the early 1960s and expanded to the Twin Cities
in 1968.

The company grew rapidly in the 1970s, but a diversification
effort that included oil exploration led to bankruptcy in 1984.
When the company announced in April 1998 that it was remaking
itself as an Internet retailer, its stock soared. But troubles
have followed.

Current President Ken Onstad is the third in less than two years.
Last July the company sold its Finnish division in order to raise
much-needed cash. And K-Tel ended up paying $600,000 to an
investor group last year after it backed away from a private
stock sale. Music sales slid almost 50 percent in the three
months ending March 31. Consumer product sales in the same period
fell 18.2 percent, and sales over its Web site fell 23 percent,
to $255,000.  K-Tel shares were unchanged Friday morning at $1.97
on the Nasdaq, down from a 52-week high of $11.75 last November.


LACLEDE STEEL: Higbee Named President and CEO
---------------------------------------------
David A. Higbee was named president and chief executive officer
of this steel company. He succeeds Thomas Brew Jr. in these
positions. Mr. Brew is leaving the company to pursue other
interests. In January, Mr. Higbee retired from AK Steel Holding
Corp., Middletown, Ohio, where he worked in various management
positions, most recently as president of Sawhill Tubular in
Sharon, Pa. Laclede Steel is operating under Chapter 11
bankruptcy protection.


LESLIE FAY: Ex-Financial Chief, Polishan, Found Guilty of Fraud
---------------------------------------------------------------
According to a report in The Wall Street Journal on July 7, 2000,
Paul Polishan, former chief financial officer of Leslie Fay Cos.,
was found guilty of 18 of 21 counts stemming from an accounting
scandal that drove the women's apparel maker into bankruptcy-
court protection in 1993.

Mr. Polishan was convicted of bank fraud, which carries a maximum
sentence of 30 years. He also was found guilty of multiple counts
of wire and securities fraud. Mr. Polishan, who was indicted in
1996, will be sentenced in October.

The criminal investigation began seven years ago, shortly after
Leslie Fay disclosed accounting irregularities. The company
eventually had to restate earnings, reversing $81 million of
erroneously reported profit. In the wake of the accounting
irregularities, the company filed for protection from creditors
under Chapter 11 of the U.S. Bankruptcy Code. Leslie Fay emerged
from bankruptcy-court protection in 1997.

Donald Kenia, a former Leslie Fay controller, in 1994 pleaded
guilty to making false statements to the Securities and Exchange
Commission and agreed to cooperate with the government's
investigation. He was a key witness against Mr. Polishan.

Mr. Kenia admitted to making some false entries in the company's
books beginning in the last quarter of 1991 and continuing
through 1992. The false entries related to inflated inventory
adjustments and a reduction in cost of goods sold, and as a
result, the company reported enhanced profits for those periods.

In 1997, top officers and directors at Leslie Fay agreed to pay
$34.7 million to settle a consolidated class-action suit filed by
shareholders, who had alleged securities fraud. Among other
things, the suit charged that the officers' bonuses were
bolstered by the inflated earnings.


MCA FINANCIAL: Files Chapter 7 In Detroit
-----------------------------------------
Detroit Free Press reports that MCA Financial Corp. filed a
Chapter 7 liquidation plan with the U.S. Bankruptcy Court in
Detroit.  Creditors will have a faint sign of getting paid from
the millions of unpaid bills they have with MCA. According to
Ralph McDowell, "This is a plan to accomplish what we haven't
been able to accomplish, [and] it doesn't guarantee all creditors
will get paid. I think it's their best opportunity for some
recovery," an attorney from Bodman, Longley & Dahling in Detroit.  
The company may have a total of $ 48.2 million to be distributed
if pending lawsuits are settled and $ 7.8 million if worst comes
to worst.


NEW AMERICAN: Order Approves Counsel to Committee
-------------------------------------------------
On June 14, 2000, the US Bankruptcy Court, Middle District of
Tennessee entered an order approving the appointment of
Garfinkle, McLemore & Walker, PLLC as counsel to the Official
Unsecured Creditors Committee of New American Healthcare
Corporation et al.


OAKWOOD HOMES: Moody's Lowers Debt Ratings
------------------------------------------
Moody's Investors Service downgraded Oakwood Homes Corporation's
debt ratings as follows:

7.88% $125 million senior notes due 2004 to Caa2 from B3

8.13% $175 million senior notes due 2009 to Caa2 from B3

8% $17 million reset debentures due 2007 to Caa2 from B3

$175 million secured revolving facility to B3 from B2

Oakwood Homes Corporation's senior implied rating was lowered to
Caa1 from B2 and the issuer rating was lowered to Caa2 from B3.
The outlook is negative.

The downgrades and negative outlook reflect the company's
continued difficulties, including:

negative operating income of $22 million for the first six
months of fiscal 2000

weakening credit measures

concerns regarding the company's continued access to funding in
part attributable to the near term maturity of its credit
facility

continued problems within the company's financial services
segment

significant contingent liabilities

Moody's maintains two short term concerns about Oakwood's
liquidity. The first concern centers on the maturity and future
availability of Oakwood's $125 million revolver expiring in
November 2000. Moody's notes Oakwood will likely not meet certain
covenants in the latest quarter, ending 6/30/00. To date, the
banks have waived all covenants through June, should they occur.

The second concern is the full usage on the $125 million revolver
is not generally available as a result of borrowing base limits,
with respect to collateral currently securing the facility, which
has drifted around $100 million. Despite the fact at the end of
each quarter the revolver demonstrates a low level as a result of
the revolver being paid down from the completion of a
securitization, on an interim bases, usage is higher. The maximum
usage this past quarter was $68 million and the minimum unused
availability was $35 million.

Oakwood Homes Corporation, headquartered in Greensboro, North
Carolina, is engaged primarily in the production, sale,
financing, and insuring of manufactured housing throughout the
United States.


PANDA GLOBAL: Downgraded To 'CCC' By Fitch
------------------------------------------
Fitch has downgraded its rating on Panda Global Energy Co.'s
(PGE) $155 million issuance of 12.5 percent senior secured notes
(notes) due 2004 to 'CCC' from 'B-'. PGE remains on Watch
Negative.

Fitch's rating action reflects a heightened level of uncertainty
for PGE to meet its debt service obligations under the notes,
which were issued in connection with its project to build out a
2x50 MW coal-fired cogeneration facility in Luannan County,
Tangshin City, in the People's Republic of China (PRC) (Luannan
Project). Although the project is operational, it continues to
await the outcome of its tariff application, which has been
pending approval for approximately one year. The testing tariff
currently being received by the project is significantly less
than original forecasts. The uncertainties over the amount of the
approved tariff, coupled with significant liquidity constraints
that stem from both the depletion of the debt service reserve and
the potential for acceleration of principal repayment under a
lawsuit filed by noteholders underscore the downgrade and the
Watch Negative status.

Debt service on the notes is heavily reliant on the Luannan
project; the initial, average pro forma cash flows from the
Luannan project represented approximately 85 percent of PGE's
total projected cash flows over the life of the notes. The
remaining 15 percent of PGE's cash flows were earlier forecasted
to be derived from the residual distributions from two U.S.-based
cogeneration facilities, Panda-Rosemary (rated 'BBB-') and Panda-
Brandywine. Importantly, the notes are structurally subordinate
to approximately $420 million of project level debt at these two
projects, as well as debt at Panda Funding Corp. (PFC), an
intermediate special purpose entity and financing node
rated 'BB-'.


PATHMARK: Bondholders to Vote on Ownership Transfer
--------------------------------------------------
According to a report in The Philadelphia Inquirer on July 7,
2000, July 7 is the deadline for Pathmark Stores Inc.'s
bondholders to vote on an agreement that would eliminate $ 960
million in bond debt and give them full ownership of the company.

If the exchange is approved, the Carteret, N.J., subsidiary of
Supermarkets General Holding Corp. will file a prepackaged
Chapter 11 bankruptcy and begin transfer of Pathmark to the
bondholders, Harvey Gutman, a Pathmark senior vice president,
said yesterday.

Pathmark then would be a publicly traded company, with virtually
all the shares held by the current bondholders. The company still
would have another $ 600 million in debt.

Gutman said the result of the bondholders' vote would be
announced next week, but no layoffs or store closings were
expected.

Pathmark operates 135 supermarkets in the Philadelphia and New
York metropolitan areas. The company's debt load can be traced to
a 1987 buyout of the chain by a group led by Merril Lynch & Co.

By eliminating the $ 960 million in debt, one analyst claimed
that the company is putting itself in a position to be acquired.

"The game here is to clean up the balance sheet and find a buyer
for the chain in a relatively short period of time," he said.

Last year, Pathmark found a white knight -- Royal Ahold, a Dutch
supermarket conglomerate that also owns the Giant and Super G
stores in the region. Royal Ahold offered to buy the chain for $
1.75 billion, erasing all of Pathmark's $ 1.5 billion in debt in
the process.

But the Dutch company backed out after U.S. regulators raised
antitrust concerns.

Last month, Pathmark officials said they planned to file for
bankruptcy protection to reduce the bond debt.

The only shares that would not be owned by the bondholders would
be those earned by Pathmark executives under a stock option
program.


POWER PLUS: Reports Pared Down Operations
-----------------------------------------
The primary activities of Power Plus Corporation fall into two
categories: investing in operating companies; and carrying on
business through subsidiary operating companies. Accordingly, the
company has been the parent of subsidiaries that hire employees,
procured merchandise for resale, purchased or built capital
assets and carried on business.  Since its inception, the company
has invested in specialty retail businesses operating in Canada
and the US, primarily selling batteries and battery-related
products, wireless telecommunications products and portable
fashion electronics.

Working through a long-term plan of reorganization, with
considerably pared down operations, the company reports fiscal
year ended January 31, 2000 net revenues were $23,290 as compared
to $585,035 in the prior fiscal year.  The net losses for the
January 31, 2000 fiscal year were $975,938, whereas in the prior
year net losses were $4,541,551.


PRISON REALTY: Moody's Downgrades Securities
--------------------------------------------
Moody's Investors Service has lowered the senior unsecured debt
rating of Prison Realty Trust, Inc., to Caa1 from B2, the senior
secured bank facility rating to B3 from B1, and the cumulative
preferred stock rating to "ca" from "caa". These ratings, which
had been placed under review for downgrade in December 1999,
remain under review for further downgrade. These rating actions
reflect increased uncertainty regarding Prison Realty's
restructuring in light of the REIT's recent agreement to
terminate Pacific Life Insurance Company's commitment to backstop
a $200 million equity rights offering by Prison Realty.

According to Moody's, these rating downgrades broadly reflect the
strategic and financial difficulties facing Prison Realty and its
largest lessee, Corrections Corporation of America. Aggressive
growth during a challenging capital markets environment and weak
operating performance led the REIT to breach its bank lending
facility covenants, and to fail to satisfy conditions precedent
to an agreed-upon equity infusion by an investor consortium that
included Fortress Investment Group and The Blackstone Group.

Moody's noted that Prison Realty's ability to obtain covenant
default waivers from its bank group, along with a restricted-
purpose increase of $55 million under its credit facility,
reflected positive efforts to alleviate financial pressures on
the company; however, the ongoing conditions in the waiver
agreement could prove difficult for the REIT to satisfy,
particularly without the involvement of Pacific Life in its
restructuring plan. Prison Realty's announced intention to
proceed with certain elements of its restructuring is a positive
step, the rating agency noted, yet the ratings remain under
review for downgrade to reflect uncertainty over whether the REIT
can restructure in a manner satisfactory to its lender
constituencies.

In the absence of a successful turn around, the waiver agreement
will continue to prove onerous to securityholders. Under that
agreement, preferred dividends must be omitted until the REIT
completes a sizable equity offering, and the bank group obtains
the benefit of additional security for its claims.

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

Prison Realty Trust, Inc. - senior unsecured debt to Caa1, from
B2; secured bank facility to B3, from B1; cumulative preferred
stock to "ca", from "caa"; senior unsecured debt shelf to
(P)Caa1, from (P)B2; and cumulative preferred stock shelf to
(P)"ca", from (P)"caa".

The noncumulative preferred stock shelf remains rated at (P)"ca",
under review for downgrade.

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


RAYTHEON CO.: Settles Suit Filed by Three Women
-----------------------------------------------
Seattle Post-Intelligencer reports on July 3, 2000 that Raytheon
Co. last week agreed to settle a discrimination suit brought by
three women employees after a federal agency and an arbitrator
both found they were passed over for higher-paying jobs.  As
reported earlier, the company denied doing such, but agreed to
settle when the federal Equal Employment Opportunity Commission
and an arbitrator found it violated the 1964 Civil Rights Act.  
The three women have been awarded with $870,000 by the
arbitrator.


RELIANCE GROUP: S&P Lowers Ratings
-----------------------------------
On July 6, 2000, Standard & Poor's lowered its ratings on
Reliance Group Holdings Inc. (Reliance) and the members of the
Reliance Insurance Co. Intercompany Pool (see list). These
ratings remain on CreditWatch, where they were placed on May 26,
2000, with developing implications.

Standard & Poor's lowered these ratings because of increasing
concerns that Reliance will fail in its efforts to refinance more
than $500 million of debt obligations, which are maturing in
August and November of this year. The company continues to divest
itself of key businesses, which Standard & Poor's believes
weakens the company's ability to generate the necessary liquidity
to meet its ongoing obligations. Another important consideration
is that Reliance retains the run-off of reserves on the
businesses it has sold. Standard & Poor's believes this exposes
Reliance to potentially significant adverse loss reserve
development. Standard & Poor's believes that this, coupled with
the projected negative operating cash flow, creates a significant
liquidity strain on the company. As a result, Reliance's ability
to meet its various obligations at the operating-company and
holding-company levels is weak.

The developing outlook reflects the pending completion by
Leucadia National Corp. (Leucadia) to acquire 100% of the
outstanding shares of Reliance. Leucadia has extended the time
frame for completing its due diligence, which Standard & Poor's
believes threatens Reliance's ability to maintain adequate
business relationships. Combined with the uncertainty surrounding
the adequacy of reported loss reserves, Standard & Poor's expects
Reliance's financial condition to deteriorate further.

Standard & Poor's will continue to monitor the progress of
Reliance's discussion with Leucadia. -- CreditWire

    RATINGS LOWERED AND KEPT ON CREDITWATCH WITH DEVELOPING
IMPLICATIONS

                                     To          From
    Reliance Group Holdings Inc.
      Counterparty credit rating     CCC         BB-
      Senior debt                    CCC         BB-
      Subordinated debt              CCC         BB-

    MEMBERS OF THE RELIANCE INSURANCE CO. INTERCOMPANY POOL
    Reliance Insurance Co. of PA
    Reliance Insurance Co. of Illinois
    Reliance National Indemnity Co.
    Reliance National Insurance Co.
    Reliance Universal Insurance Co.
    United Pacific Insurance Co.
    Reliance National Insurance Co. (Europe) Ltd.
      Counterparty credit rating     B           BBB-
      Financial strength rating      B           BBB-


SAFETY KLEEN: Applies To Employ Lazard Freres
---------------------------------------------
The Debtors seek the Court's authority to employ Lazard Freres &
Co., LLC as their financial advisors and investment bankers in
these chapter 11 cases, pursuant to 11 U.S.C. Sec. 327(a).  

Under the terms of an Engagement Letter dated as of March 30,
2000, in exchange for:

(1) a monthly fee of $150,000 per month, beginning July 20, 2000
(reduced from $200,000 per month prior to the Petition Date);

(2) a cash fee equal to $8,500,000 upon the completion of the
Restructuring (with all monthly fees, beginning with the July
20, 2000 installment, to be credited against this cash fee); and

(3) reimbursement for reasonable out-of-pocket expenses, and
other fees and expenses, including reasonable expenses of
counsel, if any, to the extent described in a separate
Indemnification Letter;

Lazard will provide the Debtors with:

(a) a review and analysis of the Debtors' businesses, operations
and financial projections;

(b) an evaluation of the Debtors' debt capacity in light of
their projected cash flows;

(c) assistance in the determination of an appropriate capital
structure for the Debtors;

(d) a determination of a range of values for the Debtors on a
going concern basis and on a liquidation basis;

(e) advice with respect to tactics and strategies for
negotiating with the Lenders;

(f) advice with respect to, and participation in meetings or
negotiations with the Lenders in connection with any
restructuring, modification, or refinancing of Existing Debt
Obligations;

(g) advice on the timing, nature, and terms of any new
securities, other consideration, or other inducements to be
offered pursuant to the Restructuring;

(h) assistance in preparing any documentation required in
connection with the Restructuring;

(i) an assessment of the Debtors' ability to procure new lenders
and/or investors to replace, repay, or settle with the Lenders;

(j) assistance in arranging financing for the Debtors;

(k) advice with respect to, and attendance at, meetings of the
Debtors' boards of directors and their committees;

(l) the provision of expert testimony, as necessary, in hearings
before the Bankruptcy Court; and

(m) the provision of other appropriate general restructuring
advice. (Safety-Kleen Bankruptcy News Issue 4; Bankruptcy
Creditors' Service, Inc.)


SAFETY-KLEEN: Seeks To Sell 44% Stake in Waste Disposal Company
---------------------------------------------------------------
According to an article in The Wall Street Journal on July 7,
2000, Safety-Kleen Corp. is seeking permission from a Wilmington,
Del., federal bankruptcy court to sell its 44% stake in a
European waste-disposal company to Electra European Fund LP, its
joint-venture partner, for $35.7 million. A Safety-Kleen
spokesman said the sale is part of the Columbia, S.C., firm's
plan to sell noncore assets in connection with its June 9
petition to reorganize under Chapter 11 of the Bankruptcy Code.
The purchase accord stipulates that an order approving the sale
be issued no later than July 19. The joint venture, SK
Europe Inc., collects, processes and recycles hazardous and
industrial waste. Electra has a 44% stake; the venture's
management owns 12%.


SHONEY'S: NYSE To Suspend Trading of Common Stock
-------------------------------------------------
According to an article in The Wall Street Journal on
July 7, 2000, The New York Stock Exchange said it will suspend
trading of common stock and liquidated yield option notes of
Shoney's Inc. because its stock and market capitalization don't
meet the Big Board's minimum requirements. The exchange also said
it will seek permission from the Securities and Exchange
Commission to delist Shoney's.

Shoney's had an average closing stock price of less then $1 for
30 consecutive trading days. Shoney's said it plans to trade on
the over-the-counter Bulletin Board by Wednesday.


SILVER CINEMAS: Committee Taps Milbank, Tweed
---------------------------------------------
The Official Committee of Unsecured Creditors of Silver Cinemas
International, et al. seeks court approval to retain and employ
Milbank, Tweed, Hadley & McCloy LLP as counsel.  The firm will
charge its customary hourly rates which range from $200 to $600
per hour for attorneys and $115 to $160 for legal assistants.


SITE TECHNOLOGIES: Order Confirms Liquidation Plan
--------------------------------------------------
On June 15, 2000 the order confirming Site Technologies Inc.'s
First Amended Plan of Reorganization was filed with the United
States Bankruptcy Court for the Northern District of California,
San Jose Division. The Plan calls for the liquidation of all
available assets of the debtor, Site Technologies, Inc., and the
pro rata distribution of available funds to shareholders of
record as of the distribution date, which distributions should
occur as soon as practicable after the payment of all creditor
claims and expenses of administration, and post-confirmation
expenses. After such distribution, if any, all interests of
equity security holders shall be extinguished. As of June 15,
2000, there were 8,516,384 shares of issued and outstanding
common stock of the debtor. There are no shares reserved for
future issuance.


SITI-SITES COM: In Early Stages Of Developing Websites
------------------------------------------------------
SITI-Sites.com, Inc., a Delware corporation, and its subsidiary,
Tropia, Inc., a Delaware corporation is an Internet media company
seeking to establish websites for the marketing of products and
services. The company's four current websites and an affiliated
website relate entirely to the music industry, and primarily to
independent artists not affiliated with major record companies.

The company is still in the early stages of developing its music
sites and business, and its revenues are negligible. It has
written off all development and operating costs. In addition, the
company made a $500,000 investment in a music CD custom
compilation and promotion company, Volatile Media, Inc., which
does business as EZCD.com. The investment has been written off as
of March 31, 2000 because of uncertainties in EZCD's financing
plans and ability to continue operations. The company also
entered a content and technology sharing agreement with EZCD.com
pursuant to which they were to share music content and
technology, which has not yet been adequately performed by EZCD
and which therefore may result in litigation.  SITI currently
employs a total of 20 employees and consultants, as compared to 2
employees in January, 1999.  Figures released by the company for
the fiscal year ended March 31, 2000 (reported in 1,000's) show
sales of $93 and losses of $1,708.


STONE & WEBSTER: Shaw Group Wins Bid For Assets
-----------------------------------------------
The Shaw Group Inc. announced on July 7, 2000 that it was the
successful bidder in the auction for the business of Stone &
Webster, Inc. ("S&W") in a proceeding under Chapter 11 of the
U.S. Bankruptcy Code. In the transaction, which is subject to
bankruptcy court approval, Shaw will acquire substantially all of
the assets and assume certain liabilities of S&W, for a total
purchase price of approximately $38 million in cash and
approximately 2.5 million shares of Shaw Common Stock. Shaw will
also assume liabilities with a book value of approximately $450
million and acquire assets with a book value of approximately
$600 million.

The combination of S&W's business, with its premier engineering
capabilities and 110-year history, and Shaw's business, with its
turnkey capabilities and extensive expertise in the worldwide
piping industry, will create a unique, new model in the
engineering and construction business. Moreover, Shaw's
unparalleled experience and S&W's recognized leadership in the
worldwide power market will form a dominant new force in the
global power industry. The Shaw and S&W businesses had revenues
of approximately $1.7 billion in 1999, and will move forward with
a total backlog of work exceeding $2.0 billion.

J. M. Bernhard, Jr., Shaw's Chairman, President and Chief
Executive Officer, stated, "After completion of the financial,
operational and legal due diligence, we are very excited to
announce that we have made a successful bid for the assets of
Stone & Webster. With this combination, we believe that Shaw will
be a leader in setting a new paradigm in an industry that has
warranted change. Stone & Webster has a recognized name in the
industry, and its premier engineering capabilities complement our
strategy and recent strengthening in the power market,
particularly our announced joint venture with Entergy. We plan to
move quickly in closing the transaction, and upon doing so, will
focus on integrating core capabilities and divesting non-core
assets."

Shaw will continue to be headquartered in Baton Rouge, Louisiana,
with operating facilities worldwide. The acquisition will
initially bring Shaw's total employee count to approximately
13,000 people.

Shaw anticipates closing the transaction as early as next week.


TBS SHIPPING: Case Summary and 20 Largest Creditors
---------------------------------------------------
Debtor: TBS Shipping International Limited
        c/o U.S. Agent: TBS Shippings Svcs. Inc.
        612 East Grassy Sprain Road
        Yonkers, NY 10710
        
Type of Business: Deals with ocean transportation services,
primarily liner/parcel services.

Chapter 11 Petition Date: July 6, 2000

Court: S. District of New York

Bankruptcy Case No.: 00-20398

Judge: Adlai S. Hardin, Jr.

Debtor's Counsel: Audrey S. Trundle
                  Gibson, Dunn & Crutcher, LLP
                  200 Park Avenue
                  New York, NY 10166-0193
                  Tel:(212) 351-3923
                  Fax:(212) 351-5253
                  Email: atrundle@gdclaw.com

                  James P. Ricciardi
                  Rosalie W. Gray
                  Gibson, Dunn & Crutcher, LLP
                  200 Park Avenue
                  New York, NY 10166-0193
                  Tel:(212) 231-4000
                                    
Total Assets: $ 104,973,737
Total Debts:  $ 134,458,966

20 Largest Unsecured Creditors

United States Trust         Guarantee of 10% Ser A
                            First Preferred Ship
                            Mortgage Notes
                            Due 20                  
[$118,185,995]

Shanghai Gd ChangXing
Marine Engineering
Co., Ltd                    M&R/Drydocking                
$132,324

Aboitiz Jebsen Bulk         Crew wages & benefits
Transport Corp.             along w/other related
                            expenses                      
$112,040

Mobil Oil Corp.             Lube oil                       
$ 76,179

Sea Star Shipping Corp.     Crew wages/Manning Fee         
$ 60,567

Intermodal Shipping,        Crew wages & benefits
Inc.                        along w/other related
                            expenses                       
$ 42,269

Azuma Kako Co., Ltd.        M&R/M.E. service               
$ 37,969

MacKay Communication        M&R/Electronic equipment/
                            Radar radiomat/Service         
$ 28,715

MacGregor (USA) Inc.        M&R/Cranes/Hatchcovers         
$ 24,692

First Marine Services
Inc.                        M&R                            
$ 13,464

Condor Mar Mgmt             Repairs/Rental of
                            Dynanometer                    
$ 12,436

Inchcape Machinery          
Services                    M&R/Parts Supplier              
$ 9,628

Fuji Trading Co., Ltd.      M&R/Stores                      
$ 9,450

Unitor Ships Services,      Stores/Chemmicals/Fuel
Inc.                        oil analysis                    
$ 6,236

Boyd Steamship              Port Agent/Assist vessel
                            while in port                   
$ 6,236

John Crane Marine, USA      Repairs                         
$ 5,408

Peck and Hale               Stores/Deck general             
$ 3,968

Japan Radio Co. Ltd.        M&R/Electronic equipment/
                            Radar radio mat/Service         
$ 3,387

Astoria Travel              
Center, Inc.                Crew travel & others            
$ 3,146

Kyodo Corporation, USA
Shipping and Trade          M&R                             
$ 2,431


TBS SHIPPING: Provides For Restructuring of Notes
-------------------------------------------------
TBS Shipping International Limited (the "Company") filed a
pre-negotiated chapter 11 reorganization case providing for the
restructuring of its 10% First Preferred Ship Mortgage Notes Due
2005 (the "Notes"). The restructuring is the result of a
previously announced agreement with holders of a substantial
majority in principal amount of the Notes. Highlights of the
reorganization include the issuance to existing noteholders of
$50 million of amended and restated First Preferred Ship Mortgage
Notes (with enhanced collateral and guarantor coverage) in
addition to preferred stock, common stock and common stock
warrants. The restructuring remains subject to definitive
documentation and approval of the U.S. Bankruptcy Court, which
the Company anticipates occurring in the third quarter of this
year. The case, as well as a companion case in Bermuda, covers
the Company, its parent and only its vessel-owning direct and
indirect subsidiaries, none of which are involved in the
operations of TBS Pacific Liner, Ltd., TBS Latin America Liner
Ltd., and TBS North America Liner, Ltd. (the "Liner Companies").
The restructuring of the Notes should not negatively impact the
business of the Liner Companies, which is continuing on a normal
basis.


VISTA EYECARE: Seeks Extension To File Schedules and Statements
---------------------------------------------------------------
Vista Eyecare, Inc. and its debtor affiliates seek additional
time through and including July 14, 2000 to file their schedules
and statements of financial affairs.  The debtors state that they
have been diligently compiling and transcribing the information
necessary to complete their schedules and statements of financial
affairs, while, at the same time stabilizing and operating their
business.


WISER OIL: Shareholders Report Holdings
---------------------------------------
The following parties and entities hold the listed quantities of
the common stock of Wiser Oil Company:

William R. Dimeling, Richard R. Schreiber and Steven G. Park,
2,469,600 shares with sole dispositive and shared voting powers,
representing 19.1% of the outstanding common stock of the
company;

Douglas P. Heller, 3,980,730 shares with shared voting power, and
1,511,130 shares with shared dispositive power, 3,980,730 shares
in the aggregate representing 30.8% of the outstanding common
stock of Wiser Oil;

                     *********

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
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