TCR_Public/020710.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, July 10, 2002, Vol. 6, No. 135     

                          Headlines

ACT MANUFACTURING: Court Approves Lee & Li as Taiwan Counsel
ADELPHIA BUSINESS: Completing Penn. Telecom Contract by Year-End
ADELPHIA COMMS: Gets OK to Pay Prepetition Customer Obligations
AIR CANADA: Converts Tech. Services Div. into Wholly-Owned Unit
AIRGATE PCS: Net New Subscribers for Q3 2002 Reaches 26,079

AIRTRAN AIRWAYS: Does Not Apply for Federal Loan Guarantees
ALARIS MEDICAL: CEO & CFO Volunteer to Certify Financial Reports
AMERICAN SAFETY: S&P Ups Corporate Credit Rating to B- from CCC
APPLIED EXTRUSION: S&P Places B+ Corp Rating on Watch Developing
ATCHISON CASTING: Secures Forbearance Pact Extension to July 31

CBA MORTGAGE: Fitch Affirms B Rating on $27MM Class F P-T Certs.
CANADIAN IMPERIAL: Raises $2.7MM in Closing of Private Placement
CAPITAL ENVIRONMENTAL: Will File Form 20-F with SEC Late
CARBIDE/GRAPHITE: Fails to Reach Sale Pact with Sun & Bank Group
CARIBBEAN PETROLEUM: Files Joint Plan and Discl. Statement in DE

CELLSTAR CORP: Second Quarter 2002 Net Loss Tops $6 Million
CHART INDUSTRIES: Will Conduct Investor Conference Call Today
CLARION TECHNOLOGIES: Signs-Up BDO Seidman as New Auditors
COMDIAL CORP: Nickolas A. Branica Discloses 47% Equity Stake
COVANTA ENERGY: Court Okays Arnold & Porter as Panel's Attorneys

CYGNIFI DERIVATIVES: July 17 Disclosure Statement Hearing Set
DECORATIVE SURFACES: Panel Turns to Parente for Financial Advice
ECHOSTAR COMMS: Wins Second Patent Infringement Suit vs. Gemstar
ENRON CORP: Court Approves Uniform Natural Gas Handling Protocol
ENRON CORP: Court Nixes Requests for Separate ENA Committee

ETOYS INC: Court to Consider Plan of Liquidation on September 27
GLOBAL CROSSING: Gets Nod to Hire Christensen as Calif. Counsel
GLOBAL CROSSING: Reports 400% Increase in IP Data Traffic
GLOBAL CROSSING: Surpasses May 2002 Operating Plan Targets
ICG COMMS: Seeks Approval of Settlement with Sun Microsystems

IT GROUP: Committee Balks At Vacation Benefit Payments
IMMUNE RESPONSE: Intends to Transfer Listing to Nasdaq SmallCap
INACOM CORP: Gets Nod to Bring-In Hahn Loeser as Special Counsel
INDUSTRIAL RUBBER: Closes Series of Four Financing Arrangements
INNOVATIVE GAMING: Appoints Laus Abdo as New CEO and Director

INTEGRATED HEALTH: Enters Settlement Re Semelberger Facilities
KAISER ALUMINUM: Seeks Okay to Hire Feinberg as Special Counsel
KAISER ALUMINUM: Peter Bunin to Lead Flat-Rolled Products Unit
KATHERINE HILL: Files for Receivership in Canada
LTV CORP: Travelers Casualty Want to File Late Proofs of Claim

LARAMIDE RESOURCES: Completes Debt Restructuring Transaction
LEGACY HOTELS: Will Release Second Quarter Earnings on July 18
LODGIAN INC: Balks At CCA's Attempt to Terminate Exclusivity
LOG ON AMERICA: Plans to File for Chapter 11 Protection in Del.
MEASUREMENT SPECIALTIES: Forbearance Pact Extended Until Nov. 1

METALS USA: Court Extends DIP Financing Investigation Period
MPOWER HOLDING: Gets Court Approval to Retain Deloitte & Touche
MURRAY INCOME: Files Certificate of Dissolution in Texas
NEXTEL PARTNERS: Sets Q2 Results Conference Call for July 25
ORBITAL IMAGING: Wants to Stretch Plan Filing Time thru Dec. 1

OWENS CORNING: Secures Approval of Indian Unit's Restructuring
POLAROID: Retirees' Committee Allowed to Pursue Insurance Claims
PRINTERA: Arranges Bridge Loan to Pay Overdue Suppliers' Claims
PROVELL INC: Committee Seeks OK of Lowenstein Sandler Engagement
SIGNATURE EYEWEAR: Bank Forbearance Pact Extended Until Nov. 8

SOLECTRON CORP: Offers to Re-Purchase $1.5BB of 2-3/4% LYONs
SOVRAN SELF: Fitch Rates $70MM Preferred Shares Offering at BB+
STATIONS HOLDING: Court Okays McGladrey & Pullen as Accountants
SWAN TRANSPORTATION: Nickens Lawless Engagement Continues
TRI-UNION: Reaches Pact to Satisfy Sr. Notes' Interest Payment

UAL CORP: Will Publish Q2 Financial Results on July 19, 2002
U.S. INDUSTRIES: Relocates Headquarters to West Palm Beach, FL
USG CORP: Court Approves Wollmuth Engagement as N.J. Counsel
UNITED AIRLINES: Revenue Passenger Miles Fall 13.7% in June
VENTURE HOLDINGS: S&P Raises Rating on $125M Senior Notes to CC

W.R. GRACE: Mar. 31, 2003 Asbestos Property Claim Bar Date Fixed
WARNACO: Seeking Open-Ended Lease Decision Period Extension
WILLIAMS COMMUNICATIONS: All Proofs of Claim Due Today
WORLDCOM INC: Files Revised Financial Statement With SEC
XO COMMUNICATIONS: Court Fixes July 22, 2002 Claims Bar Date

* Harvey Miller Joins Greenhill & Co. as Managing Director
* O'Melveny & Myers LLP D.C. Office Will Move to New Office
* PricewaterhouseCoopers Signs-Up 361 New Partners Globally

* Meetings, Conferences and Seminars

                          *********

ACT MANUFACTURING: Court Approves Lee & Li as Taiwan Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts
approved the motion of Act Manufacturing, Inc., to engage the
law firm of Lee & Li as special counsel. The Debtors retained
Lee & Li for the special purpose of representing them in matters
related to responding to various creditor inquiries directed at
a branch office the Company maintains in Taiwan.

The Taiwan Branch is used as an international purchasing office
to procure goods and materials from East Asia which are then
shipped to domestic facilities to manufacture into finished
goods.

The Debtors seek to retain Lee & Li to answer creditor inquiries
directed to the Taiwan Branch.  Additionally, Lee & Li will
ensure that the Taiwan Branch, as a branch of a United States
bankrupt company, complies with specific provisions of Taiwanese
corporate and insolvency law.

The Debtors will pay Lee & Li's fees, subject to a $10,000 cap,
at the Firm's customary hourly rates:

          Partners/Principals      NT$8,000 - NT$12,000
                                   approx.: $238 - $357
          Associates               NT$2,100 - NT$6,500
                                   approx.: $63 - 194    
          Staff/Paraprofessionals  NT$900 - NT$1,500
                                   approx.: $27 - $45

Act Manufacturing, Inc., is a global provider of value-added
electronic manufacturing services to original equipment
manufacturers in the networking and telecommunications, high-end
computer and industrial and medical equipment markets. The
Debtors filed for chapter 11 protection on December 21, 2001.
Richard E. Mikels, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo represents the Debtors in their restructuring efforts.
When the Company filed for protection from its creditors, it
listed $374,160,000 in total assets and $231,214,000 in total
debts.


ADELPHIA BUSINESS: Completing Penn. Telecom Contract by Year-End
----------------------------------------------------------------
Adelphia Business Solutions, Inc. (OTC: ABIZQ), announced that
the consortium it leads has completed more than 80 percent of
the transitions under its pioneering telecommunications contract
with the Commonwealth of Pennsylvania.

The contract covers the provision of telecommunications services
for state agencies under the Governor's jurisdiction, including
state offices located across Pennsylvania.  Beyond the
transition to the new Keystone Communications network, the
contract calls for the consortium to provide services through
2006.

All of the transition work --- including state-of-the-art voice,
video, Internet and data services --- is expected to be
completed by the end of 2002. When the project is completed, ABS
and its partners will have built a network of 5,000 fiber-optic
miles in Pennsylvania.

"As one of the nation's largest telecommunications customers,
and a global leader in technology and online government
services, the Commonwealth needed a partner that could meet the
state's demanding requirements," said Ed Gallagher, ABS regional
vice president.  "By surpassing the 80 percent completion mark,
the ABS-led consortium continues to meet and to exceed those
requirements, while promoting choice and competition.

"We thank the Commonwealth and its people for their confidence
in our ability to deliver on this contract.  We are honored to
be a part of this historic partnership."

"Our Keystone Communications project with Adelphia Business
Solutions is not only giving state agencies access to the latest
telecommunications services at very competitive prices, but it's
structured in a way that it's pushing these services out to
Pennsylvania communities, as well," said Charles Gerhards, the
state's chief information officer.  "Across the state, this
project is promoting broader telecommunications competition, and
that benefits all Pennsylvanians with more service and pricing
options."

ABS leads 13 deep-rooted Pennsylvania companies providing high-
bandwidth voice, data, Internet and video networking to state
government, including state agencies and the State System of
Higher Education.  The plan also extends the state-based
telecommunications infrastructure to communities across the
state, with an emphasis on under-served rural and urban areas.

Founded in 1991, ABS is one of the nation's longest-standing
competitive local exchange carriers providing integrated
communications solutions including local and long-distance
voice, high-speed data and Internet services via a facilities-
based fiber optic network to businesses in 52 markets throughout
the United States.  For more information, visit the company's
Web site at http://www.adelphia-abs.com


ADELPHIA COMMS: Gets OK to Pay Prepetition Customer Obligations
---------------------------------------------------------------
Addelphia Communications and its debtor-affiliates sought and
obtained authorization, at their discretion, to honor existing
obligations arising from the Customer Programs and to continue
its Customer Programs going forward.  While it is not possible
to estimate with certainty the cost of maintaining the Customer
Programs, the ACOM Debtors believe that most of the prepetition
obligations related to such programs will be satisfied through
credits, discounted rates to customers or the provision of
limited, free services rather than out-of-pocket expenditures.

Randall D. Fisher, the ACOM Debtors' General Counsel and Vice
President, relates that as the continued success of the ACOM
Debtors' businesses requires high levels of customer
satisfaction, the Debtors have developed and implemented
initiatives and incentives that are tailored to attract new
subscribers; retain existing subscribers; and upgrade existing
subscribers.  Due to the nature and variety of the Customer
Programs, the ACOM Debtors continually have accrued but
unsatisfied obligations in connection with the Customer
Programs. The ACOM Debtors' marketing and promotional efforts
are largely focused on the maintenance and growth of their cable
businesses. Such offers and promotions can generally be divided
into three categories -- those intended to attract new
subscribers , retain existing subscribers, and upgrade the
services provided to existing subscribers.

A. Non-Subscriber Offers: To attract new subscribers, the
   Debtors offer various promotions, which are advertised
   through direct mail campaigns, local and regional newspapers,
   tele-marketing and radio spots.  The nature and extent of the
   New Customer Programs vary from month to month and region to
   region. Although many of the New Customer Programs are
   regional in nature, certain of the Debtors' offers are   
   national in scope. The Debtors estimate that as many as
   31,000 new subscribers sign up for service each week, many of
   which are as a result of the New Customer Programs.

B. Upgrade Offers:  For existing subscribers, the Debtors offer
   discounts and packages to encourage subscribers to upgrade
   their service; upgrade their technology from analog to
   digital; and subscribe to additional, non-cable services
   offered by the Debtors through value-added, "bundled" service
   packages that include long distance, security system and/or
   cellular service.

C. Retention of Current Customers: To maintain their current
   subscriber base, the Debtors offer certain services,
   promotions and programs, which discourage subscribers from
   terminating service.  Retention Programs are largely offered
   by Call-Center representatives to dissatisfied customers and
   customers who call to terminate their service.  The Debtors
   also maintain a relocation program to retain customers,
   pursuant to which a subscriber who calls to terminate service
   due to an upcoming move is offered free installation at his
   new address as an incentive to continue to use the Debtors'
   services.

   Pursuant to the Debtors' "Adelphia Awards" Retention Program,
   certain customers are rewarded points for each type of
   service purchased from the Debtors, which can be redeemed for
   merchandise or other prizes.  In June 2002, the Adelphia
   Awards program was terminated.  However, the Debtors will
   continue to award subscribers with merchandise and other
   prizes until subscribers' points are redeemed. The Debtors
   estimate that, in the aggregate, approximately $420,000 of
   merchandise and other prize obligations are outstanding
   pursuant to the Adelphia Awards program.

D. Other Customer Programs: In the ordinary course of their
   business, the Debtors, among other things refund customer
   deposits for equipment provided to the Debtors' customers;
   provide refunds and credits to certain customers; and sponsor
   and contribute to local charities and events to engender the
   goodwill of their subscriber base.

   In certain situations, subscribers are required to pay
   initial deposits for equipment installed in their home, such
   as the cable boxes, remote controls and cable modems.  
   Typically, the Debtors refund the customer deposits via check
   when a customer terminates service and returns such
   equipment.  As of the Petition Date, approximately $4,300,000
   in customer deposits were held by the Debtors.

   Although such policies vary by region, generally, Call-Center
   representatives have the authority to issue credits and/or
   refunds to customers to rectify account discrepancies; issue
   refunds on account of prepayments or overpayments when a
   customer terminates service; and issue credits for service
   complaints, damages or in connection with time guarantees.
   Based on historical averages, the Debtors' estimate that the
   amount of credits and refunds issued on a monthly basis is
   approximately $1,400,000 and $750,000, respectively.

   To engender goodwill and promote the Debtors' businesses in
   certain communities, the Debtors occasionally sponsor local
   charitable and community events.  Typically, each Charity
   obligates the Debtors to payments that range on average from
   $1,000 up to $25,000 per event.  Historically, the
   approximate aggregate annual cost of such obligations is
   approximately $4,100,000.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher in New
York, New York, contends that continuing the Customer Programs
is crucial to the future of the Debtors' businesses.  The
success and viability of the Debtors' businesses and their
ability to reorganize are dependent upon the Debtors' ability to
attract, upgrade and retain their customers.  Each set of
programs -- the New Customer Programs, the Upgrade Programs, the
Retention Programs and the Other Customer Programs -- is
designed to help the Debtors accomplish these goals.

"On the whole, the Customer Programs are an integral and
fundamental part of how the Debtors operate their businesses,"
Ms. Chapman continues.  "The relief sought by this motion is
required because any delay in honoring the Customer Programs may
severely and irreparably impair the Debtors' customer relations
at a time when customer loyalty and patronage is extremely
critical.  The continuation of the Customer Programs is
necessary to help the Debtors preserve the Debtors' going-
concern value. In the highly competitive marketplace in which
the Debtors operate, failure to honor the Customer Programs, for
even a brief period of time, will jeopardize the Debtors'
efforts to reorganize successfully and rehabilitate their
businesses." (Adelphia Bankruptcy News, Issue No. 11; Bankruptcy
Creditors' Service, Inc., 609/392-0900)

Adelphia Communications' 10.875% bonds due 2010 (ADEL10USR1) are
quoted at a price of 38.625, DebtTraders reports. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=ADEL10USR1
for real-time bond pricing.


AIR CANADA: Converts Tech. Services Div. into Wholly-Owned Unit
---------------------------------------------------------------
Air Canada has created a separate company for its Air Canada
Technical Services Division to facilitate its transition as a
separate profit center. This initiative will allow Air Canada to
improve efficiencies through increased scale and grow the
business while maintaining a safe and reliable maintenance,
repair and overhaul operation for airline customers worldwide.

"Air Canada Technical Services has become a separate corporate
entity, consistent with our strategy to create new profit
centres within the Corporation to illuminate shareholder value
and increase the focus on certain ancillary profitable
operations of the Corporation," said Calin Rovinescu, Executive
Vice President, Corporate Development and Strategy. "With this
objective in mind, we are currently developing the business
model to allow for a transfer of assets planned by the end of
2002. At this stage, no decision has been made with respect to
the sale of any part in Air Canada Technical Services."

"The mandate of Air Canada Technical Services is to fully
develop its potential and realize its true value as an
international leader in providing maintenance repair and
overhaul services not only to Air Canada but also to other
airlines around the world," said Robin Wohnsigl, President, Air
Canada Technical Services. "The positioning of Air Canada
Technical Services as a stand alone MRO business provides the
focus required to create a company that can compete for its
portion of the global aviation maintenance business estimated to
represent USD $40 billion in annual revenues."

Air Canada Technical Services experienced 12 per cent growth
2000-2001 and plans to significantly increase its third party
work over the next three years. Revenue from third party work
represented more than CAD $200 million in 2001 and currently
represents approximately 25 per cent of its activities, in
addition to work performed for Air Canada. Air Canada Technical
Services currently supplies services to more than 60 airlines
around the world.

Growth will be pursued through direct sales as well as joint
ventures with other companies. Two recent agreements for third
party work include components and heavy maintenance for Atlantic
Coast Airlines and engine repair for Lufthansa German Airlines,
together valued at more than USD $200 million over the next five
years.

In addition, Air Canada Technical Services will continue to
exploit business opportunities such as Aeroxchange for e-
procurement, and joint ventures including AirLiance for surplus
materials management and ACETEK Composites for parts repair.
Using its expertise developed in Canadair Regional Jet
maintenance, Air Canada Technical Services has expanded into the
CF34 Regional Jet engine maintenance business at its Montreal
facilities. In addition, heavy maintenance facilities in
Calgary, previously owned by the airline's regional subsidiary,
Air Canada Jazz, were acquired to complement its other
facilities located coast to coast.

Air Canada has made significant investments in its technical
services operations over the years. Most recently, to
consolidate the competitive leadership position of Air Canada
Technical Services, investments of CAD $20 million were made for
for a fixed wide body heavy maintenance docking station in
addition to over CAD $10 million in improvements to aircraft
component and engine maintenance facilities, both at its
Montreal maintenance base. Air Canada Technical Services has
also invested in SINEX, a state-of-the-art automated aircraft
heavy maintenance system for check planning and management.

Air Canada Technical Services provides maintenance, engineering,
repair, supply and purchasing to support Air Canada's mainline
fleet of more than 220 aircraft, as well as other airline
customers, in five maintenance categories: airframes, engines,
components, line and aircraft cabins. It also provides material
and supply chain management services to the airline industry.
Air Canada Technical Services employs approximately 8000 staff
in Canada, the U.S. and Europe, with six major maintenance base
centers located across Canada: in Halifax, Montreal, Toronto,
Winnipeg, Calgary and Vancouver.

                         *    *    *

As reported in the December 4, 2001, edition of Troubled Company
Reporter, Standard & Poor's downgraded its senior unsecured debt
rating for Air Canada to 'B' from 'B+', reflecting reduced asset
protection for unsecured creditors and application of revised
criteria for "notching" down of such debt ratings based on the
proportion of secured debt in a company's capital structure.

According to the report, the rating actions did not indicate a
changed estimate of default risk, but rather poorer prospects
for recovery on senior unsecured obligations if the affected
airline were to become insolvent.


AIRGATE PCS: Net New Subscribers for Q3 2002 Reaches 26,079
-----------------------------------------------------------
AirGate PCS, Inc., (Nasdaq/NM: PCSA), a Sprint PCS Network
Partner, announced net subscriber additions for the third fiscal
quarter ending June 30, 2002 were 26,079, expanding the
Company's total subscriber base to 532,446 subscribers. These
results are within AirGate's revised guidance of 22,000 to
27,000 new subscribers for the third fiscal quarter as announced
on June 5, 2002.

The Midwest region, formerly the iPCS territory, contributed
approximately 14,675 of the net new additions and finished the
third fiscal quarter with 195,143 ending subscribers. Net
additions and ending subscribers excludes a reserve for 2,461
subscribers not expected to pay, which was calculated using
exactly the same methodology and process as the prior quarter.
The total number of 197,604 subscribers exceeds the June 2002
minimum subscriber covenant under the iPCS senior credit
facility of 191,500 subscribers by more than 6,000 subscribers.

The Company also disclosed that churn for the third fiscal
quarter was 3.2%, an increase from the 3.0% churn experienced in
the prior quarter ended March 31, 2002. This increase was
primarily due to higher churn for the month of June.

AirGate expects to announce full financial and operating results
for the third fiscal quarter ended June 30, 2002 on or about
August 5, 2002.

AirGate PCS, Inc., including its subsidiaries, is the Sprint PCS
Network Partner with the exclusive right to sell wireless
mobility communications network products and services under the
Sprint brand in territories within seven states located in the
southeastern and mid-western United States. The territories
include over 14.6 million residents in key markets such as Grand
Rapids, Michigan; Charleston, Columbia, and Greenville-
Spartanburg, South Carolina; Augusta and Savannah, Georgia;
Champaign-Urbana and Springfield, Illinois; and the Quad Cities
areas of Illinois and Iowa. AirGate PCS is among the largest
Sprint PCS Network Partners. As a Sprint PCS Network Partner,
AirGate PCS operates its own local portion of Sprint's PCS
network to exclusively provide 100% digital, 100% PCS products
and services under the Sprint name in its territories.

Sprint operates the nation's largest all-digital, all-PCS
wireless network, already serving the majority of the nation's
metropolitan areas including more than 4,000 cities and
communities across the country. Sprint has licensed PCS coverage
of more than 280 million people in all 50 states, Puerto Rico
and the U.S. Virgin Islands. Sprint plans to launch its 3G
network nationwide this summer and expects to deliver faster
speeds and advanced applications on Sprint PCS 3G Phones and
devices. For more information on products and services, visit
www.sprint.com/mr. Sprint PCS is a wholly-owned tracking group
of Sprint Corporation trading on the NYSE under the symbol
"PCS." Sprint is a global communications company with more than
80,000 employees worldwide and $26 billion in annual revenues
and is widely recognized for developing, engineering and
deploying state-of-the art network technologies.

As previously reported, Standard & Poor's has placed AirGate
PCS' B- rating on CreditWatch Negative due to possible loan
covenant amendment. At March 31, 2002, the company recorded a
working capital deficit of about $29 million.


AIRTRAN AIRWAYS: Does Not Apply for Federal Loan Guarantees
-----------------------------------------------------------
AirTran Airways, a subsidiary of AirTran Holdings, Inc.,
(NYSE:AAI), announced that it did not apply for federal loan
guarantees offered by the Air Transportation Stabilization Board
following the September 11th terrorist attacks. The deadline for
applying for the federal loan guarantees was June 28, 2002.

"AirTran Airways' strong business model has proven itself
through these tough times and we have achieved growth through
network diversification," said Joe Leonard, AirTran Airways'
chairman and chief executive officer. "We have strategically
filled the air carrier void by adding service in six new cities
and 23 new routes since September 11th, including
Baltimore/Washington, Milwaukee, Pensacola, Rochester,
Tallahassee, and Wichita," stated Leonard.

AirTran Airways provides affordable air travel with 388 flights
a day to 38 cities throughout the eastern United States. The
airline's hub is at Hartsfield Atlanta International Airport,
the world's busiest airport (by passenger volume), where it is
the second largest carrier operating 151 flights a day. AirTran
Airways is a subsidiary of AirTran Holdings, Inc. (NYSE:AAI).

Unlike other airlines, AirTran Airways never requires a
roundtrip purchase or Saturday night stay. The airline offers a
Business Class any business can afford, all-assigned seating, a
generous frequent flier program, and a corporate program called
A2B. For more information and reservations, visit
http://www.airtran.com(America Online Keyword: AirTran), call  
your travel agent or AirTran Airways at 1-800-AIRTRAN (800-247-
8726) or 770-994-8258 in Atlanta. En espanol, 1-877-581-9842.

As reported in Troubled Company Reporter's June 11, 2002
edition, Standard & Poor's affirmed its single-'B'-minus
corporate credit ratings on AirTran Holdings Inc. and subsidiary
AirTran Airways Inc. and removed all ratings from CreditWatch,
citing the airline's relatively good operating performance amid
difficult industry conditions. The ratings were placed on
CreditWatch on September 13, 2001. Approximately $166 million of
rated debt is affected. The outlook is negative.

"Ratings have been affirmed and removed from CreditWatch due to
AirTran's relatively good operating performance, within an
industry that continues to incur massive losses," said Standard
& Poor's credit analyst Betsy Snyder. The company reported a
loss of only $3 million in the first quarter of 2002, a
significantly better performance than most of its peers. In
addition, its load factor comparisons have improved, despite
significant increases in capacity. However, the company's
prospects still depend on the expected recovery in the airline
industry. If it is weaker than expected and/or another terrorist
attack occurs, ratings on AirTran could be lowered.


ALARIS MEDICAL: CEO & CFO Volunteer to Certify Financial Reports
----------------------------------------------------------------
ALARIS Medical Inc. (AMEX:AMI) said that, on a voluntary basis,
its chief executive officer and its chief financial officer plan
to certify the accuracy of the company's periodic reports filed
with the SEC.

The SEC recently issued an order requiring such certifications
each quarter from the chief executive officer and chief
financial officer of the country's 947 largest companies.

With reported annual revenues under $500 million, ALARIS
Medical's revenues are below the $1.2 billion threshold that
would make such certifications mandatory under the SEC's order.
Nevertheless, Dave Schlotterbeck, president and CEO, and Bill
Bopp, senior vice president and CFO, have advised the company
that they intend to make the certifications on a voluntary
basis.

Schlotterbeck said, "In the current climate of concern regarding
the integrity of corporate financial reporting, we believe it
best serves the interests of our shareholders and other
stakeholders if Bill and I take this action. ALARIS Medical was
the 12th fastest growing stock of over 7,000 companies listed on
the three major stock exchanges in the USA in 2001.
Additionally, AMI was the fifth fastest growing stock on these
exchanges in the second quarter of 2002. With this interest in
our equity, it is especially important that we demonstrate our
confidence in our financial results as reported."

Bopp added, "We believe that our financial reports accurately
reflect the underlying state of our business and that the
disclosures contained in them are full, frank and complete. We
welcome the opportunity to confirm this."

An SEC press release on this subject is available at
http://www.sec.gov/news/press/2002-96.htm

The company's second quarter results are scheduled for release
on Thursday, August 1st. A conference call with portfolio
managers and analysts will be available online at
http://www.alarismed.com The live Webcast will begin at 8:00  
a.m. Pacific Time on Thursday, August 1, 2002, with the replay
beginning shortly after the completion of the live call. The
replay of the conference call will also be accessible by
telephone at 888/566-0411 (for domestic callers) and 402/998-
0599 (for international callers), beginning shortly after the
completion of the live call. Both the online and telephone
replay will be available through August 15th.

ALARIS Medical Inc. (AMEX:AMI), through its wholly owned
operating company, ALARIS Medical Systems Inc., develops
practical solutions for medication safety at the point of care.
The company designs, manufactures and markets intravenous (IV)
medication delivery and infusion therapy devices, needle-free
disposables and related monitoring equipment. ALARIS Medical's
"smart" technology, tools and services reduce the risks and
costs of medication errors, and safeguard patients and
clinicians. The company provides its products, professional and
technical support and training services to over 5,000 hospital
and health care systems, as well as alternative care sites in
more than 120 countries through its direct sales force and
distributors. Headquartered in San Diego, ALARIS Medical employs
approximately 2,600 people worldwide and operates manufacturing
facilities in the United States, Mexico and the United Kingdom.

ALARIS Medical's March 31, 2002 balance sheet shows that the
company has a total shareholders' equity deficit of about $45
million.


AMERICAN SAFETY: S&P Ups Corporate Credit Rating to B- from CCC
---------------------------------------------------------------
Standard & Poor's raised its corporate credit rating on razor
and blade manufacturer American Safety Razor Co. to single-'B'-
minus from triple-'C'. The upgrade reflects the firm's ability
to secure an amendment from its bank group that loosened
financial covenants and waived covenant violations for the
fourth quarter 2001 and first quarter 2002.

The rating was removed from CreditWatch, where it was placed
November 21, 2001. The outlook is negative. Total debt at Cedar
Knolls, New Jersey-based American Safety Razor was about $171
million on March 30, 2002.

American Safety Razor's weak financial performance last year,
due to tough industry conditions and internal issues, led to
covenant defaults under its credit agreement.

"Standard & Poor's believes the company's near-term financial
performance will improve to meet expectations for the current
rating given the divestiture of the lower-margin cotton and
footcare business and expected improvements in working capital
management," stated Standard & Poor's credit analyst Lori
Harris.

Still, Standard & Poor's expects that the company will continue
to be challenged over the intermediate term by the highly
competitive environment in which it operates, given the maturity
of the U.S. consumer products market.

The ratings could be lowered if American Safety Razor's credit
ratios or liquidity position weaken further.

For analytical purposes, Standard & Poor's consolidates the debt
of American Safety Razor with that of its holding company, RSA
Holdings Corp., given the additional debt at RSA Holdings.
Although the interest on the holding company debt is noncash,
the debt represents a growing liability on the consolidated
financial statements.

Revenue declined 3% in 2001 and was relatively flat for the
first quarter 2002 due to softness in domestic shaving products
resulting from competitive activities and retailer de-stocking,
offset by better international sales. Gross profit decreased
20.3% in 2001 and a further 11.9% in the first quarter 2002
because of competitive pricing pressures, changes in product
mix, and unfavorable foreign exchange.

Credit protection measures for the trailing 12 months ended
March 30, 2002, were weak for the rating with EBITDA interest
coverage of about 1.5 times and debt to EBITDA of 6.8x.
Excluding holding company debt, EBITDA coverage was 2x and
leverage was about 5.2x. The rating does not incorporate
flexibility for significant debt-financed acquisitions.


APPLIED EXTRUSION: S&P Places B+ Corp Rating on Watch Developing
----------------------------------------------------------------
Standard & Poor's placed its single-'B'-plus corporate credit
rating on Applied Extrusion Technologies Inc. on CreditWatch
with developing implications following the announcement that the
company has hired a financial advisor to evaluate options to
maximize shareholder value, including recent expressions of
interest made by a number of parties to acquire the company.
Developing means the ratings could be raised, lowered, or
affirmed. Peabody, Massachussetts-based Applied Extrusion is the
leading oriented polypropylene (OPP) films producer in North
America, with total debt outstanding of $278 million as at March
31, 2002.

"The acquisition of Applied Extrusion by a company with a
stronger credit profile could result in an upgrade," said
Standard & Poor's credit analyst Liley Mehta. "Conversely, an
acquisition of Applied Extrusion by a company with a weaker
credit profile or other initiatives that would deteriorate the
firm's financial profile could result in a downgrade. Standard &
Poor's will monitor developments."

The ratings on Applied Extrusion reflect its below-average
business position as the leading OPP films producer in North
America, and a very aggressive financial profile. Although OPP
films are used mostly in relatively recession-resistant
applications, such as labels on beverage bottles and containers,
and food packaging, overcapacity has significantly weakened
pricing flexibility during the past few years. Recently, the
company has experienced significantly weaker-than-expected
financial performance, caused by lower volumes related to the
sluggish economy, competitive pressures and inventory de-
stocking by customers. Given the company's limited scale of
operations, this has led to a deterioration in the company's
financial profile to subpar levels. In addition, the company's
revolving credit facility matures in January 2003 posing a near-
term refinancing risk.


ATCHISON CASTING: Secures Forbearance Pact Extension to July 31
---------------------------------------------------------------
Atchison Casting Corporation announced an amendment to the
Twelfth Amendment and Forbearance Agreement with its Lenders in
which, among other things, a date to reduce outstanding loan
commitments was extended from June 30, 2002 to July 31, 2002.

ACC produces iron, steel and non-ferrous castings for a wide
variety of equipment, capital goods and consumer markets.


CBA MORTGAGE: Fitch Affirms B Rating on $27MM Class F P-T Certs.
----------------------------------------------------------------
CBA Mortgage Corp., mortgage pass-through certificates, series
1993-C1 are affirmed by Fitch Ratings as follows: $6.1 million
class D at 'AAA', $21.7 million class E at 'BBB+' and $27.1
million class F at 'B'. Fitch does not rate the $5.4 million
class G or $5.4 million class H. The rating actions follow
Fitch's annual review of the transaction, which closed in
December 1993.

The certificates are collateralized by four commercial mortgage
loans, consisting of two office properties (57%) and two retail
properties (43%). The properties are located in Illinois (40%),
Colorado (40%) and the District of Columbia (20%). All four of
the remaining loans are interest only with an interest rate of
6.92% and will mature in December 2003.

The rating affirmations resulted from stable performance in the
four remaining loans. The Fitch debt service coverage ratio's
were calculated using a Fitch cash flow and a Fitch stressed
debt service payment. The cash flow was calculated using
borrower provided financials adjusted for capital expenditures,
tenant improvements and leasing commissions. The yearend
weighted average DSCR for the pool has decreased from a 1.27
times as of year-end 2000 to 1.14x as of year-end 2001. The
weighted average DSCRs were only calculated for 3 of 4 loans,
excluding the vacant 650 Lake Cook Road property. The decrease
is primarily due to the decline in coverage at the One Parkway
North property, which has experienced an increase in vacancy.

The largest loan in the pool, $26.1 million, is secured by the
Citadel Crossing property in Colorado Springs, CO. The property
is a 502,000 square foot anchored retail strip center, with
tenants such as Kmart, Burlington Coat Factory, Best Buy,
PetsMart and Office Max. All of these anchor tenants have
leases, which expire beyond the balloon date and the Kmart lease
has not been rejected in bankruptcy court. The property is
located across from a regional mall at the south end of Academy
Boulevard, a major thoroughfare in Colorado Springs. Fitch
reviewed the 2001 sales figures for the tenants required to
report and found them to be strong. The property had a yearend
2001 DSCR of 1.31x and an occupancy of 90%. The DSCR has
remained stable from the previous year, but the occupancy has
declined from 96%.

The next largest loan, $24.2 million, is secured by the One
Parkway North property in Deerfield, IL. The property is a
252,000 sf multi-tenanted office building. As of May 2002 the
property was 81% occupied, down significantly from the 94% as of
yearend 2000. The decline in occupancy is also reflected in the
decline in DSCR from 1.40x as of yearend 2000 to 1.02x as of
yearend 2001. The manager is actively marketing the space to
find new tenants. Fitch continues to have concern with the
extensive roll over associated with this property (53%) within
the next year, considering the growing vacancy rates in the
property's immediate sub-market and the impact this may have on
the borrower's ability to refinance the loan.

The third largest loan, $13.3 million, is secured by the 919
18th Street property in the District of Columbia. The property
is a 132,000 sf multi-tenanted office building with a sub-level
parking garage and retail on the ground floor. The property
benefits from its central location, close to public
transportation. The property is currently 89% occupied. Although
the occupancy has declined, the property has continued to
perform with the majority of leases below market. In the last
year, DSCR has improved from a 1.16x in 2000 to a 1.22x as of
yearend 2001 due to new leases signed at higher rates.

The smallest loan in the pool is a $2.2 million loan secured by
the 650 Lake Cook Road retail property located in Buffalo Grove,
IL. The property has been vacant since September 1999 and the
borrower has continued to pay debt service. The loan has never
been delinquent. The property remains in good condition and is
visible from Lake-Cook Road, a major artery in northern Chicago
suburbs. According to the servicer, GMACCM, the borrower is
actively marketing the space but has yet to engage a replacement
tenant. In its analysis, Fitch assigned a higher probability of
default and loss severity to this property.

While Fitch has concerns about the concentration risk associated
with the pool, each of the assets strengths and weaknesses were
evaluated and found adequate to support the affirmations on the
remaining rated classes. Fitch will continue to monitor the
performance of the four loans remaining in the pool.


CANADIAN IMPERIAL: Raises $2.7MM in Closing of Private Placement
----------------------------------------------------------------
Canadian Imperial Venture Corp. announces the first closing of a
non brokered private placement that was previously announced on
June 27, 2002. This closing took place on Friday, July 5, 2002
and the Company received proceeds of $1,648,632. Additional
funds of $1,027,907 were received from the exercise of warrants
and options by insiders for a total of $2,674,539.

A total of 5,410,698 Flow-through Units were sold at a price of
$0.24 each and 1,458,337 Non Flow-through Units were also sold
at $0.24 each. Each Non Flow-through Unit consists of one common
share and one-half of one non-transferable share purchase
warrant. Each whole warrant has an exercise price of $0.40 and a
two-year term.

The funds raised in this Private Placement will be used for
additional exploration at the Company's Garden Hill project in
Western Newfoundland.

The Company currently is in discussions with the Creditor's
Committee that was established under the Debt Restructure
Agreement to waive or amend various requirements under the
Agreement. The Company is formally seeking to have the
Creditor's Committee waive strict compliance with the
requirement to raise a total of $4,000,000 by July 15, 2002 and
to amend the Company's exploration program.

Canadian Imperial Venture Corp. (TSX: CQV) is an independent
Newfoundland-based energy company.


CAPITAL ENVIRONMENTAL: Will File Form 20-F with SEC Late
--------------------------------------------------------
Capital Environmental Resource Inc. recently entered into a new
senior credit facility and repaid all amounts outstanding under
its pre-existing senior credit facility. The Company is
reviewing this transaction with respect to its effect on the
audited financial statements and disclosure to be included in
its Annual Report on Form 20-F for the year ended December 31,
2001. The Company expects its review to conclude within a short
period of time. The Company is delaying the filing of its Annual
Report in the belief that, in the interest of full and best
disclosure, a definitive description of this transaction and its
impact on the Company is appropriate.

The Company intends to file timely the subject Annual Report on
Form 20-F no later than the fifteenth calendar day after the due
date of the report.

In its Form 20-F for the year ended December 31, 2001, Capital
Environment Resource will report 2001 revenue of US $93.2
million, a loss from operations of $8.7 million and a net loss
of US $19.7 million. For the year ended December 31, 2000, the
Company reported revenue of US $117.0, a loss from operations of
US $6.6 million and a net loss of US $18.3 million. The decrease
in revenue in the year ended December 31, 2001 as compared to
the year ended December 31, 2000 is primarily attributable to
the sale of substantially all of its United States operating
assets in 2001.

Capital Environmental Resource Inc. is a regional integrated
solid waste services company which provides collection,
transfer, disposal and recycling services in markets in Canada.

As of September 30, 2001, Capital Environmental Resource
reported a working capital deficit of about $44 million.


CARBIDE/GRAPHITE: Fails to Reach Sale Pact with Sun & Bank Group
----------------------------------------------------------------
As previously reported, The Carbide/Graphite Group, Inc. and its
subsidiaries filed a voluntary petition under Chapter 11 of the
U.S. Bankruptcy Code in the United States Bankruptcy Court for
the Western District of Pennsylvania on September 21, 2001 in
order to allow for an orderly consummation of the Company's
proposed comprehensive restructuring.

On April 1, 2002, Carbide/Graphite filed a Current Report on
Form 8-K indicating that it had entered into a letter of intent
with Sun Capital Acquisition Corporation under which Sun would
acquire all of the assets of Carbide/Graphite, on a debt-free
basis, under a Section 363 asset sale pursuant to the U.S.
Bankruptcy Code for $35 million cash payable at closing and a
$15 million term note payable to the secured lenders under the
Company's revolving credit facilities. The transaction
contemplated by the Letter of Intent was conditioned upon, among
other things, the completion of a satisfactory due diligence
investigation by Sun, the execution of a definitive purchase
agreement and approval by the Bankruptcy Court.

Carbide/Graphite, Sun and the Bank Group have been unable to
reach agreement on a definitive purchase agreement and, as a
result, a transaction with Sun contemplated by the Letter of
Intent is unlikely to occur. Carbide/Graphite in concert with
the Bank Group will continue a process by which the assets of
the Company will be sold, either in whole or in part.


CARIBBEAN PETROLEUM: Files Joint Plan and Discl. Statement in DE
----------------------------------------------------------------
Caribbean Petroleum LP and its debtor-affiliates filed their
Joint Plan of Reorganization and Disclosure Statement with the
U.S. Bankruptcy Court for the District of Delaware. For full-
text copies of the Debtors' Plan and Disclosure Statement, go
to:

   http://www.researcharchives.com/bin/download?id=020703210429

                             and

   http://www.researcharchives.com/bin/download?id=020703210703

The Debtors relate that under the Joint Plan, the holders of
Allowed Secured Claims will be paid in full, over time with
interest.  Non-tax Priority and Administrative claims will
receive the treatment required by the Bankruptcy Code unless
they agree to some other treatment. The Debtors reminds the
Court that CPC intends to negotiate with the Secretario De
Hacienda regarding the amount of its disputed priority tax
claims. To the extent that a satisfactory agreement cannot be
reached with Hacienda, CPC reserves the right to sell its assets
outside of the Joint Plan.

The Joint Plan also provided for a separate lump sum payments to
non-priority unsecured creditors of CPC and CPR, to be shared
pro-rata by the respective creditors. The non-priority unsecured
creditors of CPLP will be paid in full over a period of six
years.

Caribbean Petroleum L.P. distributes petroleum products and
owns/leases real property on which service stations selling
petroleum products are stored and sold to retail customers. The
Debtors filed for chapter 11 protection on December 17, 2001.
Michael Lastowski, Esq. and William Kevin Harrington, Esq. at
Duane, Morris & Heckscher LLP represent the Debtors in their
restructuring efforts.


CELLSTAR CORP: Second Quarter 2002 Net Loss Tops $6 Million
-----------------------------------------------------------
CellStar Corporation (Nasdaq: CLST), a value-added wireless
logistics and distribution services leader, reported revenues of
$573.3 million for the second quarter ended May 31, 2002,
compared to $572.9 million for the second quarter of fiscal
2001.  The Company reported a net loss of $5.9 million, compared
to net income of $3.6 million for the second quarter of fiscal
2001.

Excluding charges of $10.0 million related to exiting the United
Kingdom, Peru and Argentina and the extraordinary gain on early
extinguishment of debt, the Company earned net income of $4.0
million, or $0.20 per diluted share. Earnings per share
excluding exit charges for the second quarter of fiscal 2002
reflect an increase from last year of 7.8 million weighted
average shares outstanding resulting from the February 20, 2002
completion of the Company's exchange offer for its 5%
Convertible Subordinated Notes due October 2002 (the exchange
offer).  The Company had earnings before interest, taxes,
depreciation and amortization (EBITDA) of $9.0 million excluding
exit charges and generated $5.5 million in cash flow from
operating activities for the quarter.

"We are pleased to report a profitable first half for fiscal
2002 as well as a substantial sequential improvement in
profitability, excluding exit costs, in the second quarter,"
said Chief Executive Officer Terry S. Parker. "We have said in
the past that our highest priorities are to improve CellStar's
operating profitability, maintain our strong balance sheet, and
generate cash.  We are encouraged by the Company's overall
results for the first six months of fiscal 2002 and will
continue to focus on CellStar's profitability and financial
strength in the months ahead."

The Company recorded after-tax charges of $10.0 million in the
second quarter related to the exit of the United Kingdom, Peru
and Argentina, announced on June 5, 2002.  The majority of these
charges are of a non-cash nature.  Those operations provided
revenues of $32.6 million in the second quarter, but lowered
operating income by $0.9 million excluding exit charges.

"Our analysis of the Company's operations in the United Kingdom,
Peru and Argentina led us to conclude that the costs and risks
associated with continuing to do business in those markets were
not consistent with the potential returns," said Senior Vice
President and Chief Financial Officer Robert Kaiser.  "We
believe that the longer term interests of the Company and the
stockholders are best served by completing the exit from these
markets as promptly as possible."

In the interest of comparability with prior year results, the
following discussion of income statement items excludes the
effects of the charges associated with the exit from the United
Kingdom, Peru and Argentina.

Gross profit for the second quarter improved 15.5 percent to
$37.3 million compared to $32.3 million in the prior-year
quarter.  Gross margin was 6.5 percent of revenues, compared to
5.6 percent in the second quarter of fiscal 2001.  Margin
improved as a result of changes in the geographic mix of
revenues and additional incentives from certain manufacturers.

Selling, general and administrative (SG&A) expense for the
second quarter was $30.1 million, 5.3 percent of revenues,
compared to $23.2 million a year ago, when recovery of a
receivable from a satellite handset customer reduced SG&A by
$3.9 million.

Interest expense in the second quarter was $1.8 million,
compared to $3.9 million in the second quarter a year ago.  The
favorable variance is largely due to completion of the exchange
offer in February.

                    Consolidated Balance Sheet

Cash, cash equivalents and restricted cash at the end of the
quarter were $104.6 million, compared to $122.3 million last
quarter, when the cash balance was unusually high due to the
timing of cash receipts and disbursements.

Accounts receivable for the second quarter were down to $181.2
million from $198.3 million at the end of the first quarter.  
Annualized accounts receivable days sales outstanding were also
better in the second quarter, improving to 30.7 from 31.0 days
in the preceding quarter.

Inventory for the second quarter was $162.9 million compared to
$146.5 million in the first quarter.  Annualized inventory turns
improved to 13.0 times compared to 10.6 times in the first
quarter, well above the Company's target range of 10 to 12
turns.

Accounts payable were $170.7 million at the end of the second
quarter, compared to $169.2 million at the end of the first
quarter.

                         Liquidity

As of May 31, 2002, the Company had borrowed $31.1 million
against its domestic revolving credit facility.  The Company
also had $49.0 million in loans to support growth in its China
operation which were partially collateralized by restricted cash
of $33.9 million, and $2.7 million in notes outstanding in
Taiwan.  There were $39.1 million of 5% Senior Subordinated
Convertible Notes outstanding, which are mandatorily convertible
into stock in November 2002, and $19.6 million of 5% Convertible
Subordinated Notes outstanding due October 2002.  The Company
retired $1.8 million of the notes during the second quarter.  In
addition, the Company has $12.4 million of Senior Subordinated
Notes outstanding maturing in January 2007.

                       Handset Data

CellStar handled 4.6 million handsets (including 1.1 million
consignment units) in the second quarter of fiscal 2002 compared
to 3.7 million (including 0.8 million consignment units) in the
second quarter last year and 5.1 million (including 1.2 million
consignment units) in the first quarter this year.  The average
selling price of handsets in the second quarter was $149
compared to an average selling price of $180 in the second
quarter a year ago and $150 in the first quarter this year.

CellStar Corporation is a leading global provider of value added
logistics and distribution services to the wireless
communications industry, with operations in Asia-Pacific, North
America, Latin America and Europe.  CellStar facilitates the
effective and efficient distribution of handsets, related
accessories and other wireless products from leading
manufacturers to network operators, agents, resellers, dealers
and retailers.  In many of its markets, CellStar provides
activation services that generate new subscribers for its
wireless carrier customers.  For the year ended November 30,
2001, the Company generated revenues of $2.4 billion.  
Additional information about CellStar may be found on its Web
site at http://www.cellstar.com  

                        *    *    *

As reported in Troubled Company Reporter's February 20, 2002,
edition, Standard & Poor's said that it lowered its corporate
credit rating on CellStar Corp. to 'SD' (selective default) from
'CCC-' and removed its ratings from CreditWatch, where they had
been placed with negative implications on Sept. 6, 2001.

The action reflects the recent completion of the exchange of the
Carrollton, Texas, company's convertible subordinated notes due
October 2002 for securities having a total value that is
materially less then the original issue, said credit analyst
Martha Toll-Reed.

At the same time, Standard & Poor's lowered its rating on the
subordinated debt to 'D' for the distributor of wireless
communications products. As of Aug. 31, 2001, total outstanding
debt was about $200 million.


CHART INDUSTRIES: Will Conduct Investor Conference Call Today
-------------------------------------------------------------
Chart Industries, Inc. (NYSE:CTI) will hold an investor
conference call today, July 10, 2002.

In light of recent weakness in Chart's stock price and inquiries
from a number of investors, management has scheduled this
conference call to discuss current developments. Management will
be addressing certain aspects of Chart's current business and
progress relating to strategic initiatives, including its
efforts to secure additional capital and plans for operational
restructuring.

The conference call will begin at 4:00 p.m. Eastern Daylight
Time on today, July 10, 2002. The call can be accessed by
dialing 800-718-2843 or 703-834-7642. Participants are asked to
call the assigned number approximately 10 minutes before the
conference call begins.

A replay will be available at approximately 7:00 p.m. on today,
July 10th, and will run until 11:59 p.m. on Tuesday, July 16th.
The replay can be accessed by dialing 888-266-2081 or 703-925-
2533. The access code is #6096903. The call will also be
available, both live and replayed, via the Internet at the Chart
Web site -- http://www.chart-ind.com  

Chart Industries, Inc. manufactures standard and custom-built
industrial process equipment primarily for low-temperature and
cryogenic applications. Headquartered in Cleveland, Ohio, Chart
has domestic operations located in 12 states and international
operations located in Australia, China, the Czech Republic,
Germany and the United Kingdom.

                         *    *    *

As previously reported, Chart Industries' Chairman and Chief
Executive Officer Arthur S. Holmes commented on the company's
first quarter results, saying that "[t]he first phase of
[the company's] financial restructuring was completed in the
first quarter of 2002."

Additionally, Mr. Holmes stated that after securing bank
amendments to the company's credit facilities, "[the company is]
now able to focus on methods of paying down debt and reducing
Chart's leverage, ultimately leading to improved shareholder
value."

"Going forward, we are finalizing a review of possible
operational restructuring actions which could result in
substantial future improvements in our earnings. When
implemented, these initiatives could result in additional non-
recurring charges to operations in future quarters, but are
planned to result in rapid paybacks. We also continue to focus
on potential sources of additional capital and are currently in
discussions with several investor groups, including one group
that is at an advanced stage of due diligence, regarding a
potential investment in the Company. Finally, we are pursuing
the sale of certain assets that are non-core."


CLARION TECHNOLOGIES: Signs-Up BDO Seidman as New Auditors
----------------------------------------------------------
Clarion Technologies, Inc., dismissed Ernst & Young LLP and will
engage the services of BDO Seidman LLP as its new independent
auditors.  The change in auditors was approved by the Board of
Directors, effective as of June 26, 2002.  As a result, BDO
Seidman LLP will audit the consolidated financial statements of
the Company and its subsidiaries for the fiscal year ending
December 28, 2002.  

In the fiscal 2001 report produced by Ernst & Young for the
Company there was included a modification as to uncertainty
relating to the Company's ability as a going concern.  

Clarion Technologies, Inc. operates five manufacturing
facilities with a total of approximately 600,000 square feet
located in Michigan, Ohio and South Carolina. Clarion's
manufacturing operations include approximately 155 injection
molding machines ranging in size from 50 to 5000 tons of
clamping force.


COMDIAL CORP: Nickolas A. Branica Discloses 47% Equity Stake
------------------------------------------------------------
Nickolas A. Branica may be deemed to be the beneficial owner of
an aggregate of 8,399,793 shares of the common stock of Comdial
Corporation, representing approximately 47.0% of the issued and
outstanding shares of common stock of the Company. These
holdings consist of 240,093 shares of common stock previously
owned; 169,700 shares of common stock issuable upon exercise of
previously granted stock options; 6,665,000 shares of common
stock issuable upon conversion of Notes; 500,000 shares of
common stock issuable upon exercise of the stock options under
the Amendment to Employment Agreement; and 825,000 issuable upon
exercise of the warrants to be granted pursuant to the Amendment
to Employment Agreement.

Mr. Branica has sole power to vote or to direct the vote, and
sole power to dispose or direct the disposition of the 8,399,793
shares of common stock beneficially owned by him.

Nickolas A. Branica is president and chief executive officer of
Comdial Corporation.  He purchased $500,000 of the Notes with
personal funds. $66,650 of the principal amount of the Company's
7% senior subordinated secured convertible promissory notes held
by him is convertible at his option into an aggregate of
6,665,000 shares of common stock.

Mr. Branica had an executive employment agreement with the
Company dated September 27, 2001.In connection with the issuance
of the Notes, he and the Company entered into an amendment to
employment agreement dated June 20, 2002. Under the Amendment,
Mr. Branica received an option under the Company's Stock
Incentive Plan to purchase up to 500,000 shares of the common
stock and warrants to purchase up to 825,000 shares of the
common stock. The Option Shares are exercisable at any time
after the date of grant, which was to be June 23, 2002.  The
Warrants are exercisable at any time after receipt. In order to
effectuate the foregoing, it is anticipated that the Company
will have to obtain shareholder approval of an increase in the
Company's authorized shares of common stock.

Pursuant to a Subscription Agreement, dated June 21, 2002,
between the Company and Mr. Branica, the Company issued $500,000
of the Notes to him. The Notes mature on the earlier of October
18, 2002 or the occurrence of certain events as described in the
Note. Upon receipt of the Shareholder Approval, the maturity
date will be extended to 12 months from issuance of the Notes.
In certain other events, the Notes will mature on January 16,
2003.

Mr. Branica has the right to convert $66,650 (13.33%) of the
Notes into shares of common stock at a conversion price of $0.01
per share (subject to limitation until the Company obtains the
Shareholder Approval). He may also convert the balance of the
Notes into common stock on different terms upon certain events
of default as described in the Notes.

Mr. Branica executed an Irrevocable Limited Proxy, dated June
21, 2002, in favor of ComVest Venture Partners, L.P. granting
ComVest the right to vote all securities beneficially owned by
Mr. Branica solely with respect to the approval of an amendment
to the Company's Certificate of Incorporation with respect to
the authorized shares of common stock.

Comdial Corporation, headquartered in Sarasota, Florida,
develops and markets sophisticated communications solutions for
small to mid-sized businesses, government, and other
organizations.

At December 31, 2001, Comdial reported an upside-down balance
sheet, showing a total shareholders' equity deficit of about
$10.3 million.


COVANTA ENERGY: Court Okays Arnold & Porter as Panel's Attorneys
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of the Chapter 11
cases of Covanta Energy Corporation and its debtor-affiliates
obtained necessary Court approval to retain Arnold & Porter as
its attorneys, nunc pro tunc to April 8, 2002.

Michael J. Canning, Esq., a partner at Arnold & Porter, in New
York, reports that as attorneys, Arnold & Porter will render:

   (a) legal advice to the Committee with respect to its powers
       and duties;

   (b) legal advice to the Committee regarding the
       administration of the Debtors' estates;

   (c) legal advice concerning the Committee's investigation of
       the acts, conduct, assets and liabilities, and financial
       condition of the Debtors;

   (d) legal advice relating to transactions in the energy
       industry, tax, securities and corporate law issues that
       may arise in connection with these bankruptcy cases;

   (e) legal advice concerning the operation of the Debtors'
       businesses and the desirability and profitability of
       continuing and/or modifying such businesses;

   (f) legal advice to the Committee with respect to all matters
       relating to any proposed disposition of assets or any
       plan of reorganization, including negotiation of a plan
       and possible formulation and proposal of a plan;

   (g) assistance to the Committee in its negotiations with the
       Debtors and other creditors concerning any matter in this
       case, including the terms of any proposed plan;

   (h) assistance to the Committee in making reports to
       creditors regarding the progress of the cases;

   (i) legal advice to the Committee with respect to
       applications for relief sought by the Debtors and other
       parties-in-interest;

   (j) appearance on behalf of the Committee to support the
       Committee's position on various matters in the bankruptcy
       cases and any contested matters or adversary proceedings
       filed therein, including the preparation of all necessary
       applications, motions, answers, complaints, orders,
       reports and other legal papers and participation in
       discovery and other litigation activity where necessary
       or appropriate to protect the interests of unsecured
       creditors;

   (k) legal advice regarding any possible merger, acquisition
       or other transaction involving the Debtors;

   (l) coordination with the other professionals retained by the
       Committee with respect to those matters that require
       legal and economic, business, market or other related
       expertise; and

   (m) performance of all other appropriate legal services for
       the Committee.

In exchange of the services to be rendered, Arnold and Porter
will bill the Debtors based on the firm's hourly rates:

      Partners and of Counsels          $355 - 650
      Associates                         195 - 375
      Paraprofessionals                   40 - 130

Arnold & Porter will also seek for a reimbursement of out-of-
pocket expenses to include, but not limited to, long distance
telephone charges, postage, overnight delivery charges, telecopy
charges, messenger and courier charges, computerized legal
research charges, mileage and travel expenses and court costs
and disbursements. (Covanta Bankruptcy News, Issue No. 8;
Bankruptcy Creditors' Service, Inc., 609/392-0900)   


CYGNIFI DERIVATIVES: July 17 Disclosure Statement Hearing Set
-------------------------------------------------------------
After filing the Joint Liquidating Chapter 11 Plan and the
Disclosure Statement of Cygnifi Derivatives Services LLC and
Official Committee of Unsecured Creditors, the U.S. Bankruptcy
Court for the Southern District of New York schedules a hearing
on July 17, 2002.

The Hearing will be held before the Honorable Robert E. Gerber,
at 9:45 a.m., in Courtroom 621 of the United States Bankruptcy
Court, One Bowling Green, New York, New York 10004, to determine
whether the information contained in the Disclosure Statement
constitutes "adequate information" and to schedule a hearing to
consider confirmation of the Plan.

Cygnifi Derivatives Services, LLC filed for Chapter 11 petition
on October 3, 2001. Marc E. Richards, Esq. at Blank Rome Tenzer
Greenblatt, LLP represents the Debtor in its restructuring
effort. When the Company filed for protection from its
creditors, it listed total assets of $34,200,000 and $5,100,000
in total debts.


DECORATIVE SURFACES: Panel Turns to Parente for Financial Advice
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
the retention of Parente Randolph LLC as financial advisors for
the Official Unsecured Creditors' Committee of Decorative
Surfaces International, Inc.

Pursuant to a Retention Letter filed with the Court, Parente
Randolph will:

     i) assist and advise the Committee in analyzing the
        current financial position of the Debtor;

    ii) assist and advise the Committee in analyzing the
        Debtor's Section 363 sale, cash flow projections, asset
        auction and sale procedures, and other reports or
        analyses prepared by the Debtor or its professionals;

   iii) assist and advise the Committee in analyzing the
        financial ramifications of the proposed transactions for
        which the Debtor seeks Bankruptcy Court approval
        including the DIP financing, assumption/rejection of
        executory contracts, management compensation/ retention
        and severance plans;

    iv) assist and advise the Committee and its counsel in
        the development, evaluation and documentation of any
        Plan of reorganization or strategic transactions,
        including developing, structuring and negotiating the
        terms and conditions of potential plan or strategic
        transactions and the value of consideration that is to
        be provided to unsecured creditors;

     v) Attend and advise at meetings with the Committee and its
        counsel and representatives of the Debtor;

    vi) Render expert testimony on behalf of the Committee; and

   vii) Provide such other services, as requested by the
        Committee and as agreed by Parente Randolph.

According to Howard Cohen, CPA, CFE of Parente Randolph, the
Firm will charge for services at its customary hourly rates:

          Principals               $225 to $350
          Senior Associates        $175 to $225
          Staff Personnel          $75 to $175
          Paraprofessionals        $70

Decorative Surfaces International, Inc., manufactures wall
coverings, decorative design components for floor tiled and
other laminates. The Company filed for chapter 11 protection on
March 19, 2002. When the Company filed for protection from its
creditors, it listed estimated assets of $10 million to $50
million and estimated debts of $50 million to $100 million.


ECHOSTAR COMMS: Wins Second Patent Infringement Suit vs. Gemstar
----------------------------------------------------------------
EchoStar Communications Corporation (Nasdaq:DISH), a leader in
the direct broadcast satellite television industry, announced
that a U.S. District Court ruled in favor of EchoStar and
against Gemstar Development Corporation and SuperGuide
Corporation in a patent infringement lawsuit pending in the
Western District of North Carolina.

On motions for summary judgment, Judge Lacy H. Thornburg ruled
that none of EchoStar's current products infringe any of the
asserted patents. Judge Thornburg requested additional
information before reaching a final ruling regarding a low-
volume product which is no longer in production. The patents,
asserted by Gemstar and SuperGuide, concern certain electronic
program guide features.

"We're pleased that for the second time in two weeks a judge has
found that additional patents asserted by Gemstar are not
infringed by EchoStar products," said David K. Moskowitz, senior
vice-president and general counsel of EchoStar.

United States Patent Nos. 4,751,578; 5,038,211 and 5,293,357
were asserted in the North Carolina case. Last week an
International Trade Commission judge ruled that EchoStar's
products did not infringe U.S. Patent Nos. 4,706,121; 5,479,268
and 5,809,204.

EchoStar includes two interrelated business units:

     --  DISH Network is EchoStar's state-of-the-art direct
broadcast satellite system that is capable of offering over 500
channels of digital video and CD-quality audio programming,
including Dolby Digital surround sound, high-speed interactive
television and data services, as well as offering fully MPEG-
2/DVB compliant hardware and installation. DISH Network serves
over 7.1 million subscribers.  

     --  EchoStar Technologies Corporation designs, distributes
and oversees the manufacturing of DBS set-top boxes, antennas
and other digital equipment for DISH Network and various
international customers that include Bell ExpressVu Canada and
the Via Digital system in Spain. ETC provides construction,
oversight and project integration services for customers
internationally. ETC also oversees the delivery of interactive
video, audio and data services to business television customers
and other satellite users. These services include satellite
uplink, satellite transponder space usage, business solutions
and other services.  

DISH Network is a trademark of EchoStar Communications
Corporation. EchoStar is included in the Nasdaq-100 Index which
contains the largest non-financial companies on the Nasdaq Stock
Market. DISH Network is located on the Internet at
http://www.dishnetwork.com

In its March 31, 2002 balance sheet, EchoStar Communications
reported a total shareholders' equity deficit of about $862
million.


ENRON CORP: Court Approves Uniform Natural Gas Handling Protocol
----------------------------------------------------------------
The Court authorizes Enron Corporation and its debtor-affiliates
to implement these procedures for the release, termination or
other settlement of natural gas transportation and storage
capacity:

  a. Upon a determination by the Debtors, in the exercise of
     their business judgment, that any natural gas
     transportation or storage capacity reserved pursuant to a
     firm agreement should be released, terminated or otherwise
     made subject to a settlement agreement, the Debtors must
     notify the Official Committee of Unsecured Creditors, in
     the manner provided for in this Order, of their intention
     to release the capacity;

  b. The notification must be in writing and be served by
     Federal Express, other overnight delivery service or
     facsimile transmission on the Committee's counsel:

       Squire, Sanders & Dempsey L.L.P.
       1201 Pennsylvania Avenue, N.W.
       P.O. Box 407
       Washington, DC 20004-0407
       Attention: George M. Knapp, Esq.
       Facsimile: 202-626-6780

     The statement must include:

     (1) identification information for the contract at issue,

     (2) whether the contract is at maximum rate or a discounted
         rate,

     (3) the term of the contract,

     (4) whether the release contemplated is to a prearranged
         bidder,

     (5) the process engaged in by the Debtors to determine
         whether or not to utilize a prearranged bidder,

     (6) the reasons why the Debtors have concluded that
         release of the capacity is in the best interests of the
         estates, and

     (7) a copy of the contract.

     In addition, there may be instances where the Debtors and a
     pipeline can agree to a termination or other settlement of
     a transportation or storage agreement without a capacity
     release.  In these cases, the statement sent by the Debtors
     to the Committee would include items (1), (2), (3) and (7),
     a copy of the termination or settlement agreement and an
     explanation of why termination is in the best interests of
     the estates;

  c. If the Committee objects to the release of the capacity,
     termination or other settlement, the Committee must notify
     the Debtors within 10 business days of its receipt of the
     Debtors' written notification of its objection and the
     basis.  The objection must be served on the Debtors'
     counsel:

       Weil Gotshal & Manges
       767 Fifth Avenue, New York, New York 10153
       Attention: Brian S. Rosen, Esq.
       Facsimile: 212-310-8007

              and

       Cadwalader, Wickersham & Taft,
       1201 F Street, NW, Washington, DC 20004
       Attention: Mark C. Ellenberg, Esq.
       Facsimile: 202-862-2400

     by Federal Express, other overnight delivery service, or
     facsimile transmission;

  d. If the Committee timely objects:

     (1) the Debtors may determine to:

            (i) seek this Court's approval for the release of
                the pipeline capacity, termination or settlement
                by motion pursuant to Rule 9014 of the Federal
                Rules of Bankruptcy Procedure, or

           (ii) if the counterparty has filed a motion under
                Section 365(d)(2) of the Bankruptcy Code,
                present a stipulation at the scheduled hearing
                on the motion, or

     (2) the Debtors may elect to reject the agreement by
         notice; and

  e. If no timely objection is made by the Committee, the
     Debtors will be authorized, without further order of this
     Court, to release the pipeline capacity pursuant to the
     applicable regulation(s) of the Federal Energy Regulatory
     Commission and the applicable pipeline tariffs or to
     implement a termination or settlement. (Enron Bankruptcy
     News, Issue No. 35; Bankruptcy Creditors' Service, Inc.,
     609/392-0900)


ENRON CORP: Court Nixes Requests for Separate ENA Committee
-----------------------------------------------------------
Many creditors of Enron Corporation and its debtor-affiliates
have asked the Court to direct the U.S. Trustee to:

  (1) appoint an unsecured creditors' committee comprised of ENA
      creditors,

  (2) appoint an additional committee of unsecured creditors
      comprised of energy traders, and

  (3) require ENA as Debtor in Possession to obtain separate
      counsel.

The Debtors responded by alleging that the creditors failed to
identify any tangible benefits from the formation of an ENA
creditors' committee.  The Official Committee of Unsecured
Creditors also asserts that there is no truth to the speculation
they are biased towards Enron Corporation and against Enron
North America Corp.  The Committee points out that 11 out of
their 13 members are creditors of ENA.  Carolyn S. Schwartz,
United States Trustee for the Southern District of New York,
finds that there is no cause to form and additional committee
because the creditors' interests are adequately represented by
the Official Creditors' Committee.

In his memorandum decision denying the requests for a separate
ENA creditors' committee, Judge Gonzalez explains that the
creditors have not cited a single instance where the ability of
the Creditors' Committee to function has been impaired due to
"vastly conflicting aims" as creditors of separate Debtors.
"There has never been an occasion in which an abstaining or
dissenting member has advocated a position before the Court
contrary to that of the Creditors' Committee," Judge Gonzalez
observes.  Furthermore, Judge Gonzalez notes that the voice of
the energy traders and the ENA creditors has been heard on every
major issue before this Court.

The Court contends that adding additional committees would
likely intensify conflict and lead to further complication.  
"This Court is disinclined to add committees to satisfy one
group of creditors, a group that already has representation of
the Creditors' Committee, only to create further discord,
litigation and delay," Judge Gonzalez says.

As consolation, the Court allows the creditors to file an
appropriate application for administrative expense payment for
substantial contribution to the estate pursuant to Section
503(b) of the Bankruptcy Code.

The Court also denies Upstream's request for appointment of a
separate counsel for ENA, for failure to establish cause.

                         *   *   *

Mirant Americas Energy Marketing LP, a member of the Ad Hoc
Committee of Energy Merchants, informs the Court that it intends
to appeal Judge Gonzalez's decision denying the request for the
appointment of a separate committee for ENA Creditors. (Enron
Bankruptcy News, Issue No. 35; Bankruptcy Creditors' Service,
Inc., 609/392-0900)

Enron Corp.'s 9.125% bonds due 2003 (ENRN03USR1), DebtTraders
says, are trading at about 11.5. For real-time bond pricing, see
http://www.debttraders.com/price.cfm?dt_sec_ticker=ENRN03USR1


ETOYS INC: Court to Consider Plan of Liquidation on September 27
----------------------------------------------------------------
On March 7, 2001, eToys Inc. filed a petition for relief under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware, Case
Numbers 01-706(MFW) through 01-709(MFW).  The Company ceased all
operations and terminated all its employees except for certain
employees needed to manage the orderly liquidation of its
assets.

The Company is currently managing its assets as a debtor in
possession pursuant to Sections 1107 and 1108 of the Bankruptcy
Code and is in the process of liquidating its assets for the
benefit of its estate and creditors.  eToys gives this reason to
the SEC for delaying the filing of its necessary financial
information in a timely manner.

eToys filed a plan of liquidation with the Bankruptcy Court on
June 14, 2002 calling for the disposition of its remaining
assets and distributing all of the proceeds therefrom to its
creditors. A hearing to approve the plan of liquidation is
scheduled for September 27, 2002. There is no possibility that
any net liquidation proceeds will be available for distribution
to the Company's stockholders.


GLOBAL CROSSING: Gets Nod to Hire Christensen as Calif. Counsel
---------------------------------------------------------------
Global Crossing Ltd., and its debtor-affiliates obtained Court
approval to retain the law firm of Christensen Miller Fink
Jacobs Glaser Weil & Shapiro LLP, as special litigation counsel
nunc pro tunc to March 28, 2002. Specifically, Christensen
Miller will be employed and retained to act as local counsel to
assist the law firm of Debevoise & Plimpton in connection with
the defense of class action securities fraud litigation pending
against the Debtors and Officers and Directors in the United
States District Court for the Central District of California and
in the Los Angeles County Superior Court.  The Debtors and
Christensen Miller are planning to enter into an engagement
letter memorializing this representation and Christensen Miller
also is planning to enter into separate engagement letters with
the Officers and Directors regarding this matter.

According to Mitchell C. Sussis, the Debtors' Corporate
Secretary, the Debtors have agreed to this joint representation
based upon their belief that no current conflict exists among
the Debtors and these Officers and Directors and that this joint
representation will be cost efficient and beneficial to all
parties.  Christensen Miller submits that, because the Debtors
and the Officers and Directors had an immediate need for
representation with regard to these matters and Christensen
Miller began its representation before the terms of this
engagement were finally memorialized, the approval of
Christensen Miller's retention nunc pro tunc to March 28, 2002
is fair and equitable in these cases.

The professional services that Christensen Miller has rendered
and will continue to render in this regard as local counsel
include:

A. preparing and/or assisting in the preparation of various
    motion papers and other documents filed with the Court;

B. coordinating and handling the filing of documents with the
    Court;

C. coordinating and handling the service of documents on
    parties;

D. advising and conferring with Debevoise & Plimpton regarding
    local rules, practices, and procedure;

E. meeting and conferring with opposing counsel with regard to
    motion practice and other matters;

F. communicating with Court personnel regarding various matters;

G. appearing in Court for hearings; and

H. other tasks generally incidental to acting as local counsel.

Mr. Sussis relates that the Debtors have selected Christensen
Miller as special litigation counsel to assist Debevoise &
Plimpton on the basis of Christensen Miller's considerable
experience and knowledge in handling these types of litigation,
particularly in the United States District Court for the Central
District of California.  The Debtors have been informed that
Terry Christensen, Patricia L. Glaser and Sean Riley, partners
of Christensen Miller, as well as other members of and
associates of Christensen Miller who will be employed in
connection with this representation, are members in good
standing of, among others, the Bar of the State of California
and the United States District Court for the Central District of
California.

The Debtors will compensate Christensen Miller on an hourly
basis at rates consistent with the rates charged by Christensen
Miller in non-bankruptcy matters of this type.  The hourly rates
proposed to be charged by Christensen Miller in connection with
this representation range from:

       Partners            $350 to $525 per hour
       Associates          $165 to $325 per hour
       Paralegals          $110 to $150 per hour

The Christensen Miller attorneys who will be working on this
engagement will include:

       Terry Christensen      $525.00 per hour
       Patricia L. Glaser     $525.00 per hour
       Sean Riley             $450.00 per hour
       William A. Wright      $280.00 per hour
(Global Crossing Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


GLOBAL CROSSING: Reports 400% Increase in IP Data Traffic
---------------------------------------------------------
Global Crossing announced that IP data traffic on its global
network has been increasing rapidly since the beginning of the
year.  Reporting approximately 400% annualized increase in IP
data traffic since January 2002, Global Crossing also announced
network availability of 99.999% and a steady increase in new
contracts for IP-based services, attesting to the stability,
quality and performance of the network even as its financial
restructuring process continues.

Global Crossing's network, which was completed in 2001, connects
more than 200 cities in 27 countries.

The 400% growth in IP traffic does not include traffic on Global
Crossing's Voice Over IP network, which now carries
approximately 25% of the 4 billion minutes per month Global
Crossing now supports.  Global Crossing has developed one of the
largest commercial VoIP networks in the world.

The increase in IP data network traffic is attributed in some
part to Global Crossing's continued focus on expediting
solutions for its wholesale customers worldwide, including
customers who chose to migrate to Global Crossing due to the
cessation of operations by other pan-European providers. The
network growth is also attributed to Global Crossing's
demonstrated ability to provision new customers onto its
backbone IP network in less than 24 hours and to continued
improvement in network performance, which during the second
quarter achieved and sustained 99.999% availability, the
telecommunications industry's highest standard.

"Global Crossing is delivering industry-leading network
performance," said Bill Palumbo, CEO of Matrix NetSystems, an
independent Internet performance measurement and management
services company.  "Based on Matrix NetSystems' analysis, Global
Crossing's network has demonstrated quality metrics that are
consistent with a top carrier, a distinguishing performance in
today's challenging industry scenario," he added.

During the first six months of 2002, Global Crossing sold a
variety of IP data service solutions to dozens of wholesale
carrier and enterprise customers ranging from ISPs to research
and education networks and global corporations in nearly every
region of the world.  In the past four weeks alone, more than 15
new contracts have been signed with some of the largest
communications companies in Europe.  Of the 15 new contracts
signed in Europe, nine are with new customers.

"We offer our worldwide customers a reliable, secure and quick
solution to their communications needs," said John Legere,
Global Crossing's chief executive officer.  "This growth in
business with our existing customers and the addition of new
customers to our roster are clear signs of increasing confidence
that Global Crossing will become one of the first telecom
companies to execute a successful turn-around.  With much of the
hard work of restructuring and massive cost reduction behind us,
we look forward to emerging with our loyal customer base intact,
an unmatched global network in place, a new ownership structure,
and a healthy balance sheet."

In response to the influx of European and particularly
Scandinavian business, Global Crossing has installed a new IP
node at the Norwegian Internet exchange in Oslo.  The node,
which took only 14 days to implement, will connect ISPs and
other carriers to Global Crossing's integrated global network.

"Companies feel secure knowing that they are using a network
that is proven reliable and global in reach," Legere added.  "We
have kept the confidence of our customers and have in fact
signed new customers throughout the restructuring process while
demonstrating the speed with which we can respond to a surge in
demand.  Our customers appreciate the efficiency with which
Global Crossing is able to find a solution for incumbents and
ISPs who have been let down by their providers or are concerned
about the operational and financial stability of other
carriers."

The increase in sales of IP Transit and International Private
Lines has made Copenhagen one of the largest IP nodes on Global
Crossing's 160,000-route km backbone network.  Traffic on the
node is currently running at 1.9Gbit/s calculated on a 33-day
average and the increased volume of traffic has necessitated an
upgrade in capacity to 2.5Gbit/s to meet demand. Projected
increases in traffic have made it necessary to bring forward to
mid-July a further upgrade in capacity to a total of 5Gbit/s.

Completed in February 2001, the 2,150-route km Scandinavian Ring
enables multinational corporations and other telecom operators
to gain access to and from the Nordic region.  It connects
Copenhagen, Malmoe, Stockholm, Gothenburg and Oslo to Global
Crossing's IP network worldwide.  Global Crossing was also the
first company to connect Denmark, Sweden and Norway to Europe,
North and South America and Asia on one, seamless network with
single-hop capability.

To learn more about Global Crossing's previously announced
growth statistics associated with its VoIP network, please
visit: http://www.globalcrossing.com/xml/news/2002/may/07.xml  

Global Crossing also announced that it is continuing to exceed
operational targets, and that it filed its May Monthly Operating
Report with the court.  For more information, please visit:
http://www.globalcrossing.com/xml/news/2002/july/08.xml   

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.  
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.  Global Crossing operates throughout the Americas and
Europe, and provides services in Asia through its subsidiary,
Asia Global Crossing.

On January 28, 2002, Global Crossing and certain of its
affiliates (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York and coordinated
proceedings in the Supreme Court of Bermuda.  On the same date,
the Bermuda Court granted an order appointing joint provisional
liquidators with the power to oversee the continuation and
reorganization of the Bermuda-incorporated companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Supreme Court
of Bermuda.  On April 23, 2002, Global Crossing commenced a
Chapter 11 case in the United States Bankruptcy Court for the
Southern District of New York for its affiliate, GT UK, Ltd.  
Global Crossing does not expect that any plan of reorganization,
if and when approved by the Bankruptcy Court, would include a
capital structure in which existing common or preferred equity
would retain any value.

Please visit http://www.globalcrossing.comor  
http://www.asiaglobalcrossing.comfor more information about  
Global Crossing and Asia Global Crossing.


GLOBAL CROSSING: Surpasses May 2002 Operating Plan Targets
----------------------------------------------------------
Global Crossing filed a Monthly Operating Report with the U.S.
Bankruptcy Court for the Southern District of New York, as
required as part of its Chapter 11 reorganization process.

Global Crossing also announced that it continued to meet
performance targets that were established for its non-Asian
entities and presented to creditors in early March. For the
month ending May 31, 2002, Global Crossing exceeded all
performance targets, including service revenue, operating
expenses and cash in its bank accounts.

"Our latest results signal that we are well on our way to
completing a successful reorganization and that the turn-around
plan we began implementing last year has been tremendously
effective," said John Legere, Global Crossing chief executive
officer. "Many telecommunications companies are restructuring,
and many CEOs have recently announced strategies to refocus
their service offerings, lower costs, sell non-core assets,
lower headcount, lower operating costs, and dramatically cut
capital expenses. The real question is: can that be done without
losing customers or harming your franchise?"

Mr. Legere continued, "We announced and initiated our
restructuring efforts in 2001 and since then have continued to
take all necessary steps to restructure our company. Having
taken these steps, our customers, our network and our strategic
differentiation are intact. I am very proud of what this team
has accomplished, and appreciative of the support our customers,
both new and old, have shown."

               Operating Results for Non-Asian Entities

In May 2002, Global Crossing's non-Asian entities beat Service
Revenue targets set forth in the operating plan by $10 million.
Actual results were $245 million in Service Revenue, compared to
a target of $235 million in the operating plan. Service EBITDA
exceeded plan goals, with actual results reflecting a $13
million loss compared to a targeted loss of $18 million.

Total cash in bank accounts was also higher than targets set
forth in the operating plan, with $880 million as of May 31,
2002, compared to a plan of $735 million. The aggressive cost-
cutting required in the operating plan was ahead of schedule,
with operating expenses of $71 million in May, lower than the
$75 million in the plan, and approximately 40% lower than the
run rate for operating expenses at the end of 2001.

"We have successfully lowered operating expenses month-over-
month, met all our goals for Services Revenue, improved network
performance, and retained customers. What's more, we have
continued to win new customers even though our plan assumed we
wouldn't during our chapter 11 proceeding," said Mr. Legere.
"This is a testament to the underlying value of the network we
completed last year and the commitment of our team to taking
care of our customers and ensuring the highest possible service
levels."

                    IP Traffic Increases,
             Network Availability Reaches 99.999%

Internet demand has grown steadily since the beginning of 2002,
and in June Global Crossing recognized an increase in worldwide
IP data traffic of approximately 400% since January on an
annualized basis. Global Crossing's network, which was completed
in 2001, connects more than 200 cities in 27 countries. The 400%
growth in IP traffic does not include traffic on its Voice Over
IP network, which now carries approximately 25% of the 4 billion
minutes per month Global Crossing now supports.

The increase in IP data network traffic is attributed in some
part to Global Crossing's continued focus on expediting
solutions for its wholesale customers worldwide, including
customers who chose to migrate to Global Crossing due to the
cessation of operations by other pan-European providers. The
growth in network traffic is also attributed to Global
Crossing's demonstrated ability to provision new customers onto
its network in less than 24 hours without a decline in network
performance. During the second quarter, network performance
achieved and sustained 99.999% availability, the
telecommunications industry's highest standard.

                         MOR Results

Global Crossing today filed a Monthly Operating Report with the
U.S. Bankruptcy Court for the Southern District of New York, as
required by its Chapter 11 reorganization process. These
consolidated results include Asia Global Crossing and revenue
from sales of capacity in the form of IRUs that occurred in
prior periods, recognized ratably over the life of the relevant
contracts.

Results reported in the MOR include the following:

For continuing operations in May 2002, Global Crossing reported
consolidated revenue of approximately $262 million. Consolidated
operating expenses were reported at $86 million, while access
and maintenance costs were $205 million in May 2002.

In addition, Global Crossing reported a consolidated GAAP
(Generally Accepted Accounting Principles) cash balance as of
May 31, 2002 of approximately $1,230 million, including $394
million of cash held by Asia Global Crossing. Global Crossing's
$836 million cash balance excluding Asia is comprised of $439
million unrestricted cash, $331 million in restricted cash and
$66 million of cash at Global Marine.

Global Crossing reported a consolidated net loss of $137 million
for May 2002. Consolidated EBITDA was reported at a loss of $29
million.

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services. Global Crossing operates throughout the Americas and
Europe, and provides services in Asia through its subsidiary,
Asia Global Crossing.

On January 28, 2002, Global Crossing and certain of its
affiliates (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York and coordinated
proceedings in the Supreme Court of Bermuda. On the same date,
the Bermuda Court granted an order appointing joint provisional
liquidators with the power to oversee the continuation and
reorganization of the Bermuda-incorporated companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Supreme Court
of Bermuda. On April 23, 2002, Global Crossing commenced a
Chapter 11 case in the United States Bankruptcy Court for the
Southern District of New York for its affiliate, GT UK, Ltd.
Global Crossing does not expect that any plan of reorganization,
if and when approved by the Bankruptcy Court, would include a
capital structure in which existing common or preferred equity
would retain any value. Please visit
http://www.globalcrossing.comor  
http://www.asiaglobalcrossing.comfor more information about  
Global Crossing and Asia Global Crossing.

DebtTraders says that Global Crossing Holdings Ltd.'s 9.625%
bonds due 2008 (GBLX3) are trading at about 1.25. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=GBLX3for  
real-time bond pricing.


ICG COMMS: Seeks Approval of Settlement with Sun Microsystems
-------------------------------------------------------------
ICG Communications, Inc. and its subsidiaries and affiliates,
debtors and debtors-in-possession, represented by Marion M.
Quirk, Esq., with the Wilmington office of Skadden, Arps, Slate,
Meagher & Flom LLP, submit a Motion asking Judge Peter J. Walsh
for authorization to enter into a settlement agreement with Sun
Microsystems, Inc.

Prior to the Petition Date, Sun and Debtor ICG Equipment entered
into a lease for certain telecommunications equipment. With
respect to the Lease, after the Petition Date, Sun filed (i) a
motion with this Court on January 24, 2001 wherein Sun asserted
that it was entitled to adequate protection, and (ii) a proof of
claim wherein Sun asserted administrative and unsecured claims
against Equipment. During the past year, the parties have been
negotiating resolution of these issues.

Toward that end, on or about February 24, 2001, the parties
entered into a Provisional Stipulation and Agreed Order for
Adequate Protection of Sun Microsystems, which was approved by
the Court. Pursuant to the Prior Order, provisional adequate
protection payments were made by the Debtors to Sun in an
aggregate amount of $1,836,529.75. The Prior Order preserved all
parties' rights with respect to the subject matter of the Sun
Motion, including, without limitation, whether the underlying
equipment leases between Sun and the Debtors are true leases or
secured financings, and whether Sun is entitled to greater or
lesser adequate protection than was provided pursuant to the
Prior Order.

In light of the costs, risks and delays associated with
litigation with respect to the outstanding issues between the
parties, the Debtors desired to settle outstanding disputes with
Sun. Accordingly, the Debtors negotiated a consensual settlement
with Sun resolving the outstanding issues.  The salient terms
and conditions of the Sun Settlement Agreement are:

    (1) Allowed Claims.  Sun will have an allowed administrative
        claim against Equipment in the amount of $3,435,530 and
        an additional allowed unsecured claim against Equipment
        in the amount of $16,000,000.  Of the allowed
        administrative claim, $1,835,530 will be deemed paid by
        the interim payments received by Sun to date, leaving a
        remaining unpaid administrative expense claim of
        $1,600,000. All the claims and payments will be final
        and will not be subject to alteration, offset, or
        challenge by any party in interest.

    (2) Payment of Allowed Claims.  The allowed unsecured claim
        of $16,000,000 against Equipment will be treated in
        accordance with the Debtors' Second Amended Joint Plan
        of Reorganization. The remaining unpaid portion of the
        allowed administrative claim ($1,600,000) will be paid
        to Sun by Equipment (or after the effective date of the
        Plan, by reorganized Equipment), in 12 equal monthly
        installments without interest, with the first payment
        due on the earlier of (i) June 30, 2002 or (ii) the
        effective date of the Plan.

    (3) Equipment Return.  All equipment returned to Sun by the
        Debtors to date will be deemed final and Debtors
        acknowledge that they have no interest in the equipment.
        The Lease is deemed rejected as of the effective date of
        the Plan.

    (4) Mutual Releases. Sun and the Debtors release each other
        from any and all debts, demands, liabilities and claims
        related in any way to the Lease or communications under
        this Agreement.

The Debtors submit that the Sun Settlement Agreement is highly
favorable to the Debtors and their estates. The Debtors
negotiated the best terms and conditions they could with respect
to amounts owed under the Agreement, and, as a result, will be
able to avoid the uncertainty, risks and costs of litigation
with respect to the outstanding disputes between the parties. In
addition, the Debtors believe that the terms of the agreement
are fair, reasonable and appropriate. (ICG Communications
Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service,
Inc., 609/392-0900)  

ICG Services Inc.'s 13.5% bonds due 2005 (ICG5), with ICG
Communications as the underlying issuer, are trading at about
4.5, DebtTraders reports. For real-time bond pricing, see
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICG5


IT GROUP: Committee Balks At Vacation Benefit Payments
------------------------------------------------------
According to Jeffrey M. Schlerf, Esq., at The Bayard Firm in
Wilmington, Delaware, the Official Unsecured Creditors'
Committee objects to The IT Group, Inc.'s motion for virtually
unfettered authority to pay $8,000,000 or more of prepetition
claims owed to present and former employees.  The Debtors, the
Committee charges, hasn't demonstrated the need or benefit to
the estate with respect to those payments.  Section 105(a) of
the Bankruptcy Code and the "doctrine of necessity" do not
justify the employee payments sought by the Debtors,
particularly given the current posture of these Cases.

"The amount at issue here ($8,000,000) is significant," Mr.
Schlerf asserts.  "That amount represents over 5% of the
$105,000,000 paid by Shaw for its purchase of substantially all
of the Debtors' assets."

Mr. Schlerf points out that nothing in the Asset Purchase
Agreement or its Amendment authorizes the Debtors to jettison
the claims allowance process for employee claims.  For example,
as part of the first day pleadings, the Debtors already received
authority from the Court to pay certain prepetition employee
claims.  Remaining employee claims are subject to a statutory
cap.  Moreover, payment of prepetition employee claims incurred
within the 90 days prior to the Petition Date may be challenged
as voidable preferences.  By requiring employees to file proofs
of claim in these Cases, the Court and the Committee can be
assured that treatment of those claims be resolved as part of
the claims allowance process.

Mr. Schlerf further contends that the Bar Date has not yet
passed and a liquidating plan has not yet been filed, much less
confirmed, in these Cases.  The claims allowance process is in
its formative stages, and the Debtors do not explain why payment
of employee claims must be made now.  Accordingly, the Committee
believes payment and treatment of employee claims is more
appropriately addressed in a Chapter 11 plan.

Mr. Schlerf states that there is no question that payment of
prepetition claims outside of a plan constitutes extraordinary
relief in a Chapter 11 case.  Given the fact that virtually all
of the PTO payments proposed to be made by the Debtors are to
former employees, there is simply no justification for those
payments to be made outside of a plan.  All rights and defenses
of the Debtors with respect to payment of those claims should be
fully preserved for the benefit of all of the Debtors'
creditors. (IT Group Bankruptcy News, Issue No. 13; Bankruptcy
Creditors' Service, Inc., 609/392-0900)  


IMMUNE RESPONSE: Intends to Transfer Listing to Nasdaq SmallCap
---------------------------------------------------------------
The Immune Response Corporation (Nasdaq: IMNR) announced its
current intention to not implement a previously authorized one-
for-four reverse stock split and to instead submit an
application to the Nasdaq Stock Market(R) to move the Company's
listing from the Nasdaq National to the SmallCap Market.

In a meeting of the Company's board of directors, the board
indicated that it currently does not intend to implement the
one-for-four reverse stock split recently authorized at the
annual meeting of the Company's stockholders.  The split
originally was contemplated as a possible tool to avoid
delisting from the Nasdaq National Market by attempting to raise
the Company's current stock price above $1 per share for 10
consecutive trading days prior to July 24, 2002 as required by
Nasdaq.

Instead, the Company intends to submit to Nasdaq an application
to move its stock listing from the Nasdaq National to the Nasdaq
SmallCap Market under interim rules adopted on January 2, 2002,
by Nasdaq.  Such rules allow for a 180-day grace period for
companies whose stock price was below the $1 minimum threshold.  
With the grace period, the Company would have until October 24,
2002 to achieve the stock price minimum.  If the Company's
application is approved and it does not achieve that minimum, it
could request an additional 180-day grace period, which, if
granted, would extend the period until April 24, 2003, if the
Company had either equity of $5 million or a market
capitalization of $50 million.

"The board and management are committed to moving ahead with
plans to improve the Company's financial position," said Dr.
Carlo, president and chief executive officer of The Immune
Response Corporation.

The original deadline for possible delisting from Nasdaq is
July 24, 2002.

Co-founded by medical pioneer Dr. Jonas Salk and based in
Carlsbad, Calif., The Immune Response Corporation is a
biopharmaceutical company developing immune-based therapies
designed to treat HIV, autoimmune diseases and cancer.  The
Company also develops and holds patents on several technologies
that can be applied to genes in order to increase gene
expression or effectiveness, making it useful in a wide range of
therapeutic applications for a variety of disorders.  Company
information is available at http://www.imnr.com


INACOM CORP: Gets Nod to Bring-In Hahn Loeser as Special Counsel
----------------------------------------------------------------
Inacom Corp. and its debtor-affiliates sought and obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Hahn Loeser & Parks LLP as special counsel in
connection with investigating and prosecuting the Debtors'
avoidance actions against professionals.

The Debtors now are examining and pursuing avoidable transfers
of the estate under Chapter 5 of the Bankruptcy Code. Certain
transfers were made to professionals during the 90-day period
prior to the Petition Date, and these transfers need to be
examined, and if necessary, prosecuted and recovered for the
benefit of all creditors.

The Debtors submit that Hahn Loeser is a "disinterested person"
as defined in the Bankruptcy Code and does not hold or represent
any interest adverse to the estates on which Hahn Loeser is
employed.

Hahn Loeser will charge the Debtors its customary hourly rates:

          Lee D. Powar, Esq.                     $440 per hour
          Jean R. Robertson, Esq.                $260 per hour
          Nancy A. Valentine, Esq.               $160 per hour
          Colleen M. Beitel, Legal Assistant     $145 per hour

Inacom Corp. filed for Chapter 11 petition on June 16, 2000.
Laura Davis Jones and Christopher James Lhulier at Pachulski
Stang Ziehl Young & Jones PC represent the Debtors in their
restructuring efforts.


INDUSTRIAL RUBBER: Closes Series of Four Financing Arrangements
---------------------------------------------------------------
In a series of four transactions, the last three of which were
closed on June 28, 2002, Industrial Rubber completed the
replacement of the Company's existing short term debt totaling
$3,942,144.78.

Two long term secured loans were closed on June 28, 2002; one
for $1,600,000 (at a fixed rate of 7.75% payable monthly over 7
years) with Northland Foundation of Duluth, Minnesota, and the
other for $1,000,000 (at a floating rate of 2% above Wall Street
Journal Prime, adjusted monthly, payable monthly over 10 years)
with Northern State Bank of Virginia, Minnesota.  The Northland
Foundation loan is secured by the Company's machinery and
equipment at Hibbing, Minnesota and West Jordan,  Utah.  The
Northern State Bank loan is secured by mortgages on some of the
Company's real estate and the Company's furniture, fixtures,
tools, molds and vehicles. The proceeds of these two loans were
paid to U.S. Bank National Association to pay off a portion the
Company's existing loan with U.S. Bank.

The Company also entered into a loan with Itasca Business Credit
Co. of St. Louis Park, Minnesota  providing for up to $1,750,000
of operating line credit secured by inventory, accounts
receivable,  general intangibles and equipment. The operating
line is payable on demand and provides for monthly  installment
payments of interest at a variable rate of 3.75% above the U.S.
Bank Prime Rate.  On June 28, 2002, $842,144.79 of this credit
line was used to pay a portion of the Company's existing loan
with U.S. Bank.  The balance of the credit line, subject to
availability under borrowing base requirements, is available to
fund the Company's operations.

As a condition to the June 28 closings, the Company completed on
May 31, 2002 the sale of 1,250,000  shares of its common  stock
in a private placement. The purchaser of this stock, for which a
Form 4 has been filed with the SEC, was the Trustee of the
Company's 401K Plan who was acting for the benefit of Daniel O.
Burkes, the Company's President, and Nancy J. Burkes,  his
spouse.  The proceeds of this private placement, $500,000, were
also used to pay off the Company's existing short term financing
with U.S. Bank.  These proceeds also reduced the Company's total
outstanding debt.

These four transactions paid off in full the Company's existing
short term borrowing with U.S. Bank and replaced that short term
borrowing with a combination of additional equity, long term
borrowing and short term borrowing.

The Company believes that these transactions will permit it to
fund its proposed capital expenditures and operating
requirements for at least the next year.

At September 30, 2001, Industrial Rubber had a working capital
deficit of about $2 million.


INNOVATIVE GAMING: Appoints Laus Abdo as New CEO and Director
-------------------------------------------------------------
Innovative Gaming Corporation of America (Nasdaq: IGCA)
announced that that its President and Chief Financial Officer,
Laus M. Abdo, has been appointed Chief Executive Officer of the
Company.  Mr. Abdo has also been named to the Board of Directors
and will continue to serve as President and CFO.

Tom Foley, Chairman of the Board of IGCA and outgoing interim
Chief Executive Officer, said, "IGCA's directors have great
confidence in Mr. Abdo's ability to manage the Company. In his
tenure as President and CFO, Mr. Abdo has dramatically improved
the financial status of the Company through sharply increased
revenues and a truly remarkable degree of expense reduction. His
financial and gaming expertise have proved to be an invaluable
resource to the Company. Under his leadership we expect to
continue the momentum."

Mr. Abdo, who joined the Company in September 2001, is a widely
respected turnaround expert whose experience includes the
arrangement and structuring of private debt and equity financing
for real estate, gaming and leisure companies. Mr. Abdo also
previously served as Chief Financial Officer and Director of a
gaming-related real estate company, and spent a combined nine
years with Wall Street giants Paine Webber and Smith Barney. His
expertise includes financial analysis, valuation, transaction
structuring and market feasibility for national gaming companies
as well as independent developers and investors.

"I'm honored to have earned the trust of ICGA's directors," said
Mr. Abdo, "and I hope to reward their faith many times over. The
prospects for this company are truly exciting and I'm pleased to
have the opportunity to lead the way into a new era of success
for IGCA. We have made tremendous progress in restructuring IGCA
over the past six months and look forward to focusing our
resources on our core competencies in the gaming equipment
industry. We have completed approximately 90% of the operational
restructuring and should conclude shortly with the financial
restructuring. The fundamentals of the business continue to
improve and all of the trends are in our favor. The Company's
product offerings and product development has improved
dramatically over the past few months and our sales pipeline
continues to grow."

Separately, the Company announced that Tibor Vertes had
requested that his nomination for election to the Board of
Directors be withdrawn. Mr. Vertes expressed a desire to avoid
any indication that he was asserting control over the Company
prior to receipt of shareholder and gaming approvals for the
proposed merger of GET USA, Inc. and IGCA.

Innovative Gaming Corporation of America, through its wholly-
owned operating subsidiary, Innovative Gaming, Inc., develops,
manufactures and distributes fast playing, high-entertainment
gaming machines. The Company distributes its products both
directly to the gaming market and through licensed distributors.

Innovative Gaming Corporation's March 31, 2002 balance sheet
shows a working capital deficit of about $900,000.


INTEGRATED HEALTH: Enters Settlement Re Semelberger Facilities
--------------------------------------------------------------
Integrated Health Services, Inc. and ten of its subsidiaries
sought and obtained the Court's approval to implement a
Settlement Agreement with owners of ten Facilities located in
the Sates of Ohio and Pennsylvania.  The Settlement Agreement
provides for, among other things, the conversion of the prior
relationship under which the IHS Entities were managers of the
Facilities to a new relationship under which the IHS Entities
will lease and operate the Facilities.

Before commencement of these chapter 11 cases, the ten IHS
Entities were parties to management agreements pursuant to which
the IHS Entities were engaged and retained to manage ten
healthcare facilities respectively. These Facilities are
indirectly owned by the Jack S. Semelsberger, Sr. Trusts and
their affiliated entities (Health Care Industries Corporation,
Health Care Management Corporation, and Galath Holdings, Inc.),
and directly owned by their subsidiaries.  The Semelsberger
Subsidiaries that directly own the Facilities are:

* Southern Hills Health and Rehabilitation Center, Inc.,
* Hickory Creek of Athens, Inc.,
* Hickory Creek Nursing Center, Inc.,
* Arcadia Nursing Center, Inc.,
* Scenic Hills Nursing Center, Inc.,
* Indiana Hills Nursing Center, Inc.,
* Eagle Creek Nursing Center, Inc.,
* Bon-Care, Inc. d/b/a Indian Creek Nursing Center, Inc.,
* Minster Nursing Center, Inc. d/b/a
  Heritage Manor Nursing Home, Inc., and
* Sycamore Creek Nursing Center, Inc.

The Debtors that operate the Facilities are:

* Integrated Health Services At Sycamore Creek, Inc., (IHS-SC),
* Integrated Health Services At Indian Creek, Inc., (IHS-IC),
* Integrated Health Services Of Athens, Inc., (IHS-AT),
* Integrated Health Services Of Eagle Creek, Inc., (IHS-EC),
* Integrated Health Services Of Arcadia, Inc., (IHS-AR),
* Integrated Health Services Of Heritage Manor, Inc., (IHS-HM),
* Integrated Health Services of Hickory Creek, Inc., (IHS-HC),
* Integrated Health Services Of Scenic Hills, Inc., (IHS-SCH),
* Integrated Health Services At Southern Hills, Inc,, (IHS-SOH),
* Integrated Health Services Of Indian Hills, inc., (IHS-IH).

The Debtors suffered from diminished payment of management fees,
and in some cases, the absence of any payment, and their
entitlement to management fees was challenged by the Nursing
Homes on various grounds, including breach of contract and
unjust enrichment, and the Nursing Homes asserted claims based
on these allegations. Each of the Nursing Homes filed proofs of
claim in excess of $1 million, bringing the aggregate to an
amount in excess of $10 million. The proofs of claim are
assigned claim numbers: 10203, 10206, 10228, 10231, 10212,
10234, 10215, 10209, 10239 and 10237.

The Debtors determined that perpetuation of the situation was
unacceptable. They tried to change it. The Management Agreements
expired but their effective expiration dates have been a matter
of dispute. Efforts to restructure the management relationship
with the Nursing Homes did not work either.

Negotiations resulted in a Settlement Agreement between the
parties. If executed, this would result in the conversion of the
prior management relationship to the leasing and operation of
the Facilities by the IHS Entities.

The Debtors believe that a tenancy rather than a management role
would enable them to have better control over the Facilities.
The Debtors anticipate that, this new relationship, predicated
upon the proposed rent costs, will reliably contribute in excess
of $3 million dollars annually of earnings before interest,
taxes, depreciation and amortization.

In addition, the Settlement Agreement will resolve a certain
adversary proceeding filed by IHS (Adversary Proceeding No. 02-
01745, in which IHS sought to avoid alleged preferential
transfers in the aggregate amount of approximately $200,000
pursuant to section 547 of the Bankruptcy Code.

                     The Settlement Agreement

Leases

   Each of the IHS Entities and the Nursing Homes will execute
   its respective Lease. Each Lease contains an option to
   purchase the Facility and contains provisions pursuant to
   which the business operations of each facility will be
   transferred to the respective IHS Entity. The Leases are
   substantially identical. Among other things, each lease
   provides for a term up to April 30, 2013, unless terminated
   sooner.

Moraine Management Agreement

   IHS-HC, as the manager, and Hickory Creek Nursing Center,
   Inc., one of the Nursing Homes, as the owner, will enter into
   a Management Agreement, dated as of January 1, 2002. Pursuant
   to the Moraine Agreement, IHS-HC shall manage the Hickory
   Creek Nursing Center on an interim basis for a monthly fee at
   the rate of 4% of gross revenue, net of certain allowances.

The Management Agreements

   On the Effective Date, the pre-Chapter 11 Management
   Agreements shall terminate.

Releases

   Each of the HCI Entities and the Nursing Homes shall release
   IHS and each of the IHS Entities. In reciprocation, IHS and
   each of the IHS Entities shall release each of the HCI
   Entities and Nursing Homes. However, claims or causes of
   action arising from or related to third party claims shall
   not be released, but if subsequently asserted by the Nursing
   Homes or the HCI Entities against the Debtors shall be
   limited to the claim status in the IHS Chapter 11 proceedings
   and be entitled to no greater payment or distribution as the
   third party claim itself would have had against the Debtors.

The Adversary Proceeding

   The Adversary Proceeding shall be discontinued with
   prejudice.

Governing Law

   The laws of the State of Ohio shall govern the Settlement
   Agreement.

License and Permits

   The tenant shall be required, at its sole cost and expense,
   to acquire and maintain all licenses and permits needed to
   operate the premises, including, but not limited to,
   certifications for reimbursement and licensure, and Medicare
   and Medicaid provider reimbursement agreements. It is the
   intention of the parties that the IHS Entities will assume
   the Nursing Homes' Medicare provider reimbursement numbers
   and provider reimbursement agreements.

   The United States Department of Justice has confirmed that as
   of May 30, 2002, there are no outstanding overpayments or
   civil monetary penalties (CMPs) due from the Facilities. CMS
   has not concluded its inquiry regarding CMPs and reserves its
   right to demand payment of any outstanding CMPs if the IHS
   Entities take assignments of the Medicare provider numbers
   and provider reimbursement agreements.

   It is also anticipated that the IHS Entities will obtain
   Medicaid Provider reimbursement numbers and provider
   reimbursement agreements in the State of Ohio and
   Pennsylvania. In this regard, there is no successor liability
   in the State of Ohio, and the Nursing Homes have agreed to
   indemnify the IHS Entities for any Medicaid liability
   relating to those Facilities which are located in the State
   of Pennsylvania.

Pursuant to sections 105(a), 363(b), 365, 502 and 1146(c) of the
Bankruptcy Code, the Court granted the motion in its entirety,
authorizing the Debtors to:

(1) terminate the Management Agreements,

(2) implement a Settlement Agreement,

(3) enter into 9 non-residential leases and 1 interim management
    agreement for the ten Semelberger Facilities.

Judge Walrath makes it clear that, absent further order of the
Court, each of the Nursing Homes shall have the right to enforce
the terms of the Leases and the Moraine Interim Management
Agreement, without any requirement to obtain relief from the
automatic stay. Judge Walrath also directs that, any allowed
claim of any of the Nursing Homes for damages, indemnity or
other monetary compensation against any of the Debtors under any
of the Leases or the Moraine Interim Management Agreement shall
constitute an expense of administration under Section
503(b)(1(A) of the Bankruptcy Code. (Integrated Health
Bankruptcy News, Issue No. 39; Bankruptcy Creditors' Service,
Inc., 609/392-0900)   


KAISER ALUMINUM: Seeks Okay to Hire Feinberg as Special Counsel
---------------------------------------------------------------
Kaiser Aluminum Corporation and its debtor-affiliates urge the
Court to approve their retention of The Feinberg Group as
special counsel for analysis, evaluation and treatment of
personal injury asbestos claims in their Chapter 11 cases, nunc
pro tunc to April 18, 2002.

Patrick M. Leathem, Esq., at Richards, Layton & Finger P.A. in
Wilmington, Delaware, avers that, given the significance of
asbestos liability on the Debtors' overall restructuring
efforts, the Debtors have selected Feinberg because of its
expertise and its consequent ability to perform the required
professional services efficiently, expeditiously and
effectively.  Feinberg is one of the leading law firms in the
nation that concentrate in the analysis and restoration of mass
tort claims.  Members of the firm have served as court appointed
special masters or neutrals or as counsel, expert, or advisor to
one of the parties in virtually every significant complex mass
tort matter in the United States, including asbestos personal
injury cases.

Accordingly, Mr. Leathem tells the Court that Feinberg will
render these services:

A. Analysis and valuation of personal injury asbestos claims;

B. Development of forms and procedures for the treatment of
   personal injury asbestos claims;

C. Design of potential compensation systems;

D. Management of experts in economic analysis and evaluation;
   and,

E. Strategic advice regarding evaluation and treatment of
   personal injury asbestos claims and various experts and
   expert methodologies.

As compensation for its services, Mr. Leathem maintains that
Feinberg will be paid a minimum of $65,000 per month, subject to
approval of this Court.  This minimum payment will be adjusted
yearly to reflect the average monthly fees Feinberg would
receive if it had charged the Debtors its fees on an hourly
basis.

According to Mr. Leathem, Feinberg will calculate its hourly
fees -- Hourly Rate Amount -- for services rendered on a monthly
basis, and if those fees exceed the minimum payments received by
Feinberg throughout the prior year, Feinberg will be entitled to
seek compensation on a yearly basis of the difference between
the Hourly Rate Amount and the minimum payments actually
received. The firm is also entitled to expense reimbursement in
connection with its services in the Debtors' cases.  Feinberg's
current hourly billing rates:

             Professionals             Rates
            ---------------           -------
             Partner                 $450-600
             Senior Counsel             350
             Associate Counsel          300
             Associate (mid-level)    200-275
             Junior Associate           150
             Law Clerk                  150
             Software Analyst           150
             Legal Assistant           95-115

Feinberg has not provided any services to the Debtors prior to
the Petition Date and has not been compensated for any services
rendered to the Debtors postpetition.

Deborah E. Greenspan, a partner of The Feinberg Group, informs
the Court that Feinberg's research of its relationship with
interested parties to these cases indicate that the firm has not
represented and does not currently represent any of these
entities in matters related to these Chapter 11 cases.

Ms. Greenspan further discloses that Ken Feinberg is currently
Special Master of the September 11th Victim Compensation Fund of
2001.  Both Mr. Feinberg and other attorneys and professionals
at the firm have been designated as special employees of the
U.S. Government for purposes of working on the Fund.  This
employment is being performed on a pro bono basis.  In addition,
Feinberg has served as a neutral mediator in a mediation in
which Chase Bank was a plaintiff prior to the JP Morgan merger.  
This mediation was wholly unrelated to this bankruptcy filing.
(Kaiser Bankruptcy News, Issue No. 11; Bankruptcy Creditors'
Service, Inc., 609/392-0900)   


KAISER ALUMINUM: Peter Bunin to Lead Flat-Rolled Products Unit
--------------------------------------------------------------
Kaiser Aluminum named Peter S. Bunin, 46, as vice president and
general manager of the company's Flat-Rolled Products business
unit based in Trentwood, Wash.

"Over the past year, the FRP business has enhanced its position  
as 'Best in Class' in customer service as measured by delivery
performance and product quality," said Jack A. Hockema, Kaiser's
president and chief executive officer. "In particular, Trentwood
has achieved 98% on-time delivery so far this year. That's an
all-time record. Along with the entire team at Trentwood, Pete
has been a key part of this success -- and we are confident that
his leadership will ensure continued excellence in this
business."

Bunin has held the FRP position on an acting basis since April
2001. Prior to that, he was vice president and general manager
of Materials and Engineering for the company's Engineered
Products business. He joined Kaiser in 1996 as vice president
and general manager of Raw Materials for Engineered Products.
Before joining Kaiser, he held senior management positions with
Ampco Metals and Outokumpu Copper.

Bunin holds a bachelor of science degree in mechanical
engineering from the Massachusetts Institute of Technology and
an MBA from the Harvard University Graduate School of Business.

Kaiser Aluminum Corporation (OTCBB:KLUCQ) is a leading producer
of alumina, primary aluminum and fabricated aluminum products.

Kaiser Aluminum & Chemicals' 12.75% bonds due 2003 (KAISER2),
DebtTraders says, are quoted at a price of 17. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=KAISER2for  
real-time bond pricing.


KATHERINE HILL: Files for Receivership in Canada
------------------------------------------------
The Katherine Hill Shop Limited c.o.b. as Chez Catherine, an
international high fashion European designer retailer for 30
years, has filed for bankruptcy. Perry Krieger & Associates
Inc., has been appointed Receiver Manager.

A true entrepreneur, Catherine Hill opened her first store in
1972 and filled it with the fashions that most women dream of
and search for. She was the first to introduce Giorgio Armani,
Valentino and Versace to the Toronto market. Best known for the
labels she carried exclusively including Christian Dior, John
Galliano and Emanuel Ungaro, her Hazelton Lanes store has
dressed an endless number of Toronto's elite and international
socialites.

Chez Catherine continued in Hazelton Lanes in the face of
numerous landlord changes, disrupting construction and an
absence of neighbouring tenants for the past several years. With
the expiry of the Chez Catherine lease, and with the current
retail climate, Catherine Hill has chosen to close the boutique.


LTV CORP: Travelers Casualty Want to File Late Proofs of Claim
--------------------------------------------------------------
Travelers Casualty & Surety Company of America, fka Aetna
Casualty & Surety Company, represented by David A. Levine, Esq.,
and Heather S. Case, Esq. of Blumling & Gusky, LLP, asks Judge
Bodoh to permit it to file proofs of claim against The LTV
Corporation and its debtor-affiliates after the Administrative
Claims Bar Date of May 20, 2002.

On October 1, 2001, Ms. Case reports that she filed a Notice of
Appearance and Request for Service on behalf of Travelers.  
However, Travelers and its counsel were not served with copies
of the pleadings leading to the issuance of the court order
setting the Administrative Claims Bar Date, nor any other
documents relevant to this proceeding. As a result, travelers
and its counsel only recently learned of the Administrative
Claims Bar Date -- after the date has come and gone.

The Administrative Claims Order required the Debtors to serve
copies of the order "on any entity from whom the Debtor
purchased goods or services since the netry of the order for
relief and whose administrative claim has not yet been paid in
full or whose administrative claim remains in dispute."  
Nevertheless, Travelers was not served, as reflected in the
Debtors' affidavit of service.

Travelers is a creditor of the Debtors and seeks administrative
expense priority to the extent that Travelers provided the
Debtors with postpetition services relating to environmental and
workers' compensation insurance bonds.  Ms. Case requests that
Judge Bodoh give Travelers leave of court to file administrative
claims for the contingent and liquidated losses suffered as a
result of having issued those portions of its environmental and
workers' compensation bonds to the Debtors.

The attached proofs of claim are in the amount of $41,817,000
for the workers' compensation bonds, and in the amount of
$2,631,732.00 for the environmental bonds. (LTV Bankruptcy News,
Issue No. 32; Bankruptcy Creditors' Service, Inc., 609/392-
00900)

LTV Corporation's 11.75% bonds due 2009 (LTV2), DebtTraders
reports, are quoted at a price of 0.5. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=LTV2for  
real-time bond pricing.


LARAMIDE RESOURCES: Completes Debt Restructuring Transaction
------------------------------------------------------------
Laramide Resources Inc. (TSX VENTURE:LAM) has completed the non-
brokered private placement of 1.4 million units at $0.10 per
unit announced on April 25, 2002. Each unit consists of one
common share and one common share purchase warrant exercisable
until July 4, 2004 at a price of $0.20. The shares issued in the
private placement are subject to a hold period until November 4,
2002; Three of the Company's four directors participated in the
placement and insider participation totaled 800,000 units.
Proceeds of the placement will be used to resume activity on the
Company's existing resource assets as well as for working
capital purposes.

As part of the company's efforts to re-activate Laramide's
portfolio of existing properties, the Company has entered into
an option to purchase agreement with a private vendor to acquire
100% of a 140 acre claim package of surface and mineral rights
in Zealand Township, Ontario approximately 15 km east of the
town of Dryden in northwestern Ontario. The claims adjoin to the
south Laramide's existing Goliath Project claims which in turn
adjoin The Thunder Lake West Project of Corona Gold and Teck
Corporation where previous work, including limited underground
exploration and 74,579 meters of drilling in 266 holes,
delineated an inferred mineral resource calculated by Teck in
1999 and reported by Corona as 2,974,000 tons grading 6.47 g/t
gold.

The newly acquired claims cover a prospective near surface
target where there is a geological repetition of the volcanic-
metasedimentary contact that is the host for the Thunder Lake
West mineralization. A program to test this target including
geophysics and drilling is planned. Terms of the purchase
agreement call for Laramide to make staged payments totalling
$100,000 cash by June 1, 2004 ($10,000 paid) plus a 2% NSR
retained by the vendor. The next payment of $10,000 is due on
the earlier of January 1, 2003 or Laramide initiating a diamond
drill program on the claims.

Finally, the Company reports that the debt restructuring
transaction announced in March , 2002 and concluded in escrow on
June 3, 2002 has closed. The transaction materially improved
Laramide's balance sheet by reducing certain liabilities and
exchanging convertible demand debt and accrued interest for $1.2
million in convertible preferred shares. These shares carry
cumulative dividends with a yield equivalent of 5.75%. These
dividends, amounting to $69,000, are payable annually and are
secured in the event of non-payment by a general security
agreement. The initial dividend on the preferred shares will be
payable in June, 2003.


LEGACY HOTELS: Will Release Second Quarter Earnings on July 18
--------------------------------------------------------------
Legacy Hotels Real Estate Investment Trust (TSE symbol: LGY.UN)
will release its second quarter earnings on July 18, 2002 to be
followed by a conference call that day at 4:30 p.m. Eastern
Time. Participating on the call will be members of Legacy's
senior management.

Investors are invited to access the call by dialing 416-641-6659
or 1-800-387-2917. You will be required to identify yourself and
the organization on whose behalf you are participating. A
recording of this call will be made available beginning at 6:30
p.m. on July 18, 2002 through to 6:30 p.m. on July 25, 2002. To
access the recording please dial 1-800-633-8625 and use the
reservation number 20708647.

A live audio webcast of the second quarter conference call will
be available via Legacy's website (www.legacyhotels.ca). An
archived recording of the webcast will remain available on the
website until the next quarterly conference call.

Legacy is Canada's premier hotel real estate investment trust
with 22 luxury and first class hotels and resorts across Canada
with approximately 10,000 guestrooms. The management companies
of Fairmont Hotels & Resorts Inc. operate all of Legacy's
properties.

                            *  *  *  *

As previously reported in the June 21, 2002 issue of the
Troubled Company Reporter, Standard & Poor's lowered its long-
term corporate credit and senior unsecured debt ratings on
Legacy Hotels Real Estate Investment Trust to double-'B'-plus
from triple-'B'-minus. At the same time, the ratings on the
Toronto, Ontario-based company were removed from CreditWatch,
where they were placed February 14, 2001. The outlook is stable.


LODGIAN INC: Balks At CCA's Attempt to Terminate Exclusivity
------------------------------------------------------------
According to Joseph D. Pizzurro, Esq., at Curtis Mallet-Prevost
Colt & Mosle LLP in New York, CCA proposes filing its own plan
of reorganization, which is essentially, for all practical
purposes, a "plan of liquidation."  Notwithstanding the far-
reaching consequences that the termination would have on the
Lodgian, Inc.'s estates and the fact that these proceedings,
involving 106 debtors, are in the nascent stages of the
reorganization process, CCA seeks to terminate the CCA
Borrowers' right to file a plan of reorganization after CCA sat
on its rights in connection with this Court's Order entered
April 16, 2002, extending the Debtors' exclusivity until July
18, 2002.  The CCA Exclusivity Termination Motion should be
denied because:

* CCA has not met its burden of proof in order to terminate the
  CCA Borrowers' exclusivity;

* contrary to CCA's allegations, the CCA Borrowers have the
  ability to propose a confirmable Chapter 11 plan of
  reorganization;

* termination of exclusivity will trigger severe consequences on
  the reorganization efforts of the Debtors resulting in a
  decrease in value of the remaining hotel properties owned by
  the Debtors; and

* CCA will not suffer significant prejudice if the CCA
  Exclusivity Termination Motion is not granted.

Mr. Pizzurro recounts that on April 16, 2002, this Court entered
the Exclusivity Extension Order which extended the Debtors'
exclusive period in which to file a Chapter 11 plan or plans
through and including July 18, 2002.  As no objection was filed
by CCA with respect to the Exclusivity Extension Motion, CCA
bears the burden of showing by a preponderance of the evidence
that "something has changed" to justify altering the Court's
prior determination in the Exclusivity Extension Order.  Aside
from alleging that the parties are at a "negotiation impasse,"
CCA has not offered a single shred of evidence to show that
something has changed to justify altering the Court's prior
determination as set forth in the Exclusivity Extension Order.

Notwithstanding the Exclusivity Extension Order, Mr. Pizzurro
submits that CCA still bears a "heavy burden" of proof under the
Bankruptcy Code in seeking to terminate the Debtors' exclusive
period.  The Debtors submit that CCA has not met the rigorous
standard of proof required under Section 1121(d) of the
Bankruptcy Code.  In fact, CCA fails to even address, much less
specifically articulate, the standards for termination of
exclusivity.

Aside from the fact that CCA has not offered one scintilla of
evidence in support of the termination of the exclusive periods,
Mr. Pizzurro contends that none of the requisite factors for
termination of the CCA Borrowers' exclusivity period are present
in these proceedings.  Specifically, the CCA Borrowers have not
mismanaged their properties, there is no feuding between the
Debtors' principals, and no opportunity has been wasted by the
Debtors.  To the contrary, the Debtors have been diligent in
their efforts to reorganize their hotel properties and are
actively engaged in the operation of their businesses.  Since
the Commencement Date, the Debtors' management has been consumed
with the task of responding to requests of creditors,
franchisors, and other parties-in-interest in the administration
of the Debtors' estates.  In addition to negotiations and
obtaining court approval of debtor-in-possession financing and
numerous adequate protections for certain utility companies, the
Debtors' management devoted a significant amount of time in
maintaining perhaps the Debtors' most valued asset -- its
relationships with its hotel franchisors.

Furthermore, Mr. Pizzurro adds that the Debtors' cases are both
large and complex.  The Debtors are one of the largest owners
and operators of hotels located in the United States and Canada.  
The size and complexity of the Debtors' businesses, together
with the Debtors' corporate structure and diverse financing
arrangements, place heavy demands on the Debtors' management and
personnel.

Mr. Pizzurro points out that CCA has neither offered any
evidence indicating that the Debtors are exerting pressure on
their creditors as a way to make the creditors accede to the
Debtors' reorganization demands.  To the contrary, CCA is the
party exerting pressure to force the CCA Borrowers to accede to
its proposed plan of liquidation.  The CCA Exclusivity
Termination Motion states in no uncertain terms that "the plan
CCA would propose would be predicated upon an auction sale of
the Hotels," and that the motivation behind CCA's request to
terminate exclusivity is to negotiate a "plan acceptable to
CCA."  When it is a creditor seeking to exert pressure to force
the debtor to accede to the creditor's plan of reorganization
and that plan is one for liquidation, the debtor's exclusive
period should not be terminated.  The CCA Exclusivity
Termination Motion should be denied for this reason alone.

Finally, Mr. Pizzurro states that the Debtors are current on all
of their post-petition obligations and are not incurring
substantial cash losses.  Given this Court's approval of the
Final Cash Collateral Order and the Final DIP Order, the Debtors
have sufficient liquidity and are paying their bills as they
become due.  Instead of addressing the standards set forth in
case law concerning "cause" under Section 1121(d) of the
Bankruptcy Code, CCA focused its attention on the wholly
unsupported allegation that the CCA Borrowers cannot propose a
confirmable plan of reorganization and that the CCA Borrowers,
as "Special Purpose Bankruptcy Remote" entities, cannot be
considered as the subject of any plan proposed by the Debtors.
Both of these contentions are without merit.

CCA asserts that, because CCA is the holder of both a secured
and an unsecured claim against the CCA Borrowers, there can be
no impaired class of creditors who can vote in favor of a plan
of reorganization without the blessing of CCA.  Mr. Pizzurro
tells the Court that this argument assumes not only that CCA
will reject any plan proposed by the CCA Borrowers, but also
presupposes the creation of only one unsecured class of
unsecured creditors.  By CCA's own admission, CCA is not the
only party holding an unsecured claim against the CCA Borrowers.  
In the CCA Exclusivity Termination Motion, CCA recognizes that
the "aggregate unsecured claims against Impac Hotels II, L.L.C.
held by creditors unrelated to the Debtors is approximately
$1,974,413" and "aggregate unsecured claims against Impac
Hotels, III, L.L.C held by creditors unrelated to the Debtors is
approximately $356,467."

While the Debtors have sought the support of CCA with respect to
its intentions concerning a plan of reorganization, in the event
the Debtors cannot reach an agreement with CCA, Mr. Pizzurro
states that the Debtors may, pursuant to Section 1122(a) of the
Bankruptcy Code, separately classify the unsecured portion of
CCA's claim as a separate creditor class under the Debtors' plan
of reorganization.  Therefore, the Debtors could still propose a
confirmable plan of reorganization, provided that one impaired
unsecured creditor class accepts the Debtors' plan. Furthermore,
CCA's didactic recitation of the "Special Purpose Remote Entity"
status of the CCA Borrowers in order to bolster its contention
that they do not co-exist with the other Debtors is absurd.
Given the inter-dependent nature of the Debtors' business and
operational activities, a resulting auction of the hotels owned
by the CCA Borrowers could reduce the Debtors' ability to
service its other hotels.

Mr. Pizzurro informs the Court that the Debtors have attempted
to avoid any sale of any of the Debtors' properties while in
Chapter 11.  An auction sale, as proposed by CCA, will lead to
defections of key personnel which would impact the management of
the other properties owned by the Debtors.  The precipitous
action of an auction sale could affect the value of the
remaining hotel properties owned by the Debtors.

In any event, the Debtors submit that issues pertaining to plan
confirmation are more appropriate at a hearing to consider
confirmation of a plan of reorganization given that the Debtors
may be able to demonstrate a myriad of options regarding exit
strategies from Chapter 11.  At this juncture, however, the
Debtors submit that this Court is not required to play the role
of "fortune teller" in deciding whether to terminate exclusivity
based on the unsupported allegations that the CCA Borrowers
cannot confirm a plan.  Clearly, the "confirmation" standard is
just one of many components this Court may weigh in utilizing
its discretionary power in determining whether to modify
exclusivity pursuant to Section 1121(d) of the Bankruptcy Code
and should not predominate the other factors left unaddressed by
CCA.

Mr. Pizzurro claims that terminating the CCA Borrowers'
exclusivity will not move the Debtors' cases forward.  Rather,
due to the interdependent nature of the Debtors' businesses,
termination of the CCA Borrowers' exclusivity will undoubtedly
frustrate and delay the administration and plan formulation
process with respect to the other Debtors.  Terminating the CCA
Borrowers' exclusive period at this time would have significant
and far-reaching consequences which would jeopardize the
Debtors' cases as a whole.  For example, employee morale at the
Debtors' businesses would be affected as employees of the
Debtors may leave the employ of the Debtors if the CCA
Borrowers' assets are sold for fear of other sales.  Moreover, a
termination of exclusivity and resulting auction sale could
substantially increase the unsecured claims of the CCA Borrowers
and other Debtors.  Finally, and perhaps most importantly, CCA's
proposed auction sale of the assets of the CCA Borrowers would
adversely affect the management, and therefore the value, of
other hotel properties of the Debtors.

Mr. Pizzurro asserts that CCA will not suffer significant
prejudice, as CCA suggests, if the CCA Exclusivity Termination
Motion is not granted.  The Debtors' cases were commenced only
six months ago and negotiations are continuing with CCA. The
Debtors submit that the drastic relief requested by CCA is not
warranted given the benefits which inure and continue to inure
to CCA while the Debtors are in Chapter 11.  Furthermore, it
seems disingenuous for CCA to argue, after only six months into
these cases, that termination of the CCA Borrowers' exclusivity
period is warranted since "the parties have exhausted any
possibility of reaching a consensus" on a proposed plan
structure acceptable to CCA.  The Debtors submit that a
recalcitrant negotiating posture should not, under any
circumstance, form the basis for the drastic relief being
requested in the CCA Exclusivity Termination Motion.

                     Committee Objects

George E.B. Maguire, Esq., at Debevoise & Plimpton in New York,
New York, informs the Court that the Committee objects to the
termination of exclusivity with respect to the CCA Borrowers at
this time.  CCA has not shown sufficient cause for termination,
especially in light of the possible adverse effect on the
Debtors' overall reorganization efforts.

CCA bases its cause for termination of exclusivity on the
prospective inability of the Debtors to confirm a consolidated
plan of reorganization involving the CCA Borrowers with the
consent of CCA.  The Committee does not believe that CCA has
established at this time that a consolidated plan can not be
formulated that could be confirmed without CCA's consent.  The
Committee is in agreement with the Debtors that these issues are
more appropriately addressed at a confirmation hearing.  On the
other hand, Mr. Maguire points out that the Debtors have stated
that a termination of the CCA Borrowers' exclusivity at this
time and the disposition of the CCA Borrowers' hotel properties
could adversely affect the value of the Debtors' other hotel
properties and overall reorganization efforts through: loss of
employees; loss of management fee revenue; impairment the
Debtors' ability to service their other hotel properties; and
increase in unsecured claims against the Debtors.

In light of the possible significant adverse effect on the
Debtors' overall reorganization, the Committee does not believe
that sufficient cause has been shown for termination of the CCA
Borrowers' exclusivity period at this time.

Mr. Maguire claims that the Debtors are at a critical point in
the reorganization process.  They are negotiating post-
reorganization arrangements with their franchisors and in the
due diligence process with potential providers of exit
financing. Lodgian and the Committee are engaged in ongoing
discussions regarding the formulation of a plan of
reorganization.  Lodgian's exclusivity period, as extended, will
not expire before July 18. The Committee agrees with the Debtors
that the termination of the CCA Borrowers' exclusivity at this
time could have a significant adverse affect on their overall
reorganization efforts.

                       Holiday Responds

According to Paul H. Silverman, Esq., at Alston & Bird LLP in
New York, Holiday Hospitality Franchising Inc. is the licensor
for certain of the hotels that are currently being operated by
the CCA Borrowers and are the subject of the Motion.  Holiday
does have some concerns that are relative to the relief sought
in the Motion and files this Limited Response.

Presently, Mr. Silverman avers that the executory License
Agreements under which the hotels are being operated as Holiday
brand hotels have not been either assumed or rejected by the CCA
Borrowers.  CCA Borrowers will only be permitted to continue to
control and operate the Holiday Hotels in accordance with the
License Agreements with Holiday until that time as a decision is
made to either assume or reject the agreements, so long as the
License Entities continue to maintain and operate the properties
in accordance with the licenses.  A reading of the instant
Motion discloses that movant has not identified the entity that
would seek to operate the hotels in the future.  A change of
control will violate the terms of the License Agreements at the
Holiday Hotels in question.

In addition, Mr. Silverman points out that CCA has not addressed
in the motion the effect of the deterioration of the physical
condition of the Holiday Hotels.  CCA's reference to an auction
presumes the ability to satisfy Bankruptcy Code requirements
treating with personal service agreements.  Specifically,
Holiday has been in negotiations with the Debtor in Possession
regarding required and planned capital expenditures at each of
the Holiday Hotels.  Of particular concern is the present
condition of the Holiday hotels at North Miami, Florida, Ft.
Mitchell, Kentucky and Cincinnati, Ohio.  The Debtor in
Possession has indicated that an escrow is maintained that is
used for capital expenditures and improvements at some of its
properties and that it planned to utilize that escrow where
necessary to correct capital deficiencies.

Mr. Silverman adds that Holiday is also concerned about the
status of the Holiday Hotels and whether either the CCA
Borrowers or CCA intends to make the expenditures necessary to
continue to maintain the Holiday Hotels in accordance with the
standards set forth in the license agreements with Holiday.  
Holiday reserves its rights to move for relief from the
automatic stay to terminate the license for these hotels for
failure to maintain the properties in compliance with the
Holiday standards or failure to operate the Holiday Hotels in
accordance with the provisions of the License Agreement.  
Finally, Holiday reserves all rights with respect to any
proposed plan of reorganization relative to the Holiday Hotels
and the License Agreements with the Debtor in Possession.
(Lodgian Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Service, Inc., 609/392-0900)  


LOG ON AMERICA: Plans to File for Chapter 11 Protection in Del.
---------------------------------------------------------------
Log On America, Inc. (OTC: LOAX.PK) -- http://www.loa.com--  
announced that Earthlink has failed to pay certain fees under a
Subscriber Acquisition Agreement and as a result, Log On has
taken back the dial-up internet subscribers it had assigned to
Earthlink pursuant to the Subscriber Acquisition Agreement.
Earthlink failed to pay network fees for the month of July, as
well as portions of the purchase price for the acquired
subscribers.

Accordingly, Log On America notified Earthlink of the defaults
and discontinued service to Earthlink and recovered its dial-up
customers as a result of said breach. Log On America has
recovered approximately 17,000 of its retail dial-up customers
representing approximately $5.5 million in annual revenue.

In order to protect its assets and to reduce nearly $10 Million
in debt, Log On America plans to file promptly a plan of
reorganization under Chapter 11 of the U.S. Bankruptcy Code in
the District of Delaware.

Log On America Chairman and CEO stated, "With support for the
plan, we expect the reorganization process to go smoothly and
our operations to be unaffected. Our customers can expect the
same customer care and service they have come to expect from Log
On America over the past 10 years."

Log On America is a full service provider of business
communication technologies. We deliver a unique end-to-end
customer experience from consultation through professional
managed services. Our core services include: Business Telephone
& Voicemail Systems, Dial-up & High-speed Internet Access,
Website Creation & Hosting, Integrated Voice & Data Services,
Server Collocation, Niche ASP Applications, Managed Service
Level Agreements, and Network Consultancy, Architecture &
Implementation (LAN, WAN, VPN). Our expertise lies in a wide
array of business communication solutions all of which may be
customized and scaled to the specific needs of your business
today and in the future.


MEASUREMENT SPECIALTIES: Forbearance Pact Extended Until Nov. 1
---------------------------------------------------------------
Measurement Specialties, Inc. (Amex: MSS) has successfully
negotiated and executed an extended forbearance agreement with
its lenders.  This agreement provides that the lenders will
forbear, until November 1, 2002, from exercising the rights and
remedies available to them as a result of the Company's defaults
under its credit agreement.  The agreement is the critically
important first step in the Company's broader restructuring plan
announced June 19th.  In a display of support for the proposed
restructuring plan, the lenders have also agreed to extend
additional credit under the Company's revolving credit facility
as well as allow the Company to apply the proceeds from the
sale/liquidation of certain Company assets against amounts
outstanding under the revolving credit facility (rather than
against amounts outstanding under the term loan as otherwise
required by the credit agreement).  As a condition to the
agreement and the lenders' continued forbearance, the Company
has agreed to pledge in favor of the lenders certain
unencumbered assets, and must take certain actions and comply
with strict financial covenants during the forbearance period.

"Getting the lenders' support was step one", stated Frank
Guidone, CEO. "We are not out of the woods yet", continued Mr.
Guidone, "but we believe that this agreement gives us the time
and liquidity we need to execute the restructuring, stabilize
cash flow and reduce the bank debt to acceptable levels".

The Company is in the process of preparing the financial
statements to be included in its annual report on Form 10-K for
the fiscal year ended March 31, 2002.  At this time, the Company
cannot accurately predict when audited financial statements will
be available; accordingly audited financial statements may not
be available on or before July 15, 2002.  If the Company is not
able to file its annual report on or before July 15, 2002, it is
likely that the trading of its common stock on the American
Stock Exchange will be halted until the annual report is filed.  
If the annual report is not filed within a reasonable period
after a trading halt, the American Stock Exchange could initiate
delisting proceedings against the Company.  As previously
disclosed, in the event that the Company's common stock becomes
ineligible for trading on the American Stock Exchange, it will
be more difficult to dispose of its common stock and to obtain
accurate pricing information.

Measurement Specialties is a designer and manufacturer of
sensors, and sensor-based consumer products.  Measurement
Specialties produces a wide variety of sensors that use advanced
technologies to measure precise ranges of physical
characteristics, including pressure, motion, force,
displacement, angle, flow, and distance.  Measurement
Specialties uses multiple advanced technologies, including
piezoresistive, application specific integrated circuits, micro-
electromechanical systems, piezopolymers, and strain gages to
allow their sensors to operate precisely and cost effectively.


METALS USA: Court Extends DIP Financing Investigation Period
------------------------------------------------------------
The Official Joint Committee of Unsecured Bondholders and
Creditors of Metals USA, Inc., and its debtor-affiliates sought
and obtained Court approval to extend the Investigation Period
within which the Committee may:

A. contest the findings of the DIP Order regarding the amount,
   validity, enforceability, perfection, priority, or
   unavoidability of the prepetition indebtedness or the
   Lenders' prepetition liens on the prepetition collateral; or

B. assert any claims or causes of action against the prepetition
   Agent or the prepetition Lenders on behalf of the Debtors'
   estates.

The DIP Order originally provided the Committee with a 90-day
Investigation Period.  This was extended to 180 days with the
Court's entering of a first stipulation and agreed order to that
effect on April 3, 2002.  With the new stipulation, the
prepetition lenders and post-petition lenders have agreed to
extend the Investigation Period to the first hearing date for
the approval of a disclosure statement filed in support of a
formal chapter 11 plan. (Metals USA Bankruptcy News, Issue No.
15; Bankruptcy Creditors' Service, Inc., 609/392-0900)


MPOWER HOLDING: Gets Court Approval to Retain Deloitte & Touche
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
Mpower Holding Corporation and its debtor-affiliates'
application to retain Deloitte & Touche LLP as tax and valuation
consultants.

In this Engagement, Deloitte & Touche is expected to provide:

     a) property tax consulting services to assist the Debtors
        in attempting to reduce their real and personal property
        tax burdens for tax year 2002;

     b) preparation of the Debtors' federal and state income tax
        returns;

     c) tax consulting services, including sales and use tax
        consulting services as needed and as requested by the
        Debtors;

     d) valuation consulting services relating to the valuation
        of certain tangible and intangible assets of the Debtors
        for property tax purposes; and

     e) as may be agreed to by Deloitte, other professional
        services, as to Debtors, their attorneys, or financial
        advisors may, from time to time, request.

Deliotte will bill at its hourly rates, which range from:

     Partner/Principal/Director       $350 to $600 per hour
     Senior Manager                   $250 to $550 per hour
     Manager                          $180 to $430 per hour
     Senior Accountants/Consultants   $135 to $230 per hour
     Staff Accountants/Consultants    $100 to $180 per hour
     Administrative Assistants        $60 per hour

Mpower Holding Corporation and its affiliates are a facilities-
based communications company offering local dial tone, long
distance, Internet access via dial-up or dedicated Symmetrical
Digital Subscriber Line technology, voice over SDSL, Trunk Level
1. The Debtors filed its pre-negotiated chapter 11 plan of
reorganization and disclosure statement simultaneously with
their chapter 11 bankruptcy protection on April 8, 2002. Pauline
K. Morgan, Esq., M. Blake Cleary, Esq., Timothy E. Lengkeek,
Esq. at Young, Conaway, Stargatt & Taylor and Douglas P.
Bartner, Esq., Jonathan F. Linker, Esq. at Shearman & Sterling
represent the Debtors in their restructuring efforts. When
Mpower Holding filed for protection from its creditors, it
listed $490,000,000 in total assets and $627,000,000 in total
debts. Its debtor-affiliates, Mpower Communications listed
$831,000,000 in assets and $369,000,000 in debts; Mpower Lease
listed $242,000,000 in assets and $248,000,000 in debts.


MURRAY INCOME: Files Certificate of Dissolution in Texas
--------------------------------------------------------
                       NOTICE OF DISSOLUTION

     NOTICE is hereby given by Murray Income Properties I, Ltd.
and Murray Income Properties II, Ltd. to their respective
creditors and claimants, that both partnerships will be
voluntarily dissolved by the filing of a Certificate of
Dissolution in the Office of the Secretary of the State of Texas
as soon as practicable, and that all creditors of and claimants
against these partnerships are hereby required to present in
writing (via certified mail return receipt requested) and in
detail their claims, respective accounts and demands against
these partnerships to: Mitchell Armstrong, PO Box 803264,
Dallas, Texas 75380-3264  on or before the 30th day of
September, 2002 or each of these respective partnerships will
consider such claims, accounts and demands to be forever barred
as against the property of such partnership and its partners.


NEXTEL PARTNERS: Sets Q2 Results Conference Call for July 25
------------------------------------------------------------
Nextel Partners, Inc., (NASDAQ:NXTP) will host its second
quarter 2002 financial results conference call with its senior
management.

     When:         Thursday, July 25, 2002
     Time:         11:00 AM - 11:45 AM EDT
     Title:        "Second Quarter 2002 Financial Results"
     Dial-in:      888/323-9687 (Domestic)
                   212/547-0460 (International)
     Passcode:     PARTNER
     Host:         Alice Kang

All participants are asked to dial in 10 minutes prior to the
start of the conference call. If you are unable to participate,
a playback of the conference call will be available through
Friday, August 23: Domestic 888/568-0124, International
402/530-7791.

The conference call will also be available via a live Webcast.
To listen to the live call, please go to
http://www.nextelpartners.comat least fifteen minutes early to  
register, download, and install any necessary software. For
those who cannot listen to the live broadcast, a replay will be
available shortly after the call.

                           *   *   *

As previously reported, Standard & Poor's downgraded Nextel
Partners' $225 million Senior Unsecured Notes due 2009 to junk
level.


ORBITAL IMAGING: Wants to Stretch Plan Filing Time thru Dec. 1
--------------------------------------------------------------
Orbital Imaging Corporation wants an extension of its exclusive
periods to file and solicit acceptances of a plan of
reorganization.  The Debtor wants to enlarge its exclusive plan
filing period through December 1, 2002 and wants an extension of
its exclusive time to solicit acceptances of that plan from
creditors through January 31, 2002.

The Debtor submits to the U.S. Bankruptcy Court for the Eastern
District of Virginia that the extension is warranted because:

     -- the Debtor's case encompasses many complex issues;

     -- the Debtor has made significant progress in
        resolving issues facing their estates;

     -- an extension of the exclusive periods will facilitate
        negotiations among the various constituencies without
        prejudicing any party in interest;

     -- the Debtors' proposed financial advisors need the time
        to prepare the financial disclosures required for a
        plan; and

     -- the Debtor has been diligent in prosecuting other
        matters in its chapter 11 case to date.

The Debtor relate that its primary focus since the Petition Date
has been the stabilization of its business, reassurance of
customers and negotiation of a plan with the various creditor
constituencies that are or will be crucial to the implementation
of a plan of reorganization.  These constituencies include
Orbital, the Committee and the holders of the Series A
securities.

Orbital Imaging Corporation filed for chapter 11 protection on
April 5, 2002 in the U.S. Bankruptcy Court for the Eastern
District of Virginia. Geoffrey A. Manne, Esq., Shari Siegel,
Esq. and William Warren, Esq. at Latham & Watkins represent the
Debtor in its restructuring efforts. When the Company filed for
protection from its creditors, it listed assets and debts of
over $100 million.


OWENS CORNING: Secures Approval of Indian Unit's Restructuring
--------------------------------------------------------------
Judge Fitzgerald approves Owens Corning's Omnibus Agreement by
and among Owens Corning, Owens Corning (India) Limited, IPM,
Inc., Archway Investments Limited, Mahindra & Mahindra, Ltd.,
The Bank of Nova Scotia (Mumbai Branch), International Finance
Corporation, The Bank of Nova Scotia Asia Limited and Export-
Import Bank of India.  The Debtors are also authorized to
execute each of the documents, and consummate each of the
transactions contemplated thereby without further application to
or order of the Court.

Judge Fitzgerald further authorizes the Debtors to pay IPM (for
forwarding to OCIL), or OCIL directly, on IPM's behalf, up to
$1,500,000 upon the Closing Date so that IPM can subscribe to a
capital call by OCIL.

                         *   *   *

As previously reported, OC India was organized under the laws of
India in 1995 for the purpose of manufacturing, marketing,
distributing and selling of advanced glass, fiber glass,
composite materials and building materials. It owns and operates
a manufacturing facility in Taloja, Maharashtra, India. The
Debtor, through its non-debtor subsidiary IPM, currently holds a
50% common equity interest (minus one share) in OC India. The
remaining ownership of the company currently is: Mahindra &
Mahindra -- 26%; Archway --  12%; IF&LS Trust -- 12% (less one
share) and two initial subscribers who hold one share each.

OC India currently has two outstanding credit facilities, each
of which is secured by mortgages or security interests in
substantially all of its assets:

A) Term Loan Facility: In March 1997, pursuant to three separate
   loan agreements, BNS Asia, IFC and EXIM extended three
   separate term loan facilities to OC India of up to
   $60,000,000 in the aggregate. The Term Loan Facility is
   secured by an Indenture of Mortgage dated as of July 10, 1997
   covering certain of OC India's assets. To date, approximately
   $57,000,000 is due and owing with respect to the Term Loan
   Facility. The Debtor is not a party to the Term Loan
   Facility, and did not guarantee any of the obligations under
   the Term Loan Facility.

B) 2000 Letter Agreement: On May 26, 2000, pursuant to a Letter
   Agreement, BNS Mumbai agreed to lend OC India 900 million
   Indian rupees which is approximately equal to $20,000,000.
   The Rupee Loan Facility is secured by an Indenture of
   Mortgage and is subordinated in right of payment to the Term
   Loan Facility, and the mortgage and security interests of BNS
   are junior to those of the Senior Lenders. The Debtor is a
   guarantor with respect to the Rupee Loan Facility. To date,
   the entire principal amount under the 2000 Letter Agreement
   remains outstanding.

Following a series of meetings held in India, Amsterdam, Hong
Kong and London the parties came up with the key terms of a
restructuring and settlement, which can be summarized as
follows:

A) The Debtors have agreed to assume, in an amended and restated
   form, the Ancillary Agreements including the Technology
   License Agreement, Type 30 Technology License Agreement,
   Alloy Services Agreement, Trademark and Trade Name License
   Agreement and Offtake Contract. The parties agree to move
   the termination dates through June 30, 2010.

B) The Debtors have committed to take up to 32,000 tons of OC
   India products per annum.

C) OC India has agreed to pay the Debtors and Mahindra &
   Mahindra certain accrued royalties and fees totaling
   $3,300,000 and $800,000, respectively. The $3,300,000 owed to
   the Debtor will be paid in two equal installments, with the
   first due at closing. A portion of these accrued fees
   ($1,500,000 from OC and $500,000 from Mahindra & Mahindra)
   will be used at closing by the Debtor and Mahindra & Mahindra
   to subscribe to a capital call from OC India as a result of
   which IPM will increase its common equity shareholding in OC
   India from 50% to 60%. The proceeds from this capital call
   will be used to pay BNS Mumbai the Rupee equivalent of
   $2,000,000 million in cash on the Closing Date.

D) The Senior Lenders have agreed to extend their current debt
   maturities through June 15, 2009, reduce the interest rate on
   the Term Loan Facility and defer a portion for two years. In
   addition, the Senior Lenders have agreed to allow OC India to
   retain a portion of Excess Cash Flow for working capital
   purposes.

E) In exchange for an allowed claim against the Debtor's estate
   on account of the BNS Guarantee in the amount of $19,493,177
   and payment of $2,000,000 million in cash from the capital
   call, BNS Mumbai has agreed to convert the Rupee Loan
   Facility into secured convertible debentures, which if not
   redeemed in full by June 30, 2010, will be converted, on a
   mandatory basis, into 15% of the common equity of OC India on
   a fully diluted basis. OC will no longer guarantee OC India's
   obligations to BNS Mumbai.

F) Mahindra & Mahindra and the AIG Investors have agreed to
   reduce their common equity ownership to 21.5% and 18.5%
   respectively, in order to allow IPM's equity interest in OC
   India to increase from approximately 50% to 60%.

The Omnibus Agreement provides that by the Closing Date, the
parties will have agreed upon and accomplished, among other
things:

A) The entry of a Final Order authorizing and approving the BNS
   Mumbai a Guarantee Claim in an amount of $19,493,177.

B) The execution and delivery by the Parties of all the
   Transaction Documents and the Releases (both as defined in
   the Omnibus Agreement), in form and substance satisfactory to     
   all Parties.

C) Receipt by BNS Mumbai of the sum of $2,000,000, in Rupee
   equivalent.

D) Receipt of proof reasonably satisfactory to each of the
   Parties that all conditions precedent to the closing of the
   BNS Restructuring Agreement and the BNS Letter Agreement have
   been met, and that the BNS Restructuring Agreement and the
   BNS Letter Agreement have closed.

E) Receipt of proof reasonably satisfactory to the Shareholders
   that the common equity shareholding of OC India has been
   adjusted and that all necessary Indian governmental approvals
   have been obtained to these adjustment.

F) Receipt of proof reasonably satisfactory to OC India
   shareholders including AIG Investors, M&M, IPM and OC that
   the conditions precedent set forth in the Amended and
   Restated AIG Investors Agreement have been fulfilled.

G) Approval of the Amended OC India Articles by a special
   resolution of the shareholders, filing of such Amended OCIL
   Articles with the Registrar of Companies in India, and the
   Parties' receipt of proof reasonably satisfactory to the
   Parties that such filing has taken place.

H) Receipt of proof reasonably satisfactory to the Senior
   Lenders that the conditions precedent set forth in the
   Amended Senior Agreements have been fulfilled. (Owens Corning
   Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service,
   Inc., 609/392-0900)   

Owens Corning's 7.7% bonds due 2008 (OWENC4), DebtTraders
reports, are quoted at a price of 38.75. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=OWENC4for  
real-time bond pricing.


POLAROID: Retirees' Committee Allowed to Pursue Insurance Claims
----------------------------------------------------------------
On June 12, 2002, the Retiree Committee reached a deal with
Polaroid Corporation, its banks and its creditors that will
allow the Retiree Committee to pursue claims on behalf of
retirees against Polaroid's insurance company.  The Retiree
Committee intends to pursue various breach-of-fiduciary-duty
claims related to termination of the health and welfare benefits
against Polaroid's management, looking to satisfy those claims
from Polaroid's $25 million insurance policy.  The settlement
would not preclude any individuals from pursuing other claims,
including any claims related to Polaroid's Employee Stock Option
Plan (ESOP) or claims that the PBGC might have relating to the
pension plan.  The settlement also provides for the payment of
professional fees of the Retiree Committee incurred in
connection with the expenses of the investigation of Polaroid
over the last six months, up to $750,000. (Polaroid Bankruptcy
News, Issue No. 19; Bankruptcy Creditors' Service, Inc.,
609/392-0900)


PRINTERA: Arranges Bridge Loan to Pay Overdue Suppliers' Claims
---------------------------------------------------------------
Printera Corporation (PAC: TSX) has arranged a temporary loan
facility to alleviate an overdue situation with certain trade
suppliers.  This bridge loan is an interim step in the overall
refinancing of Printera.  The loan will be repaid from the
proceeds of an anticipated rights offering, details of which
will be forwarded to all shareholders in the near future.

Printera is a leading producer of high quality consumer labels
focusing on major corporate clients in the beverage and food
industries.


PROVELL INC: Committee Seeks OK of Lowenstein Sandler Engagement
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Provell, Inc.
and its affiliated debtors asks the U.S. Bankruptcy Court for
the Southern District of New York for permission to employ
Lowenstein Sandler PC as counsel, effective as of May 17, 2002.

The Committee tells the Court that it selected Lowenstein
because of its attorneys' experience and knowledge and it
believes that Lowenstein is well qualified to represent it in
these cases.

The professional services that Lowenstein will provide to the
Committee will include:

     a) advice in respect of the Committee's duties and powers;

     b) assist the Committee in investigating the acts, conduct,
        assets, liabilities, and financial condition of the
        Debtors, the operation of the Debtors' businesses,
        potential claims, and any other matters relevant to the
        case or to the sale of assets or confirmation of a Plan
        of Reorganization;

     c) participate in the formulation of a Plan;

     d) assist the Committee in requesting the appointment of a
        Trustee or Examiner, should such action be necessary;
        and

     e) perform such other legal services as may be required and
        be in the interest of the Committee and creditors.

Lowenstein's hourly rates are:

          Partners          $275 to $475
          Of Counsel        $230 to $325
          Associates        $135 to $275
          Legal Assistants  $70 to $125

Provell, Inc. develops, markets and manages an extensive
portfolio of membership and customer relationship management
programs that provide discounts and other benefits to members in
the areas of shopping, travel, hospitality, entertainment,
health/fitness, finance, cooking and home improvement.  The
company filed for chapter 11 protection on May 9, 2002.  Alan
Barry Hyman, Esq., Jeffrey W. Levitan, Esq., David A. Levin,
Esq. at Proskauer Rose LLP represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from its creditors, they listed $40,574,000 in total assets and
in $82,964,000 total debts.


SIGNATURE EYEWEAR: Bank Forbearance Pact Extended Until Nov. 8
--------------------------------------------------------------
Signature Eyewear, Inc. (SEYE) received an extension of its bank
forbearance agreement from July 8, 2002 to November 8, 2002.

Signature Eyewear is a leading designer and marketer of
prescription eyeglass frames and sunglasses under
internationally recognized brand names such as Laura Ashley
Eyewear, the premier feminine collection; Eddie Bauer Eyewear,
the everyday casual lifestyle collection for men and women; bebe
eyes, sexy provocative eyewear for the contemporary woman; Hart
Schaffner & Marx, the distinctively masculine collection; Nicole
Miller Eyewear, a fun, whimsical collection for the style-
conscious modern woman. Signature Eyewear's proprietary brands
include Dakota Smith Eyewear, "Capturing the American Spirit,"
and The Signature Eyewear Collections. Signature Eyewear's
products are sold in the United States and internationally to
opticians, optometrists and ophthalmologists and to major
national retail chains. For more information about Signature
Eyewear, call 1-800-765-EYES, or visit the company's Web site at
http://www.signatureeyewear.com


SOLECTRON CORP: Offers to Re-Purchase $1.5BB of 2-3/4% LYONs
------------------------------------------------------------
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell 2-3/4% LYONs. The Offer is made
only by the Offer to Purchase, dated June 21, 2002, and the
related Letter of Transmittal and any amendments or supplements
thereto, and is being made to all holders of 2-3/4% LYONs. The
Offer will not be made to (and tenders will not be accepted from
or on behalf of) holders of 2-3/4% LYONs in any jurisdiction
where making the Offer is unlawful. In those jurisdictions where
securities, blue sky or other laws require the Offer to be made
by a licensed broker or dealer, the Offer shall be deemed to be
made on behalf of the Company by Morgan Stanley & Co.
Incorporated, the dealer manager for the Offer, or by one or
more registered brokers or dealers licensed under the laws of
such jurisdiction.

              Notice of Offer to Purchase for Cash
                          
                              By

                     Solectron Corporation

    Up to $1.5 Billion Aggregate Principal Amount at Maturity
                      of its Outstanding

             2-3/4% Liquid Yield Option Notes due 2020
             (Zero Coupon-Senior) issued in May 2000
           CUSIP No. 834182 AK3; ISIN No. US834182 AK32

  at a purchase price not greater than $600 nor less than $580,
           per $1,000 principal amount at maturity

      Solectron Corporation, a Delaware corporation, is offering
to purchase for cash, upon the terms and subject to the
conditions set forth in the Offer to Purchase, dated June 21,
2002 (as it may be amended or supplemented, the "Offer to
Purchase"), and in the accompanying Letter of Transmittal (the
Offer to Purchase and the Letter of Transmittal being sometimes
referred to herein as the "Offer"), up to $1.5 billion aggregate
principal amount at maturity of its outstanding 2-3/4% Liquid
Yield Option(TM) Notes due 2020 (Zero Coupon-Senior) issued in
May 2000 (the "2-3/4% LYONs") at a purchase price not greater
than $600 nor less than $580 per $1,000 principal amount at
maturity, determined by the "Modified Dutch Auction" procedure
described below. The Offer is not conditioned on the tender of
any minimum principal amount at maturity of 2-3/4% LYONs. The
Offer is, however, subject to other terms and conditions. See
Section 9 of the Offer to Purchase. Liquid Yield Option is a
Trademark of Merrill Lynch & Co., Inc.

      The purpose of the Offer is to reduce the amount of the
Company's outstanding indebtedness and effectively to extend the
average maturity of its outstanding indebtedness. Any 2-3/4%
LYONs accepted for payment by the Company in the Offer will be
canceled. The Company will use up to $900 million of funds from
its available cash on hand to consummate the Offer.

      As of June 20, 2002, there was outstanding $2,352,500,000
aggregate principal amount at maturity of the 2-3/4% LYONs. The
maximum aggregate principal amount at maturity of 2-3/4% LYONs
to be purchased is referred to as the "Offer Amount." The Offer
Amount represents approximately 64% of the aggregate principal
amount at maturity of the 2-3/4% LYONs outstanding as of June
20, 2002.

THE OFFER WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON
FRIDAY, JULY 19, 2002, UNLESS EXTENDED (SUCH TIME AND DATE, AS
IT MAY BE EXTENDED, THE "EXPIRATION DATE"). TENDERS OF
SECURITIES MAY BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION
DATE.

      Under the "Modified Dutch Auction" procedure, the Company
will accept 2-3/4% LYONs validly tendered (and not withdrawn) in
the Offer in the order of lowest to highest tender prices
specified or deemed to have been specified by tendering holders
within the above-described price range and will select as the
"Purchase Price" the single lowest price so specified that will
enable the Company to purchase the Offer Amount (or, if less
than the Offer Amount is validly tendered (and not withdrawn),
all 2-3/4% LYONs so tendered). The Company will pay the same
Purchase Price for all 2-3/4% LYONs validly tendered (and not
withdrawn) at or below the Purchase Price, upon the terms and
subject to the conditions of the Offer as set forth in the Offer
to Purchase.

      In the event that the amount of 2-3/4% LYONs validly
tendered (and not withdrawn) on or prior to the Expiration Date
at or below the Purchase Price exceeds the Offer Amount, then,
subject to the terms and conditions of the Offer as set forth in
the Offer to Purchase, the Company will accept for payment at
the Purchase Price all such 2-3/4% LYONs validly rendered (and
not withdrawn) on a pro rata basis. The Company will make
appropriate adjustments to avoid purchases of 2-3/4% LYONs in a
principal amount at maturity other than an integral multiple of
$1,000.

      Any holder desiring to tender 2-3/4% LYONs must, prior to
the expiration of the Offer, either (a) in the case of a holder
who holds physical certificates evidencing such 2-3/4% LYONs,
complete and sign the Letter of Transmittal, or a facsimile copy
thereof, in accordance with the instructions in the Letter of
Transmittal, have such holder's signature thereon guaranteed if
required by the instructions to the Letter of Transmittal, mail
or deliver the Letter of Transmittal and an other required
documents to U.S. Bank National Association (the "Depository")
and deliver the certificates evidencing such 2-3/4% LYONs to the
Depositary along with the Letter of Transmittal, or facsimile,
or (b) in the case of a beneficial owner who holds 2-3/4% LYONs
in book-entry form, (i) request such owner's broker, dealer,
commercial bank, trust company or other nominee to effect
the tender for such holder, or, (ii) tender through The
Depository Trust Company pursuant to its Automated Tender Offer
Program. The address for the Depositary is 180 East Fifth
Street, St. Paul, MN 55101. A holder having 2-3/4% LYONs
registered in the name  of a broker, dealer, commercial bank,
trust company or other nominee if such holder desires to tender
such 2-3/4% LYONs.

      2-3/4% LYONs purchased in the Offer will be paid for
promptly following the Expiration Date. The Company will be
deemed to have accepted for payment pursuant to the Offer, and
thereby have purchased, validly tendered 2-3/4% LYONs that are
subject to the Offer, if, as and when the Company gives oral
(confirmed in writing) or written notice to the Depositary of
the Company's acceptance of the 2-3/4% LYONs for purchase
pursuant to the Offer.

      A tender of 2-3/4% LYONs may be withdrawn at any time on
or prior to the Expiration Date and, unless already accepted for
payment by the Company, may be withdrawn at any time after 12:00
midnight, New York City time, on Monday, August 19, 2002 by
following the procedures for withdrawal of tendered 2-3/4% LYONs
appearing in the Offer to Purchase. No consideration shall be
payable in respect of 2-3/4% LYONs so withdrawn.

      A receipt of cash for the 2-3/4% LYONs in the Offer will
be a taxable transaction for U.S. federal income tax purposes. A
holder will recognize a gain or loss on the sale of the 2-3/4%
LYONs equal to the difference, if any, between the amount of
cash received by the holder and the adjusted tax basis in the 2-
3/4% LYONs sold. Holders should review the description of tax
consequences contained in the Offer to Purchase when evaluating
the Offer. Holders considering the tender of 2-3/4% LYONs
pursuant to the Offer should consult their tax advisors
regarding the application of the U.S. federal income tax laws to
their particular situations and the consequences of foreign,
state, or local laws and tax treaties.

      The Offer to Purchase and Letter of Transmittal contain
important information which should be read before any decisions
are made with respect to the Offer.

      None of the Company, its board of directors or employees,
the dealer manager, the Depositary or the information agent
makes any recommendation to the holders as to whether they
should tender or refrain from tendering their 2-3/4% LYONs or as
to the price or prices at which to tender their 2-3/4% LYONs.
The Company has not authorized any person to make any
recommendation on its behalf as to whether a holder should
tender or refrain from tendering its 2-3/4% LYONs in the Offer.
The Company has not authorized any person to give any
information or to make any representation in connection with the
Offer other than those contained in the Offer to Purchase, the
Letter of Transmittal and related materials. If given or made,
any recommendation or any such information or representation
must not be relied upon as having been authorized.

      Copies of the Offer to Purchase and the related Letter of
Transmittal are being mailed to record holders of 2-3/4% LYONs
and will be furnished to brokers, banks and similar persons,
whose names, or the names of whose nominees, appear on the
Company's list of holders of 2-3/4% LYONs or, if applicable, who
are listed as participants in a clearing agency's security
position listing for subsequent transmittal to beneficial owners
of 2-3/4% LYONs. Copies of the Offer to Purchase, Letter of
Transmittal and related documents may be obtained at no charge
from the information agent or from the SEC's Web site at
http://www.sec.gov.

      Any questions or requests for assistance may be directed
to the information agent or the dealer manager at their
respective telephone numbers and addresses set forth below.
Holders may obtain copies of the Offer to Purchase, the Letter
of Transmittal and related documents at no charge from the
information agent.

      The information required to be disclosed by 13e-4(d)(1) of
the General Rules and Regulations under the Securities Exchange
Act of 1934 is contained in the Offer to Purchase and is
incorporated into this announcement by reference.

             The Information Agent for the Offer is:
                     
                      Georgeson Shareholder

                  17 State Street, 10th Floor
                      New York, NY 10004
               Banks and Brokers: (212) 440-9800
           All Others Call Toll Free: (866) 431-8992


             The Dealer Manager for the Offer is:

               Morgan Stanley & Co. Incorporated,
                      1585 Broadway
                    New York, NY 10036
              Telephone: (212) 761-5722 (collect)
          Call Toll-Free: (800) 223-2440 ext. 1-5722


SOVRAN SELF: Fitch Rates $70MM Preferred Shares Offering at BB+
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Sovran Self
Storage, Inc.'s [NYSE: SSS] private placement of $70 million
8.375% series C convertible preferred stock. Sovran Self
Storage, Inc. will draw an initial $40 million of proceeds upon
closing and the remaining $30 million later in the year.
Proceeds from the initial draw will be used to pay down
outstanding balances on the revolving credit facility while the
second draw is scheduled to retire a $30 million term loan
maturing in November 2002. Fitch has also affirmed the 'BBB-'
issuer rating for Sovran's principal operating subsidiary,
Sovran Acquisition Limited Partnership, and its 'BB+' rating for
$30 million of outstanding 9.85% series B perpetual preferred
stock. The Rating Outlook remains Stable.

Use of the initial draw proceeds to reduce line outstandings to
a proforma $100 million under Sovran's $150 million revolving
credit facility will address Fitch's concerns regarding
financial flexibility and the short term tenor of Sovran's debt
structure. Sovran expects to use the additional borrowing
capacity for pending acquisition activity and to fund revenue-
enhancing capital expenditures on its existing asset base.
Fitch's ratings also acknowledge Sovran's good geographic
diversification, minimal development exposure and strong
financial ratios and unencumbered asset levels relative to other
real estate investment trusts in its rating category.

Fitch's primary credit concern is Sovran's reliance on the
revolving credit facility and bank term loans, which include $75
million due November 2003, in addition to the $30 million due
later this year, as its principal funding sources. Proforma the
preferred share offering and the intended use of proceeds,
nearly 80% of the company's total debt comes due in 2003,
although one-third of the total can be extended for an
additional two years. Fitch's issuer and preferred stock ratings
anticipate a long-term unsecured debt offering in 2003 to
address these refinancing requirements, the absence of which
would question Sovran's commitment to an unsecured financing
strategy and access to long-term debt from public or private
sources. Previous rating concerns regarding high variable rate
debt exposure were substantially mitigated in late 2001 with the
purchase of $130 million in 3-6 year interest rate swaps, which
have reduced proforma floating rate exposure to a more
manageable $48 million level.

Operating performance over the most recent quarter was fairly
flat with a reported 1.4% increase in same-store net operating
income year over year, despite a 200 basis point drop in
occupancy to 82%, which stands slightly below the peer group
average (83%). The occupancy drop reflects Sovran's continued
efforts to push rental rate increases, a strategy consistent
with that of other self-storage REITs and which has produced a
4.1% year-over-year increase for the latest quarter. Going
forward, the company expects to drive rent growth with the
expansion of proprietary programs such as Dri-Gard and Flex-A-
Space and reduce expenses through further integration of the
company's call center operations.

Proforma the full $70 million issuance, Fitch estimates
EBITDA/interest coverage at 4.6 times and fixed charge coverage
at 2.4x, adjusted for preferred distributions, recurring capital
expenditures and capitalized interest. Leverage subsequent to
the preferred issuance is a proforma 34% of total undepreciated
book capitalization, nearly all of which is bank debt, with
preferred securities representing another 15% of the capital
structure.

Based in Buffalo, New York, Sovran is a $652 million
(undepreciated book capital) equity REIT that acquires, owns,
and operates self storage properties under the trade name Uncle
Bob's Self Storage. Sovran's portfolio consists of 260
properties located throughout the Southeast, Southwest, Mid-
Atlantic and Northeast. The company's largest concentrations are
located in Florida (23% of undepreciated book) and Texas (14%).


STATIONS HOLDING: Court Okays McGladrey & Pullen as Accountants
---------------------------------------------------------------
Stations Holding Company, Inc. obtained authority from the U.S.
Bankruptcy Court for the District of Delaware to employ
McGladrey & Pullen LLP as Certified Public Accountants and Tax
Advisors.

The Debtor believes that McGladrey & Pullen has considerable
experience in providing accounting and tax advisory services in
chapter 11 cases and enjoys an excellent reputation for services
it has rendered in other chapter 11 cases.

McGladrey & Pullen will provide accounting and tax advisory
services as McGladrey & Pullen and the Debtor deem appropriate,
including:

     a) Assisting the Debtor with information and analyses
        required pursuant to the preparation for hearings
        regarding the use of cash collateral financing;

     b) Assisting and advise the Debtor in performing the
        financial analyses necessary to identify the core
        business assets and the possible disposition of non-core
        assets;

     c) Assisting in the preparation of financial information
        for distributions to creditors and others, including
        cash flow projections and budgets, cash receipts and
        disbursement analysis, analysis of various asset and
        liability accounts, and analysis of proposed transaction
        for which Court approval is sought;

     d) Attending meeting and assist in discussions with
        potential investors, banks and other secured lenders,
        any official creditors' committees appointed in the
        Chapter 11 Case, the U.S. Trustee, other parties in
        interest and any professionals retained;

     e) Assisting in the preparation of information and analyses           
        necessary for the confirmation of a plan of
        reorganization in the Chapter 11 case;

     f) Providing litigation advisory services with respect to
        accounting and tax matters, along with expert witness
        testimony on case-related issues as required by the
        Debtor; and

     g) Rendering such other general business consulting or such
        other assistance as Debtor's management or counsel may
        deem necessary that are not duplicative of services
        provided by other professionals in this proceeding.

The normal hourly rates charged by McGladrey & Pullen personnel
are:

          Partners                    $290 to $325
          Managers/Directors          $150 to $240
          Senior Associates           $100 to $150
          Associates                  $90
          Paraprofessionals/
             Administrative Support   $80

Stations Holding Company, Inc. is a holding company with minimal
operations other that from its non-debtor, wholly-owned
subsidiary, Benedek Broadcasting Corporation. Benedek
Broadcasting owns and operates 23 television stations located
throughout the United States. The Company filed for chapter 11
protection on March 22, 2002. Laura Davis Jones, Esq. at
Pachulski, Stang, Ziehl Young & Jones and James H.M. Sprayregen,
Esq. at Kirkland & Ellis represent the Debtor in its
restructuring efforts. When the Company filed for protection
from its creditors, it listed estimated debts and assets of more
than $100 million.


SWAN TRANSPORTATION: Nickens Lawless Engagement Continues
---------------------------------------------------------
Swan Transportation Company secured approval from the U.S
Bankruptcy Court for the District of Delaware to continue
employing Nickens, Lawless & Flack, LLP as special counsel.  

The Debtor has long been the subject of numerous claims brought
by individuals claiming personal injuries as the alleged result
of exposure to products used at the Foundry (especially asbestos
and silica).

Nickens, Lawless will primarily represent the Debtor in a
Prepetition Lawsuit in Texas State court.  That suit seeks
declaratory and other relief regarding the coverage of the Tort
Claims under the policies issued by the insurance carriers.

The Debtor agrees to pay Nickens Lawless at the Firm's current
hourly billing rates:

     J. Mark Lawless       Partner           $335 per hour
     Dulce M. Stenglein    Of Counsel        $275 per hour
     Lee H. Shidlofsky     Associate    $210 per hour
     Dolores Moncada       Legal Assistant   $90 per hour
     Angie Lopez           Legal Assistant   $90 per hour

Swan Transportation Company filed for chapter 11 protection on
December 20, 2001. Tobey Marie Daluz, Esq., Kurt F. Gwynne, Esq.
at Reed Smith LLP and Samuel M. Stricklin, Esq. at Neligan,
Tarpley, Stricklin, Andrews & Folley, LLP represent the Debtor
in its restructuring efforts. When the Company filed for
protection from its creditors, it listed assets and debts of
over $100 million.


TRI-UNION: Reaches Pact to Satisfy Sr. Notes' Interest Payment
--------------------------------------------------------------
Tri-Union Development Corporation has reached an agreement with
the trustee for, and holders of, all of its 12.5% Senior Secured
Notes due June 2006 regarding the satisfaction of the obligation
to pay approximately $8,125,000 of interest that was due June 3,
2002. Non-payment of such interest was an event of default as of
July 3, 2002.

The Noteholders and trustee agreed to permit the Company to make
the interest payment through the issuance of additional
promissory notes with terms that generally are identical to the
terms of the existing Notes, except with respect to certain
factors including the issuance date and the aggregate principal
amount, as well as that the New Notes will not immediately be
registered under the Securities Act of 1933 and will not be
freely tradable until the time when a registration statement
with respect to the New Notes has been declared effective by the
Securities and Exchange Commission.

In addition, the Company issued to the Noteholders an aggregate
of 76,667 shares of Class A Common Stock and agreed to certain
amendments to the Indenture governing the Notes and New Notes,
including covenants regarding EBITDA maintenance, daily
production, inclusion of oil and gas assets as collateral,
severance of certain business relationships, provision of
monthly financial reports to the trustee and addition of cross-
defaults to other obligations.


UAL CORP: Will Publish Q2 Financial Results on July 19, 2002
------------------------------------------------------------
UAL Corporation (NYSE:UAL), the parent company of United
Airlines, will announce second-quarter financial results before
the market opens on Friday, July 19.

In addition, the company will broadcast its earnings conference
call simultaneously on the Internet at http://www.united.comon  
July 19 at 9:00 a.m. Eastern Standard Time. A replay of the
webcast will be available on united.com until July 31.

Information on the technical requirements for the webcast will
be available shortly on the Investor Relations link of
united.com.

UAL's main subsidiary, United Airlines, is the world's #1 air
carrier based on revenue passenger miles. United flies some 600
jets to more than 130 destinations in the US and 27 other
countries from hubs in Chicago, Denver, Los Angeles, San
Francisco, and Washington, DC. It leads the Star Alliance, a
global marketing partnership with Lufthansa and others. The
carrier had hoped to expand by acquiring US Airways, but the
companies called off the deal after antitrust regulators at the
US Department of Justice moved to block it. UAL low-fare carrier
United Shuttle offers about 455 short-haul flights daily to 23
western US cities. Employees control 55% of UAL's voting stock.

As of March 31, 2002, UAL Corporation, United Airlines' parent
company, has a working capital deficit of about $3 billion.


U.S. INDUSTRIES: Relocates Headquarters to West Palm Beach, FL
--------------------------------------------------------------
U.S. Industries, Inc. (NYSE-USI) announced the closing of its
corporate office in Iselin, New Jersey, with the consolidation
into its smaller facility in West Palm Beach, Florida.

The new address of its headquarters is:

                   777 S. Flagler Drive (Suite 1108)
                  West Palm Beach, Florida 33401-6102
                    Main Telephone: (561) 514-3838
                          Fax: (561) 514-3839

David H. Clarke, Chairman and Chief Executive Officer of U.S.
Industries, said, "This move is part of our plan to reduce
corporate costs to be more in line with the smaller size of our
company resulting from our sell-off program. At the same time,
this consolidation will enable us to eliminate the group
executive layer of management, with operating management
reporting directly to top management."

U.S. Industries owns several major businesses selling branded
bath and plumbing products, along with its consumer vacuum
cleaner company. The Company's principal brands include Jacuzzi,
Zurn, Sundance Spas, Eljer, and Rainbow Vacuum Cleaners.

As reported in Troubled Company Reporter's April 30, 2002
edition, U.S. Industries, Inc. (NYSE-USI) has completed the
previously announced sale of its domestic lighting companies,
including LCA Group Inc., to Hubbell Incorporated, of Orange,
Connecticut.

U.S. Industries also announced that James O'Leary, currently
Chairman and Chief Executive Officer of LCA Group, would leave
to pursue other interests following a transitional period.


USG CORP: Court Approves Wollmuth Engagement as N.J. Counsel
------------------------------------------------------------
Judge Newsome granted USG Corporation and its debtor-affiliates
authority to substitute Wollmuth Maher for Gibbons, Del
Deo as local New Jersey Counsel under the same terms as Gibbons,
Del Deo was retained.

Paul N. Heath, Esq., at Richards, Layton & Finger, told Judge
Newsome that the principal attorneys handling USG Corporation's
business at Gibbons, Del Deo, Paul R. DeFilippo, Esq., Elizabeth
Kardos, Esq., and Brendan P. Langendorfer, Esq., left that firm.
As of May 6, 2002, Mr. DeFilippo joined Wollmuth Maher & Deutsch
LLP as a partner, and Mr. Langendorfer joined the Firm shortly
thereafter.

Mr. DeFilipo asserts in his affidavit that the members and
associates of the Firm do not have any connections, or any
interest adverse to the Debtors, their creditors, attorneys or
any other party in interest.

The Debtors have not paid Wollmuth Maher within the last year,
nor did they owe the Firm anything on the Petition Date. (USG
Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


UNITED AIRLINES: Revenue Passenger Miles Fall 13.7% in June
-----------------------------------------------------------
United Airlines' (NYSE:UAL) total scheduled revenue passenger
miles (RPMs) fell 13.7 percent in June vs. the comparable month
in 2001, on a capacity decrease of 13.6 percent. The carrier's
passenger load factor came in at 78.0%, down marginally from
78.1 percent a year ago.

United Airlines offers more than 1,800 flights a day on a route
network that spans the globe. Other information about United
Airlines can be found at the company's Web site
http://www.united.com


VENTURE HOLDINGS: S&P Raises Rating on $125M Senior Notes to CC
---------------------------------------------------------------
Standard & Poor's raised its rating on Fraser, Michigan-based
Venture Holdings Co. LLC's $125 million, 11% senior notes to
triple-'C'-minus from 'D' and the company's $125 million 12%
senior subordinated notes to double-'C' from 'D' following the
company's July 3, 2002, payment of the semi-annual coupon
payments that were due on the bonds on June 3, 2002.

At the same time, those ratings were placed on CreditWatch with
negative implications. The ratings on the company's senior
secured credit facility remain on CreditWatch with negative
implications where they were placed on December 19, 2001.
Venture is an automotive components manufacturer.

Restrictive agreements with its bank group prevented the company
from making the coupon payments on their due date on June 3,
2002. However, the indentures governing each of the bonds
provided for 30-day grace periods, and Venture made the required
payments within the grace periods.

"The CreditWatch listings reflect the risks that Venture will be
unable to access the cash flows of its European subsidiary,
Peguform GmbH, to service its debt obligations," said Standard &
Poor's analyst Martin King. Venture continues to contest the May
28, 2002 insolvency petition filed by directors of Peguform. A
temporary administrator has been appointed to determine whether
there is good reason to open insolvency proceedings, and has 90
days in which to make his determination.

Venture's bank group has provided a waiver of certain potential
existing defaults under the company's credit agreement,
including any default caused by the failure to make bond
interest payments. The company is working with certain customers
to receive expedited payments to enhance liquidity, and is in
discussions with various constituencies to restructure its
operations on a global basis.

Standard & Poor's will continue to monitor events as they
develop. The ratings could be lowered should Venture file for
bankruptcy, restructure operations or debt in a way that impairs
credit quality, or its European operations be declared
insolvent.


W.R. GRACE: Mar. 31, 2003 Asbestos Property Claim Bar Date Fixed
----------------------------------------------------------------
                      If You Own or Operate a
             Commercial, Residential or Public Building
          Constructed With Asbestos-Containing Products or
                Have Other Claims Against W. R. Grace

             Your Claims Must Be Filed By March 31, 2003

W. R. Grace, its predecessors, subsidiaries, and other related
entities have filed for protection under Chapter 11 of the U.S.
Bankruptcy Code. The Bankruptcy Court has ordered that all
individuals and entities with Asbestos Property Damage Claims
against Grace must file these claims on or before March 31,
2003.

               Who is Affected by this Notice?

Asbestos Property Damage Claimants

Individuals and entities that own or manage commercial, public
and high-rise residential buildings that have asbestos-
containing products may be affected including schools, hotels,
government buildings, theaters, airports, churches, and other
public facilities.

      Asbestos Property Damage Claims include, among other
claims, the cost of removal, the diminution of property value or
economic loss, etc., caused by asbestos in products manufactured
by Grace or from vermiculite mined, milled, processed, or sold
by Grace.

Other Claimants

Other Claimants include individuals and entities with claims
other than Asbestos Personal Injury Claims. These include
general unsecured trade claims, contract claims, environmental
claims, and Medical Monitoring Claims which allege no current
personal injury, but significant exposure to Grace asbestos or
vermiculite products requiring the claimant to be examined
medically or tested to detect possible future injury.

               What Types of Products are Involved?

Grace Asbestos-Containing Products

Grace produced and marketed vermiculite products containing
added asbestos primarily to the commercial construction
industry.

     From 1959 to 1973, Grace marketed Mono-Kote 3 (MK-3), an
asbestos-containing, wet, spray-applied fireproofing product
used to provide fire protection for the enclosed steel
structures of large buildings. Other Grace products included
Zonolite Acoustical Plastic, and other acoustical plaster and
textured products used primarily on interior ceilings and walls.

Grace Vermiculite Products

Grace mined, produced and marketed vermiculite products, some of
which may have contained naturally occurring asbestos. The
products were sold to the building construction,
agricultural/horticultural and consumer markets. These products
included Monokote Fireproofing, Zonolite Concrete Roof Decks  
and Zonolite Masonry Insulation.

                      How Do I File a Claim?

To preserve your claim, you must file the appropriate Proof of
Claim Form  with the Claims Agent so that it is received by
March 31, 2003. Failure to file a Proof of Claim Form by the Bar
Date may result in your claim not being considered for payment.

This is a summary notice only. For complete information
including the Claims Bar Date Notice, Proof of Claim Forms,
instructions for filing a claim, a list of Grace asbestos-
containing products, and a list of Grace entities write to:
Claims Agent, Re: W. R. Grace & Co. Bankruptcy, P.O. Box 1620,
Faribault, MN 55021-1620, or call:

       1-800-432-1909 or visit http://www.graceclaims.com


WARNACO: Seeking Open-Ended Lease Decision Period Extension
-----------------------------------------------------------
For the third time, The Warnaco Group, Inc., and its debtor-
affiliates ask the Court to extend the deadline by which they
must assume or reject leases.  This time, the Debtors ask for an
open-ended extension through and including the date the plan of
reorganization is confirmed, subject to:

  (a) the right of the Debtors to request further extension, if
      necessary, with respect to the Leases; and

  (b) the right of any Lessor to request that the extension be
      shortened for cause as to a particular Lease.

According to Kelley A. Cornish, Esq., at Sidley Austin Brown &
Wood, in New York, the Debtors still have approximately 170
active non-residential real property leases:

    (1) 136 of which are for their retail store outlets; and

    (2) 34 of which are for the Debtors' administrative office
        space, manufacturing facilities, distribution facilities
        and warehouse and storage facilities.

Since the Petition Date, the Debtors have rejected approximately
102 leases of retail stores, offices and other facilities
through Court orders.  The Debtors have also consensually
terminated three leases and assumed and assigned three more.  
However, Ms. Cornish reports, the Debtors need additional time
to complete the analysis of whether to assume or reject the
remaining Leases. "The decision of whether to assume or reject
the Leases will depend in large part on the nature of the
Debtors' overall plan or plans of reorganization in these
cases," Ms. Cornish says.

In this regard, Ms. Cornish tells the Court, the Debtors are
currently targeting the filing of a consensual plan on or before
July 31, 2002.  However, due to the complexities of these cases
and the Debtors' desire to file a consensual plan, it is
possible that they may not be able to meet the July 31 target
date.  Thus, Ms. Cornish contends, until the Debtors have had an
opportunity to fully implement their business plan and to
finalize their plan or plans of reorganization, it is premature
for them to make decisions regarding the assumption or rejection
of most, if not all, of their remaining non-residential real
property leases.

Moreover, Ms. Cornish enumerates other causes why the extension
should be granted, pursuant to Section 365(d)(4) of the
Bankruptcy Code:

    (a) the Leases are important to the Debtors' operations in
        their current configuration although the Debtors' need
        for some or all of the Leases may change based upon the
        final structure of the Debtors' plan or reorganization;

    (b) if the deadline is not extended, the Debtors may be
        forced to prematurely assume certain Leases, which could
        lead to unnecessary administrative claims against their
        estates if the Leases ultimately are terminated.
        Conversely, if the Debtors precipitously reject the
        Leases, they may forego significant value, create large
        unwarranted rejection damage claims and dispose of
        Leases that ultimately would be valuable assets of these
        estates;

    (c) the Debtors have made great strides by rejecting,
        terminating or assuming and assigning approximately 40%
        of their real property leases;

    (d) since Petition Date, the Debtors have been regularly
        paying their monthly obligations under the Leases;

    (e) the Debtors have more than adequate liquidity through
        their DIP Facility and revenues generated by their
        operations to continue to perform their postpetition
        obligations under the Leases through the confirmation of
        a plan or reorganization; and

    (f) the Debtors have made substantial progress toward
        formulating a plan by working diligently and without
        delay to streamline their operations, developing a
        Business Plan, establishing an early claims resolution
        process and working cooperatively with their key
        constituencies to formulate a consensual plan or
        reorganization.

                         Objections

Thirteen Landlords object to the requested extension:

    (a) Taubman Landlords, LLP;
    (b) CPG Partners, LP;
    (c) General Growth Management, Inc.;
    (d) Hines Interests, LP;
    (e) Kravco Company;
    (f) New Plan Excel Realty Trust, Inc.;
    (g) The Rouse Company Affiliates;
    (h) Union Station Venture, Ltd;
    (i) Mills Corporation Entities;
    (j) The Macerich Company;
    (k) Donahue Schriber;
    (l) The Forbes Company; and
    (m) OVP Management.

The Landlords all agree that the Debtors have not established
cause for the relief requested and have not met their burden
pursuant to Section 365(d)(4) of the Bankruptcy Code.  Moreover,
they will be greatly prejudiced if the extension is granted
because with the relief sought by the Debtors in this action, an
extension of the time to assume or reject its leases through
confirmation of a plan or reorganization, a nonspecific
extension date, they cannot properly plan for the return of the
leased premises by marketing the spaces to new tenants for the
important Christmas 2002 season.

Accordingly, the Landlords ask the Court to deny the Debtors'
motion.  However, some Landlords would consensually agree to
extend the lease decision period for a limited time:

  (a) Taubman will allow the extension of the lease decision
      period only up to July 31, 2002 with the corresponding
      obligation to operate the store through December 31, 2002
      and to pay rent through February 6, 2002, irrespective of
      whether they choose to reject the lease prior to that
      time;

  (b) CPG Partners will allow the extension up to
      September 30, 2002; and

  (c) General Growth Management, Hines Interests, Kravco
      Company, New Plan Excel Realty Trust, The Rouse Company
      Affiliates and Union Station Venture will allow an
      extension of the lease decision period up to September
      15, 2002. (Warnaco Bankruptcy News, Issue No. 28;
      Bankruptcy Creditors' Service, Inc., 609/392-0900)  


WILLIAMS COMMUNICATIONS: All Proofs of Claim Due Today
------------------------------------------------------
               UNITED STATES BANKRUPTCY COURT
               SOUTHERN DISTRICT OF NEW YORK

In re                                )    Chapter 11 Case No.
Williams Communications Group, Inc.  )    02-11957 (SMB)
and CG Austria, Inc.,                )    (Jointly Administered)
                    Debtors.         )

    NOTICE OF LAST DATE REQUIRING FILING OF PROOFS OF CLAIM
     ON OR BEFORE JULY 10, 2002 AT 5:00 P.M. EASTERN TIME

TO ALL ENTITIES WITH CLAIMS AGAINST A DEBTOR:

      PLEASE TAKE NOTICE THAT on June 5, 2002, the United States
Bankruptcy Court for the Southern District of New York entered
an order in the above-captioned chapter 11 cases establishing
the certain deadlines for filing a proof of claim in the chapter
11 cases of the above-captioned debtors and debtors  in
possession. By the Bar Date Order, the Court authorized the
Debtors to fix July 10, 2002 at 5:00 p.m. as the date and time
by which all Entities, other than governmental units, that have
or assert any claim against a Debtor that arose prior to April
22, 2002 must file a proof of claim against a Debtor so as to be
received in the manner described below.

      1. WHO MUST FILE A PROOF OF CLAIM

      You MUST file a proof of claim if you have a claim that
arose prior to the Petition Date and it is not one of the other
types of claims described in section 2 below. Acts or omissions
of a Debtor that arose or occurred before the Petition Date, may
give rise to such a claim notwithstanding that the amount of
such claim may not have matured or become fixed or liquidated
until after the Petition Date.

       Under section 101(5) of the Bankruptcy Code and as used
herein, the word "claim" means: (a) right to payment, whether or
not such right is reduced to judgment, liquidated, unliquidated,
fixed, contingent, matured, unmatured, disputed, undisputed,
legal, equitable, secured, or unsecured; or (b) right to an
equitable remedy for breach of performance if such breach gives
rise to a right to payment, whether or not such right to an
equitable remedy is reduced to judgment, fixed, contingent,
matured, unmatured, disputed, undisputed, secured or unsecured.

      2. WHO NEED NOT FILE A PROOF OF CLAIM

You do not need to file a proof of claim if you (i)
already have properly filed a proof of claim against one or more
of the Debtors in accordance with the procedures described
herein; (ii) are an entity (a) whose claim against a Debtor is
not listed as disputed, contingent or unliquidated in the
Schedules and (b) that agrees with the nature, classification
and amount of its claim as identified in the Schedules; (iii)
have a claim against a Debtor that previously has been
allowed by order of the Court; (iv) are an entity, other than an
indenture trustee, whose claim is limited exclusively to a claim
for a repayment by the applicable Debtor of principal and
interest under a senior redeemable not issued by WCG or under an
indenture governing a senior redeemable note issued by WCG or
under an indenture, provided, however this exclusion does not
apply to any entity that wishes to assert a claim arising from
or relating to a Note Instrument other than a Note Claim; (v)
have a claim under 507(a) of the Bankruptcy Code as an
administrative expense of the Debtors' chapter 11 cases; (vi)
are a governmental entity; (vii) have a claim that has been
paid; (viii) are a director, officer or employee of a debtor
that served in such capacities on or after the Petition Date and
you have or may have claims against a Debtor for
indemnification, contribution, subrogation or reimbursement;
(ix) hold a claim arising out or based solely upon an equity
interest in the Debtors; or (x) hold a claim solely against
Williams Communications, LLC or any other non-debtor affiliate
of the Debtors.

      YOU SHOULD NOT FILE A PROOF OF CLAIM IF YOU DO NOT HAVE A
CLAIM AGAINST THE DEBTORS, OR IF THE CLAIM YOU HELD ON THE
PETITION DATE HAS BEEN SATISFIED.

      3. WHEN AND WHERE TO FILE

      Except as provided for herein, proofs of claim must be
filed so as to be received on or before 5:00 p.m., (EDT), on
July 10, 2002, at the following address (the "WCG Claims
Docketing Center"):

                    IF SENT BY MAIL             
           Clerk of the United States Bankruptcy Court
            for the Southern District of New York
           re: Williams Communications Group, et al
           P.O. Box 5074
           Bowling Green Station, New York, NY 10274

               IF SENT BY OVERNIGHT COURIER
           Clerk of the United States Bankruptcy Court
            for the Southern District of New York
           re: Williams Communications Group, Inc., et al  
           One Bowling Green, Room 534
           New York, NY 1004

      Note that proofs of claim will be deemed timely filed only
if actually received by the Court on or before the Bar Date.
Proofs of claim may not be delivered by facsimile or telecopy.

      4. WHAT TO FILE

      If you file a proof of claim, your filed proof of claim
must be signed and: (i) written in the English language; (ii)
denominated in lawful currency of the United States as of the
Petition Date, and conform substantially with Official Form No.
10 proof of claim form.

      YOU SHOULD ATTACH TO YOUR COMPLETED PROOF OF CLAIM FORM
COPIES OF ANY WRITINGS UPON WHICH SUCH CLAIM IS BASED.

      EXCEPT WITH RESPECT TO CLAIMS OF THE TYPE SET FORTH IN
SECTION 2, ANY CREDITOR WHO FAILS TO FILE A PROOF OF CLAIM ON OR
BEFORE JULY 10, 2002 (EASTERN TIME), FOR ANY CLAIM SUCH CREDITOR
HOLDS OR WISHES TO ASSERT AGAINST A DEBTOR WILL BE FOREVER
BARRED, ESTOPPED, AND ENJOINED FROM ASSERTING SUCH CLAIM (OR
FILING A PROOF OF CLAIM WITH RESPECT TO SUCH CLAIM) AND EACH
DEBTOR AND ITS PROPERTY WILL BE FOREVER DISCHARGED FROM ANY AND
ALL INDEBTEDNESS OR LIABILITY WITH RESPECT TO SUCH CLAIM, AND
SUCH HOLDER SHALL NOT BE PERMITTED TO VOTE ON ANY PLAN OF
REORGANIZATION OR PARTICIPATE IN ANY DISTRIBUTION IN THESE
CHAPTER 11 CASES ON ACCOUNT OF SUCH CLAIM OR TO RECEIVE FURTHER
NOTICES REGARDING SUCH CLAIM.

      A copy of the proof of claim form tailored for these cases
can be obtained by calling the WCG Claims Docketing Center at
(973) 509-3190

      5. THE DEBTORS' SCHEDULES AND ACCESS THERETO

      You may be listed as a holder of a claim against a Debtor
in such Debtor's Statements of Financial Affairs, Schedules of
Assets and Liabilities, Schedules of Executory Contracts and
Unexpired Leases and List of Equity Security Holders
(collectively, as amended, the "Debtor's Schedules"). If you
wish to ascertain the treatment of your claim in the Debtors'
Schedules, you may contact the WCG Claims Docketing Center at
(973) 509-3190

      You may examine the Debtor's Schedules to determine if and
how your claim is listed by the Debtors at the Court or at the  
Court's Web site at http://www.nysb.gov  A Pacer password is  
needed to do so. See the court's Web site for instructions on
how to obtain such a password. Or you may contact Denise
Sciabarassi, at Jones, Day, Reavis & Pogue, the attorneys for
the Debtors to arrange to view the Schedules at their offices
during regular business hours.

      The WCG Claims Docketing Center may be contacted at (973)
509-3190 for assistance if there are any questions concerning
the filing, amount, nature, or processing of a proof of claim.

     A CLAIMANT SHOULD CONSULT AN ATTORNEY REGARDING ANY OTHER
INQUIRIES SUCH AS WHETHER SUCH CLAIMANT SHOULD FILE A PROOF OF
CLAIM.


WORLDCOM INC: Files Revised Financial Statement With SEC
--------------------------------------------------------
WorldCom, Inc. (Nasdaq: WCOME, MCITE) has delivered to the
Securities and Exchange Commission a revision to its
description, delivered to the SEC on July 1, 2002, of the facts
and circumstances underlying the events described in and leading
to WorldCom's June 25, 2002 press release regarding its intent
to restate its 2001 and first quarter 2002 financial statements.
The revision is more detailed and includes four exhibits.

The revised statement is available on WorldCom's corporate Web
site at http://www.worldcom.com/infodesk   

WorldCom, Inc. (NASDAQ: WCOME, MCITE) is a pre-eminent global
communications provider for the digital generation, operating in
more than 65 countries. With one of the most expansive, wholly-
owned IP networks in the world, WorldCom provides innovative
data and Internet services for businesses to communicate in
today's market. In April 2002, WorldCom launched The
Neighborhood built by MCI - the industry's first truly any-
distance, all-inclusive local and long-distance offering to
consumers for one fixed monthly price. Effective as of the close
of regular trading on July 12, 2002, WorldCom will eliminate its
tracking stock structure and have one class of common stock. For
more information, go to http://www.worldcom.com

Worldcom Inc.'s 11.25% bonds due 2007 (WCOM07USA1), DebtTraders
says, are quoted at 26.5. For real-time bond pricing, see
http://www.debttraders.com/price.cfm?dt_sec_ticker=WCOM07USA1


XO COMMUNICATIONS: Court Fixes July 22, 2002 Claims Bar Date
------------------------------------------------------------
XO Communications, Inc.'s Schedules of Assets and Liabilities
identify all known creditors and the respective claim amounts.
Based on the Schedules, the Debtor classifies claims by class in
their Plan of Reorganization. However, certain of the creditors
may dispute the claim amounts listed in the Schedules. Certain
entities may raise claims not listed in the Schedules. To
effectuate and consummate the Plan, the Debtor needs to
ascertain promptly the nature, extent and scope of the
prepetition claims filed against them.

Accordingly, XO sought and obtained an order from the Court
setting July 22, 2002 as the deadline or Bar Date for creditors
to file proof of claim.  The Bar Date does not apply to:

(a) claims by any subsidiary of the Debtor;

(b) claims that have been properly filed, with the Clerk of the
    Court overseeing this case, utilizing a claim form that
    substantially conforms to Official Form No. 10;

(c) claims listed in the Schedules, which are not described as
    Disputed, Contingent, or Unliquidated, and are not disputed
    by the holders as regards amount or nature;

(d) claims that have been paid or otherwise satisfied by the
    Debtor; and

(e) claims that have been allowed by an order of the Court
    entered on or before the Bar Date (other than an order
    allowing such claim(s) for voting purposes).

With respect to claims arising from the postpetition rejection
of an unexpired lease or executory contract of the Debtor,
unless the Rejection Order provides for an earlier or later
date, the claim must be filed by the later of:

(1) 30 days after the date of any order authorizing the Debtor
    to reject the Agreement, and

(2) the Bar Date.

If the Rejection Order provides for an earlier or later date,
this earlier or later date will govern in all respects.

With respect to an agreement that expires without being
rejected, claims must be filed by the later of (i) 30 days after
the date of expiration and (ii) the Bar Date.

Any claim holder that fails to file its proof of claim on or
before the Bar Date will be forever barred, estopped, and
permanently enjoined from:

(1) asserting the claim, whether directly or indirectly, against
    the Debtor, its successors and assigns and its respective
    property,

(2) participating in any distribution in the XO Chapter 11 case
    on account of the claim, and

(3) receiving further notices regarding the claim. (XO
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service,
Inc., 609/392-0900)  


* Harvey Miller Joins Greenhill & Co. as Managing Director
----------------------------------------------------------
Greenhill & Co., LLC, a leading independent merchant banking
firm, announced the appointment of Harvey R. Miller as a
Managing Director and Member of the firm. Mr. Miller, a leading
restructuring and bankruptcy reorganization attorney,
will join Greenhill & Co. in September 2002 from Weil, Gotshal &
Manges LLP, the New York-based firm where he has practiced since
1970. As head of the Business Finance and Restructuring
Department, he participated in many prominent restructuring
situations that include: Adelphia Business Solutions, Arch
Wireless, Bethlehem Steel, Carmike Cinemas, Continental
Airlines, Eastern Airlines, Federated Department Stores, Global
Crossing, Marvel Entertainment Group, Montgomery Ward, The New
York Daily News, R.H. Macy & Co., Rockefeller Center Properties,
Safety-Kleen, Sunbeam, and Texaco.

"Harvey Miller is the consummate corporate advisor and we are
very pleased that he has chosen to begin the next chapter of his
distinguished career with our firm," said Robert F. Greenhill,
Chairman of Greenhill & Co. "I have known Harvey for many years
and have always admired his superb judgment and vast knowledge
of legal and business issues. These are qualities that will
serve him well in all three of our firm's practice areas -
merger and acquisition advisory services, corporate
restructuring, and private capital management. We look
forward to having him play an active role in a wide range of
assignments."

Mr. Miller said, "I am truly excited about this opportunity to
pursue new challenges with an independent firm focused on
providing objective strategic financial advice to corporations
and their boards. I've known Bob Greenhill since we worked
together on the landmark Texaco case and, most recently, have
had an opportunity to work with him and Michael Kramer on the
Bethlehem Steel restructuring. I believe Greenhill & Co. stands
out as a model of excellence in terms of the quality of its
people and services." Mr. Miller continued, "Weil, Gotshal &
Manges has been my home and its members my extended family for
more than 30 years. I leave with great pride in the firm that I
helped to build. I am particularly proud of my outstanding
former colleagues who helped to create the largest and most
successful restructuring and bankruptcy reorganization
department in the country. I am confident they will continue to
do exceptional work. I hope and expect to work with them in many
challenging situations in the future."

Mr. Miller is an Adjunct Professor of Law at New York University
Law School and a Lecturer in Law at Columbia University School
of Law. He is also a member of the Board of Visitors of Columbia
University School of Law. A graduate of Brooklyn College, Mr.
Miller received his LL.B. from Columbia University.

Greenhill & Co. is a leading independent merchant bank owned
entirely by its partners. Through its offices in New York,
London and Frankfurt, Greenhill advises corporations on their
most pressing strategic financial issues, including mergers and
acquisitions, leveraged or management buyouts, and
recapitalizations and financial restructurings. The firm also
engages in private equity investing through the $425 million
Greenhill Capital Partners Fund and the $104 million Barrow
Street Real Estate Fund. Greenhill advised on $44 billion of
completed M&A transactions in 2001.


* O'Melveny & Myers LLP D.C. Office Will Move to New Office
-----------------------------------------------------------
O'Melveny & Myers' D.C. office will soon move to 1625 Eye
Street, a 383,000 square foot new architectural landmark in the
heart of the Central Business District.  O'Melveny and ULLICO
Inc. will be anchor tenants.  The Union Labor Life Insurance
Company, a subsidiary of ULLICO Inc., is financing construction
of the building.

Located in one of the most prominent office districts in the
world, just a few blocks from the White House and major federal
office buildings, 1625 Eye Street will offer a new long term
home for the growing firm.  O'Melveny intends to develop a state
of the art legal facility to serve its national and
international clients.

"O'Melveny is rapidly stepping up in Washington to meet the
changing needs of our clients," said John Beisner, head of the
firm's D.C. office.  "I am pleased to announce this move to 1625
Eye as it reinforces the firm's commitment to our country's
capital where politics, business and law often converge."

With approximately 150 attorneys in Washington navigating
through the business and legislative environment and ten in the
recently opened Tysons Corner office leveraging the firm's
corporate, international, telecommunications, and technology
expertise, the firm is fulfilling its commitment to its current
clients while opening the door for new business.

1625 Eye Street is a 12-story building being constructed in the
capital's "Golden Triangle" with panoramic views of the
Washington skyline and national monuments.  O'Melveny expects to
complete its construction and occupy the building by mid 2003.

O'Melveny was represented in its leasehold acquisition by Tom
Doughty and Greg McCavera of Spaulding & Slye, and by Lynn
Williams and Jeff Welch of Cushman & Wakefield of California.

O'Melveny & Myers maintains 13 offices around the world,
including Washington and Tysons Corner.  The firm's expertise
spans virtually every area of legal practice, including
Antitrust, Mergers and Acquisitions; Capital Markets; Banking
and Finance, Entertainment and Media; Copyright, Trademark and
Internet; Patent and Technology; Trade and International Law;
Labor and Employment; Litigation; White Collar; Real Estate and
Project Development and Finance; Tax and Bankruptcy.


* PricewaterhouseCoopers Signs-Up 361 New Partners Globally
-----------------------------------------------------------
PricewaterhouseCoopers announced the admission on July 1 of 361
new partners to the member firms of its global organization.  
The admissions bring the number of partners worldwide to
approximately 9,400.

The new partner class represents all service lines and
functions, including 69 new partners in PwC Consulting, which
has registered for an initial public offering to separate from
PricewaterhouseCoopers this summer. The service lines and
functions include Assurance and Business Advisory Services
(ABAS), Tax and Legal Services (TLS), Corporate Finance and
Recovery (CFR), Business Process Outsourcing (BPO) and the
aforementioned PwC Consulting (PwCC).

On a geographic basis, the new partner class is divided
proportionally in Europe, the Middle East and Africa, the
Americas, Asia-Pacific and South and Central America.

In congratulating the new partners, PricewaterhouseCoopers Chief
Executive Officer Samuel A. DiPiazza Jr. challenged them to help
restore public confidence in the transparency, accountability
and integrity of our global capital markets.  "We look forward
to seeing these new partners work in unison across the world as
we move toward a globally accepted set of accounting principles
that cross borders for all companies in all countries."
    
PricewaterhouseCoopers -- http://www.pwcglobal.com-- is the  
world's largest professional services organization.  Drawing on
the knowledge and skills of more than 150,000 people in 150
countries, we help our clients solve complex business problems
and measurably enhance their ability to build value, manage
risk and improve performance in an Internet-enabled world.
    
PricewaterhouseCoopers refers to the member firms of the
worldwide PricewaterhouseCoopers organization.
    
    Admissions by Line Of Service
    LOS         Total        % Of Total
    ABAS          152               42%
    TLS           101               28%
    CFR            35               10%
    Other/IFS       4                1%
    PwCC           68               19%
    BPO             1                0%
    Total         361              100%
    
    1 July Admissions by Theatre
    
    EMEA             160
    Americas         140
    APAC              55
    SOACAT             6
    Total            361


* Meetings, Conferences and Seminars
------------------------------------
July 11-14, 2002
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Cape Cod, MA
            Contact: 1-703-739-0800 or http://www.abiworld.org  

July 12-17, 2002
   COMMERCIAL LAW LEAGUE OF AMERICA
      108th Annual Convention
         Grand Summit Hotel, Park City, Utah
            Contact: 312-781-2000 or clla@clla.org or
                     http://www.clla.org/

July 17-19, 2002
   ASSOCIATION OF INSOLVENCY AND RESTRUCTURING ADVISORS
      Bankruptcy Taxation Conference
         Snow King Resort, Jackson Hole, WY
            Contact: (541) 858-1665 Fax (541) 858-9187 or
                          aira@airacira.org

August 7-10, 2002
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Conference
         Kiawah Island Resort, Kiawaha Island, SC
            Contact: 1-703-739-0800 or http://www.abiworld.org

September 19 - 20, 2002
     AMERICAN CONFERENCE INSTITUTE
          Accounting and Financial Reporting
               Marriott East Side New York, New York
                    Contact: 1-888-224-2480 or 1-877-927-1563 or
                             mktg@americanconference.com

September 19 - 20, 2002
     AMERICAN CONFERENCE INSTITUTE
          Securities Enforcement and Litigation
              The Russian Tea Room Conference Facility, New York
                    Contact: 1-888-224-2480 or 1-877-927-1563 or
                             mktg@americanconference.com

September 24 - 25, 2002
     AMERICAN CONFERENCE INSTITUTE
          OTC Derivatives
               Marriott East Side New York, New York
                    Contact: 1-888-224-2480 or 1-877-927-1563 or
                              mktg@americanconference.com

September 26-27, 2002
     ALI-ABA
          Corporate Mergers and Acquisitions
               Marriott Marquis, New York
                   Contact: 1-800-CLE-NEWS or
                            http://www.ali-aba.org

September 30 - October 1, 2002
     AMERICAN CONFERENCE INSTITUTE
          Outsourcing in the Consumer Lending Industry
               The Hotel Nikko, San Francisco
                    Contact: 1-888-224-2480 or 1-877-927-1563 or
                             mktg@americanconference.com

October 9-11, 2002
   INSOL INTERNATIONAL
      Annual Regional Conference
         Beijing, China
            Contact: tina@insol.ision.co.uk or
                 http://www.insol.org

October 24-28, 2002
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Conference
         The Broadmoor, Colorado Springs, Colorado
            Contact: 312-822-9700 or info@turnaround.org

November 21-24, 2002
   COMMERCIAL LAW LEAGUE OF AMERICA
      82nd Annual New York Conference
         Sheraton Hotel, New York City, New York
            Contact: 312-781-2000 or clla@clla.org or
                     http://www.clla.org/

December 2-3, 2002
     RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP
          Distressed Investing 2002
               The Plaza Hotel, New York City, New York
                    Contact: 1-800-726-2524 or fax 903-592-5168
                             or ram@ballistic.com  

December 5-8, 2002
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         The Westin, La Paloma, Tucson, Arizona
            Contact: 1-703-739-0800 or http://www.abiworld.org

April 10-13, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Grand Hyatt, Washington, D.C.
            Contact: 1-703-739-0800 or http://www.abiworld.org

May 1-3, 2003 (Tentative)
   ALI-ABA
      Chapter 11 Business Organizations
         New Orleans
            Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

May 8-10, 2003 (Tentative)
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Seattle
            Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

July 10-12, 2003
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,      
               Drafting,
         Securities, and Bankruptcy
            Eldorado Hotel, Santa Fe, New Mexico
               Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

December 3-7, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         La Quinta, La Quinta, California
            Contact: 1-703-739-0800 or http://www.abiworld.org

April 15-18, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         J.W. Marriott, Washington, D.C.
            Contact: 1-703-739-0800 or http://www.abiworld.org

December 2-4, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Marriott's Camelback Inn, Scottsdale, AZ
            Contact: 1-703-739-0800 or http://www.abiworld.org

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

                          *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

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

Bond pricing, appearing in each Thursday's edition of the TCR,
is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at http://www.debttraders.com/

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 Amazon.com. Go to
http://www.bankrupt.com/books/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. Yvonne L. Metzler, Bernadette
C. de Roda, Donnabel C. Salcedo, Ronald P. Villavelez and Peter
A. Chapman, Editors.

Copyright 2002.  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 $625 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 240/629-3300.

                     *** End of Transmission ***