TCR_Public/000724.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 24, 2000, Vol. 4, No. 143

                   Headlines
                   
AMERICAN BIOMED: Files Chapter 7
AMERITEL COMMUNICATIONS: Last Date For Filing Proofs of Claim
AVIAN FARMS: Ceased Operations, Liquidates
AVIVA PETROLEUM: Subsidiary Files Voluntary Chapter 11 Petition
BUCYRUS INTERNATIONAL: Moody's Downgrades Senior Unsecured Notes

CAJUN ELECTRIC: $169M Refunds For Former Customers
CAPITOL COMMUNITIES: Subsidiary Files Voluntary Chapter 11
CERPLEX GROUP: Agrees to Sell Repair Sites and Call Center
CERPLEX GROUP: Consents to Involuntary Chapter 11 Filing
COMPLETE WELLNESS: May File for Bankruptcy

CREDITRUST:  Confirms Class Action Lawsuit
DAEWOO INT'L (America): Committee Files Limited Objection
DIAGNOSTIC HEALTH: Files Reorganization Plan
DRKOOP.COM: Lawfirm Files Lawsuit
DRKOOP.COM:  Millenium Offers Merger

FLORIDA POWER & LIGHT: Conditional Settlement Agreement
GENEVA STEEL: Files Reorganization Plan
GENICOM CORP: Motion To Extend Time to Assume or Reject Leases
GOLDEN OCEAN: Frontline's Disclosure Statement
JOAN & DAVID: Business to be Sold ; Subject to Better Offers

KCS ENERGY: Committee Applies to Employ Hite, McNichol
LUTHERAN SOCIAL: May File For Chapter 11
MARTIN COLOR-FI: Emerges From Chapter 11
METROTRANS CORP: Order Approves Disclosure Statement
NEXTEL INTERNATIONAL: Moodys Assigns Caa1 To New Senior Notes

OAKWOOD HOMES: Moody's Lowers Ratings
PHYSICIANS ALLIANCE:  Files For Chapter 11
PPG INDUSTRIES: Reports On 2nd Quarter
PRIME SUCCESSION: Hunter's Homes Stay Open
ROBERDS: Joint Memorandum in Support of Sale to Burlington

SAFETY-KLEEN: Bondholders Sue Controlling Shareholder
SCHEIN PHARMACEUTICAL:  Ratings Remains Under Review
TOYSMART: Permitted to Sell Customer List
VERSATECH: Firm Up For Sale
WORLDTEX: Below NYSE Continued Listing Standards

                *********

AMERICAN BIOMED: Files Chapter 7
--------------------------------
American BioMed Inc. filed a voluntary chapter 7 petition in the
Northern District Court of Texas in Dallas. After unsuccessfully
pursuing alternate sources of funds and thereby unable to
complete its plan of recapitalization, the company's said its
board of directors authorized retention of bankruptcy counsel and
then determined that all of the Dallas-based company's assets
needed to be liquidated. Chairman and Chief Executive Officer
Justine B. Corday commented, "As shareholders and creditors of
the company ourselves, we wish other courses had been available,
and we genuinely regret the necessity of these steps."


AMERITEL COMMUNICATIONS: Last Date For Filing Proofs of Claim
-------------------------------------------------------------
The Honorable Jeffrey Gallet, United States Bankruptcy Judge for
the United States Bankruptcy Court for the Southern District of
New York entered an Order on July 18, 2000 requiring all
creditors to file any claims they may have against Ameritel
Communications, Inc. (the "Debtor"), arising, or deemed to arise,
prior to October 29, 1999 (the date the Chapter 11 Petition was
filed), on or before August 28, 2000 (the "Bar Date").

Any creditor that fails to file a proof of claim in accordance
with the procedures approved by the court before the Bar Date
shall be barred forever from asserting a claim against the Debtor
or its property.


AVIAN FARMS: Ceased Operations, Liquidates
------------------------------------------
The Associated Press reports that the 15-year-old chicken-
breeding company is ending operations and is liquidating its
Maine holdings.  Avian Farms covers 70 countries and had a
workforce of 500 to produce chickens for breeding.  It had
operations not just in Maine, but also in Georgia, Kentucky,
Texas, Europe and China.  


AVIVA PETROLEUM: Subsidiary Files Voluntary Chapter 11 Petition
---------------------------------------------------------------
Aviva Petroleum Inc. (OTC Bulletin Board: AVVPP.OB) announced
that its wholly-owned subsidiary Aviva America, Inc. ("AAI") has
filed a voluntary petition for reorganization under Chapter 11 of
the U.S. Bankruptcy Code. AAI is a Delaware corporation which
owns oil and gas properties offshore Louisiana. The filing, in
the Northern District of Texas, was initiated in order to achieve
a comprehensive restructuring of the corporation.


BUCYRUS INTERNATIONAL: Moody's Downgrades Senior Unsecured Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B1 the ratings
on Bucyrus International's ("Bucyrus") $150 million of 9 3/4%
senior unsecured notes due 2007, and downgraded to B2 from Ba2
the rating on its $75 million senior secured revolving credit
facility, due 2001.

The senior implied rating is B3. The issuer rating is Caa1. The
outlook is negative. The ratings downgrades reflect the company's
weak performance caused by several factors: loss of market share
in 1999 attributable to aggressive price competition from
Harnischfeger Corporation, which is operating under chapter 11
bankruptcy; internal turmoil and loss of key marketing managers
in 1999 (in addition to the resignation of the President); and
lackluster industry demand for mining equipment caused in part by
weak commodity copper prices.

Operating income is currently insufficient to cover interest
expense, causing management to operate the company for cash
through balance sheet transactions and reduced capital
expenditures. The negative outlook incorporates Moody's
expectations that performance will continue to be weak throughout
most of 2000.

Moody's notes further that the although the senior secured
revolving credit facility is well-collateralized in event of
liquidation, the senior unsecured notes are effectively
subordinate and support most of the capital structure, indicating
the likelihood of principal loss in the event of a default.

Notwithstanding the downgrades, Moody's notes that the September,
2000, coupon payment on the senior unsecured notes is about 80%
funded, making the more pertinent question whether or not the
company will pay the March, 2001 coupon. It is difficult to
predict this outcome, given the complex dynamics surrounding the
company. In this respect, Bucyrus represents an interesting case
study and a potential asset play, in Moody's opinion. First,
internal operations seem to have stabilized with the return of
several key, long-time marketing and operations managers. Second,
despite the loss of market share in 1999, Bucyrus remains one of
only two global market players in the surface mining equipment
business, making it a potentially attractive asset and strategic
fit with a much larger, multinational manufacturing company
serving the mining industry.

The problem with Bucyrus is the lack of a balanced product
portfolio; as a company which sells a relatively small number of
high-priced draglines and electronic mining shovels (even during
cyclical peaks) - and whose aftermarket sales include parts
bundled with new equipment sales, the company can experience wide
swings in performance driven by a relatively few number of unit
sales. The final dynamic driving performance is a wild card:
predicting the timing of improvement in the mining cycle. From
this analysis, it follows that a relatively few number of unit
sales could buy Bucyrus some time.

Moody's notes that sales of completed equipment in inventory
could be as much as $20 million at any point. In addition, given
the sizeable ($143 million) equity investment by American
Industrial Partners, Inc. ("AIP" - the financial sponsor), if
industry conditions are expected to improve in 2001, it might
make sense for the financial sponsor to fund coupon payments as
necessary, until anticipated unit sales improve the company's
cash flow and hence, valuation.

Based on Bucyrus' current performance, however, Moody's cautions
that a sale of the company would likely result in significant
debt principal loss. The company has yet to report results of
operations for the quarter and six months ended June 30, 2000. In
Q1-00, sales, adjusted EBIT, and adjusted EBITDA were $66
million, ($6 million), and ($4.4 million), respectively, compared
to $75 million, $3.3 million, and $7.5 million, respectively, in
Q1-99. Interest expense was $5.3 million in Q1-00 compared to
$4.8 million in Q1-99. Total debt at 3/31/00 was $231 million,
with $81 million of book equity (negative tangible net worth of
$27.4 million). Bucyrus International, Inc. based in South
Milwaukee, Wisconsin, manufactures and services large-scale
excavation equipment used in surface mining and other earth
moving operations, including rotary blast holes, electric mining
shovels, and draglines.


CAJUN ELECTRIC: $169M Refunds For Former Customers
--------------------------------------------------
Former customers of the defunct Cajun Electric Power Cooperative
(CEPC) will get checks in the mail. An average refund of $350 per
person for nearly 300,000 former customers should be sent in less
than 30 days.

It was six years ago when CEPC filed for Chapter 11 with a $4
billion debt on its tail.


CAPITOL COMMUNITIES: Subsidiary Files Voluntary Chapter 11
----------------------------------------------------------
Capitol Communities Corporation (OTC Bulletin Board: CPCY)
announced that its wholly owned subsidiary, Capitol Development
of Arkansas, Inc., has filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code. The
petition was filed in the United States Bankruptcy Court for the
Eastern District of Arkansas, Little Rock Division.

The filing will allow the company to operate while Capitol seeks
approval of a plan of reorganization. Capitol had announced on
July 16, 2000 that its planned sale of 1,000 acres of land in
Maumelle, Arkansas to MACANUSA, Inc. had been delayed and that it
was seeking another buyer for the land.

The cash proceeds from the MACANUSA sale were to be applied to
senior debt that is presently secured by the property, including
payment of the Settlement Agreement with Nathaniel S. Shapo,
Director of Insurance of the State of Illinois, as Liquidator of
Resure Inc., the present note holder and mortgagee on 701 acres
of the land. With the sale being delayed, the Resure Liquidator
was unwilling to postpone a foreclosure hearing scheduled for
Monday, July 24, 2000 on the 701 acre portion of the property,
wherein he was seeking a judgment for approximately $6,000,000,
an amount that is about $2,000,000 greater than the settlement
amount.

"This filing was necessary to preserve the equity in the property
so that a reasonable sale can be effected that will pay off all
of our creditors, not just this one mortgage holder," said
Michael G. Todd, president of Capitol.  Capitol had requested the
Resure Liquidator to postpone the hearing when it advised the
Resure Liquidator that it was negotiating with a new buyer for
the property. Capitol was advised that the request would be
approved only if Capitol would sign a Consent Order for the full
foreclosure amount. "The Consent Order would be most detrimental
to our other creditors and shareholders. This filing will permit
us to pursue an equitable sale transaction without the added
burden of the foreclosure action by the Resure Liquidator," said
Todd.  In a separate development, Capitol announced it had
completed a sale of 32.16 acres of land which adjoins the newly
developed subdivision of Osage Falls and is zoned for residential
development. The company disclosed the sale price to be
approximately $707,520. Terms of sale were $250,000 cash at the
closing and a 90 day wrap mortgage for the $457,520 balance.
Approximately $120,000 of the cash proceeds were applied to the
senior mortgage secured by the sold property. When the wrap
mortgage is paid, $300,000 of it will be paid to First Arkansas
Valley Bank as a release price. When that is paid, Capitol's
remaining obligation to the Bank will be $995,000 secured by
approximately 288 acres of Maumelle land.


CERPLEX GROUP: Agrees to Sell Repair Sites and Call Center
----------------------------------------------------------
The Cerplex Group, Inc. (OTC Bulletin Board: CPLX) announced that
its wholly-owned subsidiary, Cerplex, Inc., has entered into a
definitive agreement to sell selected elements of its repair
business to Teleplan Holdings USA, Inc. Specifically, Cerplex
intends to sell to Teleplan its Louisville, Kentucky, Tewksbury,
Massachusetts and Livermore, California repair centers and its
Irvine based Technical Support Call Center. As a part of the
transaction, it is expected that approximately 250 employees
located in these four facilities will be retained by Teleplan,
giving them a total of eight locations and more than 750
employees in the United States.


CERPLEX GROUP: Consents to Involuntary Chapter 11 Filing
--------------------------------------------------------
According to a newswire report on July 21, 2000, the Cerplex
Group, Inc. (OTC Bulletin Board: CPLX) announced that it has
filed a response consenting to the involuntary Chapter 11
bankruptcy petition (case no. 00-2471) filed against it on June
20, 2000 in the United States Bankruptcy Court for the District
of Delaware. The involuntary petition was filed by certain of
Cerplex's bondholders after Cerplex failed to make interest and
principal payments due on April 17, 2000.


COMPLETE WELLNESS: May File for Bankruptcy
------------------------------------------
Complete Wellness Centers, Inc. (Nasdaq: CMWL CMWLW) announced
that it is undercapitalized and is experiencing operating cash
flow difficulties that have caused the Company to be unable to
meet its obligations or to achieve its business plan objectives.
The three predominant reasons for its current financial condition
are a withdrawn SB-2 public offering in January of this year due
to internal underwriter issues, a failed merger and financing
deal with Dr. Alt.com Corporation, a privately held Internet
company, at the end of May, and the Company's inability to
attract new investors or underwriters to infuse new capital.
These attempts to recapitalize the Company were unsuccessful due
to problems stemming from the two and a half year ongoing federal
investigation, failed acquisitions, accumulated debt and accounts
payable, and the cash flow drain of its clinic business model,
all items initiated under the prior management.

Joe Raymond, CEO, said, "The Company has cleaned up many of the
obstacles and has developed a sound business plan but the past
problems continue to make it difficult to execute. The Company is
exploring options to bring closure to the past problems including
negotiations with creditors. If these negotiations are
unsuccessful the company may have to contemplate reorganization
through a bankruptcy proceeding. If these negotiations are
successful, the Company will be able to take advantage of funding
opportunities. The Company has been extremely frustrated since it
believes the healthcare industry needs their solutions."
The Company currently faces the prospect of delisting if it can
not execute its restructuring plan satisfactory to meet NASDAQ
requirements.


CREDITRUST:  Confirms Class Action Lawsuit
------------------------------------------
Creditrust Corporation (Nasdaq: CRDTQ) announced that it has
become aware of a suit filed against some of its officers and
directors alleging certain Securities Exchange Act violations.
The Company and its officers and directors have not yet had an
opportunity to review the complaint, they stand behind the
Company's public filings and intend to vigorously defend the
suit.  Founded in 1991, Creditrust Corporation acquires, manages
and collects delinquent consumer receivables, utilizing an
information-driven strategy. The Company uses proprietary
technology to acquire receivables primarily consisting of
charged-off Visa(R), MasterCard(R), and private label credit card
accounts issued by major banks and merchants.


DAEWOO INT'L (America): Committee Files Limited Objection
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Daewoo
International (America) Corp., debtor, filed a limited objection
to the debtor's application for an order extending the debtor's
exclusive periods to file a plan of reorganization and solicit
acceptances thereto.

The Committee requests that any extension be limited to 60 days.  
The Committee states that even if the offer to purchase the
claims of foreign banks is accepted by all eligible creditors, it
will not change the amount or identity of the holders of priority
and trade claims against the debtor, nor will it affect the
claims of the Korean banks in this case.  Based on the debtor's
schedules of assets ad liabilities, these three groups of
creditors were owed approximately $300 million as of the
commencement of the case on March 17, 2000.  The Committee has
urged the debtor to discuss its intentions for the treatment of
these claims in a plan.  The debtor has thus far refused to begin
that process, choosing instead to use the pendency of the
purchase offer as justification for delay.

As more time passes without a reasonable proposal for dealing
with the claims of creditors who cannot, or choose not to
participate in the purchase offer, and without reasonable
assurances that such a proposal can be implemented, there is an
increasing risk that the value of the assets available for these
creditors will be impaired.  

The Committee believes that the interests of unsecured creditors
can be served only if the debtor is required to promptly address
their claims.  Toward that end any extension of the exclusivity
periods should be limited.

The Committee states that the requested 90-day extension of
exclusivity should be denied.  The debtor has made no meaningful
progress toward reorganizing.  Its "efforts" have been limited to
statements of an intention to propose a plan that is "consistent"
with the claims purchase offer negotiated by the debtor's parent
company and a committee of foreign banks.  According to the
Committee, despite the committee's request, the debtor has not
shared with the Committee any ideas as to how the claims not
covered by the Purchase Offer might be dealt with in a plan, even
though these claims, which total ore than $300 million, must be
addressed whether or not the purchase Offer is successful.  The
pendency of the Purchase offer, according to the Committee, is
not a sufficient reason to delay the process of discussing a plan
with the Committee.

The Committee is distressed that the debtor has not explained
transfers to its affiliates through borrowings made from the bank
creditors.  The Committee states that the Purchase Offer is only
one part of the contemplated restructuring of the Daewoo
entities.  It is also expected that at least two Daewoo entities
(including the debtor's parent) will be split into multiple
separate entities, and assets and liabilities will be reallocated
among the newly created companies.  In addition, certain other
Daewoo entities are being sold.  There is no assurance that these
transactions will preserve the value of the debtor's claims
against it s affiliates.  The Committee states, "normally, the
passage of time impairs the collectability of accounts
receivable.  In this case, the passage of time may eliminate them
all together."

The Committee believes that under these circumstances only a
short extension of exclusivity is warranted.  Therefore, the
Committee requests that any extension be limited to no more than
60 days.


DIAGNOSTIC HEALTH: Files Reorganization Plan
--------------------------------------------
Diagnostic Health Services, Inc. (OTCBB:DHSM) announced that it
and its various subsidiaries who are in Chapter 11 proceedings in
the Northern District of Texas filed their Joint Plan of
Reorganization (the "Plan") and Disclosure Statement on Tuesday,
July 18, 2000. The Plan calls for the consolidation of the
Company's various subsidiaries and an exchange of its
indebtedness for equity. The Plan does not provide any
distribution for current equity holders, and, upon consummation
of the Plan, the stock held by its current equity holders will be
cancelled. A hearing to approve the Company's Disclosure
Statement has been set for August 22, 2000. Diagnostic Health
Services anticipates a hearing to confirm its Plan of
Reorganization approximately 40 days after the Bankruptcy Court
approves the Disclosure Statement.

Diagnostic Health Services, Inc. is a leading provider of medical
outsourcing services to hospitals and other healthcare
facilities. Diagnostic Health Services provides radiology and
cardiology diagnostic services and equipment to healthcare
facilities on an in-house and shared basis. The Company operates
in 17 midwestern, western and southern states.


DRKOOP.COM: Lawfirm Files Lawsuit
----------------------------------
Finkelstein, Thompson & Loughran filed a securities class action
lawsuit in the United States District Court for the Western
District of Texas on behalf of investors who bought common stock
of drkoop.com, Inc. (Nasdaq: KOOP) ("drkoop" or the "Company")
between February 15, 2000 and March 30, 2000, inclusive (the
"Class Period").

The complaint alleges that the Company and certain of its
officers and directors, namely: Donald Hackett, Pres. & CEO; Dr.
C. Everett Koop, Chairman of the Board; Neal K. Longwill, Sr. VP
(Corporate Development); and Directors Nancy L. Snyderman and
John F. Zaccaro, violated the federal securities laws by
providing materially false and misleading information about the
Company's business and financial condition during the Class
Period. Specifically, on February 15, 2000, the Company's
auditors signed and delivered their opinion letter, which
contained a "going concern" qualification, a statement which
indicated that the auditors harbored substantial doubt as to the
Company's continuing viability. The defendants concealed the
going concern qualification and instead made optimistic
statements about the Company's earnings and operations.

At the same time, the insider defendants were liquidating their
stock positions in the Company. Indeed, between February 18 and
February 25, 2000, while in possession of the materially adverse
non-public information concerning the qualified auditor's
opinion, insiders sold more than 400,000 shares of drkoop stock,
for aggregate proceeds of more than $4.5 million.

It was not until March 30, 2000, when drkoop filed its Annual
Report on Securities and Exchange Commission ("SEC") Form 10-K,
that defendants disclosed for the first time the material fact
that its auditors doubted the Company's ability to continue as a
"going concern." Following these revelations, the Company's stock
plummeted from a previous close of $6.25 (which itself was down
from the Class Period high of $13 5/8) to a close of $3 11/16 on
March 31, 2000 -- a one day drop of approximately 41%.

Plaintiff seeks to recover damages on behalf of all investors who
purchased drkoop stock during the Class Period and who suffered
damages as a result, and is represented by the law firm of
Finkelstein, Thompson & Loughran, of Washington, DC, among
others.


DRKOOP.COM:  Millenium Offers Merger
------------------------------------
MilleniumHealth Communications Inc. of Reston, offered to merge
with the financially challenged Drkoop.com Inc. [Nasdaq: KOOP].   
Founded in May 1999, MilleniumHealth provides broadband health
care communications and commerce.


FLORIDA POWER & LIGHT: Conditional Settlement Agreement
-------------------------------------------------------
Florida Power & Light Company announced that it has entered into
a conditional settlement agreement that would resolve all of the
litigation involving the Okeelanta and Osceola co-generation
power plants located in Palm Beach County and save FPL's
customers hundreds of millions of dollars. The litigation, which
dates back to January 1997, began when a dispute arose between
FPL and the owners of the plants as to whether the plants had
accomplished commercial operation by the date specified in the
30-year power purchase agreements obligating FPL to purchase the
output of the plants. FPL filed a petition in a Florida circuit
court for a declaratory judgment that FPL had no further
obligation under the agreements, and shortly thereafter the
owners of the plants filed for bankruptcy protection. Under the
terms of the settlement, which is subject to approval by the
bankruptcy court and the Florida Public Service Commission, the
trustee for the holders of $288.5 million of tax exempt bonds
that financed the construction of the plants would receive $222.5
million plus some security deposits to be distributed as directed
by the bankruptcy court, and the power purchase agreements would
be terminated. FPL estimates the net present value of the savings
to its customers from the settlement versus the payments that
would have been due under the power purchase agreements to be in
excess of $350 million. Florida Power & Light Company is the
principal subsidiary of FPL Group, Inc. (NYSE: FPL), one of the
nation's largest providers of electricity-related services with
annual revenues of more than $6 billion. The company serves 3.8
million customer accounts in Florida. FPL Energy, LLC, FPL
Group's U.S. and international energy-generating subsidiary, is a
leader in producing electricity from clean and renewable fuels.
Additional information is available on the Internet at
www.fpl.com , www.fplgroup.com , www.fplenergy.com and
www.fplfibernet.com .


GENEVA STEEL: Files Reorganization Plan
---------------------------------------
Geneva Steel Company announced on July 20, 2000 that it has filed
a proposed Plan of Reorganization and Disclosure Statement with
the United States Bankruptcy Court for the District of Utah. The
Plan is proposed jointly by the Company and the Official
Committee of Bondholders in the Company's Chapter 11 case.

The Plan will significantly reduce the Company's debt burden and
provide additional liquidity in the form of a $25 million capital
infusion through the issuance of convertible preferred stock, a
$110 million term loan that is guaranteed 85% by the United
States government, and a $125 million revolving line of credit.

The Company's prebankruptcy unsecured creditors will receive, in
lieu of cash payments, substantially all of the common stock of
the Company and the right to purchase the convertible preferred
stock. The prebankruptcy holders of the Company's common and
preferred stock will not receive a distribution under the Plan.
In the event that creditors do not purchase all of the preferred
stock, the Company has entered into a standby purchase agreement
that ensures the full $25 million in new capital will be raised.

The objective of the Plan is to restructure the Company's balance
sheet to (i) significantly strengthen the Company's financial
flexibility throughout the business cycle; (ii) fund required
capital expenditures and working capital needs; and (iii) fulfill
those obligations necessary to facilitate emergence from Chapter
11. As previously reported, the Company, with Citicorp USA, filed
an application on January 31, 2000, for a U.S. government loan
guarantee under the Emergency Steel Loan Guarantee Program. The
application sought an eighty-five percent guarantee for the $110
million term loan incorporated into the Plan.

The Emergency Steel Loan Guarantee Board extended an offer of
guarantee to Citicorp, USA on June 30, 2000. The Bankruptcy Court
will conduct a hearing on the adequacy of the Disclosure
Statement on August 24, 2000. Should the Disclosure Statement be
approved at that time, a hearing on confirmation of the Plan has
been scheduled for October 13, 2000.

"We believe that the Plan will achieve our stated objectives and
position Geneva as a strong competitor. Although the Chapter 11
process has been difficult, it has allowed the Company to address
the financial issues that made us vulnerable to market
disruptions," said Joseph A. Cannon, chairman and chief executive
officer of the company.

The Company is represented by the firms of Cadwalader, Wickersham
& Taft and LeBoeuf, Lamb, Greene & MacRae LLP, as bankruptcy
counsel, and The Blackstone Group, L.P., as financial advisor.
There can be no assurance at this time that the Plan proposed by
the Company and the Bondholders' Committee will be confirmed by
the Bankruptcy Court either on the schedule set forth above or at
all, or that, if confirmed and consummated, the Plan will achieve
the objectives described above. Similarly, there can be no
assurance that the financings contemplated by the Plan can be
obtained on terms favorable to the Company, or at all.

Geneva Steel is an integrated steel mill operating in Vineyard,
Utah. The Company manufactures steel plate, hot-rolled coil, pipe
and slabs primarily in the Western and Central United States.


GENICOM CORP: Motion To Extend Time to Assume or Reject Leases
--------------------------------------------------------------
The debtor, Genicom Corporation, is conducting negotiations with
numerous entities for the sale of certain aspects of the
business.   It is anticipated that many of the negotiations will
include as part of the sale a transfer of the leases of real
property held by the debtor.  In order to sell the businesses as
going concerns, the debtor requires a second extension of time to
assume or reject leases of non-residential real property.  A
second extension will not prejudice the debtor or creditors and
will likely increase the amount recoverable for the creditors
because the prospective purchasers will be e required to comply
with all provisions of section 365 of the Bankruptcy Code
including curing any monetary defaults thereby reducing the
amount of damages the debtor will be required to pay.  Cause
exists to grant an extension of an additional 90 days, from July
10, 2000 through and including October 9, 2000.


GOLDEN OCEAN: Frontline's Disclosure Statement
----------------------------------------------
The Disclosure Statement accompanying Frontline Ltd's plan of
reorganization for Golden Ocean Group Limited, et al. under
Chapter 11 is summarized as follows:

Under the plan, which contemplates the substantive consolidation
of the debtors for all purposes, the debtors are divided into
classes according to their seniority and other criteria.  The
plan proposes the reorganization of the debtors pursuant to which
Frontline shall acquire 100% of the New Common Stock.

AS of the Confirmation Date, the directors and officers of each
of the debtors will be terminated.  Immediately thereafter,
Frontline will appoint new officers and directors to Reorganized
Golden Ocean Group Limited.  On the Effective Date immediately
following the substantive consolidation of the debtors,
Reorganized Golden Ocean Group Limited shall be authorized to
issue 100 shares of New Common Stock, no par value, all of which
shall be issued to Frontline.  Under the provisions  of the plan,
it is anticipated that Unsecured Claimants (Class 3) shall
receive a cash payment of up to 17% on the dollar.  The
distribution assumes that the amount of Allowed Unsecured Claims
does not exceed $305 million in the aggregate.  If the Allowed
Class 3 claims exceed $305 million, distributions to Class 3
shall be reduced on a pro rata basis.


JOAN & DAVID: Business to be Sold ; Subject to Better Offers
------------------------------------------------------------
Newmark Retail Financial Advisors LLC announced today the
execution of a letter of intent for the sale of the assets of
joan and david helpern incorporated (together with its
subsidiaries and an affiliate, the "Company"), including the Joan
& David retail boutiques and outlets, concession arrangements,
certain foreign operations and international trademarks, to
International Brand Development, Inc. for $17.5 million in cash
and convertible notes and the assumption of certain liabilities.

As the Company's financial and restructuring advisor, Newmark
arranged and structured the sale, and will continue to solicit
offers culminating in an auction (subject to Bankruptcy Court
approval) currently scheduled to occur in September. The parties
intend to incorporate the terms of the letter of intent into a
definitive agreement expected to be signed shortly.

The proposed sale represents the culmination of a five-month
effort to restructure the Company's operations, assets and
liabilities and position it for sale. The Company filed its
Chapter 11 petition March 9th of this year in the Bankruptcy
Court for the Southern District of New York. Joan and David, the
prominent designer, retailer and wholesaler of luxury women's
footwear, apparel and accessories internationally, is currently
owned by its founders Joan Helpern, David Helpern, Sr., and
members of the Helpern family. Joan & David operates (and
distributes merchandise under its name) through 60 locations
throughout the United States, Europe and Asia.

The Company reported $4.73 million and $4.02 million in sales for
the months of April and May, respectively, and$716,000 and
$384,000 in EBITDA for the same period. International Brand
Development, Inc. is a corporation whose shareholders include
Structured Capital Group, Inc. and Skender Perolli and/or their
affiliates. Structured Capital is an investment firm specializing
in complex financing transactions and, in recent years, has
completed several billion dollars in such transactions. Skender
Perolli has more than 20 years experience in the retail and
apparel industry and was a former Executive Vice President of
Escada.


KCS ENERGY: Committee Applies to Employ Hite, McNichol
------------------------------------------------------
The Official Committee of Unsecured Creditors of KCS Energy Inc.
and its affiliated debtors represents that in connection with the
joint plan of reorganization that it has co-proposed with Credit
Suisse First Boston,
the Committee seeks to retain Hite, McNichol & Associates, Inc.
as a consulting expert to counsel for the Committee and the Bank,
as a testifying expert at confirmation on issues regarding the
debtors' oil and natural gas reserves.  The court has authorized
the debtors to employ a reserve engineer to testify with respect
to such issues.

Hite McNichol will assist counsel (Andrews & Kurth LLP) in
estimating and valuing the debtors' oil and natural gas reserves
and, as appropriate, assist the Committee and Bank, their
respective counsel and the committee's financial advisors in
determining the value of the debtors as a going concern; and

Assist counsel with preparation for the confirmation hearing,
including, if counsel so elects, the preparation and providing of
expert testimony on oil and natural gas reserves valuation and
other relevant confirmation issues, including (to the extent
necessary) analysis of the debtors' solvency, the debtors' value
as a going concern, and other valuation information that my be
presented to the court by other parties in interest.


LUTHERAN SOCIAL: May File For Chapter 11
----------------------------------------
According to a recent audit of the Wichita-based Lutheran Social
Services, it's debts are currently $9.8 million and it has $7.3
million of assets. Lutheran's COO, Mark Bloomingdale says, "And
if bankruptcy were to happen, it would be to reorganize, not to
liquidate. We have every intention of remaining involved
in the lives of Kansas children."


MARTIN COLOR-FI: Emerges From Chapter 11
----------------------------------------
Martin Color-Fi, Inc. ("MCF") announced the completion of its
acquisition by Dimeling, Schreiber & Park ("DS&P"), a private
investment partnership that makes equity investments in a broad
range of middle-market companies.

Under terms of the agreement, MCF will retain its name in all
current locations and maintain approximately 550 employees. MCF
produces polyester and other synthetic fibers from recycled
materials for a wide range of markets around the world, including
automotive and industrial.

The Company has a longstanding reputation for its abilities in
color matching and providing solutions for specialized needs. In
addition to its lines of polyester fiber, the Company
manufactures synthetic yarn and produces pigments and additives.
DS&P specializes in investments, primarily in the form of
leveraged acquisitions, recapitalizations and Chapter 11
reorganizations. Since the founding of DS&P in 1982, the firm has
completed acquisitions totaling in excess of $1 billion.

According to William R. Quinn, a principal in DS&P, "The purchase
of Martin Color-Fi is consistent with our strategy of finding
significant value creation opportunities by selectively investing
in companies that are in need of restructuring or are operating
under Chapter 11 of the Bankruptcy Code. Consistent with that
strategy, we have purchased Martin Color-Fi and created a capital
structure that will allow it to fund its product and growth
needs. We fully expect that the strength of the recapitalized
balance sheet, combined with the experienced and capable
management team led by Steve Zagorski, will put the Company back
on the path of successful growth and enhanced profitability."

MCF filed for Chapter 11 protection on November 16, 1998. The
Company has since improved profitability by stabilizing and
refocusing on its core operations, liquidating non-core assets
and reorganizing its capital structure. While admitting that the
past 18 months have been difficult, Company executives believe
the process has been a valuable learning experience and,
ultimately, good for the business.

"We have streamlined operations and made our processes more
efficient. Our productivity has improved as we continue to focus
on the needs of our customers," said Steve Zagorski, who has now
assumed the role of Chief Executive Officer and President. "While
the acquisition by DS&P strengthens MCF, the Company's management
team and employees deserve credit for gaining credibility through
a difficult period. We are especially pleased that we continued
to meet our customers' demands during the reorganization. We did
what we said we were going to do and we have positioned ourselves
for growth," he concluded.


METROTRANS CORP: Order Approves Disclosure Statement
----------------------------------------------------
The Revised Disclosure Statement filed by Metrotrans Corporation
and Bus Pro, Inc. on June 30, 2000 is approved by the US
Bankruptcy Court for the Northern District of Georgia, Newnan
Division as containing adequate information.

August 11, 2000 is fixed as the last day for filing written
acceptances or rejections of the Revised Plan;

August 18, 2000 is fixed for the hearing on confirmation of the
revised plan. The hearing will be held at 10:00 AM, US Bankruptcy
Court, 18 Greenville, Street, Newnan, Georgia.  

Under the plan, the debtors, by and through a Liquidating Agent,
will oversee the liquidation of the remaining assets of the
debtors, which primarily consist of claims and causes of action
against third parties.  The debtors will remain in existence for
the purpose of winding up their affairs and effectuating the
plan.  The Committee will remain in existence to oversee and
monitor the postconfirmation administration of the cases.


NEXTEL INTERNATIONAL: Moodys Assigns Caa1 To New Senior Notes
--------------------------------------------------------------
Moody's Investors Service today assigned a Caa1 rating to Nextel
International, Inc. for its proposed $500 million issue of Senior
Notes due 2010. Further, Moody's placed this rating, and the Caa1
rating on the company's 13% Senior Discount Notes due 2007 and
12.125% Senior Discount Notes due 2008, on review for possible
upgrade.

The ratings reflect the high leverage of the company, as well as
the risks and uncertainties (political, economic, and currency)
associated with doing business in lesser developed countries,
some of which have been subject to high inflation and steep
currency devaluation.

Positively, the ratings recognize the strength of the unique
Nextel wireless service offering, the recent success the company
has experienced in its markets, and the support the company has
received from its parent, Nextel Communications, Inc. (senior
implied Ba3). The review for possible upgrade reflects
management's intention to explore various financing alternatives
including issuing equity later this year to fully fund Nextel
International's business plan to free cash flow. Should the
company raise a meaningful amount of equity and its operations
continue on their positive trends, the ratings on the company's
senior notes are likely to be upgraded.

Moody's expects to conclude this review by the end of the year.
Nextel International manages operations in the major cities of
Brazil, Argentina, Mexico, and Peru and has recently acquired
spectrum in Chile. The company began offering its integrated
digital dispatch and wireless telephone service in 1998 in
Brazil, Argentina and Mexico and launched service in Peru in
1999. While performance to date has not been up to Moody's
expectations when we first assigned the ratings in 1998, we are
encouraged by the recent performance of these markets over the
past few quarters.

Nextel International has proven that the unique Nextel service,
which has attracted over 5.6 million subscribers in the US, can
be successfully exported. While not quite up to the metrics of
Nextel's US operations, Nextel International has been acquiring
high revenue generating subscribers with modest churn levels, and
the trends of these metrics are improving. However, this is a
capital intensive business operating in jurisdictions subject to
economic instability. In order to continue to successfully
execute its business plan, Nextel International will require
substantial additional capital.

The acquisition of a meaningful amount of equity capital will
lower the financial risk of the company. The further
demonstration of the ability to attract and retain large volumes
of high revenue subscribers will imply a lowered business risk.
The combination of these two, the infusion of substantial amount
of equity capital and continued high quality subscriber growth,
is likely to result in an ratings upgrade in the near term.
Nextel International, Inc., a wholly-owned subsdiary of Nextel
Communications, Inc., manages wireless operations in Latin
America with licenses to serve over 149 million people, and holds
minority investments in other wireless operations licensed to
serve 74 million people on a proportionate basis.


OAKWOOD HOMES: Moody's Lowers Ratings
--------------------------------------
Moody's has lowered the ratings of the Class B-2 certificates for
Oakwood's 1997-D, 1998-D and 1999-C manufactured housing
transactions to B2, Caa1 and Caa1, respectively, from Ba3, B1 and
B3, respectively. In addition, Moody's has confirmed the B1
ratings for the Class B-2 certificates issued in Oakwood's 1999-A
and 1999-B deals. Moody's analyst Phil Wubbena explained that the
Class B-2 certificate downgrades were prompted by the fact that
these classes rely primarily on an Oakwood Homes' corporate
guarantee for credit support.

On July 6, 2000, Oakwood Homes Corporation's senior debt rating
was lowered by Moody's to Caa1 from B3. Wubbena added that the
protection afforded the Class B-2 certificates from the excess
spread alone is not sufficient to maintain the ratings of these
securities, issued in the 1998-D and 1999-C transactions, at a
level higher than the corporate guaranty.

However, the protection provided from available spread for the B-
2 certificates issued in Oakwood's 1997-D, 1999-A and 1999-B
transactions is sufficient to support a rating higher than
Oakwood's senior debt rating.

While the performance history is limited for these transactions,
the ratings reflect other factors including the characteristics
and seasoning of the pool's backing the deals. The complete
rating actions are as follows: Oakwood Mortgage Investors, Inc.
Senior/Subordinated Pass-Through Certificates Series 1997-D,
$10.1 million, 7.550% Class B-2 Certificates, downgraded to B2
from Ba3 Series 1998-D, $25.5 million, 8.650% Class B-2
Certificates, downgraded to Caa1 from B1 Series 1999-A, $24.5
million, 7.950% Class B-2 Certificates, confirmed B1 Series 1999-
B, $17.9 million, 9.050% Class B-2 Certificates, confirmed B1
Series 1999-C, $20.8 million, 6.900% Class B-2 Certificates,
downgraded to Caa1 from B3


PHYSICIANS ALLIANCE:  Files For Chapter 11
------------------------------------------
According to U.S. Bankruptcy Court in Riverside, Physicians
Alliance Medical Group filed for creditors protection in Chapter
11.   Distressed Physicians listed assets of $2.4 million and
debts amounting to $2.8 million.


PPG INDUSTRIES: Reports On 2nd Quarter
--------------------------------------
PPG Industries (NYSE:PPG) reported second-quarter net income of
$205 million, or $1.17 a share, on record sales for any quarter
of $2.21 billion. In the same quarter last year, net income was
$184 million, or $1.05 a share, on sales of $1.95 billion. For
the first six months of 2000, PPG's net income was $344 million,
or $1.96 a share, on sales of $4.30 billion. First-half 1999 net
income was $307 million, or $1.75 a share, on sales of $3.75
billion.

Raymond W. LeBoeuf, board chairman and chief executive, said
higher energy prices "that adversely affected our second-quarter
results may continue throughout the year. Mitigating actions
include selective price increases and additional cost-containment
efforts, and we are hedging future natural gas purchases.
"Integration of acquisitions completed during the past year is
also progressing well or has been completed, and returns on those
investments continue to rise as their performance improves," he
added. Record coatings segment sales and earnings in the second
quarter were driven by acquisitions and volume improvements,
compared with a year ago, for automotive original and industrial
coatings. Glass segment sales and earnings rose on increased
volumes in all businesses as well as pricing gains for fiber
glass and automotive replacement glass products. Continued
strength in global demand contributed to improved fiber glass
prices. Glass earnings also benefited from manufacturing
efficiencies. "Our auto replacement glass business will benefit
from the recently-announced distribution venture with Apogee
Enterprises to form PPG Auto Glass," LeBoeuf said. "In September
we expect the unit to take a charge, equivalent to two to three
cents a share for PPG, to rationalize the business. This charge
should be recovered in 2001." PPG will own 66 percent of the auto
replacement glass distribution venture. PPG's chemical segment
sales and earnings improved in comparison with the year-ago
period, largely on commodity chemical price improvements, despite
higher energy prices.


PRIME SUCCESSION: Hunter's Homes Stay Open
------------------------------------------
According to the Sun-Sentinel, Prime Succession, Inc.'s Chapter
11 bankruptcy petition did not affect Fred Hunter's seven funeral
homes' operations. With about 175 employees, the operations of
the funeral homes are functioning normally.

The funeral homes were established in South Florida in 1960
though it was founded in Detroit in 1890. PSI became associated
with the homes in 1992. Hunter's homes, located in Broward
County, are the only funeral homes of PSI in South Florida.
PSI remains in possession of the Fred Hunter's funeral homes and
controls its operations unless a court rules otherwise as stated
in Chapter 11.


ROBERDS: Joint Memorandum in Support of Sale to Burlington
----------------------------------------------------------
Roberds, Inc., debtor and Burlington Coat Factory Warehouse
Corporation, by and through their respective undersigned counsel,
submit a memorandum of law in support of the debtor's amended
motion for confirmation of sale, assumption, and assignment of
lease or the approval of lease termination agreement with respect
to Seminole Leasehold Interest.

On May 30, 2000, the debtor held an auction of the sale of the
debtor's leasehold interest in approximately 88,000 square feet
of space in Seminole, Florida situated among a small group of
stores.  At the auction, Burlington bid $1.1 million and was
declared the successful bidder by the debtor and the court.  The
Landlord has filed an objection to the sale and assignment and
assumption of the lease to Burlington.

The debtor argues that the Landlord objections, that the "tenant
mix" will be adversely affected and that the use of the premises
as a Burlington Coat factory violates the permitted use clause
are merely an attempt to enforce anti-assignment rights as the
Landlord is attempting to obtain more money.  According to the
debtor and Burlington, the Landlord offered the premises to
Burlington in a direct lease, and admitted that it would rent to
Burlington "if the economics of the situation were appropriate."  
But now , the landlord objects to the assignment of the lease to
Burlington.  The debtor states that this case involves a proposed
tenant that the Landlord actually desires and will benefit what
is presently a partially-leased moribund collection of stores.  
The only question is whether the Landlord can successfully shift
the economic value of the lease.  


SAFETY-KLEEN: Bondholders Sue Controlling Shareholder
-----------------------------------------------------
Two bondholders of bankrupt Safety-Kleen Corp. Tuesday sued
controlling shareholder Laidlaw Inc. and others in a move that
could trigger a clash between bondholders and bank lenders and
delay Safety-Kleen's exit from bankruptcy, according to Reuters.
The Wilmington, Del.-based hazardous waste management company
filed chapter 11 on June 9 after it failed to make principal and
interest payments on a secured $1.9 billion credit facility and
to pay interest due on a promissory note and the 2008 bonds. The
plaintiffs seek unspecified compensatory damages on 11 counts of
alleged violations of the Securities and Exchange Act. They have
a combined investment of about $50 million, and claim the support
of other investors including Franklin Advisers Inc., Pacholder
Associates Inc. and Oak Tree Capital Management. "While (Safety-
Kleen) has not as yet disclosed how its financial statements are
materially false...actions taken by the company make clear that
defendants acted improperly in inflating Safety-Kleen's financial
results during the class period," court papers stated.
(ABI 21-July-00)


SCHEIN PHARMACEUTICAL:  Ratings Remains Under Review
----------------------------------------------------
Moody's Investors Service raised the rating of Schein
Pharmaceutical, Inc.'s (Schein) $50 million senior notes, due
2004, to B3 from Caa1. Its ratings remain under review for
possible upgrade. The senior implied rating is B3, and the senior
unsecured issuer rating is Caa1. The ratings were placed under
review for possible upgrade on May 30, 2000, following the
announcement of the agreement by Watson Pharmaceutical, Inc.
(Watson- Senior Implied Ba1) to acquire Schein and the
expectation that Schein's notes would be repaid.

The upgrade of the senior notes rating reflects the fact that the
notes are no longer subordinated to a substantial amount of
senior debt in view of Watson's July 6, 2000 announcement that
Watson had paid off the outstanding secured bank debt of Schein
in the amount of approximately $190 million.  The loan payment
was funded by an unsecured intercompany loan from Watson to
Schein. Watson is now the majority owner of Schein. Schein and
Watson expect that the senior notes of Schein will be paid either
under the change of control provisions of the indenture governing
the Schein notes or under the notice of redemption that has been
given. When the notes are paid, Schein's ratings will be
withdrawn.

Schein Pharmaceutical, Inc, headquartered Florham Park, NJ,
develops, manufactures and markets specialty and generic
pharmaceutical products.


TOYSMART: Permitted to Sell Customer List
-----------------------------------------
The bankrupt online toy retailer, Toysmart.com, was allowed by
the Federal Trade Commission to sell its customer list, according
to Dow Jones. Toysmart made a settlement with FTC to sell the
list of customer information only if the buyer will abide by the
toy retailer's earlier privacy promises. FTC's staff lawyers
recommended that the commissioners approve the settlement.
Commissioners previously filed an objection to the sale of
Toysmart's customer list in U.S. District Court in Boston last
week alleging that the company broke a promise to customers to
keep their information private.

Digital Research Inc. of Kennebunk, Maine will bid on the
customer list and agrees with the settlement. According to the
lawyers managing the sale of the customer list, a deposit of at
least $25,000 from prospective bidders is required. This is to
emphasize that the customer list has great value.


VERSATECH: Firm Up For Sale
----------------------------
The Plastic News reports that included in the sale of Versatech
Group Inc. are its subsidiaries, Versatech Canada Ltd., Apex
Metals Inc., Versatech Sealing Systems Inc. and Tarxien
Components Corp. except for Hi-Craft Engineering Inc. The defunct
auto parts maker owes Canadian Imperial Bank of Commerce an
amount of C$80 million (US$54 million).


WORLDTEX: Below NYSE Continued Listing Standards
------------------------------------------------
Worldtex, Inc. (NYSE: WTX) announced on July 20, 2000 that it has
been notified by the New York Stock Exchange ("NYSE") that it
does not currently meet the newly effective NYSE continued
listing standards. These standards require, among other things,
that listed companies have a total market capitalization of not
less than $50 million and total stockholders' equity of not less
than $50 million. As required by the NYSE, Worldtex, Inc. has
presented a plan to the NYSE's Listings and Compliance Committee
outlining how the Company plans to comply with the continued
listing standards. After reviewing the plan, the Committee will
either accept it (following which the Company will be subject to
quarterly monitoring for compliance with the plan), or not (in
which event the Company will be subject to NYSE trading
suspension and delisting. Worldtex has been adversely affected by
a decline in demand for ladies hosiery that utilizes covered
elastic yarn, softness in the European textile market and
strengthening of the U.S. dollar, a sales shift toward lower
margin narrow elastic fabrics and the bankruptcy filing of its
largest customer, Fruit of the Loom. However, Barry D. Setzer,
Chairman and Chief Executive officer, said: "Our experienced
management team is working diligently to improve Worldtex's
financial results, notwithstanding these challenging times for
the textile industry. Worldtex is proud to have been listed on
the New York Stock Exchange since 1992, and we are optimistic
that the Exchange will continue our listing." With current annual
revenues of nearly $300 million, Worldtex is a market leader in
the covered elastic yarn and narrow elastic fabric markets
throughout the Americas and Europe. Worldtex supplies a broad
range of component products to the apparel, textile, medical and
specialty end-use markets.


                    *********

S U B S C R I P T I O N   I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter, co-published by
Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
Edem Alfeche and Ronald Ladia, Editors.

Copyright 2000.  All rights reserved.  ISSN 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR subscription rate is $575 for six months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Christopher
Beard at 301/951-6400.

                 * * * End of Transmission * * *