TCR_Public/000720.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

   Thursday, July 20, 2000, Vol. 4, No. 141

                   Headlines

ARM FINANCIAL: Hearing to Consider Confirmation of Plan
BENNETT FUNDING: Trustee Seeks Early Payment
BIG PARTY: Seeks Order Approving Sale or Authorizing GOB Sales
BMJ MEDICAL: Bridge Order Extends Exclusivity
BUSH LEASING: Last Date To File Proofs of Claim

CLARIDGE HOTEL: Announces Balloting Results
DAEWOO GROUP: KAMCO Buys/Settles 18.5T Won of its Bonds
DAVITA: Completes Restructuring Credit Facilities
DIMAC: Bar Date Fixed As of September 1, 2000
DISTRICT MEMORIAL: Leases Health Firm

GENICOM CORP: Entry of Order Fixing Bar Date
GREAT TRAIN STORE: Rejection of Leases
HOME HEALTH: Nineteenth Order Approving Use of Cash Collateral
INTEGRATED HEALTH: Motion To Reject Three Massachusetts Leases
JITNEY JUNGLE: Landlords To Keep Committee

JUMBOSPORTS: Motion To Sell Real Property in Mobile, Alabama
LAROCHE INDUSTIRES: Order Extends Time To Assume/Reject Leases
LOEHMANN'S: Hearing to Consider Approval of Disclosure Statement
LONDON FOG: Seeks Extension Pursuant to Section 365(d)(4)
MARINER: Motion To Establish Bar Date For Filing Proofs of Claim

MEDICAL RESOURCES: Seeks Authority To Retain Ernst & Young
MOBILE ENERGY SERVICES: Court Extends Exclusive Periods
NEW AMERICAN HEALTHCARE: Pierce Counts Buys Puget Sound Hospital
NEXAR TECHNOLOGIES: Creditors Meeting Postponed
NSC CORPORATION: Files for Chapter 11 Bankruptcy Protection

NUTRAMAX: Bar Date Fixed As Of August 14, 2000
PAGING NETWORK: Metrocall Submits Acquisition Proposal
PENN TRAFFIC: Trying To Increase Shareholder Value
PENN TRAFFIC: Seeks To Extend Time to Object to Proofs of Claim
SEIYO CORP: Debt burden sinks big property developer

SOGO CO.: Cerberus May Be Interested Purchaser
STAGE STORES: To Close 120 Stores As Part of Restructuring
TRI VALLEY: Crown Cork & Seal Shuts Down Modesto Plant

                   *********


ARM FINANCIAL: Hearing to Consider Confirmation of Plan
-------------------------------------------------------
At a hearing held on July 5, 2000, the court entered an order
approving the amended disclosure statement of ARM Financial
Group, Inc. and Integrity Holdings, Inc. A hearing to consider
confirmation of the Plan has been set by the court for 9:30 AM,
Wilmington, Delaware time, on August 21, 2000 at the US
Bankruptcy Court for the District of Delaware before the
Honorable Peter J. Walsh.

The debtor will complete the liquidation of the Debtor in
Possession under Chapter 11 of the Bankruptcy Code.  After
consummating the Asset Sale to Western and Southern, the debtor
focused on formulating a liquidating plan that would enable it to
make distributions to holders of Allowed Claims and Interests as
soon as practicable.  The plan does not contemplate continued
business operations by the Debtor following confirmation and
consummation of the plan.


BENNETT FUNDING: Trustee Seeks Early Payment
--------------------------------------------
Bankruptcy Trustee Richard C. Breeden is asking that Judge
Stephen Gerling authorize his payment before the end of the
bankruptcy case. Usually, creditors and trustee are paid only at
the end of each bankruptcy case.  But, during the bankruptcy
reorganization of Bennett Funding, Breeden is asking Judge
Gerling to permit payment for the work he has done to date.  
Breeden says, "I've asked the court to consider what's fair,
that's all," and the former SEC chairman adds that he wants 3
percent of the total amount of his commission.  He got paid
$250,000, receives monthly payments of $2.7 million and already
has collected a total amount of $574 million.


BIG PARTY: Seeks Order Approving Sale or Authorizing GOB Sales
-----------------------------------------------------------------
The Big Party Corporation, debtor, seeks an order scheduling the
date, time and place for a hearing approving the sale of all or
substantially all of the debtor's assets, or authorizing the
debtor's conduct of GOB sales from its remaining retail
locations.

The debtor proposes to conduct an auction on or about August 8,
2000.  In the event that no qualifying and acceptable bids are
received at the auction for a sale of the debtor's assets or if
the debtor determines to accept a bid or bids for less than all
of the assets, the debtor further requests that it be authorized
to conduct an alternative auction on or about August 8, 2000, and
further conduct a hearing, also approximately three business days
following the conclusion of the Auction, or about August 11, 2000
to consider authorizing the debtor to conduct GOB sales from the
remaining locations.

The debtor is currently operating under distressed operating
conditions, with limited financing, which is expected to continue
for only a limited period of time.  The debtor is in imminent
risk that it will be required to terminate its operations, which
in turn would substantially diminish the value of its business
assets, and render any sale impossible.


BMJ MEDICAL: Bridge Order Extends Exclusivity
---------------------------------------------
By order of the US Bankruptcy Court for the District of Delaware,
entered on July 7, 2000, the period within which only the
debtors, BMJ Medical Management, Inc., et al. may file an amended
plan of reorganization and solicit acceptance thereto is extended
until such time as the court rules on the seventh motion of the
debtor for an order extending the exclusivity periods during
which the debtors may propose an amended plan of reorganization
and solicit acceptances thereto.


BUSH LEASING: Last Date To File Proofs of Claim
-----------------------------------------------
The last day for filing Proofs of Claim or interest in the case
of Bush Leasing, Inc, debtor, is October 20, 2000.  Proofs of
claim should be filed with the clerk of the US Bankruptcy Court,
Southern District of Ohio, 120 West Third Street, Dayton, Ohio
45402-1819.


CLARIDGE HOTEL: Announces Balloting Results
-------------------------------------------
The Claridge Hotel and Casino Corporation, operator of
the Claridge Casino Hotel, reported the results of the voting of
its creditors regarding its First Amended Joint Plan of
Reorganization.

The holders of the Corporation's $85 million First Mortgage Notes
voted to reject the Plan.

The Corporation intends to move forward to have the Plan
confirmed under the 1129B "cramdown" procedure.  The confirmation
hearing is scheduled to begin on September 6, 2000.

On August 16, 1999, the Corporation and The Claridge at Park
Place, Incorporated filed voluntary petitions under Chapter 11 of
the U.S. Bankruptcy Code in order to facilitate a financial
structuring.  On October 5, 1999, Atlantic City Boardwalk
Associates, L.P. filed a voluntary petition under Chapter 11 of
the U.S. Bankruptcy Code.  The Claridge Hotel and Casino
Corporation is a closely-held public corporation and is the
issuer of $85 million of 11 3/4 % First Mortgage Notes which are
publicly traded on the New York Stock Exchange under the symbol
CLAR02.


DAEWOO GROUP: KAMCO Buys/Settles 18.5T Won of its Bonds
-------------------------------------------------------
Korea Asset Management Corp has completed the purchase and
settlement of 18.5 trln won of unsecured bonds issued by
Daewoo Group from 23 investment trust companies, paying 35
pct of the face value and becoming the largest creditor of
the near-insolvent group, KAMCO said in a statement.

The 18.5 trln won of unsecured debt owed by Daewoo's 12
units placed under debt workout programs represents 29.4
pct of 62.6 trln won in total Daewoo domestic debt subject
to debt workout plans, it said.  Once KAMCO completes the
purchase of another 4 trln won of secured Daewoo commercial
paper from 38 local financial institutions and 6 trln won
of foreign debt, KAMCO's holdings of Daewoo debt will rise
to 28.5 trln won, or 42 pct of the total 68.6 trln won of
Daewoo domestic and foreign debt subject to debt
rescheduling plans, KAMCO said.

KAMCO plans to dispose of the purchased debt through issues
of asset-backed securities, and direct sales of the
liabilities at discount.  (AFX News Limited  18-July-2000)


DAVITA: Completes Restructuring Credit Facilities
-------------------------------------------------
DaVita (Total Renal Care Holdings, Inc.) (NYSE: TRL) announced
that it has completed a restructuring of its revolving and term
loan credit facilities.

"This constitutes another significant step in solidifying our
financial position and in securing adequate financing flexibility
to meet our intermediate term objectives," stated Rich Whitney,
CFO.

The major terms of the restructuring include the following:

-- Grant of collateral -- The credit facilities will be secured
by substantially all of the company's assets.  The collateral
will be released when the company achieves certain leverage ratio
targets.

-- Commitment reduction and revolving credit availability -- The
maximum aggregate financing commitment under the revolving credit
and term loan facilities was reduced to $762 million.  In
addition, the revolving credit facility has been divided into a
non-revolving tranche of $299 million and a revolving tranche of
$150 million.  Unused availability under the revolving tranche is
currently $90 million.

-- Quarterly amortization -- The existing mandatory commitment
reductions of $93 million and $152 million previously scheduled
for September 2001 and 2002, respectively, have been replaced by
quarterly principal payments beginning September 30, 2000.  (See
supplemental information.)

-- Financial covenants -- The financial covenants have been
revised to reflect the company's current financial position.

-- Pricing -- Interest rates under the credit facilities have
returned to the pre-default rates that were based on LIBOR plus
an applicable margin depending on the company's leverage ratio.  
The applicable margins are 350 basis points for the revolving
credit facility and 375 basis points for the term loan facility.

-- Growth financing -- Development capital expenditures and
domestic acquisitions are permitted up to $110 million annually,
which may be increased upon the occurrence of certain events.  
Unused availability may be carried forward for up to two years.

As a result of the restructuring, we will be writing off certain
unamortized deferred financing costs related to the credit
facilities.  This previously disclosed non-cash charge will be
approximately $6 million to $9 million.  We have not yet
determined whether this charge will be recorded in the second or
third quarter.

Our second quarter results will include the previously disclosed
non-cash charges and expenses related to the completed
divestiture of our Non-Continental assets, including a $4.7
million cumulative foreign currency translation loss and
additional valuation losses of $5 million to $15 million
primarily due to the final net sales values and indemnification
provisions of the transactions. The second quarter results will
also include the previously disclosed non-cash write-off of a
$2.8 million deferred tax asset associated with medical director
stock options that have been cancelled.

Other previously disclosed potential future charges and expenses
include potential charges related to the unwinding of poor
performing contracts, partnerships or investments in dialysis
related companies, any potential uninsured loss related to the
pending shareholder class action lawsuit, and any potential
losses related to unfavorable resolution of the ongoing payment
suspension of Medicare claims for our Florida laboratory.

DaVita (Total Renal Care Holdings, Inc)., based in Torrance,
California, is the nation's second-largest provider of dialysis
services for patients suffering from chronic kidney failure.  The
Company owns and operates kidney dialysis centers and home
peritoneal dialysis programs domestically in 32 states, as well
as Washington, D.C.  The company also provides acute hemodialysis
services to inpatients at approximately 300 hospitals.  As of May
31, 2000, DaVita operated 484 outpatient dialysis facilities
serving over 40,000 patients, including 4,400 patients in 51
centers under management agreement.


DIMAC: Bar Date Fixed As of September 1, 2000
---------------------------------------------
On June 28, 2000, the US Bankruptcy Court for the District of
Delaware entered an order establishing September 1, 2000 at 4:00
PM as the Bar Date, the last date and time for the filing of
proofs of claim against the debtors.


DISTRICT MEMORIAL: Leases Health Firm
-------------------------------------
According to a report in the Asheville Citizen-Times on July 13,
at a recent bankruptcy hearing, District Memorial announced its
intention to lease the hospital to any private corporation or to
another health firm.   Board Trustee Chairman, Chuck Van Gorder
says, they will vote on any proposal that will be submitted as
soon as July 24.  The health institution filed for bankruptcy
protection under Chapter 11 listing $7.3 million in assets and
liabilities amounting to $ 4.1 million last June 6.


GENICOM CORP: Entry of Order Fixing Bar Date
--------------------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order dated July 5, 2000 requiring that all persons and entities
(with certain exceptions noted) that assert a claim against
GENICOM corporation which arose prior to March 10, 2000, must
file a written proof of such claim by mailing it to Logan &
Company, Inc., c/o Genicom Claims Department, 546 Valley Road,
Upper Montclair, NJ 07043, so that it is actually received on or
before 4:00 PM on August 31, 2000 (the "Bar Date").


GREAT TRAIN STORE: Rejection of Leases
--------------------------------------
On June 29, 2000 the debtors conducted an auction to sell and
assign their remaining leaseholds.  No bids were received with
respect to the leases described in a sufficient amount to enable
payment of the cure amount and payment of the anticipated costs
of the assignment;  

The leases for the following locations are rejected effective
July 17, 2000:

Brass Mill Center 495 Union Street, Waterbury, CT
Smith Haven Mall, 240 Smith Haven Mall, Rts. 25 & 347 Lake Grove,
NY
Palisades Center, 3661 Palisades Center Drive, West Nyack, NY
Great Mall of the Bay Area, 454 Great Mall Drive, Milpitas, CA
Natick Mall, 1245 Worcestor Street, Natick, MA

The leases for the following locations are rejected effective
July 14, 2000:
Ross Park Mall, 1000 Ross Park Mall Drive, #K16A, Pittsburgh, PA
The Mall At Steamtown, 211 The Mall at Steamtown, Scranton, PA


HOME HEALTH: Nineteenth Order Approving Use of Cash Collateral
-----------------------------------------------------------------
By order dated July 6, 2000, the US Bankruptcy Court for the
District of Delaware entered an order authorizing the debtors,
Home Health Corporation of America, Inc., et al. to use cash
collateral to pay those items delineated in the budget presented
at the hearing on the motion on June 29, 2000.



INTEGRATED HEALTH: Motion To Reject Three Massachusetts Leases
--------------------------------------------------------------
Pursuant to section 365 of the Bankruptcy Code, the Debtors seek
the Court's authorization to reject 3 unexpired leases of non-
residential real property for three respective skilled nursing
facilities:

   -- The Kent Facility, a 153-bed nursing facility located at
3034 South DuPont Boulevard, Smyrna, Delaware;

   -- The Mill Hill Facililty, a 101-bed nursing facility located
at 215 Mill Street, Worcester, Massachusetts; and

   -- The Winthrop Facility, a 142-bed nursing facility located
at 300 Winthrop Street, Medford, Massachusetts.

The Debtors estimate that the termination of these leases will
enable them to realize annual savings of at least $2.57 million
per year. Moreover, these facilities do not fit into the
geographic mix within the Debtors' strategic plan The Kent
Facility is the only remaining skilled nursing facility operated
by the Debtors in Delaware. The Mill Hill Facility and the
Winthrop Facility are in Massachusetts, a market that the Debtors
have determined to exit. Pursuant to the settlement agreement
with Senior Housing Properties Trust, the Debtors are divesting
all the other facilities in Massachusetts.

With respect to economic significance, the Kent Facility is
operating at a considerable loss even prior to payment of rent.
For the twelve month period ended December 31, 1999, the Kent
Facility generated a negative EBITDAR OF (1,561,795) before
interest, taxes, depreciation, amortization and rent. After
the payment of rent and CapEx, it produced negative EBITDA of
(2,423,723). For the same period, the Mill Hill and Kent
Facilities generated a combined negative EBITDA of ($155,734).

The Debtors believe that there is no realistic possibility of
obtaining any significant value from an assignment of sublease of
any of the three leases.

Because the facilities provide essential services to elderly and
infirm residents and operate under various state and federal
regulations, the Debtors seek authority, in their sole discretion
and without creating any obligation on their part, to assist each
landlord or its designee with a transition or wind-down of
operation to the extent necessary to protect the health and
welfare of the resident patients.

The Debtors further propose that the Court establish a deadline
of 30 days from the granting of the motion for the filing of
claims that may arise from the rejection. The Debtors also seek a
bridge order until the omnibus hearing scheduled for July 26,
2000. (Integrated Health Bankruptcy News Issue 6; Bankruptcy
Creditors' Service Inc.)


JITNEY JUNGLE: Landlords To Keep Committee
------------------------------------------
The U.S. Bankruptcy Court in New Orleans said landlords of stores
run by Jitney Jungle Stores of America, Jackson, Miss., do not
have to disband the creditors committee they have formed,
separate from the chain's creditors committee. The chain's
landlords said they formed their own committee to represent their
interests during Jitney's bankruptcy.  The company filed for
Chapter 11 protection last October.


JUMBOSPORTS: Motion To Sell Real Property in Mobile, Alabama
------------------------------------------------------------
JumboSports, Inc., debtor, files a motion for authority to sell
real property located in Mobile, Alabama to David Guess.   The
property is located a t 1515 S. University Boulevard, City of
Mobile, County of Mobile, State of Alabama.  The total purchase
price of the real property is $1, 075,000.  The debtor intends to
accept the highest and best offer for the real property at an
auction.  Any competing bidder must submit a competing bid for
the real property by no later than 5:00 PM on August 1, 2000.  An
auction to consider competing bids will be held in Tampa, Florida
on August 2, 2000.


LAROCHE INDUSTIRES: Order Extends Time To Assume/Reject Leases
--------------------------------------------------------------
By order entered on July 12, 2000, the time period for the
debtors, Laroche Industries Inc. and Laroche Fortier Inc. to
assume or reject their unexpired leases of nonresidential real
property shall be extended for an additional 120 days through and
including October 30, 2000.


LOEHMANN'S: Hearing to Consider Approval of Disclosure Statement
-----------------------------------------------------------------
A hearing will be held on July 28, 2000 at 3:00 pm before the
Honorable Mary F. Walrath, US Bankruptcy Court for the
District of Delaware to consider the adequacy of the information
contained in the Second Amended Disclosure Statement of
Loehmann's Inc.  Objections to the Disclosure Statement must be
filed so as to be received on or before 4:00 PM on July 27, 2000.


LONDON FOG: Seeks Extension Pursuant to Section 365(d)(4)
---------------------------------------------------------
The debtors, London Fog Industries, Inc., et al. seek a court
order pursuant to section 365(d)(4) of the Bankruptcy Code
extending the period within which the debtors may assume or
reject unexpired leases of nonresidential real property.  A
hearing on the motion will be held before the Honorable Peter J.
Walsh, US Bankruptcy Court, 6th Floor, 824 Market Street,
Wilmington, DE on July 27, 2000 at 4:30 PM.

The debtors are seeking an extension of the Assumption/Rejection
Period to and including November 20, 2000 with respect to all
Leases.

In addition to resolving their corporate office space issues,
during the past three months, the debtors and their professionals
diligently have been making significant progress toward
formulating a plan of reorganization.  In particular, the debtors
and their professionals are nearing completion of the complex and
detailed financial and operational analysis necessary to enable
them to formulate a plan of reorganization.  

It is not possible for the debtors to make decisions concerning
the Retail Store Leases outside of the context of the formulation
of the debtors' plan of reorganization.  One of the central
components of the debtors' business plan underlying any proposed
plan of reorganization is whether or not the debtors will
maintain a retail business post-reorganization, and if so the
number and identity of the retail store locations that will
remain open beyond these chapter 11 cases.


MARINER: Motion To Establish Bar Date For Filing Proofs of Claim
----------------------------------------------------------------
According to a report in the Mariner Bankruptcy News, Issue 7
(Bankruptcy Creditors' Service Inc.) MPAN and HEALTH ask Judge
Walrath to fix:

(1)  August 24, 2000, 4:00 p.m. as the General Bar Date by which
proofs of claim, based on prepetition debts or liabilities
against the Debtors must be filed; and

(2)  September 25, 2000, 4:00 p.m. as the last date by which co-
debtors, sureties, guarantors, or other entities may file proofs
of claim on behalf of creditors pursuant to section 501(b) of the
Bankruptcy Code and Bankruptcy Rule 3005.

and establish:

    (A)  specified procedures and deadlines for the filing of
proofs of claim by creditors;
    (B)  enforcement mechanisms;
    (C)  requirements concerning the form, scope, and manner of
the notice of such procedures, deadlines, and enforcement
mechanisms that the Debtors will provide to creditors and other
parties in interest.

The Debtors propose that the General Bar Date apply to all
creditors, including governmental units and fiscal
intermediaries, except:

       (1) creditors who have previously-filed their proofs of
claim;
       (2) creditors who agree with the way the Debtors will
schedule their claims;
       (3) administrative claims under sections 503(b) or 507(a)
of the Bankruptcy Code;
       (4) claims previously allowed or paid pursuant to a Court
order;
       (5) intercompany Claims;
       (6) claims based solely upon ownership of equity interest;
       (7) claims arising from rejection of executory contracts
or unexpired leases pursuant to court order entered after the Bar
Date Order;

If, after the Bar Date, the Debtors reduce the amount of, delete,
or change the status of a liquidated, noncontingent, and
undisputed claim, the respective entity may file a proof of claim
with respect to such rescheduled claim by the Bar Date or thirty
days after service of notice of such amendment, according to
the Debtors' motion.

For a proof of claim to be timely filed, in the MPAN's cases, for
U.S. mail, it must be received by:

      Poorman-Douglas Corp.,
      Claims Agent for Mariner Post-Acute Network, Inc.
      PO Box 6515, Portland OR 97228-6515     

and, for overnight delivery, by

      Poorman-Douglas Corp.,
      Claims Agent for Mariner Post-Acute Network, Inc.
      10300 SW Allen Blvd Beaverton, OR 97005

In the HEALTH cases, for U.S. mail, proofs of claim must be
received by:

      Poorman-Douglas Corp.
      Claims Agent for Mariner Health Group, Inc.
      P.O. Box 4068
      Portland, OR 97228-4068

and, for overnight delivery, by

     Poorman-Douglas Corp.
     Claims Agent for Mariner Health Group, Inc.
     10300 SW Allen Blvd
     Beaverton, OR 97005

Additionally, a copy of all proofs of claim must be mailed to:

     Kendra A. Johnson
     Stutman, Treister & Glatt, Professional Corporation
     3699 Wilshire Boulevard, Suite 900
     Los Angeles, CA 90010.


MEDICAL RESOURCES: Seeks Authority To Retain Ernst & Young
----------------------------------------------------------
The debtors, Medical Resources Inc., et al. seek court authority
to retain Ernst & Young LLP as tax accountants for the debtor and
its subsidiaries.

In connection with its retention, Ernst & Yong would be required
to provide services upon request of MRI in relation to, inter
alia;

Assist MRI with preparation and filing of documentation required
by the SEC including Form 10-K/A for the year ended December 31,
1999 and all quarterly reports on Form 10-Q for the year 2000.

Assist and advise MRI in respect of general tax matters,
including preparation of corporate income tax returns, review and
evaluate proposed income tax assessments, and provide similar tax
services;

Consult with MRI's management in connection with operational,
financial and other business matters relating to accounting and
general tax matters as the same pertains to ongoing activities;

Represent the debtors in connection with a pending audit to be
conducted by the IRS.


MOBILE ENERGY SERVICES: Court Extends Exclusive Periods
-------------------------------------------------------
By order of the US Bankruptcy Court, Southern District of
Alabama, entered on July 5, 2000, the debtors, Mobile Energy
Services Company , LLC and Mobile Energy Services Holdings, Inc.
are granted an extension of the Filing Exclusive Period to and
including July 31, 2000, and the debtors are granted an extension
of the Solicitation Exclusive Period to and including September
29, 2000 provided, however, that such extensions shall not be
applicable to the Steering Committee and S.D. Warren.


NEW AMERICAN HEALTHCARE: Pierce Counts Buys Puget Sound Hospital
----------------------------------------------------------------
Pierce County bought the Puget Sound Hospital, a mental-health
facility, for $2.44 million, from its bankrupt Tennessee parent,
New American Healthcare Corporation. The county would continue to
run about 60 percent of the hospital's operations. In order to
meet bankruptcy court schedules, Pierce County struck a deal with
MultiCare Health System. MultiCare Health System will be the one
that will put up the money for an option to buy the hospital. The
deal that was approved by the U.S. Bankruptcy Court in Tennessee
would protect the county bid pending state Health Department
approval.


NEXAR TECHNOLOGIES: Creditors Meeting Postponed
-----------------------------------------------
The 341 Creditors Meeting that was scheduled for July 17, 2000 at
1:00 PM, Office of the US Trustee, Franklin Square Tower, 600
Main Street, Suite 202, Worcester, MA 01608 has been postponed.  
Once a new date has been set, notice will be sent to all parties.


NSC CORPORATION: Files for Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
NSC Corp. (NSCC) and its subsidiaries filed for Chapter 11
bankruptcy protection in the U.S. Bankruptcy Court in Manhattan.
The subsidiaries that filed along with NSC are National Surface
Cleaning Inc., National Service Cleaning Corp., NSC Energy
Services Inc, and Olshan Demolishing Management Inc.

NSC reportedly has assets of $37.1 million and liabilities of
$34.7 million.


NUTRAMAX: Bar Date Fixed As Of August 14, 2000
----------------------------------------------
By order dated July 6, 2000, the US Bankruptcy Court for the
District of Delaware established a deadline for the filing of
claims against the debtors, Nutramax Products, Inc. et al.  Those
who wish to assert a claim against the debtors must file a
written proof of claim on or before 4:00 PM Eastern Time, August
14, 2000.


PAGING NETWORK: Metrocall Submits Acquisition Proposal
------------------------------------------------------
Metrocall, Inc. (Nasdaq: MCLL) announced that it has submitted an
acquisition proposal to the Board of Directors of Paging Network,
Inc. (PageNet) which it believes represents a superior proposal
to PageNet's currently pending merger transaction.  Under the
Metrocall proposal, to be implemented through a confirmed plan of
reorganization under chapter 11 of the Bankruptcy Code:

    -- Holders of PageNet's senior subordinated notes will
receive an aggregate of $100 million in cash, 86.8 million shares
of new Metrocall common stock, and 81% of the common stock of
PageNet's Vast subsidiary.

    -- Trade and/or other unsecured creditors will receive
payment in full in cash of their allowed claims.

    -- PageNet stockholders will receive 13.0 million shares of
new Metrocall common stock and 11.6% of Vast's common stock.

    -- Metrocall is currently negotiating with representatives of
its current bank group for a new consolidated loan facility which
will aggregate approximately $946 million, a tranche of which
provides for the terms of repayment of PageNet's existing bank
debt.

Metrocall has received an expression of interest for funding the
$100 million cash portion of the consideration from Hicks Muse
Tate & Furst, Incorporated, a private investment firm and
investor in Metrocall. Metrocall's proposal is subject to
Metrocall promptly obtaining due diligence with respect
to PageNet and its U.S. operating subsidiaries.  The acquisition
will be subject to various conditions, including requisite
bankruptcy court approvals in PageNet's chapter 11 proceeding,
regulatory approvals, Metrocall stockholder approval, and
satisfaction of conditions to the bank and equity financing.

William L. Collins, III, Metrocall's Chairman, President and CEO,
said, "We believe our proposal is superior to the pending
transaction.  It offers greater total consideration to PageNet's
creditors and stockholders as a whole.  It gives bondholders the
opportunity to receive a package of cash and stock that
represents (based on recent average trading prices) a substantial
premium to the value of the pending transaction.  It improves the
treatment for PageNet's secured lenders.  And it provides
superior value to PageNet's shareholders."

Collins added, "We believe, moreover, that all the constituencies
of PageNet will benefit from Metrocall's recognized leadership in
consolidation and integration in the messaging industry, the
significant synergies that are achievable in a consolidation of
PageNet and Metrocall, and the commitment of new equity to our
industry by a financial partner such as Hicks Muse.  We look
forward to working with PageNet's Board and management team in a
spirit of cooperation to develop a transaction which provides
greater value and benefits."

Metrocall's letter asks the PageNet Board to respond by July 25,
2000, whether it will provide the requested due diligence, and
gives the Board until August 15, 2000 to decide whether to
recommend acceptance of the Metrocall proposal.


PENN TRAFFIC: Trying To Increase Shareholder Value
--------------------------------------------------
Penn Traffic Co., Syracuse, N.Y., said it has authorized a share
buyback involving up to $ 10 million worth of common stock -- a
program designed to raise the value of its stock. The company
also said it will continue to evaluate other strategic programs
to increase shareholder value.


PENN TRAFFIC: Seeks To Extend Time to Object to Proofs of Claim
---------------------------------------------------------------
The Penn Traffic Company, et al., as reorganized debtors, seek
entry of an order granting them additional time to object to
proofs of claim filed in these cases. The debtors seek the entry
of an order extending the deadline by which they must object to
all administrative and other proofs of claim filed in these
chapter 11 cases to September 25, 2000.

  The Reorganized Debtors anticipate filing their sixth omnibus
objection to approximately 180 claims shortly.  In an attempt to
conserve judicial and estate resources, the Reorganized Debtors
have successfully negotiated the consensual resolution or
withdrawal of a number of additional claims and they believe that
very few claims will remain outstanding after an order expunging
the claims in the Sixth Objection has been entered.  The
extension of time requested will provide the debtors with
adequate time to effectively evaluate all claims, prepare and
fill additional objections to claims and, where possible, attempt
to consensually resolve disputed claims.

To date, the Reorganized Debtors have filed five omnibus
objections covering approximately 1150 claims and interests, or
about 85% of all of the proofs of claim and interest filed in
these chapter 11 cases.


SEIYO CORP: Debt burden sinks big property developer
----------------------------------------------------
Seiyo Corp., the real estate development arm of Japan's
Saison Group, filed for liquidation Tuesday with a debt
load totaling 517.5 billion yen ($4.79 billion).

The filing took place less than a week after department
store giant Sogo Co. filed for court protection with
liabilities totaling 1.87 trillion yen. Both companies
experienced rapid expansion in the economically booming
1980s, while incurring investment debts that soured when
land and property prices dived in the 1990s.

Founder of Saison Group Seiji Tsutsumi has pledged to
provide some 10 billion yen in personal funds to go towards
outstanding debts. In addition to real estate, Saison Group
owns a variety of companies, including retail stores,
hotels and credit card services. Subsidiary Seiyo Corp.
once was the proud owner of the Old Course Hotel in St.
Andrews, Scotland, self-proclaimed home of golf.

Saison Group had been working on an agreement with seven
creditors, led by Dai-Ichi Kangyo Bank Ltd., seeking a
resolution of Seiyo's debt problems in the process. The
creditors and Saison last met Tuesday, reaching agreement
on a restructuring plan by which the group was to assume
100 billion yen in losses related to Seiyo's liquidation,
while 46 of Seiyo's lenders will cover about 340 billion
yen of the debt.

The rehab pact also provides that other Saison units -
among them supermarket chain operator Seiyu Ltd. and
consumer credit company Credit Saison Co. -- will purchase
Seiyo's assets. Securitizing Seibu Department Stores' shops
will also be considered, according to company executives.


SOGO CO.: Cerberus May Be Interested Purchaser
----------------------------------------------
The Cerberus Group, a private U.S. equity fund that has
already made an offer to buy the collapsed retail chain
Nagasakiya, may also be interested in the failed department
store chain Sogo Co.

That was the indication Monday when the president of the
Industrial Bank of Japan refused to rule out the
possibility of selling Sogo to Cerberus.  Masao Nishimura
was replying to a question at a meeting of the House of
Representatives Finance Committee, called to discuss Sogo's
failure and the government's handling of the situation. The
IBJ is Sogo's biggest creditor.

Asked about speculation that Cerberus is poised to buy
Sogo, Nishimura said he has no definite information about
the group's intentions.  But he also said it is necessary
to support Sogo no matter where its new sponsor comes from.
Nishimura also told the session that the IBJ will urge
former Sogo Chairman Hiroo Mizushima to take responsibility
for the repayment of some 10 billion yen in loans the bank
provided to Sogo that Mizushima had guaranteed.

Nishimura indicated that the bank may file an application
seeking Mizushima's bankruptcy, if necessary.  The
controversial bailout scheme for Sogo attracted harsh
criticism from opposition parties during the session.
The session centered on whether it was appropriate for the
government to approve the use of public funds to bail out
the Osaka-based department store chain, while strong
concern was expressed over the possibility that Sogo's case
may serve as a bad example to the private sector.

Under the initial bailout plan, which was eventually
scrapped, Sogo had planned to rebuild its business by
asking its 73 creditors to waive 630 billion yen in loans.
Yoshio Suzuki of the Liberal Party criticized the
government's decision to allow the Deposit Insurance Corp.,
a semigovernmental body, to forgive 97 billion yen of the
200 billion yen in loans to Sogo as part of the original
bailout scheme, saying that the decision was shortsighted.

"Repaying debts is a principle of the market economy,"
Suzuki said. "All small and medium-size companies do that."

The DIC, a banking safety net, agreed with a private-sector
consortium -- which bought the defunct Long-Term Credit
Bank of Japan -- to buy 200 billion yen in LTCB loans to
Sogo.  Kimitaka Kuze, chairman of the Financial
Reconstruction Commission, emphasized that the bailout plan
was the best option at that time from a viewpoint of
minimizing the cost to taxpayers. Kuze repeated that the
FRC would be very cautious if it faces a case similar to
the Sogo debacle in the future.

Last week, Sogo applied for court-managed rehabilitation
after the original, debt-waiver-based reconstruction plan
was scrapped due to fierce public criticism. The Sogo group
is burdened with 1.87 trillion yen in debts.  Sogo reached
the decision after LDP policy affairs chief Shizuka Kamei
asked the bank to do so on behalf of the LDP-led coalition.
During the afternoon session, DIC head Noboru Matsuda said
his organization will not annul a controversial clause it
made in the sale of the LTCB that requires the DIC to buy
back loans at book value if the loans fall by more than 20
percent in three years.

Yoshito Sengoku of the Democratic Party of Japan strongly
criticized the Cabinet, which reportedly approved the FRC's
decision.  Among other issues deliberated during the
session was the responsibility of Mizushima, who governed
the Sogo group for 38 years, and the issue of the FRC's
political independence in handling Sogo's case. (The Japan
Times Online  18-July-2000)


STAGE STORES: To Close 120 Stores As Part of Restructuring
----------------------------------------------------------
Stage Stores Inc. announced on July 18, 2000 that the U.S.
Bankruptcy Court for the Southern District of Texas approved the
Company's plan to close 120 under performing stores as a part of
its restructuring process.

Jack Wiesner, chairman, interim chief executive officer and
president, commented, "As a part of our restructuring process, we
identified 470 core stores in 20 states which will serve as our
base for returning the Company to profitability.  The 120 stores
we will be closing represent stores that were not profitable or
stores which are outside of our geographic base."

Mr. Wiesner continued, "In order to begin focusing on our core
operations immediately, we have engaged the Ozer Group and Hilco
Trading Company to manage the liquidation process at these stores
scheduled for closure. Under our agreement, we will receive a
guaranteed price for the inventory, net of related expenses,
located in these stores and Ozer and Hilco will manage and be
responsible for all aspects of the liquidation process."

The Ozer Group and Hilco Merchant Resources announced that they
would manage the liquidation process of 107 under-performing
stores operated by Stage Stores Inc. of Houston.

Hilco Merchant Resources, of Northbrook, Ill., and The Ozer
Group, of Needham, Mass., will begin the store closing sales on
Tuesday, July 18. The inventory being liquidated is valued in
excess of $50 million.

Stage Stores operates stores that sell well-known apparel,
accessories, cosmetics and footwear for the entire family.
Through its wholly owned subsidiary, Specialty Retailers Inc.,
the company operates stores under its Stage, Bealls and Palais
Royal trade names.


TRI VALLEY: Crown Cork & Seal Shuts Down Modesto Plant
------------------------------------------------------
Owed $74 million by Tri Valley Growers, Crown Cork &
Seal Co. has shut down its Modesto can-making plant, at least
temporarily.

Crown Cork notified the union and its 97 employees of the
shutdown, said Gilbert Gonzalez, a business agent for the
International Association of Machinist and Aerospace Workers
Local 1528

"They said (employees) would be laid off for a week to two weeks,
and that it all depended upon what happens with Tri Valley,"
Gonzalez said.

Crown Cork & Seal officials in Modesto refused to comment.

Tri Valley Growers filed for Chapter 11 bankruptcy protection
last week. The co-op's precarious financial state threatens Crown
Cork's existence in Modesto.

Tri Valley's bankruptcy plans call for a canning season reduced
to about half of a normal year. And, in documents filed with the
U.S. Bankruptcy Court in Oakland, Tri Valley listed a can
inventory valued at $34 million.

That should be close to meeting its needs in such a limited
packing season, according to Tri Valley spokesman Fred
MacFarland.

                    *********

S U B S C R I P T I O N   I N F O R M A T I O N
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