TCR_Public/000811.MBX             T R O U B L E D   C O M P A N Y   R E P O R T E R

                 Friday, August 11, 2000, Vol. 4, No. 157

                               Headlines


1/2 OFF: Keen Realty to Organize Card Shop's 38-Store Bankruptcy Auction
AGRIBIOTECH: Auction of Texas & Oklahoma Seed Operations to Start at $1.6MM
BAPTIST FOUNDATION: Tega Debtors Enter Into DIP Project Financing Pact
BIG PARTY: Hilco & Ozer to Close 21 Stores & iParty to Operate 33 Stores
CARMIKE CINEMAS: Case Summary and 20 Largest Unsecured Creditors

CARMIKE CINEMAS: NYSE Talks About Delisting Cinema Operator's Shares
CORAM HEALTHCARE:  Case Summary and 20 Largest Unsecured Creditors
CORAM HEALTHCARE: Bankruptcy Court Approves First Day Motions
CRIIMI MAE: CMBS Aggregate $43.8 Million of Sale Proceeds
CROWN VANTAGE: CAC Offers to Purchase Substantially All Assets for $375.9MM

DIMENSIONS HEALTH: Fitch Downgrades $84 Million of Bonds To 'BBB-'
DOW CORNING: Eliminating 600 to 800 Jobs to Cut Expenses by at Least $50MM
EAGLE FOOD: Reorganization Plan Paves Way to Ending Chapter 11
EINSTEIN/NOAH: Judge Case Approves Disclosure Statement; Confirmation Sept. 19
EQUALNET COMMUNICATIONS: Files Chapter 11 Petitions in Houston, Texas

FRUIT OF THE LOOM: Harlingen ISD Wants Relief from Stay to Foreclose Tax Lien
FIRSTPLUS FINANCIAL: Agrees to $3.8 Million Settlement for Borrower Class
FURR'S RESTAURANT: NYSE Says it Will Apply to Delist Shares from Exchange
GENESIS HEALTH: Elucidates Financial Results for Third Quarter
GENESIS/MULTICARE: U.S. Trustee Expresses Concern About Blank Rome Employment

GLENOIT CORPORATION: Case Summary and 20 Largest Unsecured Creditors
GST TELECOMMUNICATIONS: CEO Tom Malone Sees Acquisition a Likely Scenario
GULF STATES: Proposals to Cut Labor Costs Infuriates Steelworkers' Union
HARNISCHFEGER INDUSTRIES: Beloit's Turns to Wausau for Workers' Comp Services
IMPERIAL HOME: Enters into Insurance Premium Financing Agreement

LIBERTY HOUSE: Judge King Rejects JMB Realty's Request for a Mediator
LOEWEN GROUP: Motion To Reject Mattis And Murray Shareholder Agreements
MEDPARTNERS PROVIDER: California Court Approves Debtors' Disclosure Statement
MEDITRUST COMPANIES: 2nd Results Show "Five Point Plan" Working, Company Says
MULTICARE COMPANIES: Eldercare Services Company Reports 3Q Results

PIXELON CORP: Court Approves Balthaser To Purchase Shares
PREMIER LASER: MediVision Pays $3,200,000 for Majority Interest in OIS
ROBERDS: Gordon, Nassi & ALCO Report on Progress of Going-Out-Of-Business Sale
SAFETY-KLEEN: Sells Vacant Ann Arbor Property To Mainline For $1.5MM
SUN HEALTHCARE: Third Request for Extension of Exclusive Period -- to Nov. 9

TOYSMART.COM: 43 States Interpose Formal Objections To FTC Settlement
UNIFRAX CORP: Moody's Places Senior Debt Ratings On Review For Downgrade
UNITED HOMES: Sheldon Good To Auction $30 Million Of Residential Property
WASTE MANAGEMENT: Announces Financial Results For Second Quarter

Bond pricing for week of August 10, 2000

                               *********


1/2 OFF: Keen Realty to Organize Card Shop's 38-Store Bankruptcy Auction
------------------------------------------------------------------------
The 1/2 Off Card Shop Inc., the Michigan-based discount card and stationery
chain, has retained Keen Realty, LLC to organize a bankruptcy auction of the
leaseholds on its 38 retail sites and corporate headquarters facility.

Keen Realty is a real estate firm specializing in restructuring retail real
estate and lease portfolios and selling excess assets. The 1/2 Off Card Shop
filed for Chapter 11 protection in June.

"Half Off's leaseholds represent an excellent opportunity for a retailer or
investor who is looking to expand into the Mid-West," said Matthew Bordwin,
Keen Realty's Vice President. "We expect the auction to take place on August
23rd and encourage prospective purchasers to put in their bids immediately
while offers are being considered." Bordwin added, "We're moving quickly and
would not want anyone to miss out."

The auction will also be an opportunity for a company to purchase 1/2 Off as a
going concern. Leases and inventory not sold as part of a going concern sale
will be available through the auction process. For additional information on
the going concern sale and inventory sale contact: Robert Johnson at The 1/2
Off Card shop at (248) 358-9300 x1115.

The auction is currently set for August 23, 2000 (subject to bankruptcy court
approval) at a soon-to-be determined location. Available to users and
investors are leaseholds for 38 retail sites (27 located in Michigan, 9
located in Ohio, 1 in Maryland and 1 in Pennsylvania) and the leasehold on the
Company's 15,000+ square-foot corporate headquarters facility in Southfield,
Michigan. The store sites range in size from 6,000 square feet to 16,000
square feet.

For over 15 years, Keen Consultants has had extensive experience solving
complex problems and evaluating and selling real estate, leases and businesses
in bankruptcies, workouts and restructurings. Keen Consultants, a leader in
identifying strategic investors and partners for businesses, has consulted
with over 130 clients nationwide, evaluated and disposed of over 165,000,000
square feet square of properties, and repositioned nearly 9,000 stores across
the country.

Companies that the firm has advised include: Edison Bros., Cosmetic Center,
Long John Silver, Caldor, Citibank, N.A. (Ames Dept. Stores), Cumberland
Farms, Fayva Shoe, Herman's Sporting Goods, K-Mart, Merry-Go-Round Stores,
Neiman Marcus, Petrie Retail Inc., and Woodward & Lothrop. Most recently Keen
has sold over $80 million of excess properties for Service Merchandise, raised
approximately $5 million for Filene's Basement, $4 million for CODA/Jeans
West, and raised $5.5 million for Learningsmith Inc. In addition to The 1/2
Off Card Shop, other current clients include: Stage Stores, Service
Merchandise, Anamet Industrial, Matthews Studio Group and Family Golf Centers.


AGRIBIOTECH: Auction of Texas & Oklahoma Seed Operations to Start at $1.6MM
---------------------------------------------------------------------------
Agribiotech, Inc., filed a motion seeking court approval of the sale of
debtor's business operations in Tulia, Texas; Cactus, Texas; and Hobart
Oklahoma, developing processing, packaging and distributing varieties of
forage (hay crops) sorghum sudangrass and other seeds.

The proposed Buyer, Attebury Grain, Inc., will pay $1.6 million for the
assets.  The debtor seeks to establish bidding procedures that will allow
third parties to bid at the sale hearing to purchase the assets by making an
initial offer in an amount $150,000 greater than the purchase price and
subsequent offers in $50,000 increments.  A break-up fee of the lesser of the
Buyer's costs and $35,000 is proposed.  The sale price is greater than the
aggregate value of the liens against the property.  Many parties have
expressed interest in the sale, and the debtor expects spirited bidding at the
hearing.


BAPTIST FOUNDATION: Tega Debtors Enter Into DIP Project Financing Pact
----------------------------------------------------------------------
The Tega debtors seek court authority to obtain post petition financing in an
aggregate principal amount not to exceed the lesser of $1.5 million in DIP
Financing or $13.5 million in combined outstanding Pre-petition debt and DIP
Financing, from RFC Construction Funding Corp. on the terms set forth in the
Settlement Agreement.

The Tega debtors' sole business is the development of a master-planned
golf-oriented community on approximately 550 acres adjacent to the City of
Tega Cay in York County, South Carolina. The project includes an 18-hole
golf course, a 9-hole golf course, a clubhouse, a day care center, a marina,
approximately 1,180 unimproved residential lots being developed in phases for
sale to builders, and an office pad for future development. As of the
petition date, the Tega debtors' books and records reflect total assets of
and total liabilities of the same amount, $12,250,455.44.


BIG PARTY: Hilco & Ozer to Close 21 Stores & iParty to Operate 33 Stores
------------------------------------------------------------------------
The U.S. Bankruptcy Court approved an agreement under which The Big Party Corp
has been sold to a joint venture group composed of Hilco Merchant Resources,
and The Ozer Group, and iParty Corp.  Hilco Merchant Resources, of Chicago,
Ill., and The Ozer Group, of Needham, Mass., will manage the closing of 21
stores.  Store closing sales will begin immediately and involve the
liquidation of inventory with an approximate retail value of $10 million.
iParty Corp. will assume operation of the remaining 33 Big Party stores.

Big Party operates stores that offer a full selection of items required for a
successful party, including such things as plates, cutlery, napkins,
tablecloths and party favors. The 21 stores are currently stocked with
merchandise perfect for birthday parties, dinner parties, Halloween,
Thanksgiving, Christmas and more. Heavy discounts on all merchandise will be
taken immediately at the 21 closing stores.

"This is a unique situation with an upside for everyone. Not only is the chain
being preserved in a leaner, healthier form, but the closing sale at 21 of the
stores will provide an excellent opportunity for bargain-conscious consumers
to stock up on merchandise for all their entertaining and social events," said
Mike Keefe, President of Hilco Merchant Resources.

Stephen Miller, Principal of The Ozer Group, added, "We're happy to be able to
play a role in the iParty/Big Party transaction. A total wind-down of the The
Big Party has been avoided and this will save many jobs and keep many stores
open that otherwise may have closed."

In addition to the inventory liquidation, Hilco Real Estate Services has been
engaged to market the leases at the closing stores.  Any parties interested in
this aspect of the transaction are encouraged to contact Al Lieberman of Hilco
at 847-501-6185, ext. 24.

Based in Needham, Mass., The Ozer Group is one of the country's leading retail
consulting, business evaluation and asset disposition firms. Ozer is quick,
flexible and creative in offering solutions to retailers of all sizes
throughout North America and Europe.

In addition to helping companies maximize realization for their assets, Ozer
manages human resources issues, real estate relationships and other critical
areas that are affected when companies undergo change. Ozer's management and
partners are retailers who have managed thousands of stores and billions of
dollars in inventory. To learn more about The Ozer Group, visit
www.ozergroup.com.

Based in Chicago, IL, Hilco Merchant Resources, its parent company, Hilco
Trading Co., Inc. and its affiliates provide strategic financial services for
retailers, distributors, manufacturers, asset based lenders, venture
capitalists, investment bankers and the professionals that serve them. Hilco
Trading Co., Inc. has offices across North America with national and
international resources, capabilities and experience. For more than 25 years,
Hilco Trading Co., Inc., has sold more than $15 billion of retail inventories
in over 500 major liquidations involving 5,000 locations. To learn more about
Hilco Merchant Resources, visit http://www.hilcotrading.com.


CARMIKE CINEMAS: Case Summary and 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor:  Carmike Cinemas, Inc.
          1301 First Avenue
          Columbus, Georgia 31901-2109

Chapter 11 Petition Date:  August 8, 2000

Court:  District of Delaware

Bankruptcy Case No:  00-03302

Debtor's Counsel:  Mark D. Collins Esq.
                    Richards, Layton & Finger PA
                    One Rodney Square
                    Wilmington, Delaware 19899

                    Harvey R. Miller, Esq.
                    Weil Gotshal & Manges LLP
                    767 Fifth Avenue
                    New York, N.Y. 10153

Total Assets:  $ 841,178,000
Total Debts :  $ 652,859,000

20 Largest Creditors:

Bank of New York, Indenture
  Trustee
101 Barclay Street
Floor 21 West                9 3/8% Senior
New York, NY 10286            Subordinate Notes          $ 209,375,000

Wachovia Bank, N.A.,Agent    Revolving Credit Loans
191 Peachtree Street, NE      under Amended and Restated
Atlanta, Georgia 30303        Credit Agreement (1/29/99) $ 192,000,000

Wachovia Bank, N.A.,       
  Administrative Agent        
  Loan Credit Agreement,      Term Loans under Term Loan
191 Peachtree Street, NE      Credit Agreement, dated as
Atlanta, Georgia 30303        of 2/25/99 as amended       $ 71,272,500

Dreamworks
100 Universal Plaza #477
Universal City,CA 91608
Tom Jung
Tel:(818) 733-7736            Film Rental                  $ 5,092,455

Miramax Films
2600 Olive Blvd.
Suite 754
Burbank, CA 91521
Elliot Slutsky
Tel:(818) 972-4786            Film Rental                  $ 4,659,678

20th Century Fox
10201 W. Pico Blvd.
Bldg. 89 Room 362
Century City, CA 90067
Scott Toay
Tel:(310) 369-2627            Film Rental                  $ 4,644,179

Universal Pictures
P.O. Box 650572
Dallas, TX 75265-0572
Shelley Hammel
Tel:(808) 678-3456            Film Rental                  $ 2,641,149

Warner Brothers
8144 Walnut Hill Lane
Suite 500
Dallas, TX 75231
Danny Chinich
Tel:(214) 360-3051            Film Rental                  $ 2,425,418

New Line Cinemas
4501 Circle 75 Parkway
Suite A-1270
Atlanta, GA 30339
Don Osley
Tel:(770) 952-0056            Film Rental                  $ 1,985,979

Buena Vista Pictures
350 S. Buena Vista Street
Burbank, CA 91521
Marlene Waggoner
Tel:(818) 567-5000            Film Rental                  $ 1,398,482

Sony Pictures Releasing
10202 W. Washington Blvd.
Tri Star Building #325B
Culver City, CA 90232-3195
Jan McClay
Tel:(310) 244-6148            Film Rental                  $ 1,396,377

Paramount Pictures
5555 Melrose Ave.
MOB 4108
Hollywood, CA 90038
Steve Rapaport
Tel:(323) 956-8418            Film Rental                  $ 1,237,990

Coca-Cola USA
One Coca-Cola Plaza
USA 873A
P.O. Drawer 1734
Atlanta, GA 30313             Trade                          $ 500,000

ARTECH Design Group
1410 Cowart St.
Chattanooga, Tn. 37408        Trade                          $ 490,000

Irwin Seating Company
Dept. 78033
P.O. Box 7800
Detroit MI, 48278             Trade                          $ 307,000

Destination                   Film Rental                    $ 159,648

Gramercy                      Film Rental                    $ 156,298

Capital City Supply           Trade                          $ 135,000

Legacy                        Film Rental                    $ 131,000

Artisan Entertainment         Film Rental                    $ 129,000


CARMIKE CINEMAS: NYSE Talks About Delisting Cinema Operator's Shares
--------------------------------------------------------------------
The New York Stock Exchange said that it is reviewing the continued listing
status of the Class A Common Stock of Carmike Cinemas, Inc., trading under
ticker symbol CKE.  The NYSE halted trading on Tuesday, August 8, 2000 after
the Company's announcement that it and its subsidiaries filed voluntary
petitions to reorganize their business under Chapter 11 of the U.S. Bankruptcy
Code.

The NYSE will continue the trading halt of the Company's Class A Common Stock
until such time as the NYSE has completed its evaluation of the continued
listing status of the security. Upon completion of that review the NYSE may
resume trading with the new ticker symbol "QCKE" and continue to monitor
events at the Company or move forward with suspension and delisting
procedures.


CORAM HEALTHCARE:  Case Summary and 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor:  Coram Healthcare Corporation
          1125 Seventeenth Street-Suite 2100
          Denver, Colorado 80202

Type of Business:  CHC is a leader in providing comprehensive infusion
                     care and related services to high acuity and often
                     chronically ill patients.  Its debtor and non-
                     debtor direct and indirect operating subsidiaries
                     provide the following services, among others:

                      a) administering to patients in their homes
                         injectable and intravenous antibiotic and
                         antiviral therapies;
                      b) intravenous life sustaining nutrients;
                      c) blood products for immune deficiencies and
                         Hemophilia   
                      d) chemotherapy;
                      e) blood transfusions

Chapter 11 Petition Date:  August 8, 2000

Court:  District of Delaware

Bankruptcy Case No:  00-03299

Debtor's Counsel:  David M. Friedman, Esq.
                    Kasowitz, Benson, Torres & Friedman, LLP
                    1301 Avenue of the Americas
                    New York, New York 10019
                    (212) 506-1700

                    Laura Davis Jones, Esq.
                    Pachulski, Stang, Ziehl, Young & Jones, PC
                    919 North Market Street
                    Wilmington, DE 19801
                    (302) 652-4100

Total Assets:  $ 389,875,000
Total Debts :  $ 416,457,000


20 Largest Unsecured Creditors

Cerberus Partners, L.P.
450 Park Avenue 28th Flr.
Mr. Stephen Feinberg
New York, NY 10022                   $ 116,243,168

Goldman Sachs Credit
  Partners L.P.
85 Broad Street 6th Flr.
Mr. Ed Mule
New York, NY 10004                    $ 88,968,736

Foothill Capital Corporation
11111 Santa Monica #1500
Mr. Ed Stearns
Los Angeles, CA 90025                $ 47,362,633

Cardinal Health
7000 Cardinal Place
Mr. John Grimm
Dublin, OH 43017         Under
Tel:(614) 757-7762        Review      $ 2,259,272

Aetna U.S. Healthcare
980 Lolly Road
Mr. J Edward Neugebauer
Blue Bell, PA 19422                   $ 2,000,000

Baxter Healthcare Corp.
Route 120 & Wilson Road
Technology Building RLT-06
Mr. Gregory c. Neier
Round Lake, IL 60073-0490
Tel:(847) 270-5235                    $ 1,417,109

Tbob Enterprises, Inc.
12738 Davenport Plaza
Mr. Bob Dudziuski
Omaha, NE 68154                       $ 1,267,394

Medical Specialties
  Co. Inc.
58 Norfolk Avenue
Mr. John Sills
South Easton, MA 02375-0600
Tel:(800) 967-6400                      $ 874,247

Farmers Insurance Group
  of Companies
Truck Insurance Exchange
4601 Wilshire Blvd. Ste 2508
Los Angeles, CA 90010                   $ 616,748

Baxter/Sabratek
Route 120 & Wilson Road
Technology Building RLT-06
Round Lake, IL 60073-0490
Gregory C. Neier
Tel:(847) 270-5235                      $ 495,869

Richard M. Smith
571 Silver Oak Grove
Colorado Springs, CO 80906
Tel:(719) 226-1020                      $ 433,076

B. Braun Medical/McGaw, Inc.
6021 South Syracuse Way
Suite 190A
Mr. William C. Warner
Englewood, CO 80111
Tel:(303) 220-7111                      $ 356,019

Thomas Nash, et Al.
250 Park Avenue
Suite 1500
Mr. Frederick A. Nicoll, Esq.
New York, NY 10177                      $ 250,000

Joseph Smith                            $ 245,000

Genetics Institute, Inc.                $ 242,050

McGAw-Los Angeles                       $ 217,464

Federal Express                         $ 145,980

Resource Realty of Northern
  New Jersey                             $ 129,176

Novo Nordisk Pharmaceuticals            $ 104,976

Metrix Company, The                      $ 86,583


CORAM HEALTHCARE: Bankruptcy Court Approves First Day Motions
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved handfuls of
First-Day Motions filed by Coram Healthcare Corporation (OTCBB:CRHE).  These
First-Day Motions allow the healthcare company to maintain business as usual
from the perspective of the Debtors' patients, employees and vendors.  Patient
care, Debtor-attorney David M. Friedman, Esq., of Kasowitz, Benson, Torres &
Friedman, LLP, stressed, is Coram's focus at Day One.  The company's balance
sheet will be restructured under a plan of reorganization through the chapter
11 process, but if high-quality patient care is not maintained at this early
stage, the company will have no business to restructure.  


CRIIMI MAE: CMBS Aggregate $43.8 Million of Sale Proceeds
---------------------------------------------------------
CRIIMI MAE Inc. (NYSE: CMM) sold five classes of subordinated commercial
mortgage-backed securities ("CMBS") rated BB to B-and unrated from Chase
Commercial Mortgage Securities Corp., Series 1998-1 (the "Chase Bonds")
generating aggregate sale proceeds of $43.8 million. CRIIMI MAE sold the Chase
Bonds to German American Capital Corporation ("GACC") pursuant to a consent
order entered by Bankruptcy Judge Duncan W. Keir on August 3, 2000.

This CMBS sale, combined with CRIIMI MAE's previous CMBS sales this year, have
generated approximately $230 million in aggregate gross sales proceeds and are
part of CRIIMI MAE's strategy of selling a portion of its CMBS in order to
fund the Company's emergence from protection under Chapter 11.

Of the aggregate $43.8 million of sale proceeds, CRIIMI MAE used approximately
$36.6 million from the sale of four classes of the Chase Bonds to pay down
secured financing provided by GACC. Remaining net proceeds of approximately
$7.2 million will be used primarily to help fund CRIIMI MAE's plan of
reorganization. CRIIMI MAE also received approximately $3.8 million from GACC
representing its portion of net interest income that had accumulated since
October 1999.

Since filing for protection under Chapter 11 of the U.S. Bankruptcy Code on
October 5, 1998, CRIIMI MAE has suspended its loan origination, loan
securitization and CMBS acquisition businesses. The Company continues to own a
substantial portfolio of subordinated CMBS and, through its servicing
affiliate, acts as a servicer for commercial mortgage loans.


CROWN VANTAGE: CAC Offers to Purchase Substantially All Assets for $375.9MM
---------------------------------------------------------------------------
Crown Paper Co. and Crown Vantage Inc. request that the court enter an order
approving Crown Paper Co.'s entry into and performance under a certain letter
agreement between the debtor and Crown Acquisition Corp. Crown Paper
proposes to sell substantially all of its assets to Crown Acquisition Corp.

The Letter Agreement defines a list of purchased assets -- substantially all
of Crown Paper's assets. The aggregate consideration is $375.9 million in
cash, to be adjusted. The purchaser agrees to assume certain liabilities of
the debtors including up to $28 million of Crown Paper's accrued medical
benefit obligations to employees hired by the purchaser at closing. Under the
terms of the Definitive Agreement, the purchaser shall use its reasonable
efforts to assume up to $39.1 million of Crown Paper's industrial revenue
bonds. The agreement is conditioned on due diligence, environmental conditions
and financing.

The debtors will be able to solicit and accept certain qualified higher
and/or better offers for the purchased assets. Qualified bids must be
received at least 7 days prior to the auction. A qualifying bid bust have a
cash component of at least an amount sufficient to satisfy the Topping Fee
($13.5 million and Working Fee (not to exceed $2 million of purchaser's actual
expenses) and all other administrative expense claims against the estates.

A hearing on the motion is scheduled before the Honorable Randall J. Newsome,
US Bankruptcy Court for the Northern District of California, 1300 Clay St.,
Oakland, California on August 17, 2000 at 10:00 AM.


DIMENSIONS HEALTH: Fitch Downgrades $84 Million of Bonds To 'BBB-'
------------------------------------------------------------------
Fitch downgrades to `BBB-` from `BBB` approximately $80.0 million Prince
George`s County, MD, project and refunding revenue bonds, series 1994 and
approximately $4.2 million Prince George`s County, MD, hospital revenue bonds,
series 1992, all issued on behalf of Dimensions Health Corp. In addition,
Fitch places the bonds on Rating Watch Negative, meaning the bonds may be
further downgraded. Fitch will review Dimensions` fiscal 2000 audit and will
have a further discussion with management within the next two months to
determine if additional action is warranted.

The downgrade to `BBB-` results from an accelerated decline of operating
performance, as Dimensions lost $10.7 million net through 11 months (5/31/00)
of fiscal 2000, reflecting an excess margin of negative 5.3%. Management
estimates that this performance will cause a failure for Dimensions to achieve
its debt service rate covenant of 1.10 times (x) for fiscal 2000 (6/30/00).
Dimensions` maximum annual debt service (MADS) coverage of earnings before
interest, taxes, depreciation, and amortization (EBITDA) through 11 months of
fiscal 2000 was 0.7x. Management has successfully petitioned a waiver to this
violation, as the accounting firm of KPMG, LLC, has verified that Dimensions`
failure to achieve its rate covenant was due to circumstances within the
Maryland Rate Setting Commission`s system; an acceptable justification per the
Master Trust Indenture. KPMG`s verification of these non-recurring
circumstances, which include delayed receipt of uncompensated care payments
due to the failure of Dimensions` Medicaid fiscal intermediary and no rate
increases for the past two years, will avoid a technical default for
Dimensions.

KPMG estimated that non-recurring rate issues have reduced revenues by $8.9
million in fiscal 2000. Much of the impact involves lags in the reimbursement
of uncompensated care ($2.7 million) and an increase in case-mix below the
Dimensions` rate target ($1.8 million). The addition of $8.9 million to EBITDA
would produce MADS coverage of 1.8x for the 11-month period.
Dimensions has received a rate increase of 4.3% that is estimated to increase
gross revenues by $10 million in fiscal 2001.

Additional non-recurring expenses include a one-time retrospective bad debt
adjustment totaling $2.3 million, Y2K expenses that approximated $3 million,
and payment of a malpractice claim for $3 million.

In concert with its receding profitability, Dimensions has experienced an
erosion of its liquidity position. Since fiscal 1996, which was the last time
Dimensions posted an operating surplus, its unrestricted cash and investments
have been cut by more than half- 58.6%- from $62.5 million as of June 30, 1996
to $25.9 million as of May 31, 2000. Days cash on hand through 11 months of
fiscal 2000 was 51.9 days, less than half of fiscal 1996`s 114.8 days.

Fitch believes that, although there were many one-time, non-recurring items
that contributed to Dimensions` operating performance in fiscal 2000, the
operating performance of the system has shown deterioration over the past four
years. Of particular concern is that Dimensions` core operating units, its two
hospitals which comprise approximately 88% of the system`s revenue, combined
to lose $12.4 million net through 11 months of fiscal 2000, while its smaller
and non-acute operations posted a net profit of $1.7 million. Fitch believes
that Dimension`s central challenge is to effectively manage its expenses while
operating in a highly regulated and competitive market.

Dimensions Health Corp. is a not-for-profit corporation comprises four
obligated group members and several non-obligated affiliates. The obligated
group members include PGHC, a 447-bed acute care teaching facility, two miles
north of Washington D.C.; Greater Laurel Regional Hospital, a 185-bed acute
care community facility, midway between D.C. and Baltimore; Spellman Nursing
Center a 110-bed long term care facility located on PGHC`s campus; and Bowie
Health Center, an outpatient facility approximately ten miles northeast of
PGHC. The obligated group comprises about 97% of total system revenues. All
the facilities are situated in three separate locations throughout Prince
George`s county.


DOW CORNING: Eliminating 600 to 800 Jobs to Cut Expenses by at Least $50MM
--------------------------------------------------------------------------
Dow Corning Corp. announced its intention to implement a worldwide work force
reduction program that will eliminate approximately 600 to 800 positions,
which is expected to reduce expenses by at least $50 million.

Management will select employees for this program based on two primary
criteria: the position being eliminated and/or specific employee skills no
longer needed or skills that do not meet projected company needs.

The program accelerates an expense reduction effort that has been ongoing in
the company for the past two years, according to Gary E. Anderson, Dow Corning
president and CEO.

"In the case of our employees, the decision to take this course of action was
difficult and not taken lightly," Anderson, said. "While we continue to see
solid profit-after-tax increases through the second quarter this year, we have
not yet seen the kind of improvements in operating profits we need to fund the
exciting opportunities we see for innovation and service to our customers."
In the locations where it is feasible, Dow Corning will provide the employees
selected for the program with the option of accepting an outplacement program
or rejecting it and being redeployed with the company. In some countries,
however, offering that option will not work due to local laws and practices.
In all geographic regions, the specific outplacement program will be
consistent with Dow Corning's values and Code of Business Conduct.

Dow Corning currently has 9,500 employees worldwide.

Dow Corning, which develops, manufactures and markets diverse silicon- based
products, currently offers more than 10,000 products to customers around the
world. Dow Corning is a global leader in silicon-based materials with shares
equally owned by The Dow Chemical Company (NYSE: DOW) and Corning Incorporated
(NYSE: GLW). More than half of Dow Corning's sales are outside the United
States.


EAGLE FOOD: Reorganization Plan Paves Way to Ending Chapter 11
--------------------------------------------------------------
Dow Jones reports that Eagle Food Center Inc. emerged from bankruptcy after
its reorganization plan was confirmed by the U.S. Bankruptcy Court in
Wilmington, Delaware.  According to a press release, the company's stock
trading, which was removed from the Nasdaq after the chapter 11 filing will
resumed. The senior notes of EFCI would be swapped with new notes having an
11% interest rate and maturity date of April 15, 2005.  The holders of the
senior notes will receive 15% of EFCI's stock and a buy-back option.  


EINSTEIN/NOAH: Judge Case Approves Disclosure Statement; Confirmation Sept. 19
------------------------------------------------------------------------------
Following hearings on July 27 and 28, the U.S. Bankruptcy Court in Phoenix
approved Einstein/Noah Bagel Corp.'s Disclosure Statement with respect to its
Joint Plan of Reorganization.  With a Disclosure Statement in hand which Judge
Case says provides adequate information pursuant to 11 U.S.C. Sec. 1125, the
Debtors may now transmit their Joint Plan to creditors for voting.  Judge
Charles G. Case II has scheduled a hearing to consider confirmation of
Einstein/Noah's Plan of Reorganization for Sept. 19.  Any confirmation
objections must be filed with the Court by Sept. 11.  

J. Eric Ivester, Esq., John K. Lyons, Esq., and Alesia Ranney-Marinelli, Esq.,
at Skadden, Arps, Slate, Meagher & Flom, represent Einstein/Noah in their
chapter 11 restructuring.  

Logan & Co. will transmit copies of the Joint Plan, solicitation materials and
ballots to all known creditors by August 14.  Creditors must return their
Ballots by Sept. 11 for tabulation.  


EQUALNET COMMUNICATIONS: Files Chapter 11 Petitions in Houston, Texas
---------------------------------------------------------------------
Equalnet Communications Corp. (OTC Bulletin Board: ENET) announced that it and
three subsidiary companies, EqualNet Corporation, USC Telecom, Inc. and Netco
Acquisition Corp., filed voluntary petitions for relief under title 11,
chapter 11 of United States Code today, August 9, 2000, in the United States
Bankruptcy Court for the Southern District of Texas, Houston Division,
Houston, Texas.

EqualNet, Hoovers says, equals cheaper long-distance phone bills.  The
national switch-based provider of discounted long-distance and other
telecommunications services has more than 59,000 residential and small
business customers.  It focuses on clients that average less than $500 in
monthly long-distance charges.  The company's operations are focused in
geographic regions around six switches located in Chicago, Dallas, Houston,
Los Angeles, Miami, and New York.  The company is also testing a proprietary
advertiser-sponsored long-distance service, dubbed FreeCaller.  Chairman Mark
Willis leads an investment group that owns 60% of the company.  


FRUIT OF THE LOOM: Harlingen ISD Wants Relief from Stay to Foreclose Tax Lien
-----------------------------------------------------------------------------
The Harlingen Independent School District presents the Bankruptcy Court in
Wilmington, Delaware, with a motion for relief from the automatic stay in
Fruit of the Loom's chapter 11 cases.  The School District provides public
education to residents within its district.  Fruit of the Loom owes the
School District $683,127 for 1999 ad valorem taxes. The School District claims
this debt is secured by a first priority ad valorem liens created by law under
Section 32.01 of the Texas Property Code. Those liens take priority over the
claims and interests of all other creditors pursuant to Section 32.05 of the
Texas Property Tax Code. The real property that secures the liens is described
as No. 1, Block 1, Lot 1, 83.739 acres in Cameron County Texas. The lien is
also secured by personality located at 5810 Harris Street, Cameron County
Texas.

The School District depends on matching funds from the State of Texas. Under
the public school funding system, the amount of matching funds is determined
by ad valorem taxes collected by the School District. Based on a formula
contained in Chapter 42 of the Texas Education Code, every ad valorem tax
dollar collected results in receipt of $2.2852 in funds from the State of
Texas. The School District is considered poor. It is greatly dependent on the
State of Texas to meet basic operational needs.

In order to receive full matching funds from the State, the School District
must collect approximately $20.8 million on or before August 31, 2000. It is
estimated that only $20.2 million will be collected. The School District
claims that the anticipated shortfall is attributable to Fruit of the Loom's
nonpayment of 1999 ad valorem taxes. The shortfall will cause the School
District to lose an estimated $1.3 million in matching funds. The loss of
funds will cause irreparable harm and hinder the ability to provide public
education to the children within the district.

The School District argues that these facts constitute cause for a
modification of the automatic stay pursuant 11 U.S.C. Section 362(d)(1). This
will allow the School District to enforce its liens against Fruit of the Loom
property or force the Company to pay the prepetition ad valorem taxes of
$683,126.80 plus interest at the statutory rate of 1% monthly under Section
33.01 of the Texas Property Tax Code.

Fruit of the Loom tells the School district to do its legal homework. The
School District is nothing more than a secured creditor from which the
Bankruptcy Code gives a debtor temporary protection from. The motion violates
the spirit and letter of the law because, if granted, any secured creditor
could make a similar claim and statutes passed by the Congress would be
rendered mere rhetoric.

Midatlantic National Bank v. New Jersey Department of Environmental
Protection, 474 U.S. 494, 503(1986), makes it clear that the automatic stay
afforded to bankrupt debtors pursuant to Section 362(a) is "one of the most
fundamental protections provided by the Bankruptcy laws." To strip Fruit of
the Loom of this protection, the School District must meet the requirements of
Section 362(d) to show cause for a lifting of the stay. While the Bankruptcy
Code does not define cause, Courts generally hold that it does not to exist
when:

    (a)  a creditor had an equity cushion and is adequately protected,

    (b)  when no bad faith or malfeasance was shown, and

    (C)  when the property was being used and was integral to the debtor's
          operations.

See In re Kerns, 111 B.R. 777, 790-91 (S.D. Ind. 1990). In re Morysville
Body Works, Inc., 86 B.R. 51, 55 (Bankr. E.D. Pa. 1988), goes on to say that a
secured creditor, like the School District, must establish a prima facie case
that cause to lift the stay exists, because "the underlying philosophical
basis for this requirement is that debtor should not be forced to defend the
automatic stay, one of a debtor's most fundamental protections."

Fruit of the Loom says that it will not put a band-aid on the School
District's scraped knee; the School District, FTL suggests, should arrange
its finances independently. The School District offers no evidence that it has
sought a waiver or extension for the matching funds deadline from the State of
Texas. There is no certainty that, were the School District allowed to execute
the lien, it would be able to liquidate the property and transmit the proceeds
to the State before the deadline.

The hardship suffered by the School District is similar to that imposed
upon all secured creditors, Fruit of the Loom continues. The Debtors contend
that the School District is "grossly oversecured" by a more-than-ample equity
cushion as the property value far exceeds the amount of taxes owed. The
Debtors have an appraisal report showing that the collateral value exceeds $45
million in contrast to the $683,128 claim.

The Harlingen textile plant is a major component of operation and essential to
Fruit of the Loom reorganization efforts, the Debtors tell Judge Walsh. The
Debtors also remind Judge Walsh that his granting relief from the stay would
constitute an immediate event of default under the DIP Financing Agreement. It
would also allow the School District to step in front of other secured
creditors.  (Fruit of the Loom Bankruptcy News, Issue No. 9; Bankruptcy
Creditors Service Inc., 609/392- 0900)


FIRSTPLUS FINANCIAL: Agrees to $3.8 Million Settlement for Borrower Class
-------------------------------------------------------------------------
As alleged in a class action complaint referred to by the court as the
Kahler adversary proceeding, over 30,000 people applied for and/or obtained
loans secured by real property from Capital Direct Funding Group, Inc. or
FIRSTPLUS Direct.  The plaintiffs allege excessive loan fees and interest,
misrepresentation with respect to interest rates, improper charges to
borrowers, kickbacks from third party services providers and manipulation of
documents to hide interest rates, costs and fees.

The debtor, plaintiffs, and non-debtor defendants agree to settle the
Complaint.  Under the terms of a Settlement Agreement, the Plaintiffs will
receive $510,000 in cash.  Participating individual claimants will share pro
rata in an allowed general unsecured claim in the debtor's bankruptcy case in
the amount of $3.3 million.  No one individual will receive in excess of
$10,000.

The debtor claims that its probability of success in the Kahler Adversary
Proceeding is uncertain.  There is also a risk that the court order denying
class certification could be overturned on appeal, resulting in potential
certification of a class of over 30,000 claimants with asserted claims
totaling in excess of $54 million.


FURR'S RESTAURANT: NYSE Says it Will Apply to Delist Shares from Exchange
-------------------------------------------------------------------------
The New York Stock Exchange announced that trading in the common stock of
Furr's Restaurant Group, Inc., and the 12% Senior Notes due 2001 of its
subsidiary, Cafeteria Operators, L.P.-- ticker symbols FRG and CAFLP01,
respectively -- will be suspended in conjunction with the Company's
representation that the AMEX will commence trading of both securities on that
date.  Following suspension, application will be made to the Securities and
Exchange Commission to delist the issues.

The Exchange's action is being taken in view of the fact that the Company is
below the NYSE's continued listing criteria relating to total stockholders'
equity less than $50 million in conjunction with global market capitalization
less than $50 million.

The NYSE had previously accepted a Plan provided by the Company that would
have brought it into conformity with continued listing standards.  After
discussions with the Company, the NYSE has concluded that the Company cannot
provide assurance that it will meet the listing standards within the required
time frame.


NESIS HEALTH: Elucidates Financial Results for Third Quarter
--------------------------------------------------------------
Genesis Health Ventures, Inc. (OTCBB:GHVIQ) announced its operating results
for the third quarter of fiscal 2000.  Revenues were $615.9 million for the
quarter ended June 30, 2000, up from $604.8 million for the quarter ended
March 31, 2000.  Revenues for the nine months ended June 30, 2000 were $1.8
billion.

Earnings before interest, taxes, depreciation and amortization excluding the
impact of debt restructuring and reorganization costs and other charges and
the impact of exited businesses (EBITDA) were $54.7 million for the quarter
ended June 30, 2000 compared to $64.0 million for the quarter ended March 31,
2000.  EBITDA for the nine months ended June 30, 2000 were $182.7 million.  
The $9.3 million decline in EBITDA from the preceding quarter is attributable
to:

      $4,200,000  relative to a conversion of the Company's incentive
                  compensation program from stock-based to cash-based;
       2,300,000  on account of a decline in pharmacy and medical supply
                  margins due to increased cost of sales and delivery costs;
       1,600,000  from a decline in rehabilitation therapy margins due
                  primarily to a decline in volume;
         800,000  reduction in management fee revenue;
         500,000  increased general liability insurance costs; and
        (100,000) for attributable to Other items.

Occupancy in the Company's eldercare centers improved to 91.3% compared to the
previous quarter of 90.6%. Medicare census mix improved to 13.1% compared to
12.8% in the prior quarter.

"Our strategies of capturing market share through our open admission policy,
and the penetration of institutional pharmacy and contract rehabilitation
market continued to produce strong revenue growth. This achievement is
outstanding in light of the current market contraction," commented Michael
Walker, Genesis chairman and CEO. "I'm encouraged by the reaction and support
we have received from our customers, employees and vendors since our Chapter
11 filing. We will continue to work diligently to expedite the reorganization
process.

"Additionally, the Health Care Financing Administration has deferred the RUGS
update scheduled for October 1st. This will allow for the previously
implemented 20 percent increase to 15 payment categories to continue as well
as the implementation of the previously scheduled 5.8 percent increase. The
industry is continuing to work on the elimination of the unlegislated Medicare
cuts," Walker concluded.

On June 22, 2000, Genesis Health Ventures, Inc. and certain of its direct and
indirect subsidiaries filed for voluntary relief under Chapter 11 of the
United States Code (the "Bankruptcy Code") with the United States Bankruptcy
Court for the District of Delaware (the "Bankruptcy Court"). On the same date,
Genesis' 43.6% owned affiliate, The Multicare Companies, Inc. and certain of
its affiliates also filed for relief under Chapter 11 of the Bankruptcy Code
with the Bankruptcy Court. Both companies are currently operating as debtors-
in-possession subject to the jurisdiction of the Bankruptcy Court.

Genesis has secured $250 million in debtor-in-possession financing from a
lender group led by Mellon Bank.

           Debt Restructuring and Reorganization Costs and Other Charges

During the quarter ended June 30, 2000, Genesis and Multicare incurred fees of
approximately $11.1 million for legal, accounting and consulting services, as
well as bank and court fees in connection with the respective companies' debt
restructuring negotiations and for the costs of the subsequent reorganization
filings with the Bankruptcy Court. The Company anticipates that such costs
will be incurred throughout the duration of the bankruptcy. During the quarter
ended June 30, 2000, the Company recorded a charge of approximately $19
million to reserve the trade receivables due from healthcare providers that
filed for bankruptcy protection.

During the quarter ended March 31, 2000, in connection with the Companies'
debt restructuring negotiations Genesis and Multicare incurred legal, bank,
accounting and other professional costs of $5.0 million. Additionally, the
non-payment of interest under the Senior Credit Agreement triggered certain
provisions under existing interest rate swap arrangements. Genesis was
notified by Citibank that they elected to force early termination of the
interest rate swap arrangements as permitted under the arrangements. As a
result of this notification, the company has recorded a $28.3 million
obligation.

The charges described above for both quarters are reflected in the
consolidated statement of operations as debt restructuring and reorganization
costs and other charges.

                               Businesses Exited

During the quarter ended June 30, 2000, the Company decided to close two
underperforming owned eldercare centers with 415 combined beds. As a result, a
charge of $6.1 million was recorded to account for certain impaired assets of
the two owned eldercare centers. In addition, effective May 31, 2000,
Multicare sold 14 eldercare centers with 1,128 beds located in the state of
Ohio for approximately $36.5 million. The sale proceeds were used to repay
senior debt. The Company recorded a loss on the sale of the Ohio properties of
$7.9 million.

During the quarter ended March 31, 2000, the Company decided to close an
underperforming 130 bed eldercare center in its New England region and
terminate the lease of an 85 bed eldercare center in its Chesapeake region. As
a result, a charge of $3.1 million was recorded to account for certain
impaired assets of the eldercare center located in New England.

During the quarter ended December 31, 1999, Genesis did not renew operating
leases which came to term on five eldercare centers with 480 beds.

                Multicare Joint Venture Restructuring Charge

As a result of the restructuring of the Multicare joint venture agreement in
November 1999, Genesis consolidated, with minority interest, the results of
Multicare beginning the first quarter of fiscal 2000. In connection with the
Multicare restructuring, The Cypress Group (Cypress) and Texas Pacific Group
(TPG) invested $50 million in Genesis in exchange for 12.5 million newly
issued common shares and warrants to purchase two million shares of common
stock with a $5.00 exercise price. In addition, Cypress and TPG terminated
their right to put their 56% equity interest in Genesis ElderCare Corp. to
Genesis in exchange for convertible preferred stock in Genesis with a $420
million face amount, a 5% dividend rate (payable in kind for the first five
years) and a conversion price of $8.75. In the quarter ended December 31,
1999, Genesis recorded a charge of $420 million for the termination of the
Multicare put arrangement.

                          Change in Accounting Principle

Effective October 1, 1999, Genesis adopted the provisions of the American
Institute of Certified Public Accountants Statement of Position 98-5
"Reporting on the Costs of Start-Up Activities" (SOP 98-5), which requires
start-up costs to be expensed as incurred. The cumulative effect of expensing
all unamortized capitalized start-up costs was $16.3 million pretax and $10.4
million after tax.

Loss attributed to common shareholders before debt restructuring and
reorganization costs and other charges was $26.0 million ($0.53 per share) for
the quarter ended June 30, 2000 compared to $21.5 million ($0.44 per share)
for the quarter ended March 31, 2000. Loss attributed to common shareholders
before the Multicare joint venture restructuring charge, debt restructuring
and reorganization costs and other charges and the cumulative effect of an
accounting change was $62.4 million ($1.34 per share) for the nine months
ended June 30, 2000. Loss attributed to common shareholders before the
cumulative effect of an accounting change for the three and nine months ended
June 30, 2000 was $60.9 million ($1.11 per share) and $566.1 million ($11.94
per share), respectively.

Genesis Health Ventures provides eldercare in the eastern United States
through a network of Genesis ElderCare skilled nursing and assisted living
centers plus long term care support services nationwide including pharmacy,
medical equipment and supplies, rehabilitation, group purchasing, consulting
and facility management.


GENESIS/MULTICARE: U.S. Trustee Expresses Concern About Blank Rome Employment
----------------------------------------------------------------------------
The U.S. Trustee reminds the Court that both Genesis Health Ventures, Inc.,
and The Multicare Companies, Inc., seek to employ Blank Rome Comisky &
McCauley LLP as Special Corporate Counsel.  Given that the Genesis/Multicare
entities elect to administer the two sets of cases separately, any employment
of the same law firm to provide general corporate advice/services to both may
be adverse to the interest of the debtors or the estates, the United States
Trustee for Region III tells the U.S. Bankruptcy Court in Wilmington,
Delaware.  

The U.S. Trustee points out that as revealed in the Affidavit of Stephen E.
Luongo, Esq., a senior Blank Rome corporate partner, he serves as a Director
of Genesis Health Ventures, Inc. and is an equity holder in GHV. The US
Trustee suggests that the details of Mr. Luongo's relationships with the
Debtors should be explored in further detail.

The U.S. Trustee also points out that the fact that the Affidavit reveals a
number of matters in which Blank Rome will not represent the Genesis or the
MultiCare Debtors indicates that any employment of Blank Rome by both Genesis
and Multicare may be adverse to the Debtors and their estates.  Further
investigation, the U.S. Trustee suggests, is appropriate.  (Genesis/Multicare
Bankruptcy News, Issue No. 3; Bankruptcy Creditors Service Inc., 609/392-
0900)


GLENOIT CORPORATION: Case Summary and 20 Largest Unsecured Creditors
---------------------------------------------------------------------
Debtor:  Glenoit Corporation
          111 West 40th Street
          New York, NY 10018

Type of Business:  Manufacturer of fabrics, textiles, and rugs; holding  
                     company

Chapter 11 Petition Date:  August 8, 2000

Court:  District of Delaware

Bankruptcy Case No:  00-03309

Judge:  Peter J. Walsh

Debtor's Counsel:  Joel A. Waite, Esq.
                    Pauline Morgan, Esq.
                    Young, Conaway Stargatt & Taylor, LLP
                    11th Floor, The Wilmington Trust Center
                    1100 N. Market Street
                    P.O. Box 391
                    Wilmington, DE 19899-0931
                    (302) 571-6600

                    Neal Batson, Esq.
                    Matthew Levin, Esq.
                    Mark Duedall, Esq.
                    Alston & Bird LLP
                    1201 West Peachtree Street
                    Atlanta, GA 30309-3424

Total Assets:  $ 202,505,490
Total Debts :  $ 265,105,634

20 Largest Unsecured Creditors:

Mattel Carpet & Rug, Inc.
1900 Willowdate Road
Dalton, GA 30720              Trade         $ 792,471

Sterling Fibers
5005 Sterling Way
Charlotte, NC 28241           Trade         $ 699,500

Textile Rubber & Chemical
1300 Tiarco Drives S.W.
St. Jean, QC J3B 1L7 Canada   Trade         $ 373,319

Thantex Inc.                  Trade         $ 153,148

Global Textile Services       Trade         $ 149,651

Flexo-Craft Print             Trade         $ 104,203

American Fibers & Yarns Co.   Trade          $ 92,539

Smurfit-Stone Container Div.  Trade           $ 86,932

Firestone Polymer                             $ 52,237

The Fire & Casualty Group                     $ 47,184

Unichem, Inc.                 Trade           $ 46,828

Louis Dreyfus Textiles        Trade           $ 41,056

EI Dupont de Nemours          Trade           $ 40,845

Solutia Inc.                  Trade           $ 39,622

Beaulieu United               Trade           $ 27,240

Quality Finishers                             $ 24,781

J&J Southeast                 Trade           $ 23,455

Caraustar                                     $ 19,196

Global Stone Filler                           $ 17,779

American & Effird             Trade           $ 17,719
          

GST TELECOMMUNICATIONS: CEO Tom Malone Sees Acquisition a Likely Scenario
-------------------------------------------------------------------------
GST Telecommunications Inc.'s chief executive officer, Tom Malone, is
cautiously optimistic about the future of GST, the Bellevue, Washington, firm
which filed Chapter 11 in May.  While Mr. Malone is keeping open the
possibility that GST will emerge from bankruptcy protection as a debt-free
independent company, he admits that a more likely scenario is for GST to be
acquired by a national telecommunications firm.  In the meantime, GST claims
that its operations have been stabilized and has been able to maintain nearly
normal service despite the filing.   (New Generation Research, Inc. 08-Aug-
2000)


GULF STATES: Proposals to Cut Labor Costs Infuriates Steelworkers' Union
------------------------------------------------------------------------
The following statement was released by the United Steelworkers of America:

Steelworker officials reacted angrily today to revelations that Gulf States
Steel's bankruptcy filings include cuts to health care benefits, long- term
disability payments, and the elimination of all benefits for the surviving
spouses of retirees.

"These inhumane proposals were not even part of the company's negotiations
with us," said Homer Wilson, Director of Steelworker District 9.

"It's a disgrace. Gulf States' executives are trying to build a bankruptcy
case on the backs of workers and their families, when our members have already
made significant sacrifices in contract negotiations to keep the company from
going under."

Wilson found the company's latest ploy particularly offensive because the
Steelworkers worked aggressively to minimize the impact of illegal foreign
steel dumping that pushed Gulf States into bankruptcy in the first place.

"By the company's own admission," Wilson said, "our members are cooperating
with them. To underhandedly launch an assault on the well-being of our
members' families, widows and the disabled, when we're in the midst of
negotiations is nothing short of a betrayal."

Wilson pointed out that, to the best of the Union's knowledge, Gulf States has
made no similar attempt to minimize or reduce benefits for management. In
fact, he said, the company has plans to pay its executives bonuses, if Gulf
States should work its way out of bankruptcy.


HARNISCHFEGER INDUSTRIES: Beloit's Turns to Wausau for Workers' Comp Services
-----------------------------------------------------------------------------
Beloit Corp. seeks Bankruptcy Court authority to enter into a Service
Agreement for Employers Insurance of Wausau, a Mutual Company, to furnish
claims services in connection with Beloit's obligations under the workers'
compensation laws or the state or federal jurisdictions in which Beloit has
qualified as a self insurer.  Beloit tells Judge Walsh, who oversees the
restructuring of Harnischfeger Industries, Inc., Beloit's parent company, that
Wausau's services are necessary because Beloit has lost the personnel needed
to service workers' compensation claims.

The fees that Wausau will charge Beloit are:

Type of Claim             Administrative Fee        Fee for Each Claim
-------------             ------------------        ------------------
Claims reported to           $  1,100                 $ 1,000/claim
Wausau after
June 15, 2000

Takeover Claims              $ 30,888                   $ 750/claim

Beloit intends to deposit, after the Service Agreement is effective,
sufficient funds to cover 2-1/2 months' expected claim payments in a loss
payment fund with Wausau.  The term of the Service Agreement is June 15, 2000
through June 15, 2001.  Either Beloit or Wausau can terminated the Service
Agreement by providing 90 days written notice.

Beloit asserts that entry into the Service Agreement is in the ordinary course
of business. It is out of an abundance of caution that Beloit files the motion
with the Court to seek approval. (Harnischfeger Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service Inc., 609/392-0900)


IMPERIAL HOME: Enters into Insurance Premium Financing Agreement
----------------------------------------------------------------
The Imperial Home Decor Group Inc., et al., filed a motion for entry of an
order authorizing the debtors to enter into an insurance premium financing
arrangement with Cananwill, Inc.  The annual premiums for the insurance
policies covered by the agreement total $530,117.

Cananwill has advised the debtors that it will not agree to finance the
debtors' insurance premiums on an unsecured basis. Cananwill will have a
security interest under the premium financing arrangement in any unearned
premiums under the insurance policies. According to the debtor, the
agreement will benefit these estates by preserving borrowing availability
under the DIP Facility and, in addition, reducing interest costs.

The Imperial companies currently operate manufacturing, distribution and
office facilities in the United States, Canada and the United Kingdom. In
fiscal year 1999 the Imperial Companies generated revenue exceeding $411
million. As of May 27, 2000, the Imperial Companies had approximately $363
million in assets and $609 million in liabilities on a consolidated basis.
The Imperial Companies currently employ approximately 3,200 full-time
employees.


LIBERTY HOUSE: Judge King Rejects JMB Realty's Request for a Mediator
---------------------------------------------------------------------
Bankruptcy Judge Lloyd King rejected JMB Realty Corp.'s petition to appoint a
mediator to help settle the differences on the value of Liberty House,
Associated Press reports.  JMB, in its equity position, values the Hawaiian
department store chain at $285 million.  Bank of America and other creditors
value the enterprise at $190 million.  Judge King, the AP says, did not see
much modification in Liberty House's condition since it filed for bankruptcy
protection thus eliminating the idea of having a mediator.

Liberty House's lenders have filed a reorganization plan and Judge King will
convene a hearing on the adequacy of a disclosure statement filed in support
of that plan on September 7.  If Judge King approves the Disclosure Statement,
the Plan will be transmitted to creditors for voting.


LOEWEN GROUP: Motion To Reject Mattis And Murray Shareholder Agreements
-----------------------------------------------------------------------
Loewen Group International, Inc., seeks authority from the Bankruptcy Court in
Delaware to reject the Mattis Shareholder Agreement and the Murray Shareholder
Agreement because the acquisition provisions are no longer necessary and the
provisions to impose restrictions may limit LGII's flexibility in the ongoing
restructuring process.

                   The Mattis Shareholder Agreement

Pursuant to the Agreement, the parties agree to certain terms and conditions
with respect to the ownership and activities of Martin P. Mattis Holding
Company, Inc. Mattis Holdings Company later changed its name to Family Funeral
services Group, Inc. and is a Debtor in these chapter 11 cases. Mattis and
LGII hold all of the outstanding shares of common stock of FFSG. Mattis holds
10 shares of Class A common stock, and LGII holds 90 shares of Class B common
stock.

    * Sale of Shares and Restrictions

      Mattis is prohibited from selling his FFSG stock to any party other
       than LGII. FFSG is prohibited from issuing any additional shares of its
       stock, granting stock options or creating any new subsidiaries without
       the consent of Mattis.

      Mattis may exercise a put right to require LGII, on 120 days notice, to
       purchase Mattis' shares of Class A common stock at an agreed price
       according to a formula set forth in the Agreement.

      LGII has the right to call Mattis' shares in the event that Mattis is no
       longer employed by LGII or any of its affiliates or subsidiaries.
  
      The minimum agreed price is the greater of contributions for
       acquisitions or the outstanding balance of Mattis' loan from LGII for
       his equity contributions, including accrued but unpaid interest.

    * Financing of Acquisitions

      With respect to the first $10 million of acquisitions by FFSG, Mattis
       was to be responsible for funding 3.3% of the acquisition cost, or
       $330,000. LGII would lend Mattis up to $330,000 on terms and conditions
       set forth in a separate loan agreement. Under this provision, Mattis
       borrowed $330,000 from LGII for his equity contributions for
       acquisitions by FFSG. Mattis has never made any payments on that loan.
       With respect to acquisitions in excess of $10 million, LGII is required
       to fund the full acquisition cost.

    * Capital Expenditures

      Payment for capital expenditures is required to be made from current
       cash flow in certain circumstances and from long-term debt in others.
       Net after-tax proceeds from sales of capital items are required to be
       applied as a reduction of long-term debt.

    * Legend on Shares

      Each share certificate of FFSG stock must include a legend noting that
       such share is subject to the terms and conditions set forth in the
       Mattis Shareholder Agreement.

    * Company Management

      The Mattis Shareholder Agreement contains provisions relating to the
       election of the board of directors and officers of FFSG and the
       management of the company in general.

    * Management Fee

      LGII is entitled, within its sole discretion, to charge a periodic
       management fee to FFSG.

                   The Murray Shareholder Agreement

Pursuant to the Murray Shareholder Agreement, LGII and Murray agreed to
certain terms and conditions with respect to the ownership and activities of
Community Funeral Homes of Wisconsin, Inc. Murray and LGII hold all of the
outstanding shares of common stock of CFHW. Murray holds 10 shares of Class A
common stock, and LGII holds 90 shares of Class B common stock.

The Murray Shareholder Agreement provides for:

    * Sale of Shares and Restrictions

      Murray is prohibited from selling his CFHW stock to any party other than
       LGII. Murray has a "put" right pursuant to which Murray may require
       LGII, on 120 days notice, to purchase Murray's shares of Class A common
       stock at an "agreed price" to be determined by a formula set forth in
       the Agreement. LGII has the right to call Murray's shares in the event
       that Murray is no longer employed by LGII or any of its affiliates or
       subsidiaries.

      CFHW is prohibited from issuing any additional shares of its stock,
       granting stock options or creating any new subsidiaries without the
       consent of Murray.

    * Sales Commissions

      Unlike the Mattis Shareholder Agreement, the Murray Shareholder
       Agreement provides that Murray is entitled to a commission for each
       funeral home that Murray identifies for purchase by LGII. The
       commission is equal to 2% of the acquired funeral home's gross revenues
       for the year preceding the acquisition.

    * Financing of Acquisitions

      With respect to the first $10 million of acquisitions by CFHW, Murray
       was to be responsible for funding 3.3% of the acquisition cost, or
       $330,000. Murray, however, has never made any equity contributions.
       With respect to acquisitions in excess of $10 million, LGII is required
       to fund the full acquisition cost.

    * Legend on Shares

      Each share certificate of CFHW stock must include a legend noting that
       such share is subject to the terms and conditions set forth in the
       Murray Shareholder Agreement.

    * Management Fee

      LGII is entitled, within its sole discretion, to charge a periodic
       management fee to CFHW.

    * Capital Expenditures

      Payment for capital expenditures is required to be made from current
       cash flow in certain circumstances and from long-term debt in others.
       Net after-tax proceeds from sales of capital items are required to be
       applied as a reduction of long-term debt.

    * Company Management

      The Murray Shareholder Agreement contains provisions relating to the
      election of the board of directors and officers of CFHW and the
      management of the company in general.
(Loewen Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service, Inc.,
609/392-0900)


MEDPARTNERS PROVIDER: California Court Approves Debtors' Disclosure Statement
-----------------------------------------------------------------------------
The U.S. Bankruptcy Court for Central District of California entered an order
approving the Disclosure Statement to accompany the Second Amended Chapter 11
plan of MedPartners Provider Network, Inc., dated July 7, 2000.  Hearings
to consider confirmation of the plan will commence on August 29, 2000 at
10:00 AM.

The plan contemplates the liquidation of MedPartners Provider Network, Inc.'s
assets and the distribution of the proceeds therefrom to creditors holding
Allowed Claims. The plan, the amended settlement agreement and supplemental
plan agreement interact to provide holders of MPN Provider Claims that become
allowed claims against MPN with a choice to elect to participate in a
settlement structure whereby the pro rata distributions from the estate on
account of such allowed claims will be substantially supplemented by funds
made available from: voluntary subordination of substantial amounts of claim
by other similarly situated creditors; and MedPartners' agreement to make
available additional funds to those eligible creditors that elect to
participate in the settlement.

The plan provides holders of Allowed MPN Provider claims with two
alternatives:

     (i)   opt into the settlement structure by agreeing to grant releases to
           Medpartners, consenting plans and certain related entities, in
           exchange for which such holder will become a consenting provider
           entitled to receive an initial distribution of 85% of the amount o
           fits provider claims that become allowed claims, along with interim
           supplemental estate distributions and a final distribution one year
           later of an estimated additional 12-14% of the amount of such
           Allowed Claim; (or, in the alternative to receive a one-time
           distribution of 90% of the amount of its MPN Provider Claims that
           become allowed MPN claims); and

     (ii)  elect not to participate in the settlement structure and instead
           receive a pro rata distribution from the estate, anticipated to be
           2.5-3% of the amount of any such allowed claims, while reserving
           any and all rights such holder may have to pursue MedPartners, the
           Health Plans and any other third parties.


MEDITRUST COMPANIES: 2nd Results Show "Five Point Plan" Working, Company Says
-----------------------------------------------------------------------------
The Meditrust Companies (NYSE: MT) announced funds from operations, revenues,
and results of operations for the three and six months ended June 30, 2000.

On a diluted basis, FFO for the three months ended June 30, 2000 was
$46,727,000 or $0.33 per share (based on 141,431,000 shares) compared to
$80,303,000 or $0.57 per share (based on 141,134,000 shares) for the same
period in 1999. The results for the three months ended June 30, 2000, were
significantly impacted by non-cash charges associated with the Companies'
continuing sale of healthcare assets, the impairment of a real-estate related
security (the Companies investment in Nursing Home Properties Plc), and the
Five Point Plan of reorganization (announced in January 2000). Effective
January 1, 2000, the National Association of Real Estate Investment Trusts  
adopted a new definition of FFO. The Companies believe that FFO has been
calculated in accordance with the new definition for all periods presented.

Revenues for the three months ended June 30, 2000 were $219,452,000 versus
$239,714,000 for the same period in 1999. The decline in revenues is primarily
attributable to the decrease in the number of healthcare assets in the
Companies' portfolio; from 394 at June 30, 1999 to 310 at June 30, 2000. The
Companies' revenues were also impacted by a decline in revenues in the lodging
division.

For the three months ended June 30, 2000, the Companies incurred a loss from
continuing operations of $83,478,000 compared to income of $47,643,000 for the
same period in 1999. The loss from continuing operations for the three months
ended June 30, 2000 includes other expenses of $108,958,000 compared to
$4,316,000 for the same period in 1999. Other expenses during the three months
ended June 30, 2000 principally relate to provisions for assets and mortgages,
the impairment of a real estate related security, and expenses related to the
Five Point Plan. Other expenses during the three months ended June 30, 1999
principally related to the implementation of the comprehensive restructuring
plan, which included professional and advisory fees and costs arising from the
early repayment and modification of certain debt.

For the six months ended June 30, 2000, FFO was $94,429,000 or $0.67 per
diluted share (based on 141,330,000 shares), compared to $117,242,000 or $0.81
per diluted share (based on 144,548,000 shares) for the same period in 1999.
Revenues for the six months ended June 30, 2000 were $434,200,000 versus
$467,018,000 for the same period in 1999. The decline in revenues is primarily
attributable to the decrease in the number of healthcare assets in the
Companies' portfolio.

For the six months ended June 30, 2000, the Companies incurred a loss from
continuing operations of $73,196,000 compared to income of $62,518,000 for the
same period in 1999. The loss from continuing operations for the six months
ended June 30, 2000 includes other expenses of $121,322,000 compared to
$39,203,000 for the same period in 1999. Other expenses during the six months
ended June 30, 2000 principally consisted of provisions for assets and
mortgages, impairment of a real estate related security, costs related to the
Companies' separation agreement with David F. Benson, former CEO of Meditrust
Corporation, and expenses related to the Five Point Plan. Other expenses
during the six months ended June 30, 1999 principally consisted of costs
related to the Companies' separation agreement with Abraham D. Gosman, former
Chairman of Meditrust Corporation and Meditrust Operating Company, and
implementation of the comprehensive restructuring plan, which included
professional and advisory fees, and costs arising from the early repayment and
modification of certain debt.

Francis W. ("Butch") Cash, Chief Executive Officer of Meditrust said, "While
we are disappointed with the operating results of La Quinta for the second
quarter, the Companies have made progress during my first 90 days as CEO
toward addressing these operating challenges and building the foundation from
which to continue execution of the Five Point Plan and focus the Companies on
the long-term growth potential of the lodging division." Mr. Cash has brought
together a new senior management team for La Quinta that includes a new CFO, a
new Senior Vice President of Sales and Marketing, and a new Chief Development
Officer to spearhead the franchising efforts. In addition, a new yield
management structure, and a new operations structure along with two new group
Vice Presidents of Operations, have been put in place. Mr. Cash stated, "With
its senior management team solidified and a new organizational structure in
place, La Quinta is positioned to begin the process of improving its results
and to once again grow through the recently announced franchise program."

Regarding the healthcare financing division of Meditrust, Mr. Cash stated,
"Our healthcare financing division continues to function in a mixed
environment. While there are signs that operating results for healthcare
facility operators are stabilizing, the healthcare market is still suffering
from scarce capital, excessive leverage, and ongoing labor, regulatory, and
litigation issues." During the second quarter, the Companies successfully
completed nearly $55 million of healthcare transactions and, consistent with
the Five Point Plan, expects to continue to sell healthcare assets during the
remainder of 2000.

                                 Lodging

Lodging related revenues for the second quarter of 2000 were $158.2 million
compared to $162.3 million for same period of 1999. The decline in revenues is
primarily attributable to the decline in occupancy from 73.0% during the three
months ended June 30, 1999 to 67.4% during the three months ended June 30,
2000. As a result RevPAR declined 3.5 percent from $44.14 during the second
quarter of 1999 to $42.58 during same period in 2000.
During the second quarter of 2000, La Quinta incurred incremental operating
expense of approximately $12.1 million primarily related to increases in
salary and wage rates, the implementation of new information systems, certain
severance and other employment related expenses, as well as certain other
operating expenses. EBITDA for the second quarter of 2000 was $63.4 million
compared to $79.7 million for the comparable period of 1999. EBITDA margins
for the second quarter of 2000 decreased 9.0 percentage points to 40.1% from
the comparable quarter in 1999. In addition, Telematrix Inc., a provider of
telephone software and equipment for the lodging industry, acquired in October
1999, contributed revenue of $3.8 million and EBITDA of $0.6 million to the
quarter.

Meditrust's portfolio of hotels operating under the La Quinta name included
230 Inns and 70 Inn & Suites hotels as of June 30, 2000. Supplementary
schedules are attached and present summary Occupancy, Average Daily Rate (ADR)
and RevPAR data.

                                Healthcare

Healthcare related recurring revenue for the three months ended June 30, 2000
was $57.5 million compared to $77.4 million during the same period in 1999.
The decrease in revenue is primarily the result of healthcare asset sales and
mortgage repayments made over the last twelve months. Operating expenses,
which include rental property and general and administrative expenses, for the
three months ended June 30, 2000, were $4.1 million compared to $6.3 million
during the same period in 1999. The decrease in operating expenses is
primarily the result of the sale of medical office buildings and a related
management company, reductions in state tax expenses arising from a
reformation of certain healthcare subsidiaries and reductions in personnel
expenses. Resulting EBITDA was $53.4 million for the three months ended June
30, 2000 compared to $71.1 million during the same period in 1999.
During the three months ended June 30, 2000, Meditrust sold healthcare
properties and received mortgage repayments totaling $55 million and completed
$0.9 million in development financing for healthcare investments that were
committed to prior to 1999. Meditrust had mortgage maturities and principal
repayments during the quarter of approximately $2.7 million.
As of June 30, 2000, Meditrust had financing commitments of approximately $5
million for ongoing healthcare real estate projects. A supplemental schedule
is attached which presents the real estate portfolio as of June 30, 2000.
Bankruptcies within the Healthcare Industry

Citing the negative impact of changes in Medicare reimbursement rates,
increases in labor costs, and increases in their debt leverage, several long-
term care companies have filed for protection under Chapter 11 of the US
Bankruptcy Code ("Chapter 11"). Currently, Meditrust has exposure to four
operators who have filed for protection under Chapter 11: Sun Healthcare Group
("Sun"), Mariner Health Group ("Mariner"), Integrated Health Services
("Integrated"), and Genesis Health Ventures, Inc. ("Genesis").
On June 26, 2000, Genesis filed for protection under Chapter 11. As of June
30, 2000, Meditrust had a portfolio of four owned properties representing net
assets of approximately $15,330,000 and four mortgaged properties representing
a net asset value of approximately $18,439,000 operated by Genesis. During the
six months ended June 30, 2000, rental income derived from these properties
was $826,000, and interest income derived from mortgages was $976,000.

                     Debt Repayment and Capital Resources

During the six months ended June 30, 2000, the Companies retired $58.5 million
of its debt prior to maturity date, and as part of sale transactions repaid
secured debt totaling $15 million. As a result of these early repayments of
debt, a net gain of $1.4 million was realized and is reflected as an
extraordinary item. On June 30, 2000, the Companies also repaid $34.8 million
of its 8.54% convertible debentures, which were scheduled to mature on July 1,
2000. During July, the Companies repaid $38.5 million of secured debt and $87
million of 7.375% Notes Payable on their scheduled maturity dates. Meditrust
has approximately $224 million available on its revolving credit line as of
August 1, 2000.

                                    Dividend

As part of the Five Point Plan, Meditrust Corporation suspended the payment of
its common share dividend. Meditrust Corporation expects that its board of
directors will declare the minimum dividend required, if any, to maintain its
REIT status in December 2000, which will equal at least 95% of its ordinary
taxable income for the year ended December 31, 2000. The timing of, and gains
and losses from the sales of the healthcare assets as well as the operating
results of both the healthcare and lodging divisions, during the year 2000,
will impact any minimum dividend required to maintain Meditrust Corporation's
REIT status. The quarterly dividend for the 9% Series A preferred stock was
paid on March 31, 2000 and June 30, 2000, respectively. The board of directors
also expects that the dividend on the cumulative preferred will remain at 9%
and will continue to be paid quarterly.

                                   Asset Sales

During the year 2000, the Companies have completed $321 million of asset sales
and mortgage repayments. On February 2, 2000, the Companies announced the
completion of asset sales totaling $236 million. Total consideration included
$176 million in cash, repayment of $8 million of assumed debt and $52 million
of subordinated indebtedness due January 2005 bearing interest at 9%. The
transactions involved the sale of the Companies' medical office building
management company, 23 medical office buildings, three medical office building
mortgage loans, 12 assisted living facilities, and the partial repayment of
one mortgage loan. On March 3, 2000, the Companies were repaid $8 million from
a mortgage related to a long-term care facility. On March 13, 2000, the
Companies completed a $22 million sale of four long-term care facilities. On
April 7, 2000, the Companies received $48 million related to mortgage loans on
two medical office buildings. In 1998 and 1999, the Companies recorded a loss
provision for "assets held for sale", related to the above described
transactions, of approximately $72 million. On June 21, 2000, the Companies
also completed the sale of one mortgage loan on a retirement living facility
for $7 million. The cash proceeds from the sale of assets were used to repay a
portion of the Companies' revolving credit facility.

Meditrust noted that quarterly financial results for the period ended June 30,
2000 can be found in the Companies' Joint Quarterly Report on Form 10-Q that
was filed with the Securities and Exchange Commission this past week.


MULTICARE COMPANIES: Eldercare Services Company Reports 3Q Results
------------------------------------------------------------------
Genesis ElderCare Corp., the joint-venture that owns The Multicare Companies,
Inc., announced Multicare's results for the third quarter of fiscal 2000.

Revenues for the quarter ended June 30, 2000 were $161.8 million, compared to
revenues of $163.2 million for the quarter ended March 31, 2000. Effective May
31, 2000, Multicare sold all of its Ohio operations which included 14
eldercare centers with 1,128 beds, to Trans Healthcare, Inc. for $36.5 million
in cash. As a result of the sale, revenues in the June quarter declined by
$4.0 million. The offsetting increase of $2.6 million in revenues in the June
quarter is due to increased per diem rates and growth in Medicare census.
Excluding Ohio, the Medicare per diem rate increased by $9 and the Medicare
average daily census increased by 37 days resulting in $1.1 and $0.9 million
increase in revenue, respectively. The remaining $0.6 million is due to
increases in private and Medicaid per diem rates. Occupancy rates increased to
91.5% in the June quarter from 91.3% in the March quarter.

Earnings before interest, taxes, depreciation, amortization, rent, management
fees, and debt restructuring, reorganization, and other expense (EBITDARM) for
the quarter ended June 30, 2000 were $25.8 million compared to $26.5 million
for the quarter ended March 31, 2000. EBITDARM declined $0.5 million due to
the sale of Ohio assets. The Company recorded $1.0 million in expenses
associated with the transition of its incentive compensation program from
stock-based to cash-based. On a pro forma basis for the sale of Ohio assets
and excluding the costs associated with the incentive compensation program,
EBITDARM margins increased to 16.4% from 16.1% in the second quarter.
During the quarter ended March 31, 2000, Multicare did not renew an operating
lease which expired on an eldercare center with 85 beds in Virginia.

The loss before income taxes, share in net loss of unconsolidated affiliates
and debt restructuring, reorganization and other expense was $16.1 million and
$14.7 million for the quarter ended June 30, 2000 and March 31, 2000,
respectively.

On June 22, 2000 The Multicare Companies, Inc. and certain of its affiliates
filed voluntary petitions with the U.S. Bankruptcy Court in Delaware to
reorganize its capital structure under Chapter 11 of the U.S. Bankruptcy code.
On the same date, Genesis Health Ventures Inc. (Multicare's principal owner
and manager) and certain of Genesis' direct and indirect subsidiaries filed
for voluntary petitions with the U.S. Bankruptcy Court in Delaware to
reorganize its capital structure under Chapter 11 of the U.S. Bankruptcy code.
Both companies are currently operating as debtors-in-possession subject to the
jurisdiction of the Bankruptcy Court.

Multicare has secured $50 million in debtor in possession ("DIP) financing
with a lender group led by Mellon Bank. To date the Company has not borrowed
under this commitment. During the quarter ended June 30, 2000, Multicare
incurred and expensed fees of $4.5 million for legal, accounting and
consulting services as well as bank and court fees in connection with debt
restructuring negotiations and subsequently the costs of reorganization
filings with the Bankruptcy Court. Included in debt restructuring,
reorganization and other expense was $1.0 million in bank charges and $3.5
million in legal and financial consultant expense. Also included in debt
restructuring, reorganization and other expense was a $7.9 million loss on the
sale of the Ohio assets.

In connection with the restructuring of the Multicare joint-venture agreement,
beginning in the first quarter of Fiscal 2000, Multicare is a consolidated
subsidiary of Genesis Health Ventures for financial reporting purposes and
continues to be managed by Genesis. Multicare is a leader in providing
eldercare services in the eastern and mid-western United States through
skilled nursing and assisted living centers. Genesis Health Ventures provides
eldercare in the eastern United States through a network of Genesis ElderCare
skilled nursing and assisted living centers and long term care support
services nationwide including pharmacy, medical equipment and supplies,
rehabilitation, group purchasing, consulting and facility management.


PIXELON CORP: Court Approves Balthaser To Purchase Shares
---------------------------------------------------------
Pixelon Corp., based in San Juan Capistrano, California, received approval
from the U.S. Bankruptcy Court to sell its shares to Balthaser Online, Inc.,
of San Francisco.  Balthaser will pay $175,000 in cash and waive $300,000 in
claims that it holds against Pixelon, according to a report from New
Generation Research, Inc.

As previously reported in the TCR, officials and backers of Pixelon Corp.,
filed for Chapter 11 bankruptcy protection in July after ousting top managers.  
Officers of the troubled San Juan Capistrano start-up were sued by former
investors for allegedly withholding critical information when the Company
raised money in a private placement.


PREMIER LASER: MediVision Pays $3,200,000 for Majority Interest in OIS
----------------------------------------------------------------------
Irvine, California-based Premier Laser Systems Inc., California, obtained
authority from Judge Alberts and the U.S. Bankruptcy Court for the Central
District of California, for authority to sell its majority interest in
Ophthalmic Imaging Systems of Sacramento to MediVision Medical Imaging Ltd. of
Israel for $3.2 million.   As reported previously in the TCR, Premier Laser
hired Magnum Group as its financial advisor to assist the Company in the
disposition of various assets, including OIS.


ROBERDS: Gordon, Nassi & ALCO Report on Progress of Going-Out-Of-Business Sale
------------------------------------------------------------------------------
The joint venture of Gordon Brothers Retail Partners, LLC, The Nassi Group LLC
and ALCO Capital Group, LLC, retained as liquidation agent for Roberds, Inc.,
submits a reports on the progress of the Roberds, Inc. going-out-of business
sale to the U.S. Bankruptcy Court for the Southern District of Ohio.  

As of July 23, 2000 the GOB Sale had generated approximately $25 million in
total sales.  Based on the results of the GOB sale to date with respect to
augmented inventory, the debtor is not currently and likely will not be
entitled to receive any monies in excess of the $3.1 million guaranteed to
Roberds by the Joint Venture.
  

SAFETY-KLEEN: Sells Vacant Ann Arbor Property To Mainline For $1.5MM
--------------------------------------------------------------------
Pursuant to 11 U.S.C. Sec. 363, Safety-Kleen Corp. sought and obtained
authority to sell certain real property, together with all improvements
thereon, located at 3895 Research Park Drive in Ann Arbor, Michigan to
Mainline Technologies, Inc.  Skadden Arps lawyer J. Gregory St. Clair, Esq.,
tells Judge Walsh that as part of the plan to restructure their operations,
the Debtors intend to identify and divest themselves of underperforming or
non-core assets. The Ann Arbor Property is one of those non-core assets. For
10 years, Safety-Kleen (Encotec), Inc., operated an analytical laboratory at
the facility.

The Ann Arbor property is vacant and the Debtors do not intend to occupy
or otherwise use the property in the future. The Ann Arbor Property, the
Debtors say, is not essential to their successful reorganization. At present,
the Debtors' remain liable for property taxes and other carrying costs
associated with the Ann Arbor Property, including, among others, insurance.
The Debtors are not, however, deriving any benefit from continued ownership of
the Ann Arbor property. Consequently, the Debtors believe that a sale of the
Ann Arbor Property will maximize its value for the benefit of the Debtors,
estates and their creditors.

On May 19, 2000, the Debtors accepted a $1,500,000 cash offer from Mainline
for the purchase of the Property. The Debtors relate that Cushman & Wakefield
marketed the Ann Arbor Property for nearly a year through the use of signs,
brochures, e-mail, announcements on Internet web pages, mailings to laboratory
users and competing brokers, and telephone solicitations to potential
prospects. Mainline's offer is the highest and best offer received to date and
the Debtors believe that it extremely unlikely that additional marketing would
result in significantly greater net proceeds to the Debtors' estates.

Based on this record, Judge Walsh approved the Debtors' sale of the Property
to Mainline. Judge Walsh directs that the sale will be free and clear of all
liens, claims, interests, and encumbrances, and determined, at the Debtors'
behest, that the sale is exempt from any stamp, transfer, recording or similar
tax. Additionally, Judge Walsh authorized payment of a 6% brokerage fee to
Cushman & Wakefield. (Safety-Kleen Bankruptcy News, Issue No. 6; Bankruptcy
Creditors Service Inc., 609/392- 0900)


SUN HEALTHCARE: Third Request for Extension of Exclusive Period -- to Nov. 9
----------------------------------------------------------------------------
Sun Healthcare Group, Inc., asks Judge Walrath for a further extension of the
Exclusive Period during which they may file a plan of reorganization through
November 9, 2000 and through January 8, 2001 to solicit acceptances of the
plan.

The Debtors tell Judge Walrath that issues have taken longer to resolve than
anticipated at the time of the previous motion. They explain that they have
made significant progress in their negotiations with the federal government
regarding the disposition of underperforming facilities and a global
settlement of the claims, but there are still outstanding issues that need to
be resolved before they are able to accurately assess the changes that will
have to be made to the existing agreement in principle with their bank
lenders and senior subordinated noteholders.

The Debtors also report that they and their creditor representatives have
made significant progress in documenting the plan of reorganization and the
debt and corporate documents necessary to effectuate the agreement in
principle that they negotiated with their two largest and most senior
creditor constituencies before the filing of their chapter 11 cases. They
note that two significant areas of uncertainty must be clarified before
completion of the documentation: (1) the magnitude of the claims of general
unsecured creditors, excluding the Debtors' senior bank lenders and the
holders of public debt securities of Sun Healthcare Group, Inc. and (2) the
cost to the Debtors of resolving outstanding issues with the government. The
agreement in principle is also subject to the resolution of potential
overpayment claims by federal and state government agencies, the Debtors
observe.

According to the Debtors, some of the remaining issues under discussion with
HHS could have a material effect on the post-confirmation operations of the
Debtors and their ability to comply with some of the terms of the agreement
in principle. Therefore, they believe they need additional time to advance
the discussions with HHS and assess the economic implications of such a
global settlement.

As justification, the Debtors also reiterate the size and complexity of the
cases, that they are working closely with creditors and lenders on a plan of
reorganization, and are generally making postpetition payments and
effectively managing their businesses and properties.  (Sun Healthcare
Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


TOYSMART.COM: 43 States Interpose Formal Objections To FTC Settlement
---------------------------------------------------------------------
Attorneys general for a total of 43 states, two territories, and the District
of Columbia filed formal objections with the U.S. Bankruptcy Court to the
proposed settlement between Toysmart.com, Inc., and the Federal Trade
Commission.   As previously reported, the proposed settlement allowed for
Toysmart to sell its customers' personal information, under certain
circumstances. The objection maintains that the sale of this information would
violate both the Company's stated privacy policy and consumer protection laws.
The objection states that the attorneys general applaud the FTC's stipulation
requiring that prospective buyers must offer identical privacy protections;
however, it further insists that former Company customers be notified before
any such sale and, additionally, be given the opportunity to remove their
information from the lists. Specifically, the objection states, "Although the
FTC settlement provides some safeguards, it fails to address the core issue in
this proposed transaction--that consumers were promised and are entitled to
the right not to have their personal information transferred without their
knowledge or consent."  Toysmart has been operating under Chapter 11
protection since May 2000.  (New Generation Research, Inc. 08-Aug-2000)


UNIFRAX CORP: Moody's Places Senior Debt Ratings On Review For Downgrade
------------------------------------------------------------------------
Moody's Investors Service placed the ratings of Unifrax Corporation on review
for possible downgrade following the company's announcement on July 31, 2000
that it has entered into a definitive agreement to purchase the ceramic fiber
business of Carborundum Insulation Technologies (CIT), an operating unit of
the Paris based Compagne de Saint-Gobain (Saint-Gobain). The ratings include
the B2 rating of its $96 million senior notes, due 2003, the Ba3 rating of its
$22 million senior secured credit facility, maturing 2001, the B2 senior
unsecured issuer rating, and the B1 senior implied rating.

The purchase price, the bank debt and seller financing arrangements, and
financial information on the business being acquired have not been disclosed.
The transaction is expected to close by the end of September 2000 and will
double Unifrax sales (CIT had 1999 ceramic fiber sales of about $80 million,
roughly the same as Unifrax 1999 sales of $85 million). The acquisition will
reunite Unifrax, which is the former North American Fibers Division of The
Carborundum Company that was acquired by Kirtland Capital Partners in 1996
from British Petroleum, with its former international ceramic fiber operations
that was acquired by Saint-Gobain.

Moody's review will focus on the pro forma cash flow, interest coverage, and
leverage, the acquisition integration risk, and the benefits of the increased
international market for its products.

Unifrax Corporation, headquartered in Niagara Falls, New York, is a leading
producer of heat resistant ceramic fiber products in North America.


UNITED HOMES: Sheldon Good To Auction $30 Million Of Residential Property
-------------------------------------------------------------------------
United Homes Inc., which declared Chapter 11 bankruptcy in March, hired
Sheldon Good & Co. Auctions of Chicago to auction 313 properties in Illinois,
Michigan and Arizona. The properties in the three states are valued at $25
million to $30 million. Houses and sites in Illinois to be auctioned are in
the following areas: Fields of Bayberry in Waukegan, Cyprus Pointe in Gregg's
Landing in Vernon Hills, Harvest Run in Crystal Lake, Sienna Pointe in Cary,
Tiffany Farms in Antioch and Brentwood Estates in Palatine. The Illinois
auctions are expected to take place Sept. 14 and 17. The company also sent
notice of the auctions to anyone who had submitted interest in the properties
in the past. (New Generation Research, Inc. 07-Aug-2000)


WASTE MANAGEMENT: Announces Financial Results For Second Quarter
----------------------------------------------------------------
Waste Management Inc. (NYSE:WMI) announced financial results for its second
quarter ended June 30, 2000. Revenues for the quarter were $3.27 billion as
compared to $3.32 billion in the year ago period. The Company reported net
income of $0.3 million for the period or $0.00 per diluted share, compared
with $318.3 million, or $0.50 per diluted share, for the second quarter 1999.
On a pro forma basis, after adjusting for unusual costs and certain other
items discussed below, second quarter 2000 net income was $200.4 million, or
$0.32 per diluted share.

The unusual costs and other items adjusted for in the pro forma analysis
include: $125.1 million in losses, net of gains, on sales of assets and $77.6
million in impairments on assets held-for-sale, primarily related to
international operations, $13.8 million for the planned termination of the
former Waste Management pension plan, and $54.2 million of SG&A costs
primarily related to business consulting, accounting and stabilization
efforts. Additionally, for the pro forma analysis an effective tax rate of
41.7% is utilized, and $32.1 million of suspended depreciation related to the
assets-held-for-sale is charged to expense.

For the six months ended June 30, 2000, Waste Management reported operating
revenues of $6.48 billion as compared to $6.40 billion for the comparable
period last year. Net income was $55.3 million and diluted earnings per share
was $0.09 for the six months ended June 30, 2000 compared to $665.0 million
and $1.05, respectively, for the same period in 1999.

"During the second quarter the Company made significant progress on a number
of important projects. And, I am pleased with the consistency of operations
that is beginning to be evidenced in our quarterly results," said A. Maurice
Myers, chairman, president, and chief executive officer of Waste Management.
"The divestiture program announced last year advanced substantially in the
past few months. To date we have announced sales of assets totaling about $2
billion and have collected $1.1 billion of those proceeds. The approximately
$1 billion of proceeds received during the second quarter combined with free
cash flow from operations resulted in a total debt reduction of $1.2 billion
in the quarter.


Bond pricing for week of August 10, 2000
========================================
Data is supplied by DLS Capital Partners, Inc.

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                      13 - 15 (f)
Advantica 11 1/2 '08                       67 - 69
Asia Pulp & Paper 11 3/4 '05               67 - 69
Conseco 9 '06                              66 - 67
E & S Holdings 10 3/8 '06                  40 - 43
Fruit of the Loom 6 1/2 '03                50 - 52 (f)
Genesis Health 9 3/4 '05                    9 - 11 (f)
Globalstar 11 1/4 '04                      25 - 27
GST Telecom 13 1/4 '07                     48 - 51 (f)
Iridium 14 '05                              4 - 5 (f)
Loewen 7.20 '03                            33 - 35 (f)
Paging Network 10 1/8 '07                  38 - 40 (f)
Revlon 8 5/8 '08                           51 - 53
Service Merchandise 9 '04                   7 - 9 (f)
Trump Atlantic 11 1/4 '06                  71 - 73
TWA 11 3/8 '06                             38 - 40

                                *********

A list of Meetings, Conferences and seminars appears in each Tuesday's edition
of the TCR.  Submissions about insolvency-related conferences are encouraged.

Bond pricing, appearing in each Friday's edition of the TCR, is provided by
DLS Capital Partners in Dallas, Texas.

For copies of court documents filed in the District of Delaware, please
contact Vito at Parcels, Inc., at 302-658-9911.  For bankruptcy documents
filed in cases pending outside the District of Delaware, contact Ken Troubh at
Nationwide Research & Consulting at 207/791-2852.

                               *********

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, Ronald Ladia, Zenar Andal, and Grace Samson,
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
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                     * * * End of Transmission * * *