TCR_Public/001016.MBX              T R O U B L E D   C O M P A N Y   R E P O R T E R

                 Monday, October 16, 2000, Vol. 4, No. 202

CHILDREN'S BEVERAGE: Illinois Court Dismisses Involuntary Petition
CHIPSHOT.COM: Golf E-Tailer Lays-Off Workers, Web Site May Shut Down
CORAM HEALTHCARE: Parent Objects to Subsidiaries' Substantive Consolidation
CPC HEALTH: Mental Health Provider Files Chapter 11 in Greenbelt, Maryland
DICKSINSON THEATRES: Closes Six-Screen House in Noland Fashion Square

DUQUESNE CITY: Special Board Names to Deal with Distressed School District
ELDER-BEERMAN: Will Purchase Shares at or Below $5.00 from Dutch Auction
FARMERS COOPERATIVE: Chapter 11 Pushes Two Regional Co-ops To Jump Ship
FREDERICK'S OF HOLLYWOOD: Seeks Exclusivity Extension to March 1, 2001
FRUIT OF THE LOOM: Second Motion for Extension of Exclusive Period

GC COMPANIES: Gabelli Group Lowers Stake To 33.09% After Bankruptcy Filing
GENESIS/MULTICARE: 3rd Avenue Value Fund Sees 60% YTM On Genesis Bank Debt
GENEVA STEEL: Confirmation Hearing Continued to October 26  
HARNISCHFEGER INDUSTRIES: BWRC Effectuates Sale of Beloit Africa Shares
HEILIG-MEYERS: Proposes $1 Million Key Employee Retention Incentive Plan

HUMPTY DUMPTY: Maine Court Confirms Chapoter 11 Plan of Liquidation
JUMBOSPORTS, INC.: Peoria Property Fetches $1.6 Million
KITTY HAWK: M. Tom Christopher's Plan Draws Fire from Creditors' Committee
LANGSTON CORPORATION: Committee Taps Arthur Andersen as Financial Advisors
NATIONAL BOSTON MEDICAL: Creditors Will Meet Oct. 24; Bar Date Established

PACIFICARE HEALTH: Fitch & Duff Downgrades Senior Debt Rating To BB+
PHILIPP BROTHERS: Moody's Places B3 Rating on $100MM Sr. Subordinated Notes
PRO AIR: Strikes Deal for Continued Use of Lenders' Cash Collateral
PUGET SOUND: S&P Assigns Preliminary Ratings To New $500MM Note Issue
PUTNAM CBO: Moody's Lowers Ratings as Collateral Pool Quality Deteriorates

RIGGS BANK: Moody's Downgrades Long-Term Ratings Citing Rising Credit Loses
SAFETY COMPONENTS: Delaware Court Approves Plan to Emerge From Chapter 11
SAFETY-KLEEN: Personal Injury Claimants Move For Relief From Stay
SCOUR, INC.: Files for Chapter 11 in Los Angeles to Stay Numerous Lawsuits
SHOPKO: Fitch Affirms $340MM Senior Notes at BBB With Negative Outlook
STELLEX TECHNOLOGIES: Employing Donaldson Lufkin & Jenrette as Advisors

SUN HEALTHCARE: Moves to Recertify Edwardsville Facility For Medicare
THUNDERBIRD HOTEL: Case Summary and 4 Largest Unsecured Creditors
TRI VALLEY: Sen. Diane Feinstein Secures $20 M for Central Valley Farmers
TUCSON GENERAL: Arizona Hospital Files Chapter 11 To Restructure Its Debts
UNIDIGITAL, INC.: Court Approves Cash Collateral Pact with Secured Lenders

WASTE MANAGEMENT: Appoints Everett A. Bass as Public Sector Vice President

* Bond pricing for the week of October 16, 2000


CHILDREN'S BEVERAGE: Illinois Court Dismisses Involuntary Petition
The involuntary bankruptcy petition that had been filed against The
Children's Beverage Group, Inc. (OTC/BB: TCBG) in U.S. Bankruptcy Court
Northern District of Illinois has been dismissed.

Jon Darmstadter President and CEO of The Children's Beverage Group, Inc.
(OTC/BB: TCBG) states: "We believe the involuntary petition was improperly
filed and are happy to report the petition has been dismissed. We may now
move forward with our Rochester project and close on the purchase of the
building. We may then begin to build the most modern and state of the art
flexible packaging facility in the world. This will allow us to fast track
our ability to begin producing top quality products for our customers with
greater efficiencies. It will also allow us to begin to satisfy the huge
demand to deliver a flexible package with our unique, patented rip it sip
it'(TM) no spill, straw in the pouch product.

The Children's Beverage Group, Inc. is a unique beverage company directed
at the billion dollar plus children's beverage market. The company's
mission and goal has been to create cutting edge products using the latest
in packaging technology. It features a patented no. 5,941,642 09/005,627,
"Self-Contained Fluid Dispensing System" known in the trade as the rip it
sip it'(TM) system.

The company's products have been marketed by national retailers like
Wal-Mart(R)(NYSE: WMT). The company has been featured on the nationally
broadcast television program "Emerging Public Companies.... the Story
Behind the Symbol".

CHIPSHOT.COM: Golf E-Tailer Lays-Off Workers, Web Site May Shut Down
--------------------------------------------------------------------, the online golf shop, filed for chapter 11 bankruptcy
protection recently and laid-off all but a handful of its employees,
according to a newswire report.  Although its Web site is still accepting
orders, executives say the Sunnyvale, California-based e-tailer is no
longer shipping items and may shut down the site later this week.

Chipshot filed chapter 11 last month in the U.S. Bankruptcy Court for the
Northern District of California in San Jose. Chipshot chief executive Brian
Sroub attributed the company's struggle to the bear market for technology
stocks. Chipshot launched in 1995 and raised some $50 million in four
rounds of financing, including $29 million in fourth-round funding in June.
Among the company's backers were Sequoia Capital and Oracle Venture Fund.
In the past several months, "three or four" investors have expressed
interest in buying the company or its assets, Sroub said, but it is not
known if or when Chipshot would be acquired. (ABI 12-Oct-00)

CORAM HEALTHCARE: Parent Objects to Subsidiaries' Substantive Consolidation
Coram Healthcare Corp. ("CHC") and Coram, Inc. ("Coram") object to the
motion of Coram Resource Network, Inc. and Coram Independent Practice
Association, Inc., as subsidiaries of the parent debtors, for substantive
consolidation of the Chapter 11 cases of Coram Healthcare Corporation,
Coram, Inc., Coram Resource Network, Inc. and Coram Independent Practice
Association, Inc.

CHC and Coram state that consolidation will demonstrably cause harm to all
constituencies.  Not only are the Subsidiaries unable to present actual
facts to support this "extraordinary equitable remedy," but also the result
of substantive consolidation would be a futile administrative and economic
hardship to all constituencies with no corresponding benefit. CHC and Coram
state that there is no equitable reason to grant the remedy, that the
debtors and subsidiaries are engaged in different businesses, have separate
records of income and expenses and contract with customers in their own
names, and have their own employees.

The debtors claim that consolidation will vastly diminish, if not eliminate
the value of the parent debtors' estates by preventing confirmation of the
debtors' proposed plan.  The Noteholders are patently unwilling, and cannot
be compelled to subordinate their senior claims to the unsecured claims
against the Subsidiaries.  The debtors say that if consolidation is
approved, the Company's proposed plan of reorganization will fail.

CPC HEALTH: Mental Health Provider Files Chapter 11 in Greenbelt, Maryland
The Washington Post reports that mental health provider CPC Health Corp.
filed for bankruptcy reorganization under Chapter 11 in U.S. Bankruptcy
Court in Greenbelt, Maryland.  According to court documents, the Rockville
firm will continue to operate.  President Steven Goldstein said that even
though layoffs are not planned yet, it might change after a careful review.
"Buried in this great range of programs are probably certain services that
are either under-reimbursed or poorly performing on the financial side,"
Goldstein added. Health Care Business Credit Corp., which has lent $6.5
million to CPC, is considered its largest creditor.

CPC Health posted assets of $15 million and debts amounting to $11 million
upon filing.  Many of those assets consist of land and buildings that
aren't easy to convert to cash.  CPC consists of 450 workers and 34
psychiatrists and psychologists.  CPC delivers a wide array of mental
health services to 4,000 patients a year at Chestnut Lodge Hospital,
residential and outpatient facilities, the Lodge School, three group homes
and several programs within county public schools.

DICKSINSON THEATRES: Closes Six-Screen House in Noland Fashion Square
Dickinson Theatres Inc., The Kansas City Star reports, which filed for
bankruptcy protection under Chapter 11, has closed its six-screen Noland
Fashion Square movie house.  Theatre representatives refused to comment on
the closing not far from Noland Road and U.S. 40.  Dickinson still operates
its EastGlen 16 in Lee's Summit, Belton 8 theaters in Belton and Red Bridge
4 in south Kansas City.

Dickinson Theatres filed for Chapter 11 in the U.S. Bankruptcy Court in
Kansas. The company reports assets of $58 million over debts of $42

DUQUESNE CITY: Special Board Names to Deal with Distressed School District
State Education Secretary Eugene W. Hickok declared the Duquesne City
School District in Allegheny County financially distressed and named Dr.
Nick Staresinic to serve on a three-member board of control.

Hickok also notified the district of his plan to present a petition to the
Allegheny County Court of Common Pleas, asking the court to appoint the two
other members of the board of control, which is required under state law.

"I have been closely monitoring the financial condition of the Duquesne
City School District and have confirmed that the district has serious
financial problems," Hickok said. "As a result, I have no choice but to
declare the district financially distressed.

"It is my sincere hope that a new financial board of control will restore
financial stability to the district and, more important, help make sure
Duquesne's more than 1,000 children get the education they need and

From 1996-99, Dr. Staresinic, a retired superintendent, served on a
financial board of control in the Clairton School District, Allegheny
County. That board was disbanded in February 1999, Hickok noted.

Hickok made his decision soon after the school district failed to make a
bond payment of $987,240 that was due Oct. 1. The Department of Education
made the payment on the district's behalf and will deduct the amount from
the district's future state basic education subsidies. The department also
had to make a $471,618 bond payment on April 1, 2000. The two payments made
on behalf of the district totaled $1,458,858.

A declaration of financial distress essentially transfers the authority of
the elected board to the financial board of control. The board of control
assumes the duties of the elected school board with the exception of the
power to levy taxes. The law does not, however, empower the new board with
any new authority. The board of control would make all decisions affecting
the district until financial solvency is restored.

Duquesne City in 2000-01 will receive $4,083,917 in basic education
subsidies and $415,868 in special education subsidies.

The district also is one of seven in Western Pennsylvania that has been
receiving special appropriations because of reductions in the assessed
value of properties. Since 1994-95, Duquesne has received an additional

Duquesne City also is one of 11 districts on the Education Empowerment
List, because 69.8 percent of the district's students scored in the bottom-
measured group on state reading and math assessments. Under the Education
Empowerment Act, the district is eligible to receive an additional $519,075
in School Improvement Grants to help implement a new School Improvement

In the 1998-99 school year, the district spent $11,045 per student.
All told, state taxpayers invest $4,662,626 in Duquesne City -- or 55.2
percent of the district's revenues, according to the latest available data.
The Chester-Upland School District is the only other financially distressed
school district in Pennsylvania.

For more information, contact Dan Langan, Press Secretary of the
Pennsylvania Department of Education, 717-783-9802.

ELDER-BEERMAN: Will Purchase Shares at or Below $5.00 from Dutch Auction
The Elder-Beerman Stores Corp. (NASDAQ: EBSC) announced the final results
of its self-tender offer, which expired at 12:00 midnight, New York City
time, on Thursday October 5, 2000. Elder-Beerman commenced the tender offer
on September 8, 2000 to purchase up to 3,333,333 shares of its common stock
at a price between $4.50 and $6.00 per share, net to the seller in cash,
without interest.

Based on the final count by the depositary for the tender offer, Elder-
Beerman accepted for payment under applicable securities laws 3,462,363
shares, representing approximately 23.2 percent of the outstanding shares,
at a purchase price of $5.00 per share. All shares properly tendered at or
below $5.00 were accepted for payment, and proration of such shares will
not be necessary. Payment for the shares accepted for purchase and return
of all other shares tendered but not accepted for payment will occur
promptly by the depositary. After completion of the tender offer, Elder-
Beerman will have approximately 11,437,326 shares of common stock

The dealer-manager for tender offer was Wasserstein Perella & Co.
The nation's ninth largest independent department store chain, The Elder-
Beerman Stores Corp. is headquartered in Dayton, Ohio and operates 62
department stores in Ohio, West Virginia, Indiana, Michigan, Illinois,
Kentucky, Wisconsin and Pennsylvania. Elder-Beerman also operates two
furniture superstores. Elder-Beerman has announced it will open a new
concept store in Jasper, Indiana in November of 2000.

FARMERS COOPERATIVE: Chapter 11 Pushes Two Regional Co-ops To Jump Ship
The Farmers Cooperative Association, Tribune Business News reports, which
filed for bankruptcy protection under Chapter 11 in Kansas, may have two
less regional agricultural cooperatives.  President of the Lawrence-based
coop, Don Dumler said Cenex Harvest States Cooperatives of St. Paul, Minn.,
and Ag Processing Inc., of Omaha might submit proposals. "We approached
Farmland, and they turned us down," Dumler said of Farmland Inc., the giant
Kansas City-based cooperative. "But we wanted to try to find a way to keep
this in the cooperative system." Both regional co-ops could help if they
purchase parts of the Lawrence co-op's operations or to refinance its debt
for ownership share. "They're discussing it and we may know something by
the end of the week," Dumler added. FCA has got until Nov. 8 to submit to
the court its proposed reorganization plan.

Cenex Harvest States is an agricultural co-op owned by producers and their
local co-ops from the Great Lakes to the Pacific Northwest and from the
Canadian border to Texas. It had 1999 net income of $86 million on sales of
$6.3 billion.

Omaha-based Ag Processing, or AGP, is one of the nation's largest soybean
processors. The co-op's owners include 300,000 members from 16 states and
Canada, and includes 285 local cooperatives and 10 regional cooperatives.
AGP had 1999 earnings of $18.1 million on sales of $2.1 billion.
Dumler said he approached the cooperatives to assess their interest in
getting involved because they have been doing business with FCA.

FREDERICK'S OF HOLLYWOOD: Seeks Exclusivity Extension to March 1, 2001
Frederick's of Hollywood, Inc. seeks entry of a court order extending
periods during which debtors have exclusive rights to file and solicit
acceptances to plans of reorganization.

The debtors request that the court enter an order extending the exclusive
time periods during which only the debtors may file and solicit acceptances
to a plan of reorganization, until March 1, 2001 and June 1, 2001,
respectively. The debtors are represented by Joshua R. Ellingwood an
attorney with Klee, Tuchin, Bogdanoff & Stern LLP.

The debtor states that the size and complexity of these cases warrants
extending the exclusivity periods. Both the debtors' sales and postpetition
inventory on credit terms have exceeded projections. The debtors have also
successfully negotiated with a number of creditor constituencies. The
debtors intend to carefully review each store's performance during the
upcoming Holiday selling seasons, to determine the proper disposition for
each location. The decisions to be made with respect to those leases will
have a significant effect on any plan of reorganization.

Concurrently with this motion, the debtors seek establishment of a claims
bar date of January 12, 2001.

FRUIT OF THE LOOM: Second Motion for Extension of Exclusive Period
Fruit of the Loom Inc. (FTLAQ), Dow Jones reports, seeks court approval of
a two-month extension of the time within which it will maintain the right
to propose a Chapter 11 plan of reorganization.  Specifically, FTL asks for
the exclusive right to submit a plan through December 31, 2000, and an
extension of its solicitation period through March 1, 2001 to seek votes to
support the plan.  Judge Peter J. Walsh will hold a hearing on Oct. 25 in
Delaware to consider FTL's request.  According to court documents filed by
FTL, "the difficult task of formulating and negotiating a plan . . . has

GC COMPANIES: Gabelli Group Lowers Stake To 33.09% After Bankruptcy Filing
Dow Jones reports that investor group with Mario Gabelli, after GC
Companies Inc. filing for bankruptcy, reduced its equity stake in the
theater operator to 33.09%.  An SEC filing states that the investor group
together with Mr. Gabelli, has 2,590,921 common shares buying 105,900
shares and selling 219,003 shares from Sept. 22 to Oct. 6 at prices from
$2.50 to $3.50 a share.  The group reported a 34.2% stake in the company on
Sept. 22.

GENESIS/MULTICARE: 3rd Avenue Value Fund Sees 60% YTM On Genesis Bank Debt
Third Avenue Value Fund discloses in a regulatory filing with the
Securities and Exchange Commission that it now holds a $12,419,888 stake
in Genesis Health Ventures' Bank Debt. "[T]he Fund expects to receive cash
and new debt instruments in about six months. If matters go according to
plan the YTM [yield to maturity] ought to approach 60%," Chairman Martin
J. Whitman tells Fund shareholders. A full-text copy of the regulatory
filing is available at no charge at
(Genesis/Multicare Bankruptcy News, Issue No. 5; Bankruptcy Creditors'
Service, Inc., 609/392-0900)

GENEVA STEEL: Confirmation Hearing Continued to October 26  
Geneva Steel Company announced the confirmation hearing on its Chapter 11
plan of reorganization will be continued until October 26, 2000 at 2:30
p.m., Salt Lake City time.  The purpose of the request is to allow the
Company additional time to resolve various outstanding issues regarding its
plan of reorganization and related financings.

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

HARNISCHFEGER INDUSTRIES: BWRC Effectuates Sale of Beloit Africa Shares
BWRC, Inc., a debtor-affiliate of Beloit Corporation and Harnischfeger
Industries, Inc., owns all of the capital stock in Beloit Africa Pty. Ltd.
By this Motion, BWRC sought and obtained authority to perform all acts
necessary to effectuate the transfer of those shares to Sandusky, Inc.,
The Debtors outline for the Court the consideration Sandusky paid in
connection with its purchase of Beloit Africa:

    (A) a $90,000 cash payment to BWRC;

    (B) satisfaction of $297,890 of intercompany debts owed to Beloit
        Italia, Beloit Lenox, Beloit Manhattan, Beloit Nashua and Beloit
        Oasis; and

    (C) a waiver and release of $408,231 of intercompany owed to Beloit
        Africa by Beloit Wisconsin, Beloit Corporation and Beloit Europe
(Harnischfeger Bankruptcy News, Issue No. 28; Bankruptcy Creditors'
Service, Inc., 609/392-0900)

HEILIG-MEYERS: Proposes $1 Million Key Employee Retention Incentive Plan
Heilig-Meyers Company, et al., debtors, seeks court approval of a Key
Employee Retention Incentive Plan.

The debtors propose an incentive of up to $2,000 per store manager in the
event of any future store closings in the remaining stores. The maximum
cost of this authority, would total approximately $1 million. The debtors
are also seeking approval of a Retention Plan. There are approximately 112
employees eligible to receive payments under the Retention Plan. The total
maximum cost is $7.6 million. The Retention Plan also includes a provision,
which calls for the payment of a change of control bonus to certain key
designated officers of the debtors. The maximum amount of the change of
control bonus would equal $2.15 million.

The debtors, with the support of the Creditors' Committee seek approval of
the Retention Plan because they claim it is absolutely essential that the
debtors maintain the morale and employ of the Key Employees as the debtors
attempt to reorganize in order to maximize value in the cases. The debtors
submit that the proposed Retention Plan is fair, reasonable and
appropriately balanced among the Key Employees and meets the foregoing
legal standards.

The debtors' attrition level among key employees has now become a crisis.
The key employees under the plan generally represent the debtors' most
senior key employees.

HUMPTY DUMPTY: Maine Court Confirms Chapoter 11 Plan of Liquidation
The US Bankruptcy Court, District of Maine, entered an order on October 5,
2000, confirming the plan of liquidation of Humpty Dumpty Potato Chip Co.
dated August 11, 2000.

JUMBOSPORTS, INC.: Peoria Property Fetches $1.6 Million
JumboSports, Inc. seeks authority to sell real property located in Peoria,
Illinois to Riverside Community Church. The debtor is the fee simple owner
of real property located at 5000 W. Holiday Drive in Peoria. The real
property is presently unoccupied and the debtor does not conduct any
business on the real property.

The total purchase price is $1.6 million. A hearing to consider the motion
is scheduled for November 2, 2000 at 2:00 PM before the Honorable C.
Timothy Corcoran, III, US Bankruptcy Judge, US Bankruptcy Court, Middle
District of Florida. The debtor is represented by Harley E. Riedel, Charles
A. Postler of Stichter, Riedel, Blain & Prosser, PA.

KITTY HAWK: M. Tom Christopher's Plan Draws Fire from Creditors' Committee
The Official Unsecured Creditors' Committee filed an objection to the
Disclosure statement for the Joint Plan of Reorganization proposed by M.
Tom Christopher. In its objection, the committee points out that the plan
is funded in part by an equity contribution of $25 million from an investor
group. However, neither the plan nor the Disclosure statement identifies
the investor group or any commitment to contribute funds. The plan is also
funded by new credit facilities. However, neither the plan nor Disclosure
statement identify the amounts or terms of these facilities, or the parties
which will act as lenders. In exchange for the $25 million contribution,
the plan provides for the investor group to receive a "majority interest"
in the Reorganized debtor's stock. However, neither the plan nor the
Disclosure Statement identifies the parties who receive the remaining
shares in the Reorganized debtor.

Finally, the Disclosure statement does not value the "majority interest" in
the Reorganized Debtor to be purchased by the investor group. Creditors
should be provided some estimate as to the value of this interest before
they can decide whether $25 million is a fair price. Therefore the
Committee requests that the Court require Christopher to make additional
disclosure in the Disclosure Statement. The proposed attorneys for Official
Unsecured Creditors' Committee are Kyung S. Lee and Maxim B. Litvak of
Verner, Liipfert, Bernhard, McPherson & Hand.

Northwest Airlines, Inc. and Mercury Air Group, Inc. filed an additional
objection to the Disclosure Statement.

LANGSTON CORPORATION: Committee Taps Arthur Andersen as Financial Advisors
The Official Committee of Unsecured Creditors of The Langston Corporation
applies to retain Arthur Andersen LLP as financial advisors to the
Committee effective as of September 20, 2000.

The services to be performed by Arthur Andersen include the following:

    A) Review financial and operational information provided by the debtor
        and provide the Committee with financial reports, analysis and
        investigations as requested;

    B) Work with the debtor and professionals to determine the economic
        viability of the debtor's business, including:

        -- review business operations interview management to ascertain the
           nature of the debtor's problems, and

        -- review or assist in preparing weekly operating cash flow reports
           and projections;

    C) Review, or if necessary, perform a liquidation analysis;

    D) Perform a valuation of the company, or business assets under a going
        concern and orderly liquidation;

    E) Investigate the debtor's business, including trade preferences,
        insider preferences, fraudulent conveyances and the dissipation of
        assets, as requested;

    F) Provide expert witness testimony and assist the Committee's legal
        counsel for hearings and the preparation of motions, as requested;

    G) Assist the Committee, and the Committee's counsel, in the
        investigation and implementation of a plan of reorganization with
        the debtor; and

    H) Consult with the Committee's legal counsel in connection with other
        business and administration matters relating to the activities of
        the estate, if requested.

Based on the affidavit of James S. Feltman, CPA, a partner in the
independent public accounting firm of Arthur Andersen LLP, the customary
hourly rates of Andersen are currently:

          Partners/Principals               $325-$450
          Managers                          $250-$320
          Seniors                           $150-$210
          Staff                             $100-$120.

NATIONAL BOSTON MEDICAL: Creditors Will Meet Oct. 24; Bar Date Established
National Boston Medical, Inc., filed a chapter 11 bankruptcy case on August
21, 2000. Attorney for the debtor is Daniel S. Bleck of Chappell
White LLP, Boston MA. The meeting of creditors is set for October 24, 2000
at 10:00 AM, Office of US Trustee, Worcester, Mass.

Additionally, all Proofs of Claim must be filed by creditors so that they
are received by the bankruptcy clerk's office no later than November 20,
2000 (except for a governmental unit).

In August, National Boston Medical, Inc. (OTC Pink Sheets: NBMX) attributed
the reason for the filing to the inability of NBM to continue operating its
business due to the sale exchange agreement entered into between Infotopia,
Dr. Abravenals Formulas, Inc. and NBM, in April 2000.  "Although it was
represented to the Board of NBM that Infotopia would honor and otherwise
assume certain obligations of NBM as partial consideration for the
transfer, management of Infotopia (some of whom were former Board members
of NBM) has refused to honor its representations."

In addition, the company said, certain other matters were misrepresented to
the Board of NBM, and NBM had failed to receive certain other consideration
as part of the transfer. Due to these misrepresentations and failure to
receive the requisite consideration, NBM and certain related entities had
no other option but to file a Chapter 11 petition. As part of the
Bankruptcy proceedings, NBM indicated it would investigate and pursue all
claims against Infotopia and related third parties.

PACIFICARE HEALTH: Fitch & Duff Downgrades Senior Debt Rating To BB+
Fitch, the international rating agency formed through the merger of Fitch
IBCA and Duff & Phelps Credit Rating Co., downgraded PacifiCare Health
Systems, Inc.'s (PacifiCare or the company) senior debt rating from 'BBB'
to 'BB+'. The downgrade affects approximately $770 million of outstanding
bank debt and $100 million of 7% senior notes due 2003. The Rating Outlook
is Negative.

Fitch's action follows PacifiCare's announcement (on Oct. 10, 2000) that
3rd quarter earnings would likely be significantly lower than previous
expectations. The underlying cause for the earnings disruption stems
primarily from a misestimation of medical cost trends and an increase in
provider instability. The company has stated that while its previous per
unit estimates of medical costs remain on target, utilization is up
considerably. Specifically, 3rd quarter earnings are expected to decrease
by $120-130 million. Fitch expects some level of earnings disruption to
continue though 2001.

Underlying the current challenges facing PacifiCare is a provider-driven
movement away from capitated contracts and towards shared-risk contracts.
The company's current business platform is based on a model geared towards
capitation and management lacks the magnitude of expertise required to
properly transition the high level of providers transitioning from
capitated to shared-risk contracts. Senior management is conducting an
overall strategic review of each of the company's businesses to determine
if shareholder value is being created. Fitch recognizes that there is
considerable uncertainty related to the outcome of this exercise.

As of June 30, 2000, PacifiCare's debt leverage - as measured by the ratio
of debt to total capitalization - stood at 30.1%. Considering the current
earnings challenges, Fitch is concerned with the company's debt service
coverage capabilities. Because capitalization at the operating company
level is low - albeit at levels that exceed regulatory requirements -
dividend capabilities to the parent company are primarily derived from
earnings. Continued earnings disruption would certainly effect the
company's ability to service debt.

PacifiCare is one of the nation's leading publicly traded managed care
services companies, serving 4.1 million members (as of June 30, 2000) in
the commercial and Medicare risk lines of business. Although operations are
conducted in eight states and Guam, a significant portion of the company's
total business (approximately 60% on a membership basis) is in California.
PacifiCare reported net income of $143.8 million for the first half of 2000
and $278.5 million for the full year 1999.

Fitch is an international rating agency that provides global capital market
investors with the highest quality ratings and research. Dual headquartered
in New York and London with a major office in Chicago, Fitch rates entities
in 75 countries and has some 1,100 employees in more than 40 local offices
worldwide. The agency, which is a combination of Fitch IBCA and Duff &
Phelps Credit Rating Co., provides ratings for Financial Institutions,
Insurance, Corporates, Structured Finance, Sovereigns and Public Finance
Markets worldwide.

PHILIPP BROTHERS: Moody's Places B3 Rating on $100MM Sr. Subordinated Notes
Moody's Investors Service placed the B3 rating of Philipp Brothers
Chemicals, Inc.'s $100 million senior subordinated notes, due 2008, on
review for possible downgrade in view of the company's recently announced
agreement to acquire Pfizer Inc.'s medicated feed additives business for
total consideration of $155 million.

The ratings under review also include the B1 senior implied rating and the
B2 senior unsecured issuer rating. At the time of the original rating in
June 1998 Moody's assigned a negative rating outlook, reflecting the need
to achieve more favorable earnings trends, and the negative rating outlook
has not changed.

Moody's review will focus on the level of increased leverage from the
acquisition, the company's financial policies and prospects for improving
earnings, the impact of the acquisition on debt protection measures of the
senior subordinated notes, and integration risks. The company has also
recently announced its intention to sell Agtrol International, its producer
of copper and tin-based fungicides and plant growth regulators. The effect
of the potential sale of Agtrol will also be considered.

Phillip Brothers Chemicals, Inc., headquartered in Fort Lee, New Jersey, is
a global producer and marketer of more than 400 specialty agricultural and
industrial chemicals. It also provides recycling and hazardous waste
services primarily to the electronics and metal treatment industries.

PRO AIR: Strikes Deal for Continued Use of Lenders' Cash Collateral
Pro Air, Inc., debtor, through its attorneys, Ryan, Swanson & Cleveland
PLLC, seek approval of stipulation and authority to use cash collateral.
Pro Air is a commuter airline with its corporate headquarters in Seattle,
Washington and its hub for airline operations in Detroit, Michigan. Pro Air
currently owes the Lender, General Motors Corporation and DaimlerChrysler
Corporation, $7 million. On the Petition Date, Pro Air held approximately
$440,000 in its bank accounts. The cash is subject to the Lender's security
interest in the Cash. Pro Air has an immediate and critical need to use the
Cash to maintain basic operations.

PUGET SOUND: S&P Assigns Preliminary Ratings To New $500MM Note Issue
Standard & Poor's assigned its preliminary ratings to Puget Sound Energy
Inc.'s $500 million Rule 415 universal shelf registration of senior secured
notes (single-`A'-minus), unsecured notes (triple-`B'), and trust preferred
securities (triple `B'-minus) of Puget Sound Energy Capital Trust II. Puget
Sound Energy will use the proceeds for general corporate purposes,
including capital expenditures, working capital, and repayment of debt.

The outlook is negative.

The ratings on Puget Sound Energy reflect an above-average business profile
and financial measures that are somewhat weak for the ratings.

The business profile is characterized by a growing customer base, a low-
risk transmission and distribution focus, and cost-containment efforts.
Puget Sound Energy enjoys competitive electric rates in the western U.S.
due to its proximity to low-cost fuel sources, primarily hydroelectric,
natural gas, and coal. These strengths are somewhat offset by the company's
rising purchased-power costs and the elimination in 1996 of the periodic
rate adjustment mechanism (PRAM). The absence of the PRAM results in the
company being subject to fluctuations in hydroelectric and weather
conditions and uncertain fuel costs.

Puget Sound Energy continues to consider ways to reduce or renegotiate its
high-cost purchased-power contracts. The company purchased a 160 MW natural
gas-fired cogeneration plant from Encogen NorthWest L.P., from which it
previously had a purchased-power contract, for about $164 million to reduce
its exposure to market purchases. The buyout is expected to reduce power
costs from this facility by about 20% annually. This move followed the
buydown of the Tenaska Washington Partners L.P.'s purchased-power contract,
which provided about 215 MW of energy, and is expected to reduce payments
by about 15% to 20% annually through 2011.

In July 2000, the company and PPL Global Inc. terminated an agreement that
called for the sale of Puget Sound Energy's 50% interest of Colstrip Units
1 and 2 and 25% interest of Units 3 and 4. These proceeds were estimated at
about $350 million after taxes, or about 10% of capitalization, and could
have been used to pay down debt, buy out high-cost purchased-power
obligations, or fund capital spending requirements.

Above-average regional growth demands will keep capital expenditures at a
somewhat aggressive level of about $250 million annually. This, coupled
with a high common dividend payout, will necessitate external financing and
keep adjusted debt leverage somewhat elevated at around 60%. Adjusted cash
flow interest coverage should stay around 3.0 times, and adjusted
consolidated cash flow to total debt should exceed 15%.


The negative outlook reflects the company's challenge to improve
consolidated credit-protection measures to a level commensurate for current
ratings. Yet, management's commitment to credit quality and improved
financial performance through continued cost reduction efforts and an
increased common equity layer should help bolster financial measures, which
could stabilize ratings, Standard & Poor's said.

PUTNAM CBO: Moody's Lowers Ratings as Collateral Pool Quality Deteriorates
Moody's Investors Service announced that it has downgraded the ratings of
two Classes of Notes issued by Putnam CBO I, Limited: (1) the U.S.
$234,000,000 Senior Secured Floating Rate Notes, due 2009 and (2) the U.S.
$53,500,000 Second Priority Senior Secured Fixed Rate Notes, due 2009.

Moody's had placed the two Classes of Notes under review for possible
downgrade on September 21, 2000 as a result of the deteriorating credit
quality of the collateral pool.

Since the last rating downgrade on both Classes of Notes, September 22,
1999, a mix of domestic and emerging market credits have been downgraded or
have defaulted. This has raised the credit risk associated with the rated
Classes of Notes to the point where the risks are no longer consistent with
the Classes' ratings.

The Second Priority Senior were again downgraded April 12, 2000 due to
similar factors.

According to Moody's, the underlying collateral pool has experienced
additional defaults since the April 2000 rating action, and the credit
quality of non-defaulted assets has continued to deteriorate, diminishing
the overall quality of the collateral pool. The large exposures to Caa1 or
lower rated credits and sizable par losses have continued to raise the
risks posed to investors in these Classes of Notes, prompting the rating


The ratings of the following two Classes of Notes have been

    * Issuer:Putnam CBO I, Limited

      A) Tranche Description: U.S. $234,000,000 Senior Secured Floating Rate
          Notes, Due 2009

          a) Previous Rating:Aa3
          b) New Rating:A1

      B) Tranche Description: U.S. $53,500,000 Second Priority Senior
          Secured Fixed Rate Notes, Due 2009

          a) Previous Rating:B1
          b) New Rating:Caa1

RIGGS BANK: Moody's Downgrades Long-Term Ratings Citing Rising Credit Loses
Moody's Investors Service today downgraded the long-term ratings of Riggs
National Corporation (Subordinate to Ba2 from Ba1) and Riggs Bank N.A.
(Deposits to Baa2 from Baa1). At the same time, the rating agency confirmed
Riggs' short-term ratings. The downgrade reflects concerns about Riggs'
modest core earnings in the face of rising credit losses. Riggs' core
profitability has declined over the recent past due to increased spending
on new business initiatives, and Moody's expects it to remain at lower
levels over the near term. The decline in core earnings reduces the buffer
against potentially higher credit costs and so increases risks for
bondholders and depositors.

Riggs' ratings continue to be supported by the company's strong regulatory
capital ratios and the bank's good liquidity, as well as Riggs' solid
market position within the District of Columbia. Following the downgrade,
the rating outlook for Riggs is stable.

The following ratings were downgraded:

    A) Riggs National Corporation

       a) the subordinated debt rating to Ba2 from Ba1; and

       b) the junior subordinated debt rating to Ba3 from Ba2.

    B) Riggs Capital and Riggs Capital II

       a) the ratings for preferred stock to "ba2" from "baa3".

    C) Riggs Bank N.A.

       a) the rating of the bank for long-term deposits to Baa2 from Baa1;

       b) the ratings of the bank for other senior long-term obligations to
           Baa3 from Baa2;

       c) the issuer rating to Baa3 from Baa2; and

       d) the financial strength rating to D from D+.

The following ratings were confirmed:

    A) Riggs National Corporation - the Not Prime rating for commercial

    B) Riggs Bank N.A. - the Prime-2 rating for short-term deposits and
                         other short-term senior obligations.

Riggs National Corporation, headquartered in Washington, D.C., had total
assets of $5.5 billion as of September 30, 2000.

SAFETY COMPONENTS: Delaware Court Approves Plan to Emerge From Chapter 11
Safety Components International, Inc. and certain of its United States
subsidiaries, including Safety Components Fabric Technologies, Inc. and
Automotive Safety Components International, Inc., a leading, low cost
supplier of automotive airbag fabric and cushions in the United States,
announced that they have emerged from their chapter 11 cases pursuant to
their plan of reorganization approved by the District Court of the State of
Delaware on August 31, 2000.

Pursuant to the Plan, all of the indebtedness of the 10-1/8% senior notes
due 2007 of Safety Components, amounting to almost $97 million, has been
converted into 96.8% of the Company's post-bankruptcy equity and the
holders of the Company's pre-bankruptcy common stock, excluding Robert
Zummo (former Chairman of the Company), have received 3.2% of the Company's
post-bankruptcy equity and warrants to acquire an additional 12% of such
equity. All trade suppliers and other creditors will be paid in full
pursuant to the terms of the Plan within 90 days.

In connection with its emergence, Safety Components announced the closing
of a three-year, $35 million credit facility with Congress Financial
Corporation (Southern). The Congress facility has allowed the Company to
pay off its debtor-in-possession credit facility with Bank of America and
is expected to provide adequate funding for Safety Components' ongoing
global operating needs.

In addition to the Congress facility, Safety also closed a two-year
subordinated secured note facility with its pre-bankruptcy secured lenders
for $20.9 million.

Safety Components' Board of Directors, in accordance with the terms of the
Plan, now consists of the following new non-employee directors: Carroll R.
Wetzel, Jr. (Chairman), Andy Goldfarb, W. Allan Hopkins and Ben E. Waide
III. John C. Corey continues as a director and has been promoted to Chief
Executive Officer and President of the Company.

Mr. Wetzel, Chairman, stated, "We are pleased that the Company has emerged
from its chapter 11 case in accordance with its schedule and that the
management team lead by John Corey has done such an excellent job in
turning the Company around."

Mr. Corey stated, "The Company's operations have continued to improve over
the past few months, exceeding our projections. The Company's operating
results and the flexible credit arrangements provided by Congress Financial
have placed the Company in a solid financial position and we are now able
to return our primary focus to the fulfillment of our goals: increasing
productivity and profitability from the core airbag automotive business and
capitalizing on continuing growth opportunities in the airbag automotive
business. We believe that the broad and varied business experiences of the
incoming members of the Board enhance our ability to fulfill these goals.

We also would like to express our appreciation to Robert Zummo, the
Company's founder, and to Joseph DioGuardi, and Robert Torok, former
directors, for their assistance on behalf of the Company during the chapter
11 cases." Mr. Corey continued, "We are also very appreciative for all of
the support provided by our customers, suppliers, employees and advisors
during the past few months, which has enabled the Company to emerge from
chapter 11 on a timely basis."

SAFETY-KLEEN: Personal Injury Claimants Move For Relief From Stay
Daniel C. Buck and Andrea Buck, his wife, move the Court for an order
modifying the automatic stay in the Debtors' chapter 11 cases to permit
them to file a personal injury suit against Safety-Kleen Corp., Exxon
Mobile Corporation, Chevron U.S.A. Inc., Tosco Corporation, Radiator
Specialty Company, and Berkebile Oil Co., Inc., in a West Virginia state

Prior to the Petition Date, Ian Connor Bifferato, Esq., of Bifferato,
Bifferato & Gentilotti, in Wilminton, explains, 30-year-old Daniel C. Buck
worked since 1985 as an automobile mechanic and a gas attendant with
various employers. As such, Buck was engaged in employment which involved
working in, around, near, and being exposed to benzene-containing, aromatic
hydrocarbon-containing and perchloroethylene-containing products
manufactured, processed, supplied, and/or sold by Safety-Kleen, among
others, and was regularly exposed to those products by means of inhalation
and dermal absorption (from direct dermal contact with the products and/or
dermal contact with clothes contaminated by the products). As a direct
result of his exposure to those chemicals, Mr. Buck alleges, he developed
anemia, thrombocytopenia, and acute myelocytic leukemia, and Safety-Kleen
is responsible based on theories of breach of implied warranties, strict
liability, failure to warn, misrepresentation, and loss of consortium.
The automatic stay, Mr. Bifferato argues, is not meant to be indefinite or
absolute, and the Court has the power to grant relief from the automatic
stay in appropriate circumstances. Mr. Bifferato suggests that if Judge
Walsh will examine the prejudice, hardship, probability of success, and
judicial efficiency factors articulated in In re Rexene Products Co., 141
B.R. 574 (Bankr. D. Del. 1992), he will find that the facts in Mr. and Mrs.
Buck's situation militate in favor of modifying the stay.

R. Dean Hartley, Esq., and James M. O'Brien, Esq., of Hartley & Obrien in
Wheeling, West Virginia, and Gary W, Kendall, Esq., of Michie, Hamlett,
Lowry, Rasmussen & Tweel, P.C., in Charlettesville, Virginia, represent Mr.
and Mrs. Buck with respect to their underlying personal injury claims.
(Safety-Kleen Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service,
Inc., 609/392-0900)

SCOUR, INC.: Files for Chapter 11 in Los Angeles to Stay Numerous Lawsuits
Scour, Inc. the world's leading Internet search destination for digital
entertainment, announced that in order to ensure its continued operation in
the face of burdensome lawsuits and allow it to continue its evaluation of
various strategic business alliances and alternatives, it has filed a
voluntary petition for reorganization under Chapter 11 of the Bankruptcy

Scour President Dan Rodrigues emphasized that during the Chapter 11 process
all of Scour's products, including Scour Exchange, will continue to be
available at the Company's Web site at

"We took this step in order to preserve Scour's future. The Chapter 11
process will also provide our management and board of directors with
adequate time to review and develop recapitalization and restructuring
alternatives to strengthen and improve Scour's business position," Mr.
Rodrigues said. "Our millions of loyal users worldwide can rest assured
that we will continue to offer all of our services."

Scour filed its voluntary Chapter 11 petition in the U.S. Bankruptcy Court
for the Central District of California in Los Angeles. The filing
automatically stays all pending litigation against the Company.

Scour, founded in 1997, develops and markets, the Internet's
leading entertainment search site; Scour Exchange, an online multimedia
file sharing community; and Scour Caster, an online radio community.

SHOPKO: Fitch Affirms $340MM Senior Notes at BBB With Negative Outlook
Fitch has changed its Rating Outlook on Shopko (SKO) to Negative from

The `BBB' rating on Shopko's $475 million bank credit agreement and $340
million senior notes is affirmed.

The company recently announced that earnings for the third quarter and full
year would be below expectations as a result of weakening conditions of the
retail environment. As part of the company's announcement, SKO plans to
reduce capital spending by approximately $80-$100 million next year, reduce
overall costs by $15-$20 million and continue to aggressively manage
inventories. Cost savings will likely be used to retire long-term debt.

While these cost saving measures are positive, there is still uncertainty
surrounding the retail environment. Fitch's change in outlook reflects
SKO's competitive environment, deteriorating credit fundamentals and higher
debt balances. Reduced leverage should improve interest expense, however,
increasing competition and the potential for price reductions could impact
operating margins. Finally, like most retailers, Shopko generates a
substantial portion of its operating income during the fourth quarter, thus
the ability to maintain margins over the next three months will be a key
indicator to overall EBITDA.

STELLEX TECHNOLOGIES: Employing Donaldson Lufkin & Jenrette as Advisors
Stellex Technologies, Inc. seeks a court order authorizing retention of
Donaldson Lufkin & Jenrette Securities Corporation as its financial
advisors to:

    A) To assist the debtor in updating an offering memorandum describing
        the businesses, their operations, their historical performance and
        their future prospects.

    B) To identify and contact selected qualified acquirers acceptable to
        the debtor;

    C) To arrange for potential acquirers to conduct business

    D) To negotiate the financial aspects of any proposed transactions under
        the guidance of the debtor; and

    E) To periodically report to the Bankruptcy Court and the Committee with
        respect to the foregoing.

The debtor has agreed to pay to DLJ a monthly advisory fee of $150,000 with
the first installment payable immediately upon entry of an order approving
this application and additional installments payable on the first day of
each calendar month thereafter until termination of the engagement and a
transaction fee with respect to each Transaction, payable in cash at
consummation of each Transaction as set forth more fully in the Engagement
letter and the reimbursement of expenses.

SUN HEALTHCARE: Moves to Recertify Edwardsville Facility For Medicare
SunBridge Health Care Corporation f/k/a SunRise Health Care Corporation
operates a 122 bed skilled nursing facility in Edwardsville, Illinois under
the name SunBridge Care and Rehabilitation-University.

The Facility was surveyed, cited for certain deficiencies during late 1998
and early 1999, and its participation in both Medicare and Medicaid
programs was subsequently terminated by the Health Care Financing
Administration in February 1999.

SunBridge then filed suit in the District Court for the Southern District
of Illinois seeking an injunction against such termination by HCFA. The
Illinois District Court entered a temporary restraining order preventing
such termination but ultimately denied relief on the merits. Accordingly,
on May 6, 1999, the Facility's termination from both Medicare and Medicaid
programs became effective.

Immediately after that, SunBridge and HCFA entered into a Stipulation of
Settlement under which HCFA would consider the readmission of the Facility
to the Medicare and Medicaid programs. HCFA agreed that the Illinois
Department of Public Health would be permitted to survey the Facility to
determine if the deficiencies had been remedied. HCFA required that the
Facility pass two Reasonable Assurance surveys before HCFA would consider
readmitting the Facility to Medicare participation. Under the Settlement,
the Debtors were required to pay HCFA a civil monetary penalty in the
amount of $44,395.

The State conducted the first survey on October 6, 1999. IDPH conducted a
second survey on January 14, 2000 and a follow-up survey visit on March 2,

The Facility passed these. On May 10, 2000, HCFA wrote to the Facility and
confirmed that the Facility "was in compliance with all requirements for a
skilled nursing facility and that the deficiencies which led to the
previous termination had been corrected." The letter also acknowledges that
there is "reasonable assurance that the reasons for the previous
tennination will not recur."

However, HCFA declined to reinstate the Facility to the Medicare program
because the Debtors had not paid HCFA the $133,648 owed to HCFA as a
Medicare overpayment obligation relating to the year ending December 31,
1998 and the the $44,395 civil monetary penalty. The HCFA letter says,
"Until and unless these two financial obligations are met, we find that
[SunBridge] does not meet the requirements for entry into the Medicare
program." But the reason for not making the payment is because they do not
have the authority to do so due to the commencement of their chapter 11
cases, the Debtors tell Judge Walrath.

Because of that, the Facility has been losing a significant stream of
revenue, the Debtors cry. The Facility is currently certified only for
participation in the Medicaid program. Once it is recertified for
participation in the Medicare program, the Debtors will be able to admit
Medicare patients to the Facility, and once the maximum number of Medicare
patients have been admitted, the Debtors foresee revenues to increase by
approximately $80,000 to $100,000 per month.

This situation ought to be redressed, the Debtors express. Any further
delay in recertification under the Medicare Program is likely to further
disrupt and harm Sun's operations at the Facility.

As legal basis for recertification, the Debtors draw the Court's attention
to Section 525(a) of the Bankruptcy Code which provides that, "a
governmental unit may not deny, revoke, suspend, or refuse to renew a
license, permit, charter, franchise, or other similar grant to, condition
such a grant to, discriminate with respect to a grant against, deny
employment to, terminate the employment of, or discriminate with respect to
employment against, a person that is or has been a debtor under this title
or has not paid a debt that is dichargeable in the case under this title."

Therefore, HCFA's denial of recertification on the basis of "deficiencies"
is in blatant violation of section 525(a), the Debtors contend, given that
the Facility has passed both surveys conducted by the State and have
remedied claimed "deficiencies". This amounts to economic pressure by a
governmental agency which is precisely what section 525 is designed to
prevent, the Debtors argue.

The Debtors express their desire that Judge Walrath compel HCFA to
recertify the Facility for participation in the Medicare Program. The
Bankruptcy Court has such authority, the Debtors remind the Judge, under
Section 105(a) as a result of HCFA's violation of section 525(a) of the
Bankruptcy Code.

Taking one step back, the Debtors say that, to the extent that the Court
finds that HCFA may lawfully require the Debtors to make such overpayments
in order for the Facility to be recertified, they request that the Court
authorize them to pay such Prepetition Obligations to HCFA because this is
necessary for the chapter 11 reorganization and beneficial to the Sun
Debtors' estate. It is within the authority of the Bankruptcy Court to
permit such prepetition payment, the Debtors say, under section 105(a) of
the Bankruptcy Code.

Summing up, the Debtors ask the Court either to compel HCFA to recertify
the Facility or authorize for Sun Debtors' payment of the prepetition
obligations so that the Facility can be recertified. (Sun Healthcare
Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc.,

THUNDERBIRD HOTEL: Case Summary and 4 Largest Unsecured Creditors
Debtor: Thunderbird Hotel Management
         1213 Las Vegas Blvd. So.
         Las Vegas, NV 89104

Type of Business: Hotel Management

Chapter 11 Petition Date: October 10, 2000

Court: District of Nevada

Bankruptcy Case No.: 00-17696

Judge: Robert C. Jones

Debtor's Counsel: David J. Winterton Esq.
                   David Winterton & Associates, Ltd.
                   211 N. Buffalo Drive Suite A
                   Las Vegas, NV 89145

Total Assets: $ 3,500,000
Total Debts : $ 2,227,891

4 Largest Unsecured Creditors:

Unisource                                               $ 14,564

Dun & Bradstreet                                        $ 10,027

Asbestos Abatement, Inc.                                 $ 2,300

Nevada Power Co.                                         $ 1,000

TRI VALLEY: Sen. Diane Feinstein Secures $20 M for Central Valley Farmers
Tri Valley Growers, one of the nation's largest canned fruit and tomato
processors, officially thanked U.S. Senator Diane Feinstein for her
tireless legislative efforts to secure $20 million in direct aid to Central
Valley farmers through a federal financial assistance package to aid
economically distressed growers whose crops lacked a sales market this
harvest season.

Tri Valley Growers President and CEO Jeff Shaw lauded Feinstein, calling
her swift and decisive political response to a financial crisis facing
Central Valley farmers, "a heroic and humane reaction to the urgent call
for help from growers in California's Central Valley fruit and vegetable
farm region whose businesses might have collapsed without her help."

Shaw added, "Diane Feinstein rode to the rescue of our growers.  Without
her successful efforts to provide millions of dollars in desperately needed
federal disaster assistance funds, more than 500 Tri Valley farmers might
have faced the grim prospect of having harvested their last crop."

TUCSON GENERAL: Arizona Hospital Files Chapter 11 To Restructure Its Debts
According to the Associated Press, Tucson General Hospital filed for
bankruptcy protection under Chapter 11.  Tucson Electric Power was about to
cut-off the hospital's power for having $355,000 of unpaid bills.  Aside
from the huge electric bill, Tucson General in Arizona was having problems
meeting its $270,000 payroll, having only $34,000 on its pockets.  The
hospital has ceased operations, ending admissions and closed departments
and has begun transferring patients.

Tucson General, historically a general medical-surgical community
hospital, is the second smallest in Tucson, licensed for 120 beds. It is
not a tertiary care facility, which means it does not handle any trauma
cases or most other critical care needs. It was founded and staffed
mainly by osteopathic doctors.

UNIDIGITAL, INC.: Court Approves Cash Collateral Pact with Secured Lenders
Unidigital Inc. (UDGI) has received interim bankruptcy court authorization
to use its pre-petition secured lenders' cash collateral. Judge Mary F.
Walrath of the U.S. Bankruptcy Court in Wilmington, Del., also granted the
media services company's pre-petition lenders adequate protection, which
guards against any decrease in the value of their collateral during the
bankruptcy case. Judge Walrath scheduled a hearing for Oct. 30 to consider
final approval of the cash collateral use and grant of adequate protection.  
(ABI 12-Oct-00)

WASTE MANAGEMENT: Appoints Everett A. Bass as Public Sector Vice President
Waste Management Inc. (NYSE:WMI) announces the appointment of Everett A.
Bass as vice president - public sector marketing.

Mr. Bass will be primarily focused on Waste Management's residential
marketing programs. He will report to Jim Trevathan, senior vice president,
marketing and sales.

"Approximately one-third of our business comes from residential customers,"
said Trevathan. "Everett's experience and knowledge in the business will
add value to Waste Management's marketing programs to this sector."

Mr. Bass joins Waste Management from the City of Houston where he was
director of the Solid Waste Management Department. During his eight-year
tenure, Mr. Bass implemented cost-effective measures that resulted in
significant savings for the city. Under his direction, the department also
implemented a citywide automated garbage collection system and increased
curbside recycling. From 1992 to 1993, he was director of the Department of
Public Works for the City of Houston. Prior to that, Bass was the director
of the Solid Waste Department for the City of Tampa, Fla., from 1987 to

Mr. Bass has held positions and appointments in numerous professional
organizations including past president of the Municipal Waste Management
Association and past president of the Texas Natural Resource Conservation
Commission Municipal Solid Waste Advisory Board.

Mr. Bass earned a bachelor's degree in sociology from Transylvania
University in Lexington, Ky., and a master's degree in public affairs from
Kentucky State University in Frankfort.

Waste Management Inc. is its industry's leading provider of comprehensive
waste management services. Based in Houston, the Company serves municipal,
commercial, industrial, and residential customers throughout North America.

* Bond pricing for the week of October 16, 2000
Data is supplied by DLS Capital Partners, Inc. Following are indicated
prices for selected issues:

AMC Ent 9 1/2 '11                          47 - 49
Amresco 9 7/8 '05                          49 - 52
Advantica 11 1/4 ''08                      52 - 54
Asia Pulp & Paper 11 3/4 '05               47 - 52
Carmike Cinema 9 3/8 '09                   26 - 28 (f)
Conseco 9 '06                              67 - 69
Fruit of the Loom 6 1/2 '03                53 - 55 (f)
Genesis Health 9 3/4 '05                    6 - 8 (f)
Globalstar 11 1/4 '04                      28 - 30
Loewen 7.20 '03                            38 - 42 (f)
Oakwood Homes 7 7/8 '04                    35 - 38
Owens Corning 7 1/2 '05                    18 - 25 (f)
Paging Network 10 1/8 '07                  31 - 33 (f)
Pillowtex 10 '06                           15 - 17
Revlon 8 5/8 '08                           58 - 59
Service Merchandis 9 '04                    6 - 8 (f)
Trump Atlantic 11 1/4 '06                  69 - 72
TWA 11 3/8 '06                             39 - 40


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

A list of Meetings, Conferences and Seminars appears in each Wednesday's
edition of the TCR. Submissions about insolvency-related conferences are
encouraged. Send announcements to

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to troubled company professionals. All titles available from --
go to  
or through your local bookstore.

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

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