/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/001101.MBX T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, November 1, 2000, Vol. 4, No. 214 Headlines ALLIED DIGITAL: Americ Disc Announces Agreement To Purchase Company Assets BLUESTAR BATTERY: Creditors Announce Approval of Reorganization Plan CARMIKE CINEMAS: Valley View Mall Says Rent Payments are in Default CLARIDGE HOTEL: State Regulators Convene to Review Ichan Proposal CONTIFINANCIAL CORP: Proposes $300,000 Transition Employee Severance Plan CORAM HEALTHCARE: Confirmation Hearing Scheduled for Dec. 1 in Wilmington EQUALNET COMMUNICATIONS: Opposes Dismissal or Conversion of Chapter 11 Case FIRST ALLIANCE: FTC File Class Action Suit on Borrowers' Behalf FRUIT OF THE LOOM: Replacing Letters of Credit Backing Headquarters IRBs GRAND UNION: C&S Wholesale Announces Intent To Purchase Retailer's Assets GWI, INC.: Court Okays Skadden, Arps' Employment as Bankruptcy Counsel GWI, INC.: Asks Court to Establish November 27 Claims Bar Date GWI, INC.: Taps Leary, Masson & Assoc. as Financial Advisor HARNISCHFEGER INDUSTRIES: HII Agrees to Lift Stay to Liquidate Claim HOME HEALTH CORP: Looks for 90 Additional Days to Make Decisions on Leases IMPERIAL HOME: Delaware Court Grants Exclusivity Extension to Dec. 18 JITNEY JUNGLE: Announces Stores Sale To Winn-Dixie and Bruno's Supermarkets LANGSTON CORP.: Committee Selects Klehr, Harrison as Legal Counsel LANGSTON CORP: Court Enters Final Order Approving DIP Financing Pact LAROCHE INDUSTRIES: Creditors Must File Proofs of Claim by Dec. 22 LIBERTY HOUSE: Announces Joint Reorganization Plan with General Growth LIBERTY HOUSE: Solicits Acceptances of Joint Plan & Decries JMB Plan LINC CAPITAL: Announces Sale Business Unit $20M to $22M to Pay Down Debts LOEWEN GROUP: Upbeat Third Quarter Results Pave Way for Nov. 15 Plan Filing MEDPARTNERS PROVIDER: 2nd Amended Plan Declared Effective on Oct. 16 MILLENIUM HOLDINGS: Aircraft Refurbisher Files for Chapter 11 Protection OAKWOOD HOMES: S&P Lowers Corporate Rating to B- & Senior Notes to CCC OWENS CORNING: Obtains Okay to Maintain Existing Bank Accounts ROSSIYSKIY KREDIT: U.S. Bankruptcy Court in New York Assists Russian Bank SAFETY-KLEEN: Allwaste Moves for Relief From Stay To Continue Texas Lawsuit STELLEX TECHNOLOGIES: Committee Objects to Debtor DLJ Engagement Terms TEXFI INDUSTRIES: Closes on $25 Million DIP Financing Facility with CIT TOKHEIM CORP: Schlumberger Limited Appeals from Confirmation Order TURKEY'S BANK: Following Takeover, Fitch Places Ratings on Negative Watch UNDIGITAL, INC.: U.S. Trustee to Convene Meeting of Creditors on Nov. 20 VENCOR, INC.: Signs Stipulation Allowing Filing of Tardy Proofs of Claim * Meetings, Conferences and Seminars ********* ALLIED DIGITAL: Americ Disc Announces Agreement To Purchase Company Assets -------------------------------------------------------------------------- Americ Disc announced that it signed a letter agreement under which it will acquire some of the compact disc and audio cassette manufacturing assets of Allied Digital Inc., headquartered in Hauppauge, N.Y., according to a newswire report. A company with whom Americ Disc has a cooperation agreement is acquiring its VHS division. Allied Digital has two plants, one in Knoxville, Tenn. and one in Hauppauge. Its annual revenues are about $200 million dollars with 30 percent of its income coming from the production of CDs and audio cassettes. Because Allied is under bankruptcy protection, the transaction is contingent upon the approval of American regulatory bodies. Americ Disc is a supplier of manufacturing services for CDs, DVDs and other digital discs. (ABI 30-Oct-00) BLUESTAR BATTERY: Creditors Announce Approval of Reorganization Plan -------------------------------------------------------------------- The creditors of BlueStar Battery Systems International Corp. and Bluestar Systems Canada Corp. overwhelmingly approved the plan of reorganization filed under the Companies' Creditors Arrangement Act whereby the existing shares of BlueStar International, which are traded on CDNX, will be consolidated into 1.5 million new shares and 12.5 million new shares will be issued to BlueStar's unsecured creditors who hold in excess of $50 million in claims. The approval of 99% in value and 96.3% in number of the creditors voting easily exceeded the statutory requirement of approval by 66 2/3% in value and 50% in number. "We look forward to putting this chapter behind us and heading into what we believe is a bright future for the Company" said Marty Kittrell, Executive Vice President of Finance and Administration. "We will immediately start to concentrate on building value for all shareholders", Mr. Kittrell added. BlueStar had filed for protection under the Companies' Creditors Arrangement Act on September 5th. "I don't know if this is a record, but it certainly has to be one of the fastest reorganizations done under the CCAA", said Derrick Tay, Esq., of Meighen Demers, lawyer for BlueStar. The next step will be an application for approval of the Plan by the Ontario Superior Court of Justice. This application will be heard on October 31st by Mr. Justice James Farley. Implementation of the Plan also requires approvals from various provincial securities commissions and the Canadian Venture Exchange, which have been applied for. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CARMIKE CINEMAS: Valley View Mall Says Rent Payments are in Default ------------------------------------------------------------------- Seeking unpaid rent, The Roanoke Times reports, Valley View Mall has filed suit in Roanoke Circuit Court against its former tenant. Carmike Cinemas, Inc., which is under Chapter 11, missed its obligations between January and late August. The suit states that Valley View wants a $124,191 payment for the said months. Harcourt General Inc., Carmike's guarantor of its lease at Valley View is said to be at fault for the missed payments. The mall's attorney, James Douthat, Esq., says that the rent each month includes maintenance, marketing, central air, and water and sewer fees. CLARIDGE HOTEL: State Regulators Convene to Review Ichan Proposal ----------------------------------------------------------------- The struggle over who will bring Claridge Hotel and Casino Corp. out of its bankruptcy has been the topic of conversation for casino regulators at a three-day hearing, The Associated Press reports. The Casino Control Commission is determining whether Carl Icahn might monopolize the casino industry over Atlantic City if the Honorable Judge Wizmur approves Icahn's new bid on Nov. 13 and whether this will cause "undue economic concentration". In a five-hour hearing last week before the Commission, economists were called to testify. There was also an exchange between Park Place executive Wallace Barr and Icahn lawyer Hersh Kozlov. Kozlov stated before the commission that Park Place undermines its neighbors by eliminating competitiveness. CONTIFINANCIAL CORP: Proposes $300,000 Transition Employee Severance Plan -------------------------------------------------------------------------- Contifinancial Corporation, et al. seek bankruptcy court authority to implement a Severance Plan for the retention of Transition Employees. The debtors require the assistance of the Transition Employees who are familiar with their businesses and books and records. The debtors believe that unless the Severance Plan is approved and implemented in an expedited manner, the debtors will lose the Transition Employees, who are necessary for these cases to proceed in an orderly and economical manner. The Severance Plan is necessary to induce the Transition Employees to remain with the debtors through the conclusion of the cases. The debtors do not expect the aggregate liability for the severance plan to exceed $330,000. The amount of severance pay is equal to six weeks of Base Pay subject to certain reductions. Dewey Ballantine LLP and Togut, Segal & Segal LLP represent the debtors. CORAM HEALTHCARE: Confirmation Hearing Scheduled for Dec. 1 in Wilmington ------------------------------------------------------------------------- A hearing to consider confirmation of the plan of Coram Healthcare Corp. and Coram, Inc. will be held before the Honorable Mary F. Walrath, District of Delaware, on December 1, 2000 at 9:00 AM. Attorneys for the debtors are Kasowitz, Benson Torres & Friedman LLP and Pachulski, Stang, Ziehl, Young & Jones, PC. Weil, Gotshal & Manges are attorneys for the Senior Noteholders; Wachtell, Lipton, Rosen & Katz are attorneys for the Official Committee of Unsecured Creditors together with Richards, Layton & Finger, PA. EQUALNET COMMUNICATIONS: Opposes Dismissal or Conversion of Chapter 11 Case --------------------------------------------------------------------------- EqualNet Corporation and its affiliates oppose the motion of the Unsecured Creditors' Trust to dismiss or convert the case. The debtor states that its business is continuously in a state of flux. The debtor claims that the Official Committee of Unsecured creditors also opposes the Trust's motion, realizing that the only hope of realizing anything on their constituents' claims is based upon the debtors' going concern values in Chapter 11. The debtor states that the fact that the Committee and RFC(the lender) support the reorganization attempts at this point in time is a factor that the Court should weigh heavily in its deliberations regarding the debtor's good faith. On September 22, 2000, the US Bankruptcy Court, Southern District of Texas, Houston Division, entered a fourth interim order authorizing postpetition financing and use of cash collateral pursuant to the debtors' motion for entry of an order authorizing postpetition financing and the sue of cash collateral. FIRST ALLIANCE: FTC File Class Action Suit on Borrowers' Behalf --------------------------------------------------------------- The Federal Trade Commission has brought an action against First Alliance Corp. on behalf of certain of the bankrupt lender's borrowers, according to a Form 10-Q filed recently with the Securities and Exchange Commission. The suit, filed this month in the U.S. Bankruptcy Court in Santa Ana, Calif., alleges that the liquidating lender failed to substantiate advertising claims regarding the cost savings of debt consolidation loans, misrepresented loan terms and violated a regulation governing consumer booklets. The FTC is seeking injunctive relief to rescind certain loans and/or to reimburse lenders for certain losses. The SEC filing doesn't disclose the amount of any damages sought in the complaint. (New Generation Research, Inc., 30-Oct-00) FRUIT OF THE LOOM: Replacing Letters of Credit Backing Headquarters IRBs ------------------------------------------------------------------------ During 1987, in Warren County, Kentucky, Union Underwear, a unit of Fruit of the Loom, developed a tract of land and constructed buildings that include Fruit of the Loom's corporate headquarters in Bowling Green, Kentucky. Fruit of the Loom leases the complex from Warren County. Warren County helped finance the project through the purchase of industrial revenue bonds from Fruit of the Loom, which bear interest at a below market rate of 4%. The industrial revenue bonds are supported by a letter of credit. Under Section 5.8 of the lease, Union Underwear was authorized to obtain alternate security in the form of a new letter of credit. In 1993, Bank of America, N.A., issued the new letter of credit and assumed accompanying responsibility. The letter of credit expires on November 12, 2000. Bank of America believes it cannot extend a prepetition letter of credit because Section 364 does not authorize such action. As a result, the indenture trustee states it will force redemption of the industrial revenue bonds pursuant to Section 3.1.5 of the indenture. This will cause a draw down on the letter of credit. As a result of the draw, several things will happen. First, Fruit of the Loom will lose the benefit of below market financing. Second, Bank of America will have a reimbursement claim that, pursuant to the Court's adequate protection order, is entitled to adequate protection in the form of postpetition interest payments at approximately 10.5%. Third, if the value of Fruit of the Loom headquarters in Bowling Green, Kentucky is equal to or greater than the amount of Bank of America's reimbursement claim, Bank of America can demand payment in full, including pre and postpetition interest, fees, costs and expenses, in accordance with Section 506. An appraisal of Fruit of the Loom headquarters by William Frank Newman & Associates, on January 22, 1990, concluded the fair market value of the property was $9,100,000. A current appraisal has not been conducted. Bank of America tells Fruit of the Loom that, upon a draw on the letter of credit by the indenture trustee, it will place a lien on the buildings in Bowling Green, Kentucky, securing its reimbursement claim of $7,600,000. To prevent redemption of the industrial revenue bonds and the attendant draw on the existing letter of credit, Fruit of the Loom requests that Judge Walsh authorize a replacement letter of credit as a substitute for the existing letter of credit. To avoid this situation, Fruit of the Loom requests the DIP Agent to issue a replacement letter of credit in accordance with Section 2.4 of the DIP financing agreement. The indenture trustee informs Fruit of the Loom it will accept a replacement letter of credit and will not draw upon it if payment default occurs. The replacement letter of credit must be identical in all material respects to the existing letter of credit. Considering the issue, Judge Walsh granted the Debtors' Motion in all respects. (Fruit of the Loom Bankruptcy News, Issue No. 15; Bankruptcy Creditors' Service, Inc., 609/392-0900) GRAND UNION: C&S Wholesale Announces Intent To Purchase Retailer's Assets ------------------------------------------------------------------------- The Grand Union Company (OTC BB: GUCO), announced that it has entered into a letter of intent providing for the purchase by C&S Wholesale Grocers, Inc. of substantially all of the Grand Union Company's assets and business. Under the terms of the letter of intent, C&S, which is Grand Union's principal supplier, will pay slightly in excess of $300 million in cash upon closing of the transaction. Included in the assets to be acquired pursuant to the letter of intent, are approximately 185 of Grand Union's 197 stores and the Company's distribution center in Montgomery, New York. C&S intends to assign its right to purchase certain of these assets to third parties. The closing of the transaction is subject to the signing of a definitive agreement and other customary closing conditions, including governmental antitrust approval, Bankruptcy Court approval and C&S obtaining financing pursuant to a bank commitment letter, which it expects to obtain shortly. This transaction will also be subject to higher or better bids for Grand Union's assets, which may be obtained at an auction to be held on November 16, 2000, pursuant to Bankruptcy Court procedures. Grand Union anticipates that a definitive agreement would be entered into prior to the auction. Based on the C&S letter of intent and indications of interest received from other parties, Grand Union does not believe that any distribution will be made to its shareholders or warrant holders following the completion of the sale process or pursuant to a chapter 11 reorganization plan. Grand Union filed a voluntary chapter 11 petition in the U.S. Bankruptcy Court in Newark, New Jersey on October 3, 2000, with the stated intention to facilitate the planned sale of the Company and provide for additional funding during the sale process. Grand Union operates 197 retail food stores in Connecticut, New Jersey, New York, Pennsylvania and Vermont. GWI, INC.: Court Okays Skadden, Arps' Employment as Bankruptcy Counsel ---------------------------------------------------------------------- By order entered on October 10, 2000, Judge Mary F. Walrath, Bankruptcy Court, District of Delaware, entered an order authorizing the employment and retention of Skadden, Arps, Slate, Meagher & Flom LLP as GWI, Inc.'s attorneys. GWI, INC.: Asks Court to Establish November 27 Claims Bar Date -------------------------------------------------------------- GWI, Inc., et al., ask the U.S. Bankruptcy Cout for the District of Delaware to set November 27, 2000 at 5:00 PM as the deadline for filing proofs of claim. Attorneys for the debtors are Jay M. Goffman, Carlene J. Gatting, Alan Carr of Skadden, Arps, Slate, Meagher & Flom LLP (New York) and Gregg M. Galardi and Grenville R. Day of the same firm, Wilmington, DE. GWI, INC.: Taps Leary, Masson & Assoc. as Financial Advisor ----------------------------------------------------------- GWI, Inc., et al. seeks authority from the U.S. Bankruptcy Court to employ and retain Leary, Masson & Associates as its financial advisor in its chapter 11 resturcturing. Specifically, the firm will render the following services for the SFC New Holdings Inc. in connection with a sale, merger, consolidation or other business combination, in one or a series of transactions, involving all or a substantial amount of the business, securities, or assets of the Bakery Cafe Division, which include the following: (a) Assisting in preparing an offering memorandum describing the Bakery Cafe Division, its operations, its historical performance and its future prospects; (b) Identifying and contacting selected qualified acquirers acceptable to the debtors; (c) Arranging for potential acquirers to conduct business investigations; (d) Negotiating the financial aspects of any proposed transaction under the debtors' guidance; and (e) rendering testimony if requested at a hearing to approve the transactionIn addition, in the event the firm first introduces the debtor to a buyer that is interested in acquiring the Bakery Division of Boudin and assists the debtor in concluding a transaction for both the Bakery C Division and the Bakery Cafe Division with such buyer, the firm shall be paid a transaction fee as follows: -- Transaction Value Transaction Fee Up to and including $2million 5% of the first $2 million of Transaction value -- $over 2 million - $4 million 4% of Transaction value between $2 and $4 million -- $over 4 million - $6 million 3% of Transaction value between $4 and $6 million -- $over 6 million-$8 million 2% of Transaction value between $6 and $8 million -- $over $8 million 1% of Transaction value in excess of $8 million The debtor paid the firm $60,000 as a one-time nonrefundable retainer for financial services performed. The firm will apply to the court for allowance of compensation for professional ]services rendered and reimbursement of expenses incurred in these Chapter 11 cases. HARNISCHFEGER INDUSTRIES: HII Agrees to Lift Stay to Liquidate Claim -------------------------------------------------------------------- The Debtors consent to modification of the automatic stay to permit Lorraine M. and Earl N. Anderson to continue prosecution of their prepetition lawsuit against Harnischfeger Industries, Inc., and Harnischfeger Corporation (Civil Action No. 98-C-1263), pending before the U.S. District Court for the Eastern District of Wisconsin. The lawsuit concerns the Debtors' discontinuation of post-retirement medical benefits. Modification of the stay is limited to liquidation of the Anderson's claims and does not permit enforcement. John D. Welmen, Esq., of Fair Employment Legal Services, S.C., represents Mr. and Mrs. Anderson. (Harnischfeger Bankruptcy News, Issue No. 28; Bankruptcy Creditors' Service, Inc., 609/392-0900) HOME HEALTH CORP: Looks for 90 Additional Days to Make Decisions on Leases -------------------------------------------------------------------------- Home Health Corporation of America, Inc. et al. seeks court authority to extend the time within which the debtors may assume or reject unexpired leases of nonresidential real property. A hearing on the motion will be held before the Honorable Mary F. Walrath in the Bankruptcy Court, Wilmington, DE on November 2, 2000 at 10:30 AM. Co-counsel to the debtors are Charlene D. Davis and Steven M. Yoder, The Bayard Firm, Wilmington, Delaware and Gary D. Bressler and Alan I Moldoff, Adelman Lavine Gold and Levin. The debtors are parties to a great many unexpired leases of nonresidential real property pertaining to commercial sales, storage, patient visitation and executive and administrative offices in various states around the country. The debtors request that the court extend the date by which the debtors may assume or reject unexpired leases for an additional 90 days. The debtors are currently engaged in the process of developing a framework of a plan of reorganization in consultation with their principal creditor constituencies. The debtors will continue to evaluate the unexpired leases on an ongoing basis and will file appropriate motions in respect thereof as son as informed decisions can be made. IMPERIAL HOME: Delaware Court Grants Exclusivity Extension to Dec. 18 --------------------------------------------------------------------- The Imperial Home Decor Group Inc. said that the United States Bankruptcy Court for the District of Delaware extended the period in which the company has the exclusive right to file and advance a plan of reorganization in its chapter 11 case. IHDG has been granted another 60 days, until December 18, 2000, in which the company has the exclusive right to file a plan of reorganization. The company also has the exclusive right for another 60 days after that date, until February 16, 2001, to solicit creditors to vote for the plan. As reported on October 19, IHDG's bank lenders and the Official Committee of Unsecured Creditors in the company's chapter 11 case indicated their support for the extension of the exclusivity period for IHDG. "We are eager to put chapter 11 behind us," said Doug Kelly, president and chief executive officer of IHDG. "We are all focused on a stand-alone plan of reorganization. We expect to conclude our discussions with our creditors regarding the anticipated capital structure of the company in the near future." In keeping with this strategy, the following restructuring tactics have taken place. The company has reduced its workforce worldwide by approximately 11% and aligned its production capacity to market demand. Worldwide sales through October are estimated to be in excess of $300 million, and the company's EBITDA projections are within target of its chapter 11 business plan. Imperial Home Decor Group is the world's largest designer, manufacturer and distributor of residential wallcovering products. IHDG also markets commercial wallcoverings and is a premiere supplier of pool liners through its subsidiary, Vernon Plastics, Inc. Headquartered in Cleveland, Ohio, IHDG supplies home centers, national chains, independent dealers, mass merchants, design showrooms and specialty shops. Product lines include the Imperial, Katzenbach & Warren, Albert Van Luit, Sterling Prints, Imperial Fine Interiors, Sunworthy and Colorfields. The company was created in 1998 through the merger of Imperial Wallcoverings and Borden Decorative Products. JITNEY JUNGLE: Announces Stores Sale To Winn-Dixie and Bruno's Supermarkets --------------------------------------------------------------------------- Jitney Jungle announced that it has agreements with Winn-Dixie Stores, Inc. and Bruno's Supermarkets, Inc. to sell in the aggregate 89 grocery stores, 34 fuel centers and 5 liquor stores. Jitney-Jungle Stores of America, Inc., headquartered in Jackson, Mississippi, has been operating under Chapter 11 of the Bankruptcy Code, since October 12, 1999. "These transactions represent a significant step in the resolution of Jitney Jungle's bankruptcy," said Ronald E. Johnson, Jitney Jungle's Chief Executive Officer. "We have greatly improved the operations while operating under Chapter 11 and believe that Winn-Dixie and Bruno's will receive significant value from the Jitney Jungle and Delchamps franchises. We thank our customers and vendors for supporting our restructuring efforts. The Jitney Jungle and Delchamps stores are in the best shape that they have been since our bankruptcy filing. We are well-stocked for the Thanksgiving and Christmas holiday selling season. We look forward to seeing all of our customers today and everyday at their favorite Jitney Jungle store locations through the holidays and into the coming year." The sales are expected to be completed during January 2001. The transactions are subject to bankruptcy court and governmental approvals. Both Winn-Dixie and Bruno's have agreed to accept employment applications from all the Jitney employees at the stores to be acquired. According to Allen R. Rowland, Winn-Dixie President and Chief Executive Officer, "Adding excellent retail store management and employees to our company is exciting." Further, James A. Demme, President and Chief Executive Officer of Bruno's, commented that, "Bruno's is looking forward to welcoming the Jitney employees to the Bruno's family." Most of the stores being acquired by Winn-Dixie will continue to operate under their current Jitney Jungle and Delchamps banners. Bruno's will convert each of the stores it is acquiring into one of its formats. Jitney Jungle currently operates 137 grocery stores, 42 gas stations and 9 liquor stores. Under terms of these transactions, Jitney will continue to operate the sold stores until the transactions are completed. Additionally, Jitney continues to explore strategic alternatives for its remaining operating stores, fuel centers, and liquor stores. LANGSTON CORP.: Committee Selects Klehr, Harrison as Legal Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of The Langston Corporation applies for approval to retain Klehr, Harrison, Harvey, Branzburg & Ellers LLP as counsel to the Committee. The firm will render the following services to the Committee: a. Attend hearings in the cases and in related proceedings as necessary; b. Review applications and motions filed in connection with the case; c. Communicate with and advise the Committee on all matters and legal issues arising in the case or related proceedings and periodically attend meetings of the Committee; d. Attend meetings with, and negotiate with, the representatives of the debtors; e. Assist and advise the Committee in its examination and analysis of the debtor's affairs; f. Assist the Committee in its review, analysis and negotiations of any financing or cash collateral agreements; g. Assist the Committee in its review of proposed offers to purchase substantially all of the assets of the debtor, participate in and oversee the auction process, and further assist the Committee in all aspects of the sale process; h. Assist the Committee in the review, analysis and negotiation of any chapter 11 plan(s) that may be filed and to assist the Committee in the review, analysis and negotiation of the disclosure statement accompanying any chapter 11 plan(s) I. Assist the Committee in its review of any potential causes of action available to or for the benefit of the debtor's estate. Klehr, Harrison will bill at its normal hourly rates as follows: Partners: $375 - $295 Associates: $250 - $150 Paralegals: $105 LANGSTON CORP: Court Enters Final Order Approving DIP Financing Pact -------------------------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order on October 13, 2000 authorizing the debtor, The LANGSTON Corporation to obtain post-petition financing and to use cash collateral. Fleet Capital Corporation is the lender, BancBoston Investments, Inc. is the guarantor and the Official Committee of Unsecured Creditors join in the stipulation and agreement. The Guarantor asserts a subrogated claim against the debtor in the sum of $7 million. The debtor owes approximately $30.5 million under the pre--petition agreements. The court authorized the Lender to advance such funds to debtor as are necessary to continue the operations of the debtor and to enable the debtor to make the payments in the Budget, limited to a Revolving Loan Commitment of no greater than $14.3 million. Debtor's counsel is Michael R. Lastowski, Duane, Morris & Heckscher LLP (Delaware) and Claudia Springer of the same firm, Philadelphia, Pennsylvania. Counsel to the creditor's committee is Joanne B. Wills and Dominic Pacitti, Klehr, Harrison, Harvey, Branzburg & Ellers LLP, Wilmington, DE. LAROCHE INDUSTRIES: Creditors Must File Proofs of Claim by Dec. 22 ------------------------------------------------------------------ Pursuant to an order of the US Bankruptcy Court, District of Delaware, entered on October 12, 2000, all creditors of debtors are required to file, on or before 4:00 PM, on December 22, 2000, a completed and executed proof of claim form against either of the debtors, Laroche Industries Inc. and Laroche Fortier, Inc. LIBERTY HOUSE: Announces Joint Reorganization Plan with General Growth ---------------------------------------------------------------------- General Growth Properties Inc. (GGP) announced that an affiliate of GGP, with JMB Realty Corp. and the other owners of Liberty House Inc. reached agreement to propose a joint plan of reorganization for Liberty House, according to a newswire release. Liberty House is Hawaii's premier local department store chain. The company operates 12 department stores in Hawaii including its 330,000 square foot flagship store at Ala Moana Center. In addition, the company operates a department store on the island of Guam. General Growth Properties, Inc. is one of the oldest shopping center owners, developers and managers in the United States. Together, GGP and the Owners filed an amended reorganization plan for Liberty House and an accompanying draft of a disclosure statement in the U.S. Bankruptcy Court for the District of Hawaii. U.S. Bankruptcy Judge Lloyd King must approve the adequacy of the draft disclosure statement before GGP and the owners can begin to solicit acceptances of their proposed joint plan. The joint plan of reorganization and disclosure statement would replace the plan and disclosure statement sponsored by the owners earlier this year. Earlier this month, the Bankruptcy Court had approved the adequacy of the disclosure statement associated with that plan, but it has not been circulated to creditors.(ABI, 30-Oct-00) LIBERTY HOUSE: Solicits Acceptances of Joint Plan & Decries JMB Plan -------------------------------------------------------------------- John Monahan, President and Chief Executive Officer and Phillip Fong, Vice President, Research & Financial Analysis of Liberty House, Inc wrote a letter to the Trade Creditors and other holders of unsecured claims of Liberty House on October 19, 2000, encouraging them to vote for the joint plan. Liberty House's management, with the approval of one of its two boards of directors and certain of Liberty House's secured creditors jointly filed a plan of reorganization and a related disclosure statement for Liberty House. On October 10, 2000, the Bankruptcy Judge presiding over Liberty House's Chapter 11 case approved the disclosure statement with respect to the Joint Plan and authorized Liberty House to ask all creditors to accept the Joint] Plan. Under the Joint Plan, the officers claim that the company will shed nearly all of its current debt load, permitting Liberty House to emerge from its Chapter 11 reorganization case as a revitalized competitor in the Hawaii and Guam marketplaces and as a stable customer for the vendor and factor communities. The officers state that the trade creditors and other holders of unsecured claims will also receive a different plan of reorganization for Liberty House as proposed by the existing stockholders of liberty House and certain of their affiliates. That plan is identified as the "Plan of Reorganization of Equity Holders, JMB Realty Corporation and Pacific Lease Finance, LLC." The JMB Plan provides for Liberty House to emerge from bankruptcy burdened with secured debt of approximately $105 million to $110 million. This is not much less than the $150 million in secured debt that was owed by liberty House when it was forced to file for bankruptcy in the spring of 1998. In contrast to the Joint Plan, the JMB plan does, not, according tot he officers, provide for a thorough rehabilitation of Liberty House's financial affairs. Furthermore, they claims that the JMB plan proposes a treatment for Liberty House's principal secured creditors that will be rejected by those creditors and will not likely be imposed upon the secured creditors over their objections. It is unlikely that that the JMB Plan will be confirmed by the Bankruptcy Court or successfully implemented, and Liberty Houses' management believe stoat voting in favor of the JMB plan will only result in further delay of payment of the claims of creditors. LINC CAPITAL: Announces Sale Business Unit $20M to $22M to Pay Down Debts ------------------------------------------------------------------------- Expecting proceeds of $ 20 to $ 22 million, Linc Capital Inc. (LNCCE) from the sale of its analytical instrument rental and distribution business, Dow Jones reports, the proceeds will be used to pay down debts. Linc Capital is pursuing this out-of-court sale in an effort to avert a bankruptcy filing. As reported in the Troubled Company Reporter in March and August of this year, Linc Capital had defaulted on certain loan covenants. Assets of Linc Capital primarily consist of a non-securitized lease portfolio, its analytical instrument rental and distribution business, its equity interest in its equipment lease securitization entities, and equity interests in select growth lessees. LOEWEN GROUP: Upbeat Third Quarter Results Pave Way for Nov. 15 Plan Filing --------------------------------------------------------------------------- The Loewen Group Inc. (TSE: LWN), announced its unaudited results for the quarter ended September 30, 2000 and commented on the progress of its reorganization since the Company was granted court protection from creditors on June 1, 1999. Earnings from operations were $16.6 million in the third quarter, down $4.3 million from the same quarter of 1999. After pre-tax reorganization costs of $11.0 million, the Company reported a net loss of $3.0 million on gross revenue of $206.2 million for the quarter ended September 30, 2000. This compares with a net income of $1.9 million after pre-tax reorganization costs of $11.2 million on gross revenue of $234.0 million for the quarter ended September 30, 1999. For the nine months ended September 30, 2000, earnings from operations, before deducting non-cash provisions for asset impairment, were $87.6 million compared with $109.5 million for the same period in 1999. For the nine months ended September 30, 2000, the Company reported a net loss of $56.5 million after a pre-tax asset impairment of $92.0 million on gross revenue of $681.9 million compared to a net loss of $96.5 million on gross revenue of $800.3 million for the nine months ended September 30, 1999. The Company's cash position as of September 30, 2000 was $ 138.5 million, an increase of $83.3 million from December 31, 1999. Reorganization Progress John S. Lacey, Chairman of the Board, stated "We are continuing to make excellent progress in the reorganization of the Company. The restructuring of operations management has now been completed in all of our U.S. markets. Each of the new market management teams is focused on establishing Loewen as a leader in customer service in every region in which the Company does business. Over the longer term, the efforts of our new market management teams should result in improved customer service and should strengthen the Company's competitive position." Mr. Lacey added, "Looking back over the past nine months, I am impressed by the way in which Loewen's employees have embraced change and have committed themselves to reinventing our business. Much has been accomplished, but there is considerable work still to be done. We are improving our information systems, enhancing purchasing functions and continuing to re- engineer our administrative processes. The Company's efforts to reduce general and administrative expenses are ahead of schedule." The Company continues its intensive efforts to evaluate and resolve claims and to address other issues presented by the Chapter 11 and CCAA proceedings. Over the past two months, the Company has engaged in extensive discussions with major creditor groups relating to the terms of the Company's reorganization. "As we have stated before," Mr. Lacey said, "we are committed to emerging from Chapter 11 and the CCAA proceedings at the earliest feasible time. To that end, the Company expects to file with the U.S. Bankruptcy Court on or before November 15, 2000, a Plan of Reorganization and Disclosure Statement that will describe the proposed structure and business operations of the reorganized company and will provide a proposed schedule of creditor recoveries. The Plan will propose that the Company's 7.75% Series 3 Senior Notes, 8.25% Series 4 Senior Notes, 7.20% Series 6 Senior Notes, 7.60% Series 7 Senior Notes and 6.70% Pass-Through Asset Trust Certificates (collectively, the "Subject Debt") all be treated as secured debt of the Company. This Plan, which is subject to Court and creditor approval, will represent a major step forward in the restructuring of the Company. There can be no assurance, however, that the Bankruptcy Court will approve the Plan of Reorganization in the form proposed, including the Company's proposal to treat the Subject Debt as secured debt of the Company. Further, the Company anticipates that certain creditors of the Company are likely to challenge the proposed Plan. Moreover, it is regrettable that it is not expected that there will be any value distributed to existing shareholders." Disposition Program Our program to divest non-strategic assets is also moving forward at an accelerated pace. Transactions involving sales proceeds of more than $46 million have either already been approved by the Bankruptcy Court or have been signed and submitted for approval. Based in Vancouver, The Loewen Group Inc. currently owns or operates more than 1,100 funeral homes and more than 400 cemeteries across the United States, Canada, and the United Kingdom. The Company employs approximately 13,000 people and derives approximately 90 percent of its revenue from its U.S. operations. MEDPARTNERS PROVIDER: 2nd Amended Plan Declared Effective on Oct. 16 -------------------------------------------------------------------- On September 14, 2000, the US Bankruptcy Court for the Central District of California, the Honorable Barry Russell presiding, entered the order confirming the Second Amended Chapter 11 Plan of MedPartners Provider Network, Inc., dated July 7, 2000. MPN has determined that all conditions to the effectiveness of the plan have been met. Accordingly, October 16, 2000 is the Effective Date of the plan. MILLENIUM HOLDINGS: Aircraft Refurbisher Files for Chapter 11 Protection ------------------------------------------------------------------------ Millennium Holdings Corp., an aircraft refurbishing company, filed for Chapter 11 last week to delay eviction from the former Dallas Naval Air Station for failure to pay rent, according to the Fort Worth Star-Telegram. The company filed for bankruptcy the day the eviction trial was to begin in a Dallas County court. The city contends the company has not paid rent since moving to the site about 18 months ago and owes $2 million. The bankruptcy filing halts all litigation. Millennium officials said that under the lease agreement, the company does not have to pay rent until Dallas relinquishes all of the property. Millennium cannot use about 35 of its 500 acres at the site because of environmental reasons, including contaminated ground water, company officials said. The city is negotiating environmental cleanup efforts with the Navy. (New Generation Research, Inc., 30-Oct-00) OAKWOOD HOMES: S&P Lowers Corporate Rating to B- & Senior Notes to CCC ---------------------------------------------------------------------- Standard & Poor's today lowered its corporate credit rating on Oakwood Homes Corp. to single-'B'-minus from single-'B'-plus. In addition, ratings on the company's senior notes were lowered to triple- 'C' from single-'B'-minus. All ratings were removed from CreditWatch, where they were placed on June 21,1999. The outlook is negative. The rating actions acknowledge the challenges that will continue to face Oakwood as it seeks to further rationalize its large retail, manufacturing, and financing network within an industry struggling with both overcapacity and constrained liquidity. Aggressive inventory and overhead reductions, roughly $100 million and $80 million, respectively, over the past year have enabled Oakwood to meet its current debt obligations and repay some debt. The company's working capital position was also bolstered by the recent extension of its $75 million secured revolver through August 2001, and Oakwood continues to have access to a $250 million secured line for the warehousing of its originated loans. While both of these lines reflect reduced capacity, they appear sufficiently sized relative to current sales levels, which are down about 23% from the same period last year. Covenants for the two crossdefaulted facilities have been revised so as to provide for some operating flexibility. Standard & Poor's does believe, however, that Oakwood's current operating loss position will continue well into the coming year, due to lower volumes at manufacturing, continued pricing pressures at retail, and higher costs within its captive finance unit. In addition, the company's recently revamped management team may need to further rationalize operations in response to the current industry contraction, which has been sharper and more protracted than most participants had expected, particularly given the relative health of the broader economy. EBITDA, which has dropped very sharply over the past year, remains modestly positive, but insufficient to cover current interest obligations. Working capital provided from inventory liquidations and the add back of numerous noncash charges is presently enabling coverage of the company's $11 million in quarterly interest. As a fully vertically integrated player, Oakwood finances most of its sales via its captive finance subsidiary, which relies almost exclusively on the securitization market for permanent funding. Over the past year, the company has had to absorb losses on its completed securitizations due to wider credit spreads in the asset-backed market and negative delinquency and repossession trends within its own large servicing portfolio. Given Oakwood's current capital constraints, there will be a limit to how long the company can pursue this financing strategy. OUTLOOK: NEGATIVE Credit protection measures for Oakwood's unsecured bondholders remain very weak and could deteriorate further should an economic slowdown be added to current industry capacity and liquidity woes. As the manufactured housing industry's largest retailer, and via its captive finance subsidiary, which is also one of its largest lenders and servicers, Oakwood will remain very vulnerable to current competitive conditions, Standard & Poor's said. OWENS CORNING: Obtains Okay to Maintain Existing Bank Accounts -------------------------------------------------------------- The Operating Guidelines promulgated by the United States trustee require that a chapter 11 debtor-in-possession close all of its bank accounts immediately following the commencement of a chapter 11 petition. The chapter 11 debtor is then supposed to open three post-petition bank accounts: one for general receipts and disbursements, one for payroll and one for taxes. The Debtors tell the Court that they and their non-debtor affiliates maintain a global network consisting of hundreds of bank accounts through which funds from a local facility are deposited in a local bank and then upstreamed to regional concentration accounts to fund centralized cash management accounts. The Debtors believe that closing their bank accounts, initiating and implementing new deposit procedures, and then working from only three bank accounts would be unnecessarily disrupt their business and would impair their reorganization efforts. Accordingly, the Debtors seek relief from the U.S. Trustee's Operating Guidelines that require the closing of all pre-petition bank accounts and the opening of three new bank accounts designated for operating funds, payroll disbursements and taxes. The Debtors are certain that they have adequate controls in place to draw a bright line between prepetition and postpetition disbursements and can prevent prepetition checks from being paid postpetition. At the First Day Hearing, with the consent of the U.S. Trustee, Judge Walrath granted the Debtors' Motion in all respects. (Owens-Corning Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service, Inc., 609/392- 0900) ROSSIYSKIY KREDIT: U.S. Bankruptcy Court in New York Assists Russian Bank ------------------------------------------------------------------------- Alexander Livshits, the chairman of the board of Rossiyskiy Kredit Bank ("RKB"), announced that the United States Bankruptcy Court in New York City entered an order on October 11, 2000 granting the Bank a permanent injunction under Section 304 of the United States Bankruptcy Code preventing creditors of RKB from bringing lawsuits or enforcing judgments against RKB in the United States. Mr. Livshits said, "The ruling in New York represents the first time a bankruptcy court in the United States has given its assistance to the reorganization of a Russian bank." RKB, which had been the third largest bank in Russia, was badly affected by the Russian financial crisis in 1998. One year ago, the newly created Russian Agency for Reconstruction of Credit Organizations, commonly known as ARCO, took over RKB and obtained a moratorium (akin to an "automatic stay" in U.S. bankruptcy cases) which prevented creditors from prosecuting lawsuits or collecting judgments against RKB in Russia. The moratorium resulted from newly adopted Russian laws, similar to chapter 11 of the U.S. Bankruptcy Code, designed for the reorganization of financial institutions. Given new statutory powers, ARCO and RKB proceeded to conclude negotiations with an international creditors' committee on an Amicable Settlement under which all of RKB's creditors, both Russian and foreign, will be repaid a portion of their debts over several years, compared to the nearly total loss which would have resulted from liquidating RKB. Several European banks refused to take part in the restructuring under ARCO's auspices and instead continued prosecuting a lawsuit in New York against RKB and attempting to attach RKB's assets in the U.S. and elsewhere. Because the New York state court had no power to force the dissenting bank creditors to participate in the Amicable Settlement, the Russian reorganization proceeding was threatened with failure because RKB could not conduct business if its assets could be attached in the U.S. or in other countries which would enforce U.S. judgments. Consequently, ARCO commenced an "ancillary proceeding" in the Bankruptcy Court in New York in early August under provisions of U.S. law which allow the Bankruptcy Court to block creditors from bringing lawsuits in the U.S. against an enterprise which is the subject of a bankruptcy proceeding in another country, such as Russia. In early August, the U.S. Bankruptcy Court granted a temporary injunction stopping lawsuits in the U.S. against RKB. Later in August, the Amicable Settlement was approved by the Commercial Court in Moscow after 97% of voting creditors decided to support the restructuring. Standing by its preliminary ruling from early August in favor of ARCO and RKB, the U.S. Bankruptcy Court on October 11 entered a permanent injunction preventing all creditors from bringing lawsuits against RKB or attaching its assets in the U.S. Commenting on the October 11 ruling, Mr. Livshits that "the ruling in New York is a milestone in the development of Russian financial institutions. The Judge has ruled that Russian bankruptcy laws conform to international norms and that creditors of insolvent Russian enterprises in the future will be obliged to participate in Russian court supervised bankruptcies and reorganizations. The ruling is an important stride toward giving Russia access once again to the international capital markets." RKB is the largest of the crisis stricken Russian banks to be taken over and restructured by ARCO. The New York office of Fulbright & Jaworski served as counsel for ARCO in the New York Bankruptcy Court. SAFETY-KLEEN: Allwaste Moves for Relief From Stay To Continue Texas Lawsuit --------------------------------------------------------------------------- Allwaste Environmental Services of Texas, Inc., joined by its insurers Reliance National Indemnity Co. and National Union Fire Insurance Co., has filed a motion seeking relief from the automatic bankruptcy stay to continue litigation pending in state court in Harris County, Texas, against Safety-Kleen (Encotec), Inc., f/k/a Laidlaw Environmental Services, Inc., f/k/a Rollins Environmental Services, Inc. Barry M. Klayman of the firm of Wolf, Block, Schorr and Solis-Cohen, and Mark R. Pharr, III, of the firm of Galloway, Johnson, Tompkins, Burr & Smith, representing the moving parties, asserts that in 1997 Allwaste entered into a Waste Transport Contract with Rollins, the Debtor's predecessor in interest, to transport waste materials from a facility owned and operated by Rubicon, Inc. in Giesmar, Louisiana, to Rollins' waste disposal facility in Deer Park, Texas. Allwaste asserts that Rollins represented and warranted that the properties, composition and characteristics of the waste would conform to shipping manifests provided to Allwaste. On March 26, 1997, an Allwaste vehicle transporting waste materials for Rollins from the Rubicon facility was involved in an accident which resulted in a spill of waste materials. Allwaste asserts that a substantial factor in the accident was the negligence of Rollins and Rubicon in failing to properly dewater the waste materials prior to shipment in Allwaste's vehicle. As a result of the spill, numerous claims have been made and lawsuits filed against Allwaste and its insurers, Reliance and National Union, and various other parties in state courts in Louisiana and Texas for monetary claims arising from personal injuries and property damage. While some of these claims and lawsuits have been settled by Allwaste and its insurers, others remain pending. On March 27, 1998, Allwaste and its insurers filed an action in the District Court of Harris County, Texas, against the Debtor's predecessor- in-interest, Laidlaw, and Rubicon as co-defendants. This suit was subsequently removed to the United States District Court for the Southern District of Texas, Houston Division, where it now pends. The plaintiffs in this suit allege claims against the Debtor and Rollins for damages for negligence, breach of contract, and breach of warranty, as well as claims for indemnity, contribution and/or subrogation, for all costs, expenses, settlements, and judgments incurred by and/or paid by the Movants in the Louisiana and Texas state court cases against them. This litigation was in the discovery process when the Debtor commenced its Chapter 11 case. The Movants have alleged that no prejudice to the bankruptcy estate or the Debtor will arise if the stay is partially modified to permit continuation of the Texas litigation to determine the Debtor's liability, if any, to the Movants. The Movants believe that the Debtor has insurance that will provide payment for a defense and/or indemnity for the claims being asserted against the Debtor in litigation. The Movants had made a discovery request for evidence of such coverage prior to the commencement of the Chapter 11 proceeding, but no production response was had before the bankruptcy petition was filed. The Movants certify to the Bankruptcy Court that they will prosecute the Texas litigation to judgment against the Debtor and Rubicon, collect any damages awarded by the District Court in Texas from the Debtor's insurer, and from Rubicon, and reserve to the Bankruptcy Court any issues related to collection of any deductible from the Debtor. The Movants believe these factors will prevent any prejudice to the Debtor, and that the balance of hardships facing the parties weighs in favor of modifying the stay to permit the Movants to proceed with the litigation in the federal District Court. If the stay is not modified, the Movants assert they will face severe economic hardships due to pending litigation against the Movants in the state courts of Texas and Louisiana, and as a consequence of the monies already spent in adjusting the various third- party claims against the Movants. Moreover, the Movants assert they would be required to litigate their claims twice, once in the Texas federal court against Rubicon and against in the Bankruptcy Court against the Debtor, and that this duplicative litigation would be burdensome on the Movants and the courts involved. (Safety-Kleen Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc., 609/392-0900) STELLEX TECHNOLOGIES: Committee Objects to Debtor DLJ Engagement Terms ---------------------------------------------------------------------- The Official Committee of Unsecured Creditors of Stellex Technologies, Inc. and its affiliated debtors by and through their counsel, Cadwalader, Wickersham & Taft, object to the debtors' application to retain Donaldson, Lufkin & Jenrette Securities Corporation as financial advisor for Stellex Technologies, Inc. The Committee does not believe that the DLJ Application provides for sufficient participation by the Committee in the sales process. The Committee believes that DLJ should be required to give complete and unfettered access to the Committee to all information regarding, and personnel working on, the Sale s Process, including without limitation, access to information regarding potential buyers, opportunities to participate in telephone conference calls and meetings with potential buyers, and the like. All such information should be provided to the Committee contemporaneously with the furnishing of such information to the debtors. The Committee states that its direct acce3ss to information should be assured. The Committee request that the DLJ application be denied unless the terms and conditions requested by the Committee are incorporated into the order approving the retention of DLJ. TEXFI INDUSTRIES: Closes on $25 Million DIP Financing Facility with CIT ----------------------------------------------------------------------- Texfi Industries, Inc. (OTC Bulletin Board: TXFIE) announced it has arranged a new revolving working capital financing with CIT Commercial Services, a division of The CIT Group (NYSE: CIT) in the amount of $25,000,000. The financing is for one year and requires the Company to submit a reorganization plan by April, 2001. Texfi filed for protection under Chapter 11 of the Bankruptcy Act in the Southern District of New York on February 15, 2000, and has been operating as Debtor-in-Possession since that date. The Company expects to submit its reorganization plan ahead of schedule in 2001. Commenting on the new financing for Texfi, CEO Andrew J. Parise said, "We are extremely pleased to have this increased and longer term financing available to the Company. We have made great progress over the past few months and this facility will enable us to concentrate on strengthening our business and building our market share." "CIT is delighted to support Texfi in its reorganization effort," said John F. Daly, President of CIT Commercial Services. "CIT has a long standing relationship with Texfi and we are confident in management's ability to facilitate the reorganization." Texfi Industries, Inc. is a diversified manufacturer and marketer of textiles. The Company manufactures woven finished fabrics sold throughout the United States and exported to Asian and European markets. Texfi has manufacturing plants in Rocky Mount and Haw River, North Carolina, and Jefferson, Georgia. TOKHEIM CORP: Schlumberger Limited Appeals from Confirmation Order ------------------------------------------------------------------ Schlumberger Limited is appealing Judge Walsh's order approving the Disclosure Statement, solicitation and voting procedures and confirmation of the joint prepackaged plan of reorganization of Tokheim Corporation and its subsidiary debtors, entered on October 5, 2000. Schlumberger raised a number of objections which the Delaware Bankruptcy Court overruled. Schlumerger now tugs on the District Court judges robes in an effort to undo the deals struck under the Prepackaged Plan. TURKEY'S BANK: Following Takeover, Fitch Places Ratings on Negative Watch ------------------------------------------------------------------------- Following the takeover recently of Turkey's Bank Kapital by the Banking Regulation and Supervision Agency (BRSA), Fitch, the international rating agency, has placed the long-term foreign currency, local currency ratings and short-term local currency rating of Turkey's Bank Kapital of `B+', `B+' and `B' respectively, on Rating Watch Negative pending further discussions with the BRSA and the announcement of its rehabilitation plan for the ten banks under its control. The recently established BRSA has stated that the takeover of Bank Kapital followed a deterioration in the bank's financial condition. Fitch understands that the bank will continue to operate and that it is likely that the BRSA will ensure that it continues to meet its commitments in the short term. However, the longer term future is more uncertain and the BRSA has announced that it will unveil a rehabilitation plan for the ten banks under its control next week with the aim of selling the banks as soon as possible. A more detailed comment on recent developments in the Turkish banking sector will be issued shortly. UNDIGITAL, INC.: U.S. Trustee to Convene Meeting of Creditors on Nov. 20 ------------------------------------------------------------------------ On September 29, 2000, Undigital, Inc., et al. filed voluntary petitions for relief under Chapter 11. A meeting of creditors will be held on November 20, 2000 at 10:00 AM. Counsel for the debtor is Neil B. Glassman, Esq. PO Box 25130, Wilmington, DE 19899. VENCOR, INC.: Signs Stipulation Allowing Filing of Tardy Proofs of Claim ------------------------------------------------------------------------ The Debtors have agreed, and Judge Walrath's approved, an extension of the bar date for that the Estate of Lawrence C. Hedrick and the Estate of Stanley Landsman to file proofs of claim against the Debtors. The Debtors concur that there are uniquely extenuating circumstances regarding the failure of these two claimants to file timely claims. The extension will be thirty days from the date the Court entered an order of approval of the Stipulation, that is, thirty days from September 19, 2000. Any proof of claim filed by the Claimants must be properly filed in all other respects, and must be actually received at or before 4:00 p.m. on the last day of the Extension Period. (Vencor Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service, Inc., 609/392-0900) * Meetings, Conferences and Seminars ------------------------------------ November 2-6, 2000 TURNAROUND MANAGEMENT ASSOCIATION Annual Conference Hyatt Regency, Baltimore, Maryland Contact: 312-822-9700 or info@turnaround.org November 13-14, 2000 FULCRUM INFORMATION SERVICES, INC. The 2nd Annual Lending To & Investing In Troubled Health Care Companies Loews New York Hotel, New York, New York Contact: 1-800-869-4302 or www.fulcruminfo.com November 16-20, 2000 COMMERCIAL LAW LEAGUE OF AMERICA 80th Annual New York Conference Marriott World Trade Center, New York City Contact: CLLAmember@aol.com November 27-28, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Third Annual Conference on Distressed Investing The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com November 30-December 2, 2000 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800 January 9-14, 2001 LAW EDUCATION INSTITUTE, INC. National CLE Conference on Bankruptcy Law Marriott, Vail, Colorado Contact: 1-800-926-5895 or www.lawedinstitute.com February 22-23, 2001 ALI-ABA Commercial Real Estate Defaults, Workouts, and Reorganizations Wyndham Palace Resort, Orlando (Walt Disney World), Florida Contact: 1-800-CLE-NEWS February 25-28, 2001 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute I Marriot Hotel, Park City, Utah Contact: 770-535-7722 or Nortoninst@aol.com February 28-March 3, 2001 TURNAROUND MANAGEMENT ASSOCIATION Spring Meeting Hotel del Coronado, San Diego, CA Contact: 312-822-9700 or info@turnaround.org March 28-30, 2001 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Healthcare Restructurings 2001 The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com March 29-April 1, 2001 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute II Flamingo Hilton; Las Vegas, Nevada Contact: 1-770-535-7722 or Nortoninst@aol.com April 19-21, 2001 ALI-ABA Fundamentals of Bankruptcy Law Some Hotel in San Francisco, California Contact: 1-800-CLE-NEWS June 28-July 1, 2001 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains, Advanced Bankruptcy Law Jackson Lake Lodge, Jackson Hole, Wyoming Contact: 770-535-7722 or Nortoninst@aol.com July 26-28, 2001 ALI-ABA Chapter 11 Business Reorganizations Hotel Loretto, Santa Fe, New Mexico Contact: 1-800-CLE-NEWS The Meetings, Conferences and Seminars column appears in the TCR each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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 conferences@bankrupt.com. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles available from Amazon.com -- go to http://www.amazon.com/exec/obidos/ASIN/189312214X/internetbankrupt-- 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 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 the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *