TCR_Public/010314.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, March 14, 2001, Vol. 5, No. 51


AMER REEFER: Files Chapter 11 Petition in New York
AMER REEFER: Chapter 11 Case Summary
ASDAR INC.: Challenges Derek's Foreclosure Proceedings
BABCOCK & WILCOX: James F. Wood Steps Down As President
BENZ ENERGY: Converts Bankruptcy Case To Chapter 7

BREATHASURE INC.: Newly-Formed HealthAsure Buys All Assets
BRIDGE INFORMATION: Gets Waiver of Sec. 345 Investment Guidelines
CAM CBO: Fitch Downgrades Two Classes Of High Yield-Backed Notes
CENTURY PACIFIC: In Talks with Lenders to Obtain Covenant Waivers
CONVERSE INC.: Footwear Proposes to Buy All Assets For $117.5MM

CROWN CORK: Lenders Agree To Extend Term of $2.5B Credit Facility
CROWN CORK: Expects Losses From Continuing Operations in 2001
DEAN FOODS: Fitch Cuts Senior Note Rating & Places on Watch
DENALI INC.: Files Form 15 with SEC to Deregister Common Stock
ESQUIRE COMMUNICATIONS: Surrenders All Assets to Lender Group

FINOVA GROUP: Court Okays Continued Use of Existing Bank Accounts
FINOVA GROUP: GE Capital Prepares Competitive Bid For Assets
GIBBS CONSTRUCTION: 64.2% Majority Stake Passes to TOC, Inc.
HARNISCHFEGER INDUSTRIES: Settles $30 Million Claim With Mitsui
J.L. FRENCH: Restructures Senior Credit Facility Obligations

LERNOUT & HAUSPIE: Taps Credit Suisse To Sell Mendez S.A.
LOEWEN GROUP: Wants To Assume Dewey Property Leases in New York
LTV: Strikes Adequate Protection Agreement with Credit Suisse
MICROAGE INC.: Exclusive Period Extended To March 31
MUZAK HOLDINGS: Moody's Junks Senior Notes Ratings

NOVAGOLD RESOURCES: Restructures Long-Term Debt
PERGAMENT HOME: Taps Great American Group For Asset Liquidation
PMD GROUP: Fitch Gives Low-B Ratings to Senior Debt Obligations
SAFETY-KLEEN: Toxic Tort Claimants Move to Annul Automatic Stay
TRANS WORLD: Judge Accepts American's $742MM Bid in its Entirety

WORLDTEX INC.: Files Prenegotiated Chapter 11 Plan in Wilmington
WORLDTEX INC.: Case Summary & 13 Largest Unsecured Creditors

* Meetings, Conferences and Seminars


AMER REEFER: Files Chapter 11 Petition in New York
Amer Reefer and its seven subsidiaries filed petitions for
reorganization under chapter 11 of the United States Bankruptcy
Code in New York. The filing comes after 6 months of intensive
negotiations between the Company and its bondholders in respect
of restructuring its 10-1/4% senior notes due 2008.

On Friday March 9, 2001, the company's advisors believed they had
reached a commercial agreement, which was acceptable to many of
the bondholders and the company. However, the settlement was
frustrated by the failure to agree on a settlement involving
escrowed funds needed by the company to continue meeting its
charter obligations. The company was seeking adjournment of the
so called Interpleader case in the UK. The trustee and charterers
will be stayed from proceeding with Interpleader action as a
result of the filing.

Ravi Mehrota, Chairman of Foresight commented, "It is a great
shame for all concerned that, despite strenuous efforts over many
months, particularly in the past few days when we believed we had
an agreed term sheet, that we have been forced to protect the
company's interests by filing. Conditions within the reefer
market have been extremely difficult over the past months, and
this has not helped the situation, but it is hard to see who in
the longer term will really benefit from this inability to
resolve a small but important issue."

Amer Reefer having negotiated in good faith was left with no
alternative but to file for protection from the court, thus
assuring the necessary flow of funds from charter hire, to meet
its many commercial obligations. Under US Court protection funds
held in escrow by the Interpleader action will now flow to the
company through the direction of a Debtor in Possession (DIP)
account monitored by the Court enabling an uninterrupted
commercial operation of the vessels.

"The Company is well aware of the fact that the earnings for
February have been worse than those for the year 2000. The
exchange rate for Yen has worsened putting further pressure on
values of reefer ships. The Company would like to carefully
review the market and long term prospects for the kind of ships
it has whilst continuing to seek new solutions to restructure."

AMER REEFER: Chapter 11 Case Summary
Debtor: Amer Reefer Co. Limited
         1 Costaki Pantelide Avenue
         Kolokasides Building, 3rd Floor
         1010 Nicosia, Cyprus

Chapter 11 Petition Date: March 12, 2001

Court: Southern District of New York (Manhattan)

Bankruptcy Case No.: 01-11301

Debtor's Counsel: Gregory M. Petrick, Esq.
                   Cadwalader, Wickersham & Taft
                   100 Maiden Lane
                   New York, NY 10038
                   (212) 504-6373
                   Fax: (212) 504-6666

ASDAR INC.: Challenges Derek's Foreclosure Proceedings
Asdar Inc. (OTCBB:XBET) received a "Notice of Intention to
Foreclose" from Derek Resources, a company listed on the Canadian
Venture Exchange, for the Company's alleged failure to pay
certain costs on the LAK Ranch project. The Company vigorously
opposes and disagrees with Derek's actions in this matter.

Asdar has given Derek written notice that they have failed to
incur the required US$3,500,000 in expenditures to develop a
Steam Assisted Gravity Drainage (SAGD) pilot plant on the LAK
Property by December 31, 2000 in accordance with the September
24, 1997 Option Agreement in order for Derek to earn a 75%
working interest. Through third party engineering reports, the
LAK Ranch is estimated to contain app. 100+ million barrels of
high quality oil and is expected to be recoverable using SAGD. It
is the Company's position that the purported "Notice of Default"
from Derek is invalid.

The Option Agreement required Derek to follow certain guidelines
from a series of Work Plan Reports by Dr. John Donnelly, who is
now a director of Derek. The reports included six months of
start-up capital and the purchase of a steam generator, which
Derek elected to rent at a considerably lower cost. The
objectives of the Work Plan Reports, from a timing perspective,
were not achieved and the SAGD pilot plant is not yet in

Major changes were made by Derek to the initial work program
without any prior notice to or consent from Asdar or its
predecessors. Engineering, Procurement and Management costs are
more than 1000% over the initial projected costs by Dr. John

Based on a recent site visit in February 2001, by Asdar's
representatives and a review of costs incurred to February 28,
2001 by Asdar's auditors, Derek has failed to provide the Company
with proper reasons and explanations for the project's cost
overruns, which bring the total costs to date to approximately
US$6,500,000. This is a deviation of over US$3,000,000 from the
original Donnelly estimates.

Asdar will seek to remedy its position with respect to Derek and
the LAK Ranch project through all avenues available to the
Company and intends to commence such court proceedings as may be

BABCOCK & WILCOX: James F. Wood Steps Down As President
James F. Wood has resigned as president of The Babcock & Wilcox
Company (B&W), a unit of McDermott International, Inc.
(NYSE:MDR), announced Bruce W. Wilkinson, chairman of the board
and chief executive officer of McDermott International, Inc.
Wood's resignation is effective March 31, 2001.

Wilkinson also announced David L. Keller, senior vice president
of B&W's Service Group, has been elected executive vice president
of B&W and will immediately assume Wood's responsibilities.

"We thank Jim for his many years of service and wish him well for
the future," said Wilkinson. "We are also pleased that Dave
Keller has accepted the opportunity to lead B&W. Dave brings a
proven record of success from his years as president of B&W's
Diamond Power subsidiary and we are confident in his ability to
apply his skills to B&W as a whole."

Wilkinson said Keller's focus will be on maintaining and
improving B&W's profitable service business and developing a new
business model to insure improved performance in B&W's original
equipment business. Keller was president of Diamond Power from
1997 until earlier this year when he was named to his position in
B&W's Service Group.

Wilkinson said the change in B&W's management will have no effect
on B&W's Chapter 11 proceedings. B&W and certain of its
subsidiaries filed for voluntary reorganization under Chapter 11
of the U.S. Bankruptcy Code on February 22, 2000 to resolve
asbestos claims against the company.

B&W and its subsidiaries supply fossil-fueled steam generation
systems and associated equipment, replacement nuclear steam
generators, and environmental equipment and systems for the
reduction of emissions from power plants.

McDermott International, Inc. is a leading worldwide energy
services company. The company's subsidiaries manufacture steam-
generating equipment, environmental equipment, and products for
the U.S. government. They also provide engineering and
construction services for industrial, utility and hydrocarbon
processing facilities, and to the offshore oil and natural gas
industries. The company's website is:

BENZ ENERGY: Converts Bankruptcy Case To Chapter 7
Creditors in bankrupt Benz Energy Inc.'s chapter 11 filing will
be nearly wiped out after the court approved a U.S. Trustee's
motion to convert the filing to chapter 7 liquidation, the debtor
counsel said, according to Judge Bill Parker
approved the motion to convert by U.S. Trustee Timothy O'Neill in
U.S. Bankruptcy Court in Tyler, Texas, to clear the way for the
company's liquidation. Houston-based Benz, an oil and gas
exploration company that defaulted on its senior facility after
two-thirds of its reserves dried up, is expected to leave only
the diluted value of a $3 million note to help pay its debt to
Encap Energy Investment in Houston. Benz and its wholly owned
operating subsidairy, Texstar Petroleum Inc., filed separately on
Nov. 8 in Tyler after Benz defaulted on the $25.7 million credit
facility and its related hedge liquidation with Aquila Energy

Aquila Energy, the holder of $32.5 million of Benz debt, traded
the debt and a $90,000 cash injection after the filing in return
for all of the company's gas and oil reserves that had served as
collateral for its credit facility, according to documents. The
company's default on its $25.7 million senior secured credit
facility and the liquidation of the $6.8 million hedge linked to
that facility were tied to the decline in the oil and gas
reserves that Benz had used as collateral on its debt. Texstar,
which is expected to present its reorganization plan to the court
this month, had claims of about $8 million in secured debt in the
form of $5 million from Encap Energy and $3 million in trade
claims as the operating arm of privately-held Benz. (ABI World,
March 12, 2001)

BREATHASURE INC.: Newly-Formed HealthAsure Buys All Assets
The assets of BreathAsure, Inc. were purchased by a newly formed
company called HealthAsure, Inc. that will add Mint Asure,
BreathAsure Dental Gum, and Ora- Blast breath care products to
its line of Nature's Pride vitamins and nutritional supplements
which are manufactured in Sunrise, Florida.

Terms of the purchase were not disclosed; however, according to
Jose Minski, President of HealthAsure, Inc., these two companies
are being brought together under one corporate entity that will
benefit both product lines and the people who manufacture and
market them.

"The Nature's Pride product line can greatly benefit from new
distribution opportunities that can be opened by the BreathAsure
team already in place," explained Minski. He said that the
company at one time had branded sales of about $30 million but in
recent times had fallen into bankruptcy. Now as part of
HealthAsure, Inc., Minski intends to re-build brand equity by
increasing sales and marketing efforts. "Plus, there are new
synergies between the brands that will increase overall
efficiencies," he added.

The company president explained that Nature's Pride has developed
several new product lines ready for introduction which include
Bear Essentials(TM) gummi bear vitamins for kids; a new line of
16 specially targeted supplements for women's health care; and a
line of joint maintenance supplements called Arthriteis(TM).

The Nature's Pride brand name, which has been in existence since
1986, has only been distributed to select healthcare retailers
nationwide. "Offering the new Nature's Pride line to all trade
classes established by BreathAsure is an immediate goal," said

"Under the HealthAsure influence, we plan to aggressively
develop, introduce and promote new health-related products that
will complement the mass marketers and the independent health
store retailers," said the company president. "For many of these
new items, we are the manufacturers as well as the marketers,"
said Minski, "and that provides us with advantages that a
healthcare product company needs to compete successfully in the

BRIDGE INFORMATION: Gets Waiver of Sec. 345 Investment Guidelines
Bridge Information Systems, Inc. and its debtor-affiliates sought
and obtained from Judge McDonald a waiver of the investment and
deposit requirements imposed under 11 U.S.C. Sec. 345(b). This
relief allows Bridge to continue investing and depositing funds
in accordance with their established prepetition investment and
deposit practices.

As the Debtors related in their Motion to maintain their existing
cash management system, Bridge has 26 bank accounts across the
United States through which cash receipts and disbursements for
their entire corporate enterprise flow. The Debtors believe that
all of the Bank Accounts are held by financially stable banking
institutions. The majority of the Bank Accounts, the Debtors
note, are maintained as minimum or zero balance accounts and,
therefore, do not carry significant overnight balances.

Deborah Grossman, Bridge's Senior Vice President and Treasurer,
related that the Debtors obtain cash management services
primarily from Harris Trust and Savings Bank and US Bank. The
Cash Management System maintained with Harris is comprised of
lockbox sites in Chicago, Illinois, lockbox accounts, zero
balance accounts, investment accounts, concentration accounts
through which the accounts payable are settled, and additional
accounts for intercompany clearing transactions and deposits. On
a daily basis, substantially all of the cash remaining in the
Cash Management System is consolidated in the Concentration
Accounts. To the extent that cash remains in the Concentration
Account in excess of amounts needed to fund daily disbursements,
such cash is transferred to the investment account and invested
with or by Harris, USB or Goldman Sachs (Financial Square Prime
Obligations Fund -- Institutional), in money market funds and/or
overnight and other short-term investment-grade securities.

Section 345(a) of the Bankruptcy Code authorizes deposits or
investments of money of a bankruptcy estate, such as cash, to be
made in a manner that will, "yield the maximum reasonable net
return on such money, taking into account the safety of such
deposit or investment." For deposits or investments that are
not "insured or guaranteed by the United States or by department,
agent or instrumentality of the United States or backed by the
full faith and credit of the United States," Section 345(b) of
the Bankruptcy Code provides that the estate must require from
the entity with which the money is deposited or invested a bond
in favor of the United States secured by the undertaking of an
adequate corporate surety. A court may, however, relieve a
debtor-in-possession of the restrictions imposed by Bankruptcy
Code section 345(b) for "cause."

The Debtors, Gregory D. Willard, Esq., at Bryan Cave LLP told
the Court, they believe that "cause" exists to waive the
investment and deposit restrictions under section 345(b) and
allow the Debtors to deviate from the approved investment
practices established by the Bankruptcy Code. The Debtors assure
the Court that they will maintain the Investment Accounts in a
safe and prudent manner in accordance with their existing
investment practices.

Judge McDonald observed that relief similar to that sought by
this Motion has been granted by the U.S. Bankruptcy Court for the
Eastern District of Missouri in other large-scale chapter 11
cases such as In re Trans World Airlines. Inc., Ch. 11 Case No.
9543748-399 (Bankr. E.D. Mo. June 30, 1995) and In re Interco,
Ch. 11 Case No. 91-4-00442-172 (Bankr. E.D. Mo. 1991). (Bridge
Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service,
Inc., 609/392-0900)

CAM CBO: Fitch Downgrades Two Classes Of High Yield-Backed Notes
Fitch has downgraded two tranches of CAM CBO I Ltd., which is a
collateralized debt obligation (CDO) backed entirely by high
yield bonds. The rating of the class A notes are affirmed at AA-.
The following securities have been downgraded:

      --  $21,000,000 class B notes from `A' to `BBB+';

      --  $21,000,000 class C notes from `BB' to `B'.

Fitch's rating action reflects the deterioration in credit
quality of a substantial portion of the assets. CAM CBO I Ltd. is
a high yield CBO established to purchase and sell bonds with a
weighted average rating of between 'B' and 'B-'. The transaction
has failed its total overcollateralization test, continues to
fail its weighted average rating test, and maintains a large
portion of assets below `CCC-` (21%). Fitch has met with the
Portfolio Manager for the CBO, Conning Asset Management, and felt
that after conducting onsite meetings and reviewing cashflow
scenarios that the original ratings assigned did not reflect the
current portfolio or strategy implemented by the Portfolio

CENTURY PACIFIC: In Talks with Lenders to Obtain Covenant Waivers
Century Business Services, Inc. (Nasdaq: CBIZ) released its
fourth-quarter and full-year financial results for the year 2000.
The results for both periods were affected significantly by
fourth-quarter charges and the adoption of SAB 101, as previously
announced on February 14, 2001. CBIZ will hold a conference call
to discuss these results, details for which are at the end of
this release.

For the year 2000, after all charges and the SAB 101 adjustments,
CBIZ reported revenue of $567.8 million, up 3.9% from last year.
Operating income for the Company's business units was $26.2
million, down 69.3% from a comparable 1999 operating income of
$85.3 million. The Company's loss from continuing operations
before interest, taxes, depreciation, and amortization was $54.2
million, versus EBITDA of $56.0 million for 1999.

CBIZ recorded a net loss from continuing operations for 2000 of
$119.2 million, or $1.26 per share, compared with net income of
$11.4 million, or $0.11 per share, for 1999.

For the fourth quarter of 2000, after charges and the effect of
SAB 101, revenue was $119.9 million, a decline of 12.9% from the
fourth quarter of 1999. CBIZ reported an operating loss for its
business units of $53.0 million for the 2000 fourth quarter and
$11.0 million for the 1999 fourth quarter. The Company recorded a
net loss from continuing operations for the quarter of $114.9
million, or $1.21 per share, compared with a net loss of $31.3
million, or $0.34 per share, for the fourth quarter of 1999.

The adjustments and charges that affected the above results for
the year and fourth quarter include:

      * a non-cash reduction to revenue of $6.3 million and $18.1
million for the quarter and year respectively, in accordance with
SEC Staff Accounting Bulletin No. 101 (SAB 101). The impact of
these adjustments to revenue was offset by associated SAB 101-
related adjustments of $4.2 million and $11.4 million of
operating expenses for the quarter and year, respectively. CBIZ
also recorded a non-cash, after-tax charge of $11.9 million for
the full year to reflect the cumulative effect of the SAB 101
adjustment on prior-year retained earnings. Such adjustments are
attributable primarily to two business units that, prior to SAB
101, were recognizing revenue in a manner consistent with
industry practice.

      * a non-cash goodwill impairment charge for the quarter of
$48.2 million, and a non-cash charge for the quarter of $31.0
million reflecting a write-down to net realizable value of assets
sold or held for sale.

      * charges of $39.7 million for the fourth quarter,
reflecting the write-down and reserve for certain receivables,
adjustments to revenue, and the effect of other asset write-
downs, litigation settlement and reserves, and consolidation and
integration charges.

Excluding the impact of these charges and excluding unusual
charges taken in the fourth quarter of 1999, full-year revenue
was $591.4 million, an 8.2% increase over last year's revenue of
$546.4 million. Operating income for the Company's business units
declined 12.1% in 2000 to $93.4 million from $106.2 million for
1999. EBITDA from continuing operations for the twelve months was
$73.5 million, compared with $98.1 million for 1999. Full-year
net income from continuing operations was $4.3 million, or $0.05
per share for 2000, versus $40.9 million, or $0.44 per share, for

For the three months that ended December 31, 2000, before
adjustments and charges, total revenue from continuing operations
declined 5.4% to $130.2 million from $137.7 million for the
fourth quarter of 1999. Operating income for the Company's
business units decreased 24.0% to $7.6 million from $10.0 million
for the fourth quarter of 1999. EBITDA from continuing operations
for the fourth quarter was $2.4 million, compared with $6.7
million for the fourth quarter of 1999. CBIZ's fourth-quarter net
loss from continuing operations was $9.9 million, or $0.10 per
share, versus last year's fourth-quarter loss of $5.5 million, or
$0.06 per share.

The Company is in discussions with its bank group to amend its
credit agreement to waive any covenant defaults associated with
these charges. The Company expects to successfully conclude this
process within 14 days. Long-term debt declined in the quarter by
$27 million, from $145 million to $118 million, and currently
stands at $112 million.

"Our operating results for 2000 and particularly the fourth
quarter reflect the impact of management changes, our expense
reduction program, and concerns about our strategic direction,"
stated CEO Steven Gerard. "With the hiring of a new CEO, a new
CFO, and the restructuring of the management of our operating
units, we have substantially completed the organizational
structure we announced last fall. We are implementing a new
management review process, focusing on leveraging our cross-
serving activities, expanding our product offering, and
continuing to aggressively manage our expense reduction program.
With long-term debt to its lowest level since the fall of 1999,
CBIZ has emerged from this difficult year as a smarter, leaner,
and more focused organization."

                     Outlook for 2001

Given the positive outlook for the business services outsourcing
industry and CBIZ's focus on a sound business plan for 2001, the
Company expects to generate substantially improved financial
results in 2001. Management has taken a number of specific steps
to achieve its goals of stabilization, financial improvement, and
expanding the core service offerings in each of its major
geographical markets. In addition, CBIZ is in the process of
rationalizing its non-core units and divesting certain of those
units. CBIZ divested two non-core business units in the fourth
quarter of 2000, has completed the sale of two more so far this
year, and expects to divest a third by the end of March.

As a result of corporate actions taken, CBIZ has set performance
goals for 2001 that include growth of EBITDA to more than $90
million, EPS of at least $0.20 per share, and significant debt

"With new targets firmly established, a strategic plan in place
for the company, and the progress we have made thus far, we are
well positioned to unlock CBIZ's true potential during 2001,"
stated Mr. Gerard.

                           * * *

Century Business Services, Inc. is a provider of outsourced
business services to small and medium-sized companies throughout
the United States. The Company provides integrated services in
the following areas: accounting and tax; employee benefits;
wealth management; property and casualty insurance; payroll; IS
consulting; and HR consulting. CBIZ also provides valuation;
litigation advisory; performance consulting; government
relations; commercial real estate; wholesale insurance;
healthcare consulting; medical practice management; worksite
marketing; and capital advisory services. These services are
provided throughout a network of more than 200 Company offices in
36 states and the District of Columbia.

CONVERSE INC.: Footwear Proposes to Buy All Assets For $117.5MM
Converse Inc. and Footwear Acquisition, Inc. jointly announced
that Footwear proposed to acquire substantially all of the assets
of Converse in an auction process approved by the U.S. Bankruptcy
Court in Delaware. Footwear's bid proposed to acquire Converse's
trademarks and other intellectual property, accounts receivable,
inventory and certain other assets for a cash purchase price of
approximately $117,500,000. Converse and Footwear are discussing
the proposed acquisition following a review by Converse, its
official creditors committee, certain of its secured creditors,
and their respective legal and financial advisors of bids to
purchase or license all or some of the assets of Converse.

Footwear is led by Marsden Cason, William Simon and Perseus
Acquisition/ Recapitilization Fund, L.L.C. Simon and Cason have
extensive experience owning and operating branded sporting goods
companies. Most recently, the two successfully revitalized The
North Face, Inc., taking it public in 1996. Perseus
Acquisition/Recapitalization Fund, L.L.C. is a private equity
fund formed to back successful management teams and make
substantial investments in leveraged acquisitions and
recapitalizations of operating companies. It is managed by an
affiliate of Perseus, L.L.C., a private equity firm with offices
in New York, N.Y. and Washington, D.C.

Glenn N. Rupp, Chairman and CEO of Converse said: "We are pleased
to be dealing with two industry veterans who propose to continue
building our brand in the United States and abroad through our
licensees. By maintaining a U.S. wholesale footwear business,
Footwear has proposed to have a direct financial and operating
stake in the brand's performance in the important U.S. market."

Cason and Simon said: "We are excited to gain control of this
great global brand. We intend to maintain the positioning of
Converse in its current distribution channels, both in the U.S.
and with its many licensee partners around the world. We wish to
assure Converse's loyal customers that we will fulfill supply
commitments for 2001. We expect a seamless transition over the
coming months. The operations will continue to be based in the
Boston area for the foreseeable future and we are hopeful that
many of the current Converse employees will join our company."

The proposed sale is subject to the execution of definitive
documentation, approval of the Bankruptcy Court and certain other
conditions. The parties anticipate Bankruptcy Court approval on
or about March 19, 2001.

CROWN CORK: Lenders Agree To Extend Term of $2.5B Credit Facility
Crown Cork & Seal Company, Inc. (NYSE: CCK) (Paris Bourse: CCK)
announced the successful completion of its Amended and Restated
Credit Agreement, which also provides $400 million in additional

The Company's existing lenders, led by JPMorgan, as arranger,
agreed to extend the maturity date of the Company's $2.5 billion
multi-currency revolving credit facility to December 8, 2003 and
along with new lenders provided a $400 million term loan. Terms
of the agreement provide new and less restrictive financial
covenants in addition to new operating covenants. The Company
agreed to grant to the term loan lenders a first priority
security interest primarily in U.S. and certain non-U.S.
machinery and equipment, inventories, non-securitized accounts
receivable, intellectual property and general intangibles. The
existing lenders were granted a second security interest in these

The pricing on the $2.5 billion original credit agreement was
increased by 100 basis points to LIBOR plus 250 basis points. The
new term loan is priced at LIBOR plus 350 basis points.

"This action was the necessary first step to provide the Company
with adequate liquidity going forward," said Alan W. Rutherford,
Executive Vice President and Chief Financial Officer. "We now
have the flexibility to proceed with our asset sales program
which, in turn, will enable the Company to realize the full value
of these businesses."

CROWN CORK: Expects Losses From Continuing Operations in 2001
Crown Cork & Seal Company, Inc. (NYSE: CCK)issued its comments
regarding its 2001 business outlook. The Company noted that it is
currently experiencing mitigation of downward price pressure in
many of its businesses. At the same time, the North American
beverage can and beverage PET markets have not been able to
increase pricing sufficient to offset increases in raw material
costs, utility costs and transportation costs. Additionally, a
destocking of certain filled inventories is underway across the
North American food industry. The Company expects this effort by
the food packaging industry to result in shipments of food cans
being lower in 2001 compared to 2000. The Company currently
expects the benefits of increased volumes across many product
lines and cost reduction efforts to approximately offset the
effects of these industry conditions. Operating income will,
however, be impacted by a reduction in non-cash pension income of
$44 million, or $29 million after-tax ($0.23 per diluted share),
in 2001 compared to 2000. The reduction in pension income is the
result of a decrease in the market value of plan assets during

The restructuring of the Company's debt, while at market rates,
will result in higher net interest expense in 2001 compared to
2000. The Company realized the benefits of commercial paper rates
for much of 2000. In 2001, borrowings will come primarily from
the amended credit facility and new term loan. Net interest
expense in 2001, including the amortization of bank fees, is
projected to be approximately $500 million. This equates to an
additional net after-tax charge of approximately $0.71 per
diluted share over 2000 levels.

The Company currently anticipates a net loss from continuing
operations of approximately $0.50 per diluted share in 2001
compared to 2000 net earnings of $0.73 per diluted share. For the
first quarter ending March 31, the Company expects to report a
net loss from continuing operations of approximately $0.40
compared to 2000 first quarter net earnings of $0.17 per diluted

"The market challenges that we faced in 2000 will not reverse in
one year," said John W. Conway, Chairman, President and Chief
Executive Officer, "but having refinanced the Company's major
credit facility, we will now concentrate on reducing overall debt
and refocusing the business for the future. We are determined to
drive the future of the Company through our leading research and
development position by introducing the best packaging solutions
for our customers and to continue to remain low cost by employing
continuous efficiency initiatives to improve our results in a
very competitive industry."

Crown Cork & Seal is the leading supplier of packaging products
to consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania.

DEAN FOODS: Fitch Cuts Senior Note Rating & Places on Watch
Fitch downgrades its rating of Dean Foods Company's senior
unsecured notes to `BBB+' from `A-' and affirms its commercial
paper rating at `F2'. Both the short-term and long-term ratings
are placed on Rating Watch Evolving following Dean's announcement
that it is exploring strategic and financial alternatives. The
Rating Watch status will be resolved following Fitch's assessment
of the strategic and financial actions selected by the company
and a determination of the impact on Dean's operations and
capital structure.

The rating downgrade reflects weaker-than-expected financial and
operating performance throughout the 2001 fiscal year, as well as
increased uncertainty around the company's ability to achieve
management's forecast.

The company has reduced earnings expectations from its fluid milk
operations as volumes declined due to increased competition and
higher raw material costs. In spite of an alliance with Baskin-
Robbins, Dean Foods expects only modest benefits in the fourth
quarter of its fiscal 2001 ice cream operations, due to higher
raw material cost. In addition, the Dairy division has incurred
incremental costs associated with integrating operations that
were previously acquired. The company's National Refrigerated
Products (NRP) division is experiencing higher-than-anticipated
costs to support the growth of extended and intermediate shelf-
life products and higher-than-projected promotional spending. The
Specialty Foods Group is enduring increased competitive
activities and slower-than-expected new product introductions, as
well as increased costs associated with consolidation of regional

The company believes that certain factors will have a positive
impact on fiscal 2002 earnings. Further rationalization of
assets, price increases, and a full year of supplying Baskin-
Robbins are expected to aid the Dairy group. Dean also
anticipates that NRP expects profits to improve from strong sales
growth, improvement in intermediate and extended shelf life
production, lower marketing costs and increased pricing on
certain products. Brand consolidation and pickle price increases
are also likely to have a positive impact operating earnings.
For the latest 12 months ended Nov. 26, 2000, leverage (total
debt/EBITDA) was 3.1 times (x) and EBITDA coverage of interest
incurred was 5.6x. Credit protection measures are expected to
improve from these levels. However, weaker operating performance
and slower debt repayment have reduced the pace and level of
improvement expected by Fitch. While leverage is expected to
return to fiscal 2000 levels within the next 18 months, coverage
will lag historical levels.

In a highly fragmented and competitive market, Dean Foods is one
of the leading processors of milk and a leading producer of ice
cream in the United States. The company is also one of the
largest pickle producer and marketers in the United States with
sales nationwide. Approximately 50% - 60% of the company's
products are sold as private labels. In fiscal year 2000, dairy
products accounted for 76% of revenues and 56% of operating
income, specialty foods accounted for 17% and 30%, and national
refrigerated products 7% and 14%, respectively.

DENALI INC.: Files Form 15 with SEC to Deregister Common Stock
Denali Incorporated (OTC Bulletin Board: DNLI) announced that, as
part of its previously disclosed Restructuring Plan, the Company
is filing a Form 15 with the Securities and Exchange Commission
to deregister its common stock under the Securities Exchange Act.
The Form 15 filing immediately suspends Denali's obligation to
file periodic reports, and the deregistration is expected to be
effective 90 days later.

"Deregistration of our stock is another positive step in
implementing the Restructuring Plan described in Denali's
previous filings," said Dick Volk, Chairman and CEO. "In addition
to the significant financial cost savings that the company will
achieve, deregistration will also free our managers from SEC-
related administrative burdens. Deregistration helps us maintain
our focus on the performance of Denali's underlying businesses
and the development and execution of the Restructuring Plan."

Denali's common stock was delisted from the Nasdaq Small Cap
Stock Market on October 30, 2000. In its second quarter Form 10-Q
filed February 20, 2001, Denali disclosed that the company was
considering deregistration of its common stock.

Denali Incorporated is a provider of fluid handling products,
specializing in corrosion-resistant applications in process
industries. The Company is a manufacturer of engineered
fiberglass-composite products, including tanks, vessels, and
piping systems, as well as steel, above-ground storage tanks. The
Company also distributes a wide range of engineered products and
systems. Denali Incorporated is headquartered in Houston, Texas,
and markets its products worldwide through its subsidiaries
Containment Solutions (Houston); Plasticon Fluid Systems
companies (headquartered in Tulsa) consisting of Ershigs,
Fibercast, Belco, Plasti-Fab, and SEFCO; and the Welna companies
of Plasticon Europe and Hanwel Europe (The Netherlands and
Germany), Plasticon Poland, Plasticon U.K., and Plasticon France.

ESQUIRE COMMUNICATIONS: Surrenders All Assets to Lender Group
Esquire Communications Ltd. ("Esquire")(OTC:ESQS) surrendered
substantially all of the assets of the Company to Antares
Leveraged Capital Corp., as agent for the Company's lender group.

In connection with that surrender, the lender group foreclosured
its security interest in such assets, which represent
substantially all of the assets of the Company and sold those
assets to Hobart West Legal Services LLC, a human resource
company. That sale included the right to use the name Esquire
Deposition Services.

Substantially all of the liabilities of the Company were not
assumed in connection with the transaction. The Company does not
have sufficient remaining assets with which to meet its
liabilities and anticipates liquidating its assets under the
bankruptcy code along with those of its subsidiary companies --
Esquire Deposition Services Inc., Esq.Com CSD Inc., Esquire
Document Retrieval Services Inc., Esquire Staffing Services Inc.,
and Esquire Gregory Staffing Services Inc.

Esquire was the nation's leading provider of court reporting
services and in certain markets the company has also provided
permanent and temporary staffing of financial and legal

FINOVA GROUP: Court Okays Continued Use of Existing Bank Accounts
The FINOVA Group, Inc., reminded the Court that the Office of the
United States Trustee has established certain operating
guidelines for debtors-in-possession in order to supervise the
administration of chapter 11 cases. These guidelines require
chapter 11 debtors to, among other things:

(a) close all existing bank accounts and open new debtor-in-
     possession bank accounts;

(b) establish one debtor-in-possession account for all estate
     monies required for the payment of taxes, including payroll
     taxes; and

(c) maintain a separate debtor-in-possession account for cash

William J. Hallinan, FINOVA's President, Chief Executive Officer,
General Counsel, told the Court that the U.S. Trustee's
guidelines won't work in these chapter 11 cases. FINOVA uses
over 700 bank accounts (including dominion accounts, dominion
money market accounts, impound accounts, corporate lockbox
accounts, concentration accounts, operating accounts, payroll
accounts, disbursement accounts, letter of credit deposit
accounts and investment accounts) located around the glove
through which the company manages cash receipts, disbursements
and investments for their corporate enterprises. The Debtors
routinely deposit, withdraw and otherwise transfer funds to, from
and between such accounts by various methods including check,
wire transfer, automated clearing house transfer and electronic
funds transfer. In addition, the Debtors generate thousands of
accounts payable and payroll checks per month from the Bank
Accounts, along with various wire transfers.

The Debtors sought a waiver of the United States Trustees
requirement that the Bank Accounts be closed and that new
postpetition bank accounts be opened. If the Guidelines were
enforced in these cases, these requirements would cause enormous
and unnecessary disruption in the Debtors' businesses and would
significantly impair their efforts to reorganize.

Mr. Hallinan explained that the Debtors' Bank Accounts are part
of a carefully constructed and highly automated Cash Management
System that ensures the Debtors' ability to efficiently monitor
and control all of their cash receipts and disbursements.
Consequently, closing the existing Bank Accounts and opening new
accounts inevitably would result in delays in payments to
administrative creditors and employees, severely impeding the
Debtors' ability to ensure as smooth a transition into chapter 11
as possible and, in turn, jeopardizing the Debtors' efforts to
successfully confirm a plan in a timely and efficient manner.

Additionally, as a result of the Debtors' diminished staff which
is responsible for the cash management system, requiring the
Debtors to replace their Bank Accounts would impose a daunting
administrative burden. Finally, because the Debtors'
disbursement systems are integrated with their banks to allow for
automatic bank reconciliations, replacing the Bank Accounts would
require systemic changes which would be difficult to implement.

Accordingly, the Debtors requested that their pre-petition Bank
Accounts be deemed to be debtor-in-possession accounts, and that
the Company be permitted to maintain and continue use, in the
same manner and with the same account numbers, styles and
document forms as those employed prepetition, be authorized,
subject to a prohibition against honoring prepetition checks
without specific authorization from this Court.

Recognizing the need for relief from the U.S. Trustee's
Guidelines in a billion-dollar chapter 11 case, and noting that
in other cases of this size, courts have routinely recognized
that the strict enforcement of bank account closing requirements
does not serve the rehabilitative purposes of chapter 11, Judge
Wizmur granted the Debtors' Motion in all respects. (Finova
Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service,
Inc., 609/392-0900)

FINOVA GROUP: GE Capital Prepares Competitive Bid For Assets
GE Capital, the financial services arm of General Electric Co.,
is preparing a bid for troubled loan provider Finova Group Inc.,
which filed for bankruptcy this week, according to Reuters. A bid
would rival a plan announced at the end of February in which
investment guru Warren Buffet's Berkshire Hathaway Inc. and
financial investment company Leucadia National Inc. agreed to
lend Finova $6 billion in return for 51 percent of Finova's
shares after the bankruptcy restructuring. That plan has yet to
be approved by the bankruptcy court or the creditors. GE Capital
and Wall Street firm Goldman Sachs Group Inc. were in talks in
early February to invest about $2 billion in Finova. GE Capital
met with a group of Finova's creditors earlier in the week and
remains interested in the loan provider. The parties have not yet
agreed on a price but a deal could come fairly quickly.

Many of Scottsdale, Ariz.-based Finova's troubles started last
March, when it announced a large loan write off and the surprise
departure of its chairman and chief executive. Heavily in debt,
it has been hurt by loan defaults and a slew of credit rating
downgrades by rating agencies. Its bankruptcy is one of the
largest in U.S. history, with Finova and eight of its operating
units listing $11.4 billion in liabilities and about $12.5
billion in assets. Finova stopped repaying principal on its
outstanding bank and bond debt last month. (ABI World, March 12,

GIBBS CONSTRUCTION: 64.2% Majority Stake Passes to TOC, Inc.
Gibbs Construction, Inc. (Pink Sheets:GBSE) has completed certain
transactions included in its Plan of Reorganization with its
filing of Form 8K with the Securities and Exchange Commission. On
April 20, 2000 Gibbs filed a petition pursuant to Chapter 11 of
the United States Bankruptcy Code and on August 20, 2000, the
United States Bankruptcy Court for the Northern District of
Texas, Dallas Division, confirmed Gibbs' Plan of Reorganization
effective November 10, 2000.

As of the effective date, Gibbs acquired certain operating
assets, including contracts, work in progress, and staff of
Thacker Asset Management, L.L.C. in exchange for 4,000,000 shares
of common stock issued pursuant to the Plan. Thacker Asset
Management, L.L.C., is 80% owned by TOC, Inc. of Atlanta,
Georgia. One million shares of series "A" preferred stock was
also issued in accordance with the plan to Gibbs' largest secured

Prior to the effective date of this transaction, Thacker
Resources, Inc., which is affiliated with TOC, Inc., had acquired
1,500,000 shares of the registrant's common stock. The results of
these transactions resulted in an ownership change of Gibbs. TOC,
Inc. affiliates now own 5,500,000 shares of the 8,561,000 shares
of common stock issued and outstanding, which represents
approximately 64.2% of Gibbs' issued and outstanding shares of
common stock.

Gibbs intends to operate in the future as Thacker-Gibbs, Inc.
certified in many jurisdictions as a Woman and Minority Owned
Business Enterprise. The Company's business plan will center upon
its ability to win and manage minority and diversity components
of public and private sector contracts through its marketing
arrangement with TOC, Inc., its staff expertise in negotiated
construction contracts, infrastructure projects, and construction

Thacker-Gibbs is a provider of engineering, construction
services, and negotiated general contracting to the private and
public sectors. Its stock was formerly traded on the Nasdaq
Exchange and currently trades on "pink sheets" (GBSE). The
Company plans to maintain an office in the Dallas-Fort Worth area
with its corporate operations located in Atlanta, Georgia.
Additional information can be viewed on its corporate web site at

HARNISCHFEGER INDUSTRIES: Settles $30 Million Claim With Mitsui
To resolve the issues raised by Claim No. 7292, Harnischfeger
Corporation and Mitsui have agreed upon:

      (1) a Stipulation under which the Objection to Mitsui's
claim in the amount of $30,000,000 plus is settled and Mitsui
will be allowed an unsecured claim of $75,000 and the settlement
agreement entered into post-petition between the Debtor and
Mitsui is a postpetition obligation of the Debtor;

      (2) a Procedural Order to preserve the parties' respective
rights in the event that the Settlement Stipulation is not
approved by the Court while the Settlement Stipulation is there
to save time and expense of unnecessary litigation if it is

                The Procedural Stipulation and Agreed Order

The parties agreed that:

      (1) All litigation between the parties shall be stayed
pending the Court's decision on the Settlement Stipulation;

      (2) Mitsui withdraws (a) the Request for Administrative
Treatment of Claim and Obligations filed February 1, 2001, and
(b) the Amended Notice of Deposition filed February 2,2001,
without prejudice to Mitsui's right to renew, and the Debtor's
right to object to, the Administrative Request and/or the
Deposition Notice in the event the Settlement Stipulation is not
approved by the Court;

      (3) Harnco withdraws its Motion for Summary Judgment re
Objection to Proof of Claim No. 7292 filed January 12, 2001,
without prejudice to Debtor's right to renew, and Mitsui's right
to oppose, the Summary Judgment Motion in the event the
Settlement Stipulation is not approved by the Court.

                The Stipulation and Agreed Order

Pursuant to this:

      (1) P&H will continue to honor any valid warranty claim made
pursuant to the terms of the original contract dated September
15, 1992, between Harnischfeger Corporation and Mitsui & Co.
(U.S.A.), Inc., to the extent that the warranty claim is timely,
proper and within the applicable warranty terms related to 2 P&H
Electric Draglines on Crawler Tracks delivered to OCP pursuant to
Contract No. 71546000 (the Draglines);

      (2) P&H will honor its obligations under the February-March,
2000 Agreement and the October 6, 1999 letter (collectively, the
2000 Settlement);

      (3) P&H shall have no further prepetition obligations to
Mitsui with respect to the Draglines and the Draglines Contract,
provided that this shall not affect obligations created, set
forth, or incorporated by reference in this Stipulation or the
2000 Settlement;

      (4) The obligations of P&H contained in the 2000 Settlement
and this Stipulation shall be administrative obligations under
Section 503 of the Bankruptcy Code and shall survive confirmation
of the Debtors' plan of reorganization;

      (5) This Stipulation and the parties' rights and obligations
under the 2000 Settlement shall be governed by and construed
according to the laws of Switzerland;

      (6) The arbitration provision of the Draglines Contract
shall apply to this Stipulation and the parties' rights and
obligations under the 2000 Settlement and all disputes arising
out of the 2000 Settlement shall be finally settled by
arbitration in Geneva in the French language under the rules of
the International Chamber of Commerce;

      (7) This Stipulation constitutes full and final settlement
of Claim No. 7292 and all prepetition claims, demands, and causes
of action brought by or that could have been brought by Mitsui
and any affiliated entity, arising out of or related to the

      (8) The Bankruptcy Court shall have exclusive jurisdiction
over any prepetition dispute arising out of or related to the
Draglines, provided, that this shall in no way limit the
provisions as shown in (4), (5) and 6 above;

      (9) Upon approval of the Stipulation by the Bankruptcy
Court, Mitsui's Claim No. 7292 shall be reduced to, and allowed
as, a prepetition general unsecured claim in the amount of

     (10) If the Bankruptcy Court does not enter a final order
approving this Stipulation prior to confirmation, this
Stipulation shall become null and void, and Claim #7292 shall
remain in its full amount without prejudice to P&H's right to
object to Claim #7292 and Mitsui's right to object to the Plan
(including any retention of jurisdiction set forth therein);

     (11) If the Bankruptcy Court does enter a final order
approving this stipulation prior to confirmation, Mitsui agrees
not to object to the Debtors' Third Amended Joint Plan of
Reorganization or any other plan under which the treatment of
Mitsui is consistent with such treatment under the Third Amended
Joint Plan of Reorganization;

     (12) This Stipulation, the 2000 Settlement, any remaining
valid warranty obligations under the aforementioned Contract No.
71546000, and the Side Letter dated February 2, 2001 executed by
Mitsui and P&H, shall represent the entire agreement between P&H
and Mitsui with respect to the subject matter and shall supersede
all prior negotiations, representations or agreements.

At Harnischfeger Industries, Inc.'s behest, the Court approved,
pursuant to Bankruptcy Rule 9019 the Stipulations between
Harnischfeger Corporation and Mitsui & Co. (U.S.A.), Inc.
(Harnischfeger Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., 609/392-0900)

J.L. FRENCH: Restructures Senior Credit Facility Obligations
J.L. French Automotive Castings, Inc., announced revenues and
operating income for the quarter and year ended December 31,

For the fourth quarter of 2000, revenues were $134.9 million, an
increase of $11.8 million compared with $123.1 million in the
1999 period. Operating income was $5.5 million compared to $17.7
million reported last year.

Earnings before interest, taxes, depreciation and amortization
(EBITDA) was $19.6 million for the fourth quarter of 2000
compared to $29.7 million in the same period last year. Net loss
for the fourth quarter of 2000 was $7.7 million versus income of
$1.2 million in the comparable 1999 period.

For the year ended December 31, 2000, revenues increased 58.3
percent to $557.0 million from $351.8 million in 1999. Operating
income was $49.5 million compared to $53.6 million before the
recapitalization expense reported last year. EBITDA for 2000 was
$98.0 million compared to $90.3 million in 1999. Net loss in 2000
was $9.5 million, compared with a net loss of $13.7 million in
1999. The loss in 1999 includes a $22.4 million pre-tax
recapitalization expense and an extraordinary loss on early debt
extinguishment of $8.1 million.

The Company's balance sheet shows remarkable improvement.
Liabilities exceed assets by only $7.6 million as of December 31,
2000. A year earlier, the Company's balance sheet was upside-down
by more than $40 million.

The effects of performance issues at the Grandville, Mich., and
Glasgow, Ky., facilities were reduced by the implementation of
the company's corrective action plans which resulted in lower
overtime costs, elimination of premium freight costs and
reductions in headcount. The implementation of the plan will
continue throughout the first half of 2001. Fourth-quarter
operations were also adversely impacted by reduced customer
production schedules in December and higher energy costs.

During the fourth quarter, the company's stockholders invested
$60 million in common stock of the company and a holder of a $30
million convertible note converted the note to common stock. In
addition, J.L. French completed an amendment to its senior credit
facility, which provides for deferral of $18 million in principal
payments originally scheduled for 2001 until future years. The
amendment also provides for covenant relief through 2002.

On February 12, 2001, J.L. French announced the appointment of
David S. Hoyte to the position of president and chief executive
officer and Charles M. Waldon to the position of vice chairman.
Hoyte, who previously was the president of the Ride Control Group
of Arvin Meritor, will be responsible for the day to day
operations of the company. As vice chairman, Waldon will oversee
the development of new technologies and processes, expansion of
customer relationships, and lead capacity utilization strategic

J.L. French Automotive Castings, Inc., is a leading global
designer and manufacturer of highly engineered aluminum die cast
automotive parts including oil pans, engine front covers and
transmission cases. The company has manufacturing facilities in
Sheboygan, Wis.; Grandville and Benton Harbor, Mich.; Glasgow,
Ky.; San Andres de Echevarria, Spain; Saltillo, Mexico; as well
as five plants in the United Kingdom. The company is based in
Sheboygan, Wis. and has its corporate office in Minneapolis,

LERNOUT & HAUSPIE: Taps Credit Suisse To Sell Mendez S.A.
Lernout & Hauspie Speech Products N.V. and Dictaphone Corp. asked
that Judge Wizmur authorize them to employ Credit Suisse First
Boston (Europe) Limited, and its affiliates as appropriate, to
act as L&H's exclusive financial advisor with respect to the sale
of, or any divestiture involving, all or a material part of the
assets or capital stock of Mendez S.A., a Belgium subsidiary of
L&H. In January 2001 L&H signed an engagement letter effective as
of the Petition Date to retain CSFB Europe, subject to the
Court's approval, to act as L&H's exclusive financial advisor
with respect to a sale of Mendez.

In that connection, CSFB Europe will:

      (a) Assist members of L&H's management in their financial
analysis and evaluation of Mendez;

      (b) Identify prospective purchasers of Mendez;

      (c) Assist L&H in its preparation and implementation of a
marketing plan regarding Mendez;

      (d) Assist L&H in evaluating proposals received with respect
to a sale of Mendez;

      (e) Keep L&H informed with respect to the progress of the
sale and be generally available to L&H with respect to the sale;

      (f) Assist L&H in obtaining court approval of the sale,
including provision of expert testimony in connection with any
court hearing regarding the sale.

Subject to the Court's approval, CSFB Europe will be compensated

      (a) A retainer of $50,000 per month until the closing of the
sale of Mendez, or termination of CSFB Europe's engagement under
the engagement letter, with the first installment payable upon
entry of an Order of the Bankruptcy Court authorizing L&H to
retain CSFB Europe, and additional installments in arrears;

      (b) If a sale of Mendez is consummated, a fee equal to the
higher of $2 million or 1.5% of the aggregate consideration,
less, in both cases, the aggregate of the monthly fees previously
paid by the Debtors, payable at the time of closing of the sale
of Mendez. A "sale" includes any sale of all or a material part
of the assets or share capital of Mendez, as well as any
recapitalization, restructuring, or liquidation of Mendez, or any
other arrangement which results in the effective acquisition of a
material interest in Mendez by a third party. The term "aggregate
consideration" is the fair consideration, at the time of closing,
of all cash, securities, property, all debt remaining on Mendez's
financial statements, and other indebtedness and obligations
assumed by a purchaser, and any other form of consideration paid,
payable or otherwise to be distributed, directly or indirectly,
to the parties or their respective security holders under the
terms of the sale.

      (c) CSFB Europe will be promptly reimbursed for its out-of-
pocket expenses incurred in connection with the sale, including
the fees and expenses, plus VAT, of its legal counsel, if any,
and any other advisor retained by CSFB Europe with the prior
approval of L&H.

      (d) If CSFB Europe provides services other than as acting as
L&H's exclusive financial advisor with respect to the sale of
Mendez, L&H and CSFB Europe will agree upon additional reasonable
compensation for CSFB Europe based on good faith negotiations.

      (e) Since CSFB Europe will be acting on behalf of L&H and
Mendez in connection with its retention under the engagement
letter, L&H and Mendez have agreed to indemnify CSFB Europe, its
affiliates and its parent and its affiliates, and the respective
directors, officers, agents and employees of CSFB, its affiliates
and its parent and its affiliates, from any and all losses,
claims, damages, judgments, assessments, costs and other
liabilities, and will reimburse each indemnified person for all
fees and expenses, including the reasonable fees and expenses of
counsel, as they are incurred in investigating, preparing,
pursuing or defending any claim, action, proceeding or
investigation, whether or not in connection with pending or
threatened litigation and whether or not any indemnified person
is a party related to or arising out of (i) the indemnified
persons' actions or failures to act or omissions made or
information provided by the CSFB indemnified persons or their
agents, or (ii) actions or failures to act by an indemnified
person with L&H's consent or in reliance upon L&H's actions or
failures to act, or otherwise related to or arising out of the
engagement or CSFB's performance under this engagement, except
that this will not apply to any losses that are finally
determined by a court or arbitral tribunal to have resulted
primarily from the bad faith, willful misconduct or gross
negligence of the indemnified persons.

Geoffroy Mertens De Wilmars, a director of CSFB Europe, disclosed
that CSFB Europe has, had, may have or may have had a connection
with a number of parties in interest in these Chapter 11 cases,
including ownership of certain debt and equity securities of
creditors of the Debtors such as Accent Software, Allied Waste
Industries, Bell South, Centigram, Centennial Technologies,
DeWilde, Dexia,, Fidelity Management & Research,
Fonix, GIMV, GMS, Go America Communications, Inso, Intel,
Intercall, International Microcomputer Software, JVC Victor
Company of Japan and others. CSFB also has provided and may
continue to provide investment banking and other financial
advisory services to entities such as America Disposal Service,
Bell South, Conseco Capital through an entity recently purchased
by an affiliate of CSFB Europe, Fleet Bank, Finova, Florida Power
& Light, Fortis Bank, and others. CSFB has and will continue to
extend credit to other entities with an interest in these
estates, such as Artesia Banking Corporation, BACOB Bank, AT&T,
Bankers Trust, BFG Bank, Chase Manhattan Bank, Fidelity
Management & Research, Fortis Bank, KBC Bank N.V. and others.
Further, CSFB, through an entity recently purchased by an
affiliate, has provided investment banking and other advisory
services to MCI Worldcom, Microsoft, Morgan Stanley Dean Witter,
and others.

In addition, Mr. Mertens De Wilmars disclosed to Judge Wizmur
that CSFB Europe and certain of its affiliates hold certain
securities of the Debtors and their affiliates; however, these
entities do not have any beneficial interest in these securities
and hold them only for their various brokerage clients. In most
cases the CSFB entities do not have any discretion over whether
the securities are traded and act only at the direction of their
clients. Additionally, an ethics wall has been in place between
the investment banking and financial advisory services side of
these CSFB entities and the brokerage activities of these
entities. CSFB Corp., an affiliate of CSFB Europe, having a
common indirect parent, owns for its own benefit less than 4% of
the trust preferred income equity redeemable securities issued by
a trust, L&H Capital Trust I. The sole asset of L&H Capital Trust
is approximately $160 million in 4.75% convertible subordinated
debentures due 2008 issued by Lernout & Hauspie Speech Products,
N.V., one of the Debtors.

In addition, many professional services firms assist CSFB Europe
and its affiliates, in the ordinary course of their business,
including Milbank, Tweed, Hadley & McCloy, counsel to the
Debtors, Liederkerke, Wolters, Waelbroeck, Kirkpatrick &
Cerfontaine, Belgian counsel to the Debtors, and

None of these relationships are adverse to the Debtors, and CSFB
neither holds nor represents any interest adverse to these
estates on the matters for which employment is sought, or
represents any of the entities named in connection with these
Chapter 11 estates. (L&H/Dictaphone Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc., 609/392-0900)

LOEWEN GROUP: Wants To Assume Dewey Property Leases in New York
In connection with their operation of funeral business, The
Loewen Group, Inc. desire to assume the leases between LGII, as
tenant, and Robert Vay and Douglas Meeson, as Landlord, with
respect to real property located at (a) 1075 Long Pond Road in
Rochester, New York; and (b) 2692 Dewey Avenue in Rochester,
New York.

Both the businesses operated by the Debtors on the Long Pond
Property and the Dewey Property provide them with significant
cash flow. The Debtors, in their business judgment, have
determined that the Long Pond Property and the Dewey Property are
integral to their ongoing business operations.

Furthermore, the Debtors do not believe that any monetary
defaults exist under the Lease. Accordingly, no cure amounts will
need to be paid in connection with the assumption of the Lease.
For these reasons, the Debtors believe that it is in the best
interests of their estates and creditors to assume the Lease.

The original term of each of the Leases is the 15-year period
commencing May 10, 1995 and ending May 9, 2010. For the Long Pond
Property, the annual rent for the first year of the Lease is
$172,800, payable in equal monthly installments of $14,400
subject to 3% annual increase for years 2 through 10. The annual
rent for year 11 is $300,000 payable in equal monthly
installments of $25,000 subject to 3% annual increase for years
12 through 15. For the Dewey Property, the annual rent for the
first year is $57,600 payable in equal monthly installments of
$4,800 subject to 3% annual increase for years 2 through 10. The
annual rent for year 11 is $100,000 payable in equal monthly
installments of $8,333.33 subject to 3% annual increase for years
12 through 15.

With this, the Debtors asked that the Court, pursuant to section
365 of the Bankruptcy Code, (a) authorize them to assume the
Leases and (b) establish that the amount required to cure any and
all defaults under the Leases is $0.00. (Loewen Bankruptcy News,
Issue No. 34; Bankruptcy Creditors' Service, Inc., 609/392-0900)

LTV: Strikes Adequate Protection Agreement with Credit Suisse

           Background and Parties to the Stipulation

Credit Suisse First Boston, acting as Collateral Agent for the
Secured Lenders, has entered into a Stipulation with The LTV
Corporation reflecting an agreement by which the Debtors provide
"adequate protection" to the Lenders' interests in the Debtors'
property. This agreement was negotiated by Bennett J. Murphy,
Esq., of the Los Angeles firm of Hennigan, Bennett & Dorman, as
proposed special reorganization counsel for the Debtors, and
Chaim J. Fortgang, Esq., of the New York firm of Wachtell,
Lipton, Rosen & Katz, on behalf of Credit Suisse as Agent, and
endorsed by Lisa G. Beckerman, Esq., of the New York firm of
Akin, Gump, Strauss, Hauer & Feld LLP, as proposed counsel for
the Official Committee of Noteholders, and Ron Francis, Esq., and
Paul M. Singer, Esq., of the Pittsburgh firm of Reed Smith as
proposed counsel for the Official Committee of Trade Creditors.
The terms of this agreement are agreed to be effective
retroactively to the Petition Date.

Under a Credit Agreement signed in 1999, among The LTV
Corporation, Morgan Stanley Senior Funding, Inc., as lead
arranger and book manager, Credit Suisse First Boston as
administrative agent and as collateral agent, and Morgan Stanley
as syndication agent, LTV borrowed $225,000,000 to finance,
directly and indirectly, LTV's acquisition of all of the equity
interests of Copperweld Corporation, Copperweld Canada Inc., and
Welded Tube Holdings, Inc. As of the Petition Date, LTV owed an
aggregate principal amount of $193,875,000, plus accrued and
unpaid interest and other charges. The payment of this debt is
guaranteed by Copperweld, Welded Tube, and the other debtors in
these Chapter 11 cases, jointly and severally, as a primary
obligor and not merely a surety. Each of these guarantees is a
guarantee of payment when due and not of collection.

The loan obligation is secured by what the Debtors stipulate are
valid, enforceable, and perfected first-priority liens and
security interests among Copperweld, Welded Tube, and each
subsidiary of Copperweld and Welded Tube upon collator including
the inventory of each of Copperweld and Welded Tube and their
respective subsidiaries, but excluding accounts receivables and
the proceeds of inventory. These obligations are further secured
by mortgages, deeds of trust, leasehold mortgages, assignments of
leases and rents, modifications and other security documents for
all realty owned by Copperweld, Welded Tube and their

                Terms of the Stipulation

The Debtors stipulate that they do not have (i) any defenses,
offsets, demands or counterclaims to the indebtedness under the
Credit Agreement, or to the validity, priority or perfection of
the liens against the collateral; (ii) any claims as debtors or
debtors in possession against the Agents or the Lenders, and
(iii) any basis for the pursuit of any action or any other basis
for the avoidance of any transfer of property from the Debtors to
the Agent or any Lender.

By this Stipulation, the Lenders receive, as adequate protection
against any diminution in the value of the Collateral Agent's
interest in the prepetition collateral resulting from the
continued use, sale or lease of the collateral, and any decline
in the value of the collateral as a result of, or subsequent to,
the imposition of the stay attendant upon the Petition, (i)
valid, binding, enforceable and perfected first- priority liens
in the postpetition collateral, subject only to the carve-out,
and (ii) a superpriority claim against each of the Debtors,
subject only to the carve-out. The postpetition collateral
includes all inventory of the Copperweld group, not in existence
as of the Petition Date, but in which the Copperweld group
acquires rights on or after the Petition Date, but in any event
does not include proceeds of their pre- or postpetition inventory
or accounts receivables.

While the Debtors waive all defenses and claims against the
Lenders, the Lenders expressly reserve any and all rights,
remedies, claims and causes of action which the Agents or the
Lenders may have against the Debtors or third parties, including
any relief in the Chapter 11 cases.

This includes the right to request additional adequate protection
in the form of liens on additional property of the Debtors and/or
limitations on loans, advances, or other disbursements by the
Copperweld group to any person, additional relief from or a
modification of the automatic stay, a request that the Chapter 11
cases be converted to liquidation proceedings, and the right to
propose a plan in competition with, or in lieu of, a plan by the

The Carve-out means that, in the event of dismissal or conversion
of these Chapter 11 cases, the appointment of a trustee or
examiner with expanded powers, or the occurrence of any event of
default under the Credit Agreement, the payment of any accrued
and unpaid fees and disbursements theretofore or thereafter
incurred by the professionals retained by the Debtors, and the
professionals retained by any statutory committee appointed in
the Debtors' Chapter 11 cases and allowed by an Order of the
Bankruptcy Court (other than the fees and disbursements, if any,
of any professional persons retained by any such Committee
incurred, directly or indirectly, in respect of, arising from, or
relating to the initiation or prosecution of any action against
the Lenders or the Agents, including, without limitation, any
action for preferences, fraudulent conveyances, and other
avoidance power claims) in an aggregate amount of $1,000,000, and
fees payable to the United States Trustee or the Clerk of the
Court. As long as no event of default occurs, the Debtors are
permitted to pay administrative expenses allowed and payable
under the Bankruptcy Code and these payments shall not be applied
against the Carve-out. After the occurrence of an event of
default, the fees and disbursements authorized in this
Stipulation shall be allocated pari passu among the Carve-out
beneficiaries, provided that the Debtors or any Committee may
hereafter seek an Order of the Bankruptcy Court granting an
increase in the amount of the Carve-Out up to a maximum amount of
$2,000,000, and the Lenders reserve the right to object to entry
of such an Order.

These assets are set aside for the sole benefit of the
prepetition Copperweld Lenders. The Debtors stipulation that
these are valid and duly perfected security interests and liens,
and the Collateral Agent is not required to file or serve
financing statements, notices of lien, or similar instruments
which otherwise might be required under federal or state law in
any jurisdiction, or take any action, including taking
possession, to validate and perfect the security interests and

As further adequate protection, the Debtors will pay (a) monthly
interest in arrears in cash, which include interest payable from
and after the Petition Date, at a non-default interest rate set
out in the Credit Agreement. Upon the receipt of reasonably
detailed invoices, without the necessity of filing formal fee
applications, the reasonable fees and disbursements of the
attorneys and advisors acting on behalf of the Lenders and the
Agents, as well as an annual fee to the Administrative Agent
equal to $164,000 for the one-year period commencing January 1,
2001, and $250,000 for each one-year period thereafter, payable
pro rata on a quarterly basis in advance on the first business
day of each calendar quarter (except for the payment of the
calendar quarter beginning January 1, 2001, which will be paid
upon entry by the Court of an Order approving the Stipulation),
and the reasonable out-of-pocket disbursements of the Lenders
before and after the Petition Date in connection with the
negotiation, preparation and administration of this Stipulation
and the administration of the Credit Agreement, the collection of
the loans and enforcement of the Lenders' rights and remedies,
are all to be paid by the Debtors as adequate protection. None of
these fees and disbursements will be subject to the approval of
the Court, and no recipient of any payment shall be required to
file with respect to the payment any interim or final fee
application with the Court. These payments are without prejudice
to the rights of any party in interest, including any Committee
but excluding the Debtors, to assert that these payments should
be applied to reduce the principal amount of the loans or be
disgorged to the Debtors' estates in the event that the Lenders
are not entitled to these payments.

The provisions of this Stipulation survives entry of any Order
converting any of the Chapter 11 cases to a liquidating case,
appointing a trustee in the Chapter 11 cases, or dismissing any
of the cases, and the terms and provisions of the Stipulation, as
well as the adequate protection liens, shall continue in full
force and effect notwithstanding the entry of any such Order.

Good cause is shown for the entry of this Stipulation, the
Debtors say, because the disruption of Copperweld's businesses
would be minimized. The terms of the Stipulation have been
negotiated in good faith and at arm's length among the Debtors
and the Lenders and their agents, and the terms are fair and
reasonable, reflect the Debtors' exercise of prudent business
judgment consistent with its fiduciary duties, and are supported
by reasonably equivalent value and fair consideration.

The Debtors requested immediate entry of an Order approving the
Stipulation, and include within it language that the "Court
concludes that entry of this Stipulation is in the best interest
of the Debtors and their estates and creditors as its
implementation will, among other things, allow for the continued
operation and rehabilitation of [the Copperweld group's] existing

           Abbey National's Objection to the Stipulation

Abbey pointed out that it has consistently argued that upon any
determination by Judge Bodoh that the receivables transactions
were "true sales", the relief provided to Abbey under the interim
order does not response Abbey, in any meaningful way, to its
position on the Petition Date, and that Abbey's interests in the
Debtors' property is not adequately protected.

In response, the Debtors argued at the hearing on Abbey's Motion
to set aside the Interim Order that, in addition to the
collateral of the Receivables Lenders and the Inventory Lenders,
there are other unencumbered assets that would protect Abbey
through the grant of super-priority claims, although the Debtors
did not conceded that there would be any need to utilize these
"other" assets.

Abbey objected to the entry of the Stipulation with Credit Suisse
because the Debtors have not shown "good cause" for its entry.
Abbey told Judge Bodoh that this "hurry-up" Stipulation does not
provide information by which Abbey, or any party in interest, can
evaluate the merits of the "cause", and tells Judge Bodoh he
cannot make the findings requested in the Stipulation.

There is no information, Abbey said, about the value of the
Copperweld lenders' collateral on the Petition Date, nor about
the current value of the inventory upon which those lenders are
being granted a first- priority lien (without the possibility of
being primed). There is also no information about whether or not
the Debtors have protected how the value of the inventory at the
Copperweld group will change over time in relation to the
postpetition receivables being generated over time by those
subsidiaries. There is no information about whether there is an
equity cushion when the value of the collateral is compared to
the debt. Abbey told Judge Bodoh that no assets have been set
aside by the Debtors to protect the Receivables Lenders, and it
is therefore premature to forever segregate a substantial amount
of collateral for the protection of only one constituency of
these estates.

Further, the Stipulation purports to forever prevent the
Copperweld Lenders' collateral, indisputably property of the
Debtors' estates, from being used if the Copperweld Lenders are
otherwise adequately protected to provide a remedy for Abbey in
the event that Abbey wins the "true sale" issue, but the
postpetition inventory and receivables have insufficient value to
make Abbey whole. Therefore, without demonstrating good cause,
the Stipulation effectively segregates the collateral granted to
the Copperweld Lenders and protects those lenders from being
"primed" by any party, including any future DIP lender -- a
protection Abbey is quick to point out is not granted to any
other constituency in this case -- and told Judge Bodoh that the
Debtors have vigorously opposed this same type of protection when
it is sought by Abbey for the Receivables Lenders.

Abbey objected further that this Stipulation allows the proceeds
of Abbey's and the other Receivables Lenders' accounts receivable
to be used to add value and/or buy additional inventory for the
Copperweld group, and then grants a priming lien on the
postpetition inventory to the Copperweld Lenders without Abbey's
consent, and without any information being provided about the
relationship between the amount of postpetition inventory and
accounts receivables that are being generated by the Copperweld
group and the amount of postpetition receivables from the
Copperweld group that is being pledged under the Interim Order to
the Receivables and Inventory Lenders. The Stipulation also does
not contain any reservation of rights that would ensure that if
the Court concludes that the receivables at Sales Finance as of
the Peti6iton Date were the property of Sales Finance, and not of
any Debtor, that the Court would be free to fashion an
appropriate remedy, including tracing the proceeds of such
collateral and granting liens and claims against the Copperweld
group, if appropriate. Though the Interim Order provides that the
proceeds of the collateral of the Receivables Lenders and the
Inventory lenders can be used to pay the professional fees of the
Debtors and the Creditors' Committees in the ordinary course
prior to that Order's termination, and a carve-out for up to $2
million for these fees even after termination, inequitably the
Copperweld Stipulation does not provide that the Copperweld
Lenders must share in the diminution of their collateral for
these professional fees or for the carve-out.

Abbey concluded by offering the entry of a revised Stipulation
that would provide for the current payment of contract interest
and reasonable expenses to the Copperweld Lenders, and which
would allow other parties in interest "only 60 days" to review
the Copperweld Lenders' security interest.

                The Debtors' Winning Response

The Debtors told Judge Bodoh that the Copperweld/Welded Tube
group of debtors' continued viability and the consummation of any
plan of reorganization is dependent upon the Debtors' continued
ability to use the prepetition collateral, without which the
Debtors would be unable to maintain their business relationships
with their vendors, suppliers, and customers, all of which are
essential to the Copperweld group's ability to reorganize.
Without the continued use of the collateral, the need for which
is immediate and continuing, the Debtors' continued operation of
the Copperweld group's businesses would not be possible, and
serious and irreparable harm to the Debtors and their estates
would result. The preservation, maintenance and enhancement of
the going- concern value of the Copperweld group is described by
the Debtors as of the "utmost significance and importance" to a
successful reorganization.

                     Judge Bodoh Agrees

Telling Judge Bodoh that his immediate entry of an Order
approving this Stipulation would minimize disruption of the
Copperweld group's businesses and operations, and permit them to
meet payroll and other operating expenses, obtain needed supplies
and retain customer and supplier confidence by demonstrating an
ability to maintain normal operations, the Debtors obtained
Judge's Bodoh's signature approving and authorizing the execution
of the terms of the Stipulation. Judge Bodoh made no findings and
overrules Abbey's objections by implication through his approval
of the Stipulation, all without comment. (LTV Bankruptcy News,
Issue No. 4; Bankruptcy Creditors' Service, Inc., 609/392-00900)

MICROAGE INC.: Exclusive Period Extended To March 31
The U.S. Bankruptcy Court in Phoenix has given information
technology company MicroAge Inc. more plan filing exclusivity and
approved a settlement with Microsoft Corp. The Tempe, Ariz.-based
company has until March 31 to file a reorganization plan, and the
deadline to obtain plan acceptances has been extended to May 30.
Counsel for MicroAge said the extension was needed so company
officials could focus on the sale of its largest remaining
business, MicroAge Technology Services LLC, to CompuCom Systems
Inc. of Dallas. (ABI World, March 12, 2001)

MUZAK HOLDINGS: Moody's Junks Senior Notes Ratings
Moody's Investors Service cut the existing debt ratings of Muzak
LLC as follows:

      * Muzak's $115 million 9.875% senior subordinated notes, due
        2009, to Caa1 from B3;

      * $165 million secured facility consisting of a $35 million
        revolver, $23 million term A loans, and $107 million term
        B loans to B2 from B1;

      * and the company's $75 million 13% senior discount notes,
        due 2010 to Caa3 from Caa1.

      * The senior unsecured issuer rating is Caa3, and the senior
        implied rating is B2.

Moody's also assigned a Caa1 rating to Muzak LLC's proposed $175
million senior subordinated notes, due 2009.

The ratings outlook is negative while approximately $557 million
of debt securities are affected.

Moody's relates that the downgrades are due to the lack of cash
generated from operations to service debt and to support capital
investments. Accordingly, the company has posted sequentially
negative to breakeven EBIT since inception notwithstanding the
capitalization of substantial and recurring operating costs
(namely, direct installation labor of approximately $33 million
at FYE 12/31/00). Consecutive net losses are said to have
resulted in a sizable accumulated deficit of approximately $67
million. Pro-forma for the proposed notes issuance and
accompanying acquisitions, financial leverage is high, interest
coverage is thin, return on assets is weak, and there is deficit
retained cash, Moody's reports. The ratings are said to also
incorporate the risks associated with pricing as well as with
potential changes in the discretionary spending of Muzak's
clients in response to general economic downturn, the possibility
of increased churn, and the possibility of product obsolescence.

Muzak Holding, based in Fort Mill, South Carolina, provides pre-
recorded music and on-hold messaging for businesses including
retailers, restaurants, financial institutions, etc.

NOVAGOLD RESOURCES: Restructures Long-Term Debt
NovaGold Resources Inc. (OTCBB:NVGLF)(TSE:NRI.) concluded an
agreement with Etruscan Resources Inc. which has enabled NovaGold
to restructure and strengthen its balance by reducing its long
term corporate debt by approximately $8,000,000.

The debt settlement agreement calls for the following: Etruscan
will waive interest owing on the debt by $1,000,000; NovaGold
will issue Etruscan 2,000,000 common shares of NovaGold stock,
the value of which will be determined based on the ten day
weighted average trading price for the ten day period immediately
proceeding the issuance; and for NovaGold to transfer all right,
title and interest in 1,880,209 common shares of Etruscan
presently held by Etruscan as security for the repayment of the
NovaGold debt to an agent of Etruscan.

Rick Van Nieuwenhuyse, President and CEO of NovaGold said, "We
are very pleased to have reached agreement with Etruscan on the
debt issue. This action greatly improves the financial position
of the NovaGold and readies the company for significant growth.
We can now focus all of our attention on advancing our Alaska and
Yukon projects. On behalf of the Board of Directors of NovaGold,
I would like to thank the Board and management of Etruscan for
carrying the loan, and for agreeing to the settlement. I believe
this settlement is timely, and in the long term interest of both

NovaGold is a diversified natural resource company focused on the
acquisition, exploration and development of gold, high-tech
metals and construction aggregates in North America. NovaGold
shares are traded on The Toronto Stock Exchange under the symbol
NRI and on the US Over-the-Counter as NVGLF. NovaGold has a new
website at

PERGAMENT HOME: Taps Great American Group For Asset Liquidation
The U.S. Bankruptcy Court approved Pergament Home Centers, Inc.'s
motion to liquidate its inventory. The Company stated that its
stores may begin closing as early as April 1, 2001, and the
liquidation will be managed by Great American Group. Separately,
according to published reports, Starwood Ceruzzi and Fred Colin
have indicated interest in the possible purchase of the Company's
store leases. Pergament filed for Chapter 11 protection in
February 2001. (New Generation Research, March 12, 2001)

PMD GROUP: Fitch Gives Low-B Ratings to Senior Debt Obligations
Fitch assigns a 'B' rating to PMD Group Inc.'s (PMD Group) $275
million senior subordinated notes due 2011, and assigns a 'BB-'
to the company's new $760 million senior secured credit

The senior secured credit facilities consist of a $125 million, 6
year revolving credit facility, a $125 million, 6 year Term Loan
A and a $510 million, 7.5 year Term Loan B.

The ratings reflect PMD Group's leading market position, its
strong product brands in many of its markets, its history of
innovation within the industry, and the diversity amongst its
product and customer base. The ratings also consider the high
leverage as a result of this transaction, the company's exposure
to raw material price fluctuations, the execution risk associated
with refocusing its operations in some business segments and its
exposure to certain cyclical end markets.

PMD Group, headquartered in Brecksville, Ohio, develops, produces
and markets specialty chemicals for a broad range of
applications. The company operates globally, employing over 3,200
employees and manufacturing through 28 plants. PMD Group serves
over 7,000 customers in 25 industries and, for fiscal year end
Dec. 31, 2000, recorded sales and earnings before interest,
taxes, depreciation and amortization (EBITDA) of approximately
$1.17 billion and $209.4 million, respectively. The company
operates in three business groups and six operating units
including Personal Care and Pharmaceuticals (12% of fiscal year
end 2000 revenues), Food and Beverage (9% of revenues), Specialty
Plastics (28% of revenues), Polymer Additives (9% of revenues),
Performance Polymers and Coatings (23% of revenues) and Textile
Performance Chemicals (19% of sales).

On Nov. 28, 2000, The B.F. Goodrich Company entered into an
agreement to sell this wholly-owned performance materials
operating segment to AEA Investors Inc., DLJ Merchant Banking and
DB Capital Partners Inc. The $1.37 billion in consideration
represents a 6.5 times (x) multiple of fiscal year 2000 EBITDA.
PMD Group is a diversified specialty chemical producer and
manufactures some of the most highly visible names in the
industry including Carbopol acrylic thickeners, TempRite CPVC and
Estane TPU. These brand names account for 20% (Estane) to 65%
(Carbopol and TempRite) of the total global sales for that
specific application. The aforementioned products, and other
industry leading offerings from PMD Group, account for
approximately 50% of the company's total revenues for fiscal year
end 2000.

Additionally, the company has a strong history of innovation as
evidenced by the more than 700 patents it has secured over the
past 20 years. The customer-focused product development process
established by the company ensures that research and development
funds ($39.6 million in fiscal year end 2000 including customer
application development) are earmarked to develop readily
marketable products that fill customer requirements and further
improve existing product offerings.

For instance, the company invented Carbopol, the number one brand
name in acrylic thickeners, in 1955. Despite an influx of
competitors in the early 1980's, the company has maintained a 65%
share in the global production of acrylic thickeners and a 75%
share of global carbomer production. The company holds over 1,000
issued and pending patents and 500 trademarks. Also, the ratings
reflect PMD Group's product and customer breadth. In terms of
product offerings, the company services a diverse group of
customers in over 25 industries. Further, PMD Group markets to
over 7,000 customers worldwide with the top five customers
representing less than 6% of revenues and the top 20 customers
representing less than 15% of revenues.

As a result of this transaction, the company will have
significant leverage in the form of $635 million outstanding
under the senior secured credit facilities and $275 million
outstanding under the senior subordinated notes. Total leverage,
as measured by total debt to EBITDA, is at 4.4x and senior
leverage, as measured by senior secured debt to EBITDA, is at 3x.
Cash interest is covered 2.4x. These calculations do not include
a $172 million discount seller note held by The B.F. Goodrich

The seller note, due 2011, is pay-in-kind (PIK) at the option of
the company with any cash interest payments on this note subject
to the restricted payment provisions of the senior subordinated
note and, ultimately, the terms of the senior secured credit
facilities. With the required cash flow sweeps under the senior
secured credit facilities, the company should reduce debt fairly
quickly over the next few years. Additional liquidity for the
company, as well as the ability to fund in Euros for local
expenses, is provided by the $125 revolving credit, which will be
undrawn at closing.

The ratings also reflect PMD Group's exposure to raw material
price swings and specifically petrochemical feedstock. Raw
material costs represent 62% of total production costs. Although
the company utilizes numerous raw materials and, in many cases is
the largest purchaser in the market, rising costs for its top
three raw materials negatively impacted EBITDA by $22 million in

Additionally, the ratings acknowledge the weakness in the
company's Food and Beverage and Textile Performance Chemicals
segment and the nascent reorganization effort within the Textile
Performance Chemicals segment to refocus and reposition the
product offerings into more profitable areas.

The senior secured credit facilities rating reflects the security
packages associated with the facilities. It is the opinion of
Fitch that, due to the factors highlighted above, the company
would be a likely candidate for reorganization rather than
liquidation should default occur. Fitch used several valuation
models in order to determine the enterprise value of this
franchise and examined these values under stressed circumstances.
Fitch believes that, even in a distressed environment, the
enterprise value associated with these operations provides
significant coverage for the senior secured credit facilities.

SAFETY-KLEEN: Toxic Tort Claimants Move to Annul Automatic Stay
"The Debtors'[Safety-Kleen Corp.'s] reorganization mantra sounds
strained and tactical rather than genuine", said Brian A.
Sullivan, with Werb & Sullivan in Delaware, representing a number
of toxic tort claimants. Hector Montiel and others numbering
thirty different plaintiffs and their spouses or heirs are toxic
tort claimants, each with separate claims against the Debtor
Safety-Kleen Corp. based upon occupation exposure to its products
in the State of California. Almost all of these plaintiffs were
mechanics employed in the automotive industry and used the
Debtor's solvents to degrease automotive parts.

The plaintiffs alleged that they were exposed to the Debtor's
solvents by respiration and dermal absorption as the solvents
were dispensed from Debtors' parts washing machines. The
plaintiffs claim these machines were defective because they were
supplied by the Debtor without local exhaust ventilation
equipment. The plaintiffs have filed suits in California as:

Date Filed   Name of Case             Case No.     County
----------   ------------             --------     ------

04-29-97     Hector Montiel v.        EC 022324    Los Angeles
                Safety Kleen           2CivB124737

04-03-98     Hector & Macrina Rivas   VC 026692    Los Angeles
                v. Safety-Kleen        2CivB133572

06-04-99     Randy & Nancy Meadows v. 810229       Orange

10-01-99     Stephan Metz v.          BC 217746    Los Angeles

10-21-99     Antonio & Ana Giosa v.   816071       Orange
                Safety-Kleen           00CC90427    Orange

10-22-99     Russell Whitesides v.    BC 218919    Los Angeles

11-03-99     Terry & Wendy Brown v.   BC 219568    Los Angeles

11-03-99     David & Jamie Trebil v.  BC 219569    Los Angeles

11-04-99     Norman & Roberta Reed v. BC 219643    Los Angeles

11-09-99     Jose & Guadelia Cruz v.  BC 219901    Los Angeles

11-18-99     Avik & Karen Avedisian   BC 220402    Los Angeles
                v. Safety-Kleen

11-23-99     Stephen Panagotacos v.   BC 220594    Los Angeles

01-18-00     John & Kathie Dilk v.    BC 223247    Los Angeles

01-18-00     Willis & Mary Harrison   BC 223246    Los Angeles
                v. Safety-Kleen

01-18-00     Randy Johnson v.         BC 223249    Los Angeles

01-18-00     Frank Yee v.             BC 223244    Los Angeles

01-18-00     John & Peggy Loughran v. BC 223250    Los Angeles

01-18-00     Robert & Jeri Edelman v. BC 223248    Los Angeles

01-19-00     Manuel & Donna Garcia v. BC 223351    Los Angeles

01-19-00     James & Lynn Henricksen  BC 223352    Los Angeles
                v. Safety-Kleen

01-19-00     James & Donna MacDougall BC 223354    Los Angeles
                v. Safety-Kleen

02-25-00     Donald & Edith Pannel v. BC 225448    Los Angeles

02-25-00     Robert & Sandra Conley   BC 225443    Los Angeles
                v. Safety-Kleen

02-25-00     David & Martie Cavener   BC 225444    Los Angeles
                v. Safety-Kleen

02-25-00     Michael & Valerie Gillen BC 2255445   Los Angeles
                v. Safety-Kleen

02-25-00     Robert & Rosemary        BC 225446    Los Angeles
                Paulson v. Safety-Kleen

02-25-00     Gonzalo Roldan v.        BC 225449    Los Angeles

03-24-00     Keith & Judy Atkins v.   BC 227017    Los Angeles

03-24-00     Norbert Villanyi v.      BC 227018    Los Angeles

09-26-00     Luis & Lola Perez v.     BC 237425    Los Angeles
                BC Stocking Distributing

12-08-00     Marvin & Barbara Smith   00CC14746    Orange
                v. BC Stocking Distributing

The toxic torts claimants asserted that their cancers and other
serious diseases, many of which have resulted in death, were
caused by occupational exposure to the Debtor's parts washer
solvents. Of the thirty plaintiffs, seven have died, allegedly
from their injuries, several more are in critical condition, and
the rest suffer from serious chronic cancers and other illnesses.

The plaintiffs petitioned the Judicial Council of the State of
California in August 2000 for an order coordinating all cases
pending in the state to promote efficiency and minimize costs to
all plaintiffs, the Debtor, and the courts, and in the supporting
declaration informed the Judicial Council of the Debtors'
bankruptcy filing. The Chief Justice of California and chair of
the Judicial Council signed an order assigning the Presiding
Judge of the Superior Court of California for the County of Los
Angeles to sit as Coordination Motion  Judge to determine whether
the Debtor's cases were complex and whether coordination was
appropriate. The Presiding Judge of the Los Angeles Superior
Court granted the petition for coordination of actions in
November, 2000. In December the Chief Justice signed an order
assigning a Coordination Trial Judge and setting a date for a
status conference in the actions. The toxic tort claimants are
all represented in the coordinated State Court actions by the Law
Offices of Raphael Metzger, PLC.

In asking for the relief, Mr. Sullivan declared that there is a
substantial public interest in allowing seriously injured or
dying victims access to the courts to obtain redress for their
injuries, and the public interest would  best be served by
allowing the continued prosecution of the state court action. He
told Judge Walsh that annulment of the stay is appropriate to
allow the order to operate retroactively and validate actions
potentially in violation of the stay by parties at the time prior
to such parties' knowledge of the stay's existence. If the
claimants obtain annulment of the automatic stay, they will not
have violated the automatic stay, and their otherwise void acts,
admittedly taken after the stay became effective, become valid
ones. Mr. Sullivan added that annulment is appropriate and
necessary in this case because the Debtor has filed a motion for
sanctions against Montiel and the other plaintiffs for alleged
violations of the stay by the state court actions.

Mr. Sullivan informed Judge Walsh that the claimants were unaware
that any of their actions were in violation of the automatic
stay, and upon notice of the bankruptcy proceeding, they have
repeatedly informed the state courts to which the actions were
assigned of the stay's effect. He goes on to say that the only
actions of the claimants which the Debtor charges as violative of
the stay involved the coordination of the action, and the
amendment of two complaints from personal injury to wrongful
death to avoid expiration of the statute of limitations on the
wrongful death plaintiffs' claims against non-debtor defendants.
Mr. Sullivan asserts that neither of these actions would be
prejudicial to the Debtors and may be validated by the stay's
retroactive annulment.

Montiel and the toxic tort claimants asked Judge Peter J. Walsh
to annul the automatic stay or terminate it with respect to the
pending action before the State Courts of California, and to
abstain from hearing any issues which are the subject of the
various state Court actions. Mr. Sullivan, speaking on behalf of
the plaintiffs, tells Judge Walsh that Montiel and the other
plaintiffs are entitled to the relief sought because:

      (1) The occupational exposure of the toxic torts claimants
occurred in California, mostly in Los Angeles County.

      (2) Many witnesses to the Debtor's alleged negligence,
including the Debtor's own witnesses, are readily available in
Los Angeles County, California, but would not be available before
the Bankruptcy Court in Delaware.

      (3) There are no witnesses of any party for whom venue
before the Delaware Bankruptcy Court is convenient.

      (4) The toxic tort claimants are represented by counsel in
Los Angeles County who is familiar with California law and the
issues before the state courts there. The plaintiffs cannot
afford counsel in Delaware and would be unrepresented if their
actions were to be heard by the Bankruptcy Court.

      (5) Issues of the Debtor's negligence are governed by
California law, which differs substantially from Delaware law
with respect to toxic torts actions

      (6) A trial of all issues in all the actions before the
California court could be completed in one proceeding within
approximately ninety days.

      (7) A trial before the Bankruptcy Court of the matters
pending before the California court will require that new
Delaware counsel for each party be educated on relevant
California law, increasing the cost and burdens of the trial.

      (8) The additional cost of trying this matter before the
Bankruptcy Court would unduly burden the toxic tort claimants and
their counsel, and the costs of transporting witness will deprive
the plaintiffs of their means of subsistence. To require the
seriously ill claimants to travel and remain in Delaware for a
lengthy trial will deprive them of access to medical care from
their physicians and other health care providers located in the
State of California.

      (9) The Debtor maintains its primary offices and business
records in Columbia, South Carolina, and the Delaware Bankruptcy
Court would be no more convenient as a forum than the California
state court. Further, the Debtor  has conducted and continues to
conduct business in California.

Mr. Sullivan forewarned Judge Walsh that the Debtors may argue
that the continued prosecution of the state court action would
burden them and divert their officers, professionals and key
employees' time and attention from completion of their business
plan and reorganization plan. This argument, he scoffs, is made
too late in the day, as the Debtors have had more than six months
to formulate their reorganization plan, during which the
claimants, ill or dying, have patiently waited for them to
reorganize their business. He asserted that the Debtors have had
ample opportunity to address these significant cases, and the
rights of the ill and dying victims of Debtors' negligence should
be given due consideration.

Mr. Sullivan also downplayed the Debtors' supposition that the
state court actions are distracting them from reorganization
efforts. He told the judge that the toxic claimants do not need
to depose any of the Debtors' officers or managerial employees
who would be involved in debtors' reorganization because the
claimants' counsel already deposed most of the Debtors' officers
and key management employees. Mr. Sullivan explains that the
injuries for which the claimants seek compensation in the state
court action are covered by ample insurance available to the
Debtor, and says that the Debtor has $1 million per year in
products liability insurance coverage, with a total of more than
one billion dollars available to satisfy the toxic torts claims.

The toxic tort claimants proposed to resolve their motion subject
to the following terms:

      (a) They would be permitted to litigate their claims in the
California courts to judgment or settlement.

      (b) Execution of judgment by the claimants would only be
against the Debtor's available insurance proceeds and not against
any of the Debtor's  assets

          -- therefore only against the Debtor's insurers and not
the Debtor.

      (c) The plaintiffs would claim any unsatisfied portion of
any judgment or settlement through a proof of claim against these
estates, as the Debtor's creditors, and receive distribution in
accordance with a confirmed reorganization plan.

      (d) The plaintiffs will dismiss all their punitive damage
claims against the Debtor.

In granting the claimants' motion, Mr. Sullivan asked Judge Walsh
to abstain from hearing the issues raised in the state court
actions because that action does not arise in, under or out of
the bankruptcy proceedings. He advised the Judge that, whether on
grounds of comity or respect for the state court, judicial
efficiency and economy, or simply the desire to avoid duplication
of the state court's efforts, the bankruptcy court should
abstain. (Safety-Kleen Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 609/392-0900)

TRANS WORLD: Judge Accepts American's $742MM Bid in its Entirety
In response to Monday's decision by U.S. Bankruptcy Court Judge
Peter Walsh, American Airlines released the following statement:

      "We are gratified by Judge Walsh's ruling in favor of our
bid to purchase substantially all of the assets of TWA. We firmly
believe that the American proposal represents the only viable
option for TWA, and that it will deliver significant benefits to
TWA's employees, creditors, customers and communities. It is the
only plan that provides jobs for virtually all of TWA's
employees, keeps TWA's airplanes flying, and maintains an active
hub in St. Louis. On March 7, TWA's Board of Directors approved
American's proposal as the "best and highest offer" for the
airline and recommended to the judge that he accept it.

      "This decision marks an important milestone, and we look
forward to moving to the next phase in this process. The normal
10-day appeal period on the Court's decision begins today, and
the next court hearing on this matter has been scheduled for
Friday, April 6, 2001, in Judge Walsh's Court."

WORLDTEX INC.: Files Prenegotiated Chapter 11 Plan in Wilmington
Worldtex, Inc. (OTC Bulletin Board: WTXI) announced that, as
planned, it had filed in the Bankruptcy Court for the District of
Delaware a petition for relief under Chapter 11 of the Bankruptcy
Code for the purpose of restructuring its capitalization. The
restructuring has been prenegotiated with an informal committee
of holders of approximately 64% of its 9-5/8% Senior Notes. The
filing also includes a plan of reorganization and a proposed
disclosure statement. The noteholders on the informal committee
have agreed to vote in favor of such plan of reorganization
pursuant to a previously announced lock-up agreement.

The restructuring will result in a substantial reduction of the
Company debt by canceling all outstanding principal and all
accrued and unpaid interest on the 9-5/8% Senior Notes
(approximately $187,000,000), in exchange for (i) 98% of newly
issued common stock in the Company, subject to dilution from
employee options and warrants to existing stockholders, and (ii)
a new 12% preferred stock, in the aggregate face amount of $30
million. In addition, under the plan all existing common stock of
Worldtex will be canceled and a distribution will be made to
former stockholders of (i) 2% of the new common stock, subject to
dilution from employee options and warrants and (ii) warrants for
10% of the fully diluted new common stock, exercisable at a price
at which the holders of the 9-5/8% Senior Notes will have
received a 100% recovery on the principal amount of the Senior
Notes. No fractional shares or warrants will be distributed, nor
will any payment be made in lieu thereof.

Worldtex has requested immediate approval from the Bankruptcy
Court to pay amounts due to Worldtex's trade creditors arising
prior to filing the petitions for reorganization on ordinary
terms during the pendency of the proceedings. If such early
payments are not authorized, the plan of reorganization provides
that pre-petition claims of trade creditors will be paid in full
upon effectiveness of the plan. Amounts payable to trade
creditors arising after commencement of the Chapter 11 case will
be paid as they come due.

To ensure that the Company has adequate working capital to
operate its business normally during the restructuring
proceedings, the Company has entered into a debtor in possession
("DIP") loan agreement with its current bank lenders to provide
financing during pendency of the Chapter 11 case by rolling over
the Company's existing $40 million revolving credit facility and
term loan of $7.125 million. This agreement is subject to the
approval of the Bankruptcy Court.

It is expected that the Delaware Bankruptcy Court will hold
hearings promptly to consider approval of payment to trade
creditors of pre-petition amounts, the DIP facilities and
Worldtex's plan and disclosure statement.

Barry D. Setzer, Chairman of Worldtex, said: "Our company would
emerge under this restructuring plan with an improved capital
structure and the financial flexibility to resume investing in
our business. We appreciate the support of our employees,
customers, vendors, bank lenders and noteholders during this
challenging time. With their continued support, we expect
Worldtex to emerge as a stronger competitor well positioned for
financial success."

Robert A. Hamwee, a Managing Director of GSC Partners, the
largest holder of Worldtex's 9-5/8% Senior Notes and a member of
the informal committee, said "The noteholders are pleased that
this next important step has been taken and that the
restructuring is progressing. This plan will provide Worldtex
with a more appropriate capital structure, and we look forward to
its prompt implementation." Mr. Hamwee noted that interested
holders of Worldtex 9-5/8% Senior Notes may contact him at (973)
437-1010 or the counsel to the informal committee of noteholders,
Michael J. Sage of Dewey Ballantine at (212) 259-7920.

Consummation of the restructuring is subject to effectiveness of
the Chapter 11 plan, which requires, among other things,
arranging a new credit facility to be available upon emergence
from Chapter 11 and Bankruptcy Court approval of the plan and the
disclosure statement describing the plan. No assurances can be
given that the plan will be consummated. This press release is
not an offer with respect to any securities or solicitation of
acceptances of a Chapter 11 plan. Such an offer or solicitation
will be made in compliance with all applicable securities laws
and provisions of the Bankruptcy Code.

WORLDTEX INC.: Case Summary & 13 Largest Unsecured Creditors
Lead Debtor: Worldtex, Inc.
              915 Tate Boulevard, S.E.,
              Suite 106
              Hickory, NC 28602

Debtor affiliates filing separate chapter 11 petitions:

         Elastic Corporation Of America, Inc.
         WTX Colombia I, Inc.
         WTX Colombia II, Inc.
         Regal Manufacturing Company, Inc.
         Wilcox & Gibbs Filix Of Delaware, Inc.
         Regal Yarns Of Argentina, Inc.

Type of Business: Supplier of elastomeric components to the
                   textile and apparel and home furnishings
                   industries in the Americas and Europe

Chapter 11 Petition Date: March 12, 2001

Court: District of Delaware

Bankruptcy Case Nos.: 01-00785 through 01-00791

Debtor's Counsel: Brendan Linehan Shannon, Esq.
                   Young, Conaway, Stargatt & Taylor
                   11th Floor, Rodney Square North
                   P.O. Box 391
                   Wilmington, DE 19899-0391
                   (302) 571-6600

Total Assets: $290,355,000

Total Debts: $254,570,000

List of Debtors' 13 Largest Unsecured Creditors:

Entity                            Claim Amount
------                            ------------
Holders of 9-5/8% Senior Notes    $184,778,724
c/o Trustee
Bank of New York
101 Barclay Street
New York, New York 10286
Contact: Mr. Ming Shiang
T: 212-815-2745
F: 212-815-5915

Alimer, s.a.                        $3,052,579
Avenida Samuel Lewis
y Calle Gerardo Ortega
Edificio Banco Centro, Quinto piso
Contact: Mr. Nayib Neme
T: 011-571-210-5611
F: 011-571-210-7881

Richard J. Mackey                   $1,381,855
107 Legendary Circle
Palm Beach Gardens, FL 33418
T: 631-421-4914
F: 631-549-8967

KMPG Consulting, LLC                   $43,698

Born Information Services Inc.         $14,132

Egler Claude                            $4,800

Belwest Hickory Group                   $3,893

Chase Mellon Shareholders               $1,563

Alston & Bird LLP                         $743

JD Edwards World Solutions Company        $495

Staples Business Advantage                $211

Have a Cup Coffee Service                  $96

Compuserve, Inc.                            $9

* Meetings, Conferences and Seminars
March 16, 2001
    American Bankruptcy Institute
       Bankruptcy Battleground West
          Century Plaza Hotel, Los Angeles, California
             Contact: 1-703-739-0800 or

March 28-30, 2001
       Healthcare Restructurings 2001
          The Regal Knickerbocker Hotel, Chicago, Illinois
             Contact: 1-903-592-5169 or

March 29-April 1, 2001
       Norton Bankruptcy Litigation Institute II
          Flamingo Hilton; Las Vegas, Nevada
             Contact: 1-770-535-7722 or

April 2-3, 2001
       23rd Annual Current Developments
       in Bankruptcy and Reorganization
          PLI New York Center, New York, New York
             Contact: 1-800-260-4PLI or

April 19-21, 2001
       Fundamentals of Bankruptcy Law
          Pan Pacific Hotel, San Francisco, California
             Contact: 1-800-CLE-NEWS

April 19-22, 2001
    American Bankruptcy Institute
       Annual Spring Meeting
          J.W. Marriott, Washington, D.C.
             Contact: 1-703-739-0800 or

April 26-29, 2001
       71st Annual Chicago Conference
          Westin Hotel, Chicago, Illinois

April 30-May 1, 2001
       23rd Annual Current Developments
       in Bankruptcy and Reorganization
          PLI California Center, San Francisco, California
             Contact: 1-800-260-4PLI or

May 14, 2001
    American Bankruptcy Institute
       NY City Bankruptcy Conference
          Association of the Bar of the City of New York
          New York, New York
             Contact: 1-703-739-0800 or

May 25, 2001
    American Bankruptcy Institute
       Canadian-American Bankruptcy Program
          Hotel TBA, Toronto, Canada
             Contact: 1-703-739-0800

June 7-10, 2001
    American Bankruptcy Institute
       Central States Bankruptcy Workshop
          Grand Traverse Resort, Traverse City, Michigan
             Contact: 1-703-739-0800 or

June 13-16, 2001
    Association of Insolvency & Restructuring Advisors
       Annual Conference
          Hyatt Newporter, Newport Beach, California
             Contact: 541-858-1665 or

June 14-16, 2001
       Partnerships, LLCs, and LLPs: Uniform Acts,
       Taxations, Drafting, Securities, and Bankruptcy
          Swissotel, Chicago, Illinois
             Contact: 1-800-CLE-NEWS

June 18-19, 2001
    American Bankruptcy Institute
       Investment Banking Program
          Association of the Bar of the City of New York,
          New York, New York
             Contact: 1-703-739-0800 or

June 21-22, 2001
       Bankruptcy Sales & Acquisitions
          The Renaissance Stanford Court Hotel,
          San Francisco, California
             Contact: 1-903-592-5169 or

June 25-26, 2001
       Advanced Education Workshop
          The NYU Salomon Center at the Stern School
          of Business, New York, NY
             Contact: 312-822-9700 or

June 28-July 1, 2001
       Western Mountains, Advanced Bankruptcy Law
          Jackson Lake Lodge, Jackson Hole, Wyoming
             Contact:  770-535-7722 or

June 28-July 1, 2001
    American Bankruptcy Institute
       Hawaii CLE Program
          Outrigger Wailea Resort, Maui, Hawaii
             Contact: 1-703-739-0800 or

June 30 through July 5, 2001
    National Association of Chapter 13 Trustees
       Annual Seminar
          Marriott Hotel and Marina, San Diego, California
             Contact: 1-800-445-8629 or

July 13-16, 2001
    American Bankruptcy Institute
       Northeast Bankruptcy Conference
          Stoweflake Resort, Stowe, Vermont
             Contact: 1-703-739-0800 or

July 26-28, 2001
       Chapter 11 Business Reorganizations
          Hotel Loretto, Santa Fe, New Mexico
             Contact: 1-800-CLE-NEWS

August 1-4, 2001
    American Bankruptcy Institute
       Southeast Bankruptcy Conference
          The Ritz-Carlton, Amelia Island, Florida
             Contact: 1-703-739-0800 or

September 6-9, 2001
    American Bankruptcy Institute
       Southwest Bankruptcy Conference
          The Four Seasons Hotel, Las Vegas, Nevada
             Contact: 1-703-739-0800 or

September 7-11, 2001
    National Association of Bankruptcy Trustees
       Annual Conference
          Sanibel Harbor Resort, Ft. Myers, Florida
             Contact: 1-800-445-8629 or

September 13-14, 2001
       Corporate Mergers and Acquisitions
          Washington Monarch, Washington, D. C.
             Contact:  1-800-CLE-NEWS or

September 14-15, 2001
    American Bankruptcy Institute
       ABI/Georgetown Program "Views from the Bench"
          Georgetown University Law Center, Washington, D.C.
             Contact: 1-703-739-0800 or

October 3-6, 2001
    American Bankruptcy Institute
       Litigation Skills Symposium
          Emory University School of Law, Atlanta, Georgia
             Contact: 1-703-739-0800 or

October 16-17, 2001
    International Women's Insolvency and
    Restructuring Confederation (IWIRC)
       Annual Fall Conference
          Somewhere in Orlando, Florida
             Contact: 703-449-1316 or

November 29-December 1, 2001
    American Bankruptcy Institute
       Winter Leadership Conference
          La Costa Resort & Spa, Carlsbad, California
             Contact: 1-703-739-0800 or

January 11-16, 2002
    Law Education Institute, Inc
       National CLE Conference(R) - Bankruptcy Law
          Steamboat Grand Resort
          Steamboat Springs, Colorado
             Contact: 1-800-926-5895 or

February 7-9, 2002 (Tentative)
    American Bankruptcy Institute
       Rocky Mountain Bankruptcy Conference
          Westin Tabor Center, Denver, Colorado
             Contact: 1-703-739-0800 or

March 15, 2002 (Tentative)
    American Bankruptcy Institute
       Bankruptcy Battleground West
          Century Plaza Hotel, Los Angeles, California
             Contact: 1-703-739-0800 or

April 18-21, 2002
    American Bankruptcy Institute
       Annual Spring Meeting
          J.W. Marriott, Washington, D.C.
             Contact: 1-703-739-0800 or

May 13, 2002 (Tentative)
    American Bankruptcy Institute
       New York City Bankruptcy Conference
          Association of the Bar of the City of New York,
          New York, New York
             Contact: 1-703-739-0800 or

June 6-9, 2002
    American Bankruptcy Institute
       Central States Bankruptcy Workshop
          Grand Traverse Resort, Traverse City, Michigan
             Contact: 1-703-739-0800 or

June __, 2002
    American Bankruptcy Institute
       Delaware Bankruptcy Conference
          Hotel Dupont, Wilmington, Delaware
             Contact: 1-703-739-0800 or

December 5-8, 2002
    American Bankruptcy Institute
       Winter Leadership Conference
          The Westin, La Plaoma, Tucson, Arizona
             Contact: 1-703-739-0800 or

April 10-13, 2003
    American Bankruptcy Institute
       Annual Spring Meeting
          Grand Hyatt, Washington, D.C.
             Contact: 1-703-739-0800 or

December 5-8, 2003
    American Bankruptcy Institute
       Winter Leadership Conference
          La Quinta, La Quinta, California
             Contact: 1-703-739-0800 or

April 15-18, 2004
    American Bankruptcy Institute
       Annual Spring Meeting
          J.W. Marriott, Washington, D.C.
             Contact: 1-703-739-0800 or

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to 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

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Go to order any title today.

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 USA, and Beard
Group, Inc., Washington, DC USA. Debra Brennan, Yvonne L.
Metzler, Aileen Quijano and Peter A. Chapman, Editors.

Copyright 2001.  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 6 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 ***