TCR_Public/031008.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, October 8, 2003, Vol. 7, No. 199   

                          Headlines

ACCLAIM ENTERTAINMENT: Raises $12MM in Convertible Debt Sale
ADVANCED LIGHTING: Files Amended Plan and Disclosure Statement
AGWAY INC: Inks Pact to Sell Feed Commodities Assets to NSM Feed
AIR CANADA: Court Approves Appointment of Claims Officers  
ALANCO TECHNOLOGIES: Semple & Cooper Airs Going Concern Doubt

AMERCO: Files Plan of Reorganization and Disclosure Statement
AMERCO: AREC Has Until Dec. 17 to Make Lease-Related Decisions
AMERICAN COMMERCIAL: Court Fixes December 5 Claims Bar Date
AMERICAN MARKETING: Wants Nod to Tap Bryan Cave as Legal Counsel
ATLANTIC COAST: Receives Unsolicited Offer from Mesa Air Group

ATLANTIC COAST: Mesa Air Bid Spurs Watch on Low-B Ratings
AVAYA INC: Hosting Fourth-Quarter Conference Call on October 21
BETHLEHEM STEEL: Overview of First Amended Chapter 11 Plan
BNS CO.: Board Okays Amendment to Stockholder Rights Agreement
BOISE CASCADE: Offering $500 Million of Senior Unsecured Notes

BOISE CASCADE: Moody's Assigns Ba2 Rating to New Note Issue
BURLINGTON IND.: Takes Action to Challenge 17 Disputed Claims
CALYPTE BIOMEDICAL: Marr Tech. Discloses 45.24% Equity Stake
CASCADES INC: Extends Exchange Offer Further Until October 23
CNH GLOBAL: Will Publish Third-Quarter Results on October 23

COEUR D'ALENE: Outlook Revised to Positive Following Equity Sale
CORUS: S&P Keeps Ratings Watch After European Steelmakers Review
CONTINENTAL AIRLINES: Teamster Calls for Bonderman's Resignation
CONTINENTAL AIRLINES: Says Bonderman "Does Not Violate the Law"
COVANTA ENERGY: Wants to Pay Closing Bonuses to Key Employees

CROWN CASTLE: Will Publish Third-Quarter Results on October 28
EL PASO CORP: SEC Commences Investigation of Financial Reports
EMERITUS ASSISTED LIVING: Leases 21 Emeritrust II Facilities
ENRON CORP: Sierra Pacific Resources Files Complaint vs. Unit
ENRON CORP: Pushing for Court Approval of Disclosure Statement

EVERGREEN INT'L: Will Hold Q2 Conference Call on Oct. 14, 2003
FAR & WIDE TRAVEL: USTOA & Member Companies to Assist Passengers
FEDERAL-MOGUL CORP: Realigns Executive Leadership Structure
FEDERAL-MOGUL: Wants Court Approval for Dana Settlement Pact
FOAMEX INT'L: Trace Trustee Settles Dispute with Foamex Chairman

GENTEK INC: Delaware Court Confirms Plan of Reorganization
HOVNANIAN ENTERPRISES: Commences Exchange Offer for 7-3/4% Notes
HUGHES ELECTRONICS: Hosting Investor Conference Call on Oct. 14
IMCO RECYCLING: Completes Debt Refinancing via Sale of Sr. Notes
J.A. JONES: Sells PPM Debtors' Assets for $13.25 Million to MOR

KINETIC CONCEPTS: Launches Exchange Offer for 7-3/8% Sr. Notes
KMART CORP: Wants Claims Objection Deadline Moved to February 2
LAIDLAW: Enters Stipulation Allowing Canadian Imperial's Claim
MERCER INT'L: Agrees to Sell $82M of Conv. Sr Subordinated Notes
MIRANT CORP: Pushing for Open-Ended Removal Period Extension

NEXTERA ENTERPRISES: Continues Listing on Nasdaq SmallCap Market
NORAMPAC: Will File Post-Effective Amendment to Reg. Statement
NORTEL: Secures Wireless Data Network Deal with U.S. Cellular
NORTHWESTERN: Turns to Alvarez & Marsal for Restructuring Advice
NRG ENERGY: Shaw Settles Claims Related to the Pike Project

NRG ENERGY: NRG McClain Files Schedules and Statements Documents
OXFORD AUTOMOTIVE: Arranges Up to $200MM of Additional Liquidity
OXFORD INDUSTRIES: Declares 2-for-1 Stock Split & Cash Dividend
PANAVISION: Moody's Junks Ratings After Postponed Note Offering
PARAMOUNT RESOURCES: Moody's Rates Senior Unsecured Notes at B2

PARKER DRILLING: Selling 9-5/8% Senior Notes to Raise $175 Million
P-COM INC: Completes $11M Private Placement of Ser. C Preferreds
PG&E NAT'L: USGen Reaches Prelim. Pact With Bear Swamp Creditors
POLAROID CORP: Committee Hires Kelley Drye as Special Counsel
QUANTUM CORP: Will Take Accounting Charges in Fiscal 2nd Quarter

RADIO UNICA: Inks Definitive Asset Sale Pact with MultiCultural
RELIANCE GROUP: Court Extends Plan-Filing Exclusivity to Dec. 31
RESPONSE BIOMEDICAL: Undertaking $1.5 Million Private Placement
ROYAL & SUN: Fitch Maintains Negative Watch After Court Ruling
RURAL/METRO: Finalizing Restatement of Past Financial Statements

RYLAND GROUP: Daniel T. Bane Elected to Co.'s Board of Directors
SEDONA CORP: Nasdaq Trading Symbol Returns to 'SDNA'
SILICON GRAPHICS: Posts Q1 FY2004 Preliminary Financial Results
SPECTRASITE INC: Rang The Opening Bell at NYSE Yesterday
SPIEGEL GROUP: Wants Court's Nod for Deutsche Bank Stipulation

SYSTEM SOFTWARE: Court Confirms Chapter 11 Liquidating Plan
TANGER FACTORY: Acquiring Charter Oak Factory Outlet Portfolio
TELENETICS: Inks License and Distribution Pact with Global Data
TERAYON COMMS: Appoints Two New Executives to Management Team
TOUCHWARE SOFTWARE: Hires Sullivan Bille as New Accountants

TWKV CONTRACTING: Case Summary & 25 Largest Unsecured Creditors
US AIRWAYS: Agrees to Reduce U.S. Bank Claim to $7 Million
WEIRTON: Japanese Import Tariffs on Tin Mill Products Continue
WORLDCOM INC: Wants Open-Ended Lease Decision Period Extension
W.R. GRACE: Court Forms Committee to Settle Asbestos Issues

* Asbestos Wave Rises and Crest Yet to Come, Says A.M. Best Co.
* TSYS and Ontario Systems Enter into Strategic Relationship

* Meetings, Conferences and Seminars

                          *********

ACCLAIM ENTERTAINMENT: Raises $12MM in Convertible Debt Sale
------------------------------------------------------------
Acclaim Entertainment, Inc. (Nasdaq: AKLM), a global video
entertainment software developer and publisher, raised gross
proceeds of $11.8 million in connection with the sale, to a
limited group of private investors, of its 10% Convertible
Subordinated Notes, due in 2010.  

The Notes are initially convertible into approximately 16.4
million shares of the Company's common stock, based upon a
conversion price of $0.724 per share.  The conversion price is
based upon the 10 day trailing average of the Company's
common stock ending on September 23, 2003.  In the event the
Company obtains the authorization from its stockholders, the
conversion price for the Notes will be adjusted to $0.57 per
share, a 21% discount from the $0.724 conversion price.  

Accordingly, the Notes would then be convertible into 20.8 million
shares of the Company's common stock.  The purchasers of the Notes
have also received warrants to purchase approximately 4.1 million
shares of the Company's common stock, at an exercise price of
$0.724 per share, which exercise price will also adjust to $0.57
if stockholder approval is obtained. If the Company does not
receive stockholder approval, then additional warrants will be
issued to the purchasers of the Notes, to purchase an additional
4.1 million shares at the market price at the time of issuance.  
The proceeds from this financing have been added to the Company's
working capital and will be used for general corporate purposes.

The securities offered have not been registered under the
Securities Act of 1933, as amended, or state securities laws, and
may not be offered or sold in the United States absent
registration with the Securities and Exchange Commission under the
Securities Act of 1933, or an applicable exception therefrom.  The
Company has agreed to register the shares of its common stock
underlying the securities within 120 days following the closing.

Based in Glen Cove, N.Y., Acclaim Entertainment, Inc. -- whose
June 30, 2003 balance sheet shows a total shareholders' equity
deficit of about $54 million -- is a worldwide developer,
publisher and mass marketer of software for use with interactive
entertainment game consoles including those manufactured by
Nintendo, Sony Computer Entertainment and Microsoft Corporation as
well as personal computer hardware systems.  Acclaim owns and
operates five studios located in the United States and the United
Kingdom, and publishes and distributes its software through its
subsidiaries in North America, the United Kingdom, Australia,
Germany, France and Spain.  The Company uses regional distributors
worldwide.  Acclaim also distributes entertainment software for
other publishers worldwide, publishes software gaming strategy
guides and issues "special edition" comic magazines periodically.
Acclaim's corporate headquarters are in Glen Cove, New York and
Acclaim's common stock is publicly traded on NASDAQ.SC under the
symbol AKLM.  For more information visit http://www.acclaim.com


ADVANCED LIGHTING: Files Amended Plan and Disclosure Statement
--------------------------------------------------------------
Advanced Lighting Technologies, Inc., (OTCBB:ADLTQ) has filed an
amended joint plan of reorganization and related disclosure
statement with the U.S. Bankruptcy Court for the Northern District
of Illinois, Eastern Division.

The Bankruptcy Court has approved the amended Disclosure
Statement. The amended plan is subject to review and approval by
the Bankruptcy Court. The Debtors can give no assurance that the
amended plan will be approved by the Bankruptcy Court, that the
plan will receive the required approvals of the creditors and, if
necessary, equity securityholders of the Debtors, or that the
Debtors will be able to implement the plan.

ADLT is an innovation-driven designer, manufacturer and marketer
of metal halide lighting products, including materials, system
components, systems and equipment. ADLT and certain of its United
States subsidiaries, including APL Engineered Materials, Inc., are
currently operating as debtors-in-possession while the companies
reorganize under Chapter 11 of the United States Bankruptcy Code.
ADLT also develops, manufactures and markets passive optical
telecommunications devices, components and equipment based on the
optical coating technology of its wholly owned subsidiary,
Deposition Sciences, Inc., which is not operating under protection
of the Bankruptcy Code.


AGWAY INC: Inks Pact to Sell Feed Commodities Assets to NSM Feed
----------------------------------------------------------------
Agway Inc. has signed a purchase agreement with NSM Feed Inc.
which provides for the sale of the assets of Feed Commodities
International, LLC, a component of the Agriculture segment of the
Company.  

The purchase price in the agreement is $1.85 million plus accounts
and notes receivable and inventory with an approximate value of
$4.9 million for total proceeds of $6.75 million.  The sale is
subject to bankruptcy court auction and final approval.  The
Company filed a motion with the bankruptcy court, which is
expected to be heard on October 7, 2003, seeking an order
approving bidding procedures governing the auction.  If the bid
procedures motion is approved, the auction and hearing on final
approval of the sale of FCI's assets will occur on October 30,
2003.

Agway filed for Chapter 11 protection on October 1, 2002, in the
U.S. Bankruptcy Court for the Northern District of New York
(Utica) (Bankr. Case No. 02-65872).


AIR CANADA: Court Approves Appointment of Claims Officers  
---------------------------------------------------------
Air Canada and its debtor-affiliates obtained Mr. Justice Farley's
permission to appoint the Honorable Allan M. Austin, the Honorable
Claude Bisson and Mr. Martin Teplitsky, Q.C. as claims officers.

The Claims Officers will review and determine all claims filed
before the claims bar dates for voting or distribution purposes
which are in dispute for any reason and have not been consensually
resolved between the creditor and the Monitor.  Hon. Allan M.
Austin will act as the supervising claims officer and coordinate
the hearing of all disputed claims.

Hon. Austin is a recently retired justice of the Court of Appeal
for Ontario and a former justice of the Supreme Court for Ontario.  
He currently practices with the Toronto firm WeirFoulds LLP.

Hon. Claude Bisson is the recently retired Chief Justice of the
Quebec Court of Appeal and currently practices with McCarthy
Tetrault in Montreal.

Mr. Martin Teplitsky is a senior counsel and arbitrator practicing
with the Toronto firm Teplitsky, Colson.

The Applicant or the creditor may appeal a Claims Officer's
determination of voting or distribution rights by appealing such
determination before the Court within five business days of
receipt of such determination, with notice to the Monitor, the
Applicant and the Creditor. (Air Canada Bankruptcy News, Issue No.
13; Bankruptcy Creditors' Service, Inc., 609/392-0900)


ALANCO TECHNOLOGIES: Semple & Cooper Airs Going Concern Doubt
-------------------------------------------------------------
Alanco Technologies, Inc., was incorporated in 1969 under the laws
of the State of Arizona. Alanco (Nasdaq: ALAN) is a provider of
advanced information technology solutions with the Company's
operations at the end of fiscal 2003 diversified into two
reporting business segments including: (i) design, production,
marketing and distribution of RFID (Radio Frequency
Identification) tracking technology, and (ii) manufacturing,
marketing and distribution of data storage products.

At June 30, 2003 the Company's current assets exceeded current
liabilities by $562,500, resulting in a current ratio of 1.20 to
1. At June 30, 2002, the Company's current assets exceeded current
liabilities by $365,500, reflecting a current ratio of 1.18 to 1.
The increase in current ratio was due primarily to increases in
receivables at June 30, 2003 related to the sale of the Company's
Series A Convertible Preferred Stock that occurred during the
fourth quarter, which were collected subsequent to fiscal year
end.

The Company's cash position at June 30, 2003 was $97,700, compared
to $328,400 at the end of the prior fiscal year. The decrease in
the Company's cash position at June 30, 2003 resulted from cash
operating losses offset by additional borrowing and financing
activities.

The Company believes that additional cash resources will be
required for working capital to achieve planned operating results
for fiscal year 2003 and anticipates raising capital through
additional borrowing or sale of stock. The additional capital will
supplement the projected cash flow from operations and the line of
credit agreement in place at June 30, 2003. If the Company were
unable to raise the required additional capital, it may materially
affect the ability of the company to achieve its financial plans.

Semple & Cooper LLP, Certified Public Accountants of Phoenix,
Arizona, and the independent auditors for Alanco Technologies
Inc., in its September 19, 2003 Auditors Report to the Board of
Directors of the Company had this to say, in part: "...[T]he
Company has incurred significant losses from operations,
anticipates additional losses in the next year and has
insufficient working capital as of June 30, 2003 to fund the
anticipated losses. These conditions raise substantial doubt as to
the ability of the Company to continue as a going concern."


AMERCO: Files Plan of Reorganization and Disclosure Statement
-------------------------------------------------------------
AMERCO (Nasdaq: UHALQ) filed its Plan of Reorganization and
Disclosure Statement with the United States Bankruptcy Court,
District of Nevada. Developed with the support of its bank and
insurance company lenders, AMERCO's Plan of Reorganization
provides full payment to creditors, without dilution of
shareholder interests.

A Court hearing on the adequacy of the Disclosure Statement is
scheduled for November 18, 2003. Court approval of the Disclosure
Statement will allow AMERCO to commence solicitation of votes from
its creditors and shareholders and to seek confirmation of the
Plan by the Bankruptcy Court. The hearing on confirmation of the
Plan is scheduled for January 12, 2004.

"We have already achieved consensus with two key creditor
constituencies on this proposed Plan," stated Joe Shoen, AMERCO's
Chairman and Chief Executive Officer, "and we are hopeful that we
will be able to quickly resolve any outstanding differences with
our unsecured creditors so that we can pay them in full and emerge
in January."

Currently AMERCO has approximately $96 million cash on hand.
Additionally, the Company has access to a $300 million debtor-in-
possession credit facility arranged by Wells Fargo Foothill. Wells
Fargo Foothill is also providing the Company with $650 million in
exit financing to fund the Company's reorganization plan.

Key elements of the Plan, as proposed, and subject to approval by
the Bankruptcy Court include:

* Providing for the payment of all claims in full with interest.

* Existing shareholders retaining their ownership in AMERCO
  without dilution.

For more information about AMERCO, visit http://www.amerco.com


AMERCO: AREC Has Until Dec. 17 to Make Lease-Related Decisions
--------------------------------------------------------------
In line with the lease decision extension granted to Amerco, the
Debtors obtained the U.S. Bankruptcy Court's approval extending
AREC's time to assume, assume and assign, or reject the Unexpired
Leases until December 17, 2003, pursuant to Section 365(d)(4) of
the Bankruptcy Code.

AREC is currently a party to 80 unexpired non-residential real
property leases, as both lessor and lessee.  AREC is current on
all of its obligations to the non-debtor parties under the Leases
and will remain current on those obligations postpetition. (AMERCO
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service, Inc.,
609/392-0900)


AMERICAN COMMERCIAL: Court Fixes December 5 Claims Bar Date
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana
fixed December 5, 2003 as the deadline for all creditors wishing
to assert a claim against American Commercial Lines LLC and its
debtor-affiliates.  Creditors must file their proofs of claim by
Dec. 5 or be forever barred from asserting that claim.

Claims exempted from the Bar Date are those:

     i) already properly filed with the Clerk of the United
        States Bankruptcy Court for the Southern District of
        Indiana or Bankruptcy Management Corporation, the Claims
        Agent;

    ii) not listed on the Schedules as "disputed," "contingent,"
        or "unliquidated," and

   iii) under Section 507(a) and Section 503 of the Bankruptcy
        Code as an administrative expense of Debtors' chapter 11
        cases;

    iv) made by any holder of equity securities of Debtors
        solely with respect to such holder's ownership interest
        in or possession of such equity securities;

     v) limited exclusively to the repayment of principal,
        interest, and/or other applicable fees and charges on or
        under any debt security issued by Debtors pursuant to an
        indenture; and

    vi) are previously allowed by an order of this Court.

All proofs of claims, to be deemed timely-filed, must be received
on or before 5:00 p.m. P.S.T. on the Bar Date by:

     If by courier/hand delivery,

     Bankruptcy Management Corp.
     Attn: ACL Claims Agent
     1330 East Franklin Avenue, EI Segundo, CA 90245

     If by mail,

     Bankruptcy Management Corp.
     Attn: ACL Claims Agent
     P.O. Box 959 El Segundo, CA 90245-0959

American Commercial Lines LLC, an integrated marine transportation
and service company transporting more than 70 million tons of
freight annually using 5,000 barges and 200 towboats in North and
South American inland waterways, filed for chapter 11 protection
on January 31, 2003 (Bankr. S.D. Ind. Case No. 03-90305).  
American Commercial is a wholly owned subsidiary of Danielson
Holding Corporation (Amex: DHC).  Suzette E. Bewley, Esq., at
Baker & Daniels represents the Debtors in their restructuring
efforts.  As of September 27, 2002, the Debtors listed total
assets of $838,878,000 and total debts of $770,217,000.


AMERICAN MARKETING: Wants Nod to Tap Bryan Cave as Legal Counsel
----------------------------------------------------------------
American Marketing Industries, Inc., wants to employ Laurence M.
Frazen, Esq., and the firm of Bryan Cave LLP as attorneys.  

The Debtor has selected Bryan Cave based on its considerable
experience representing the Debtor in general legal matters for a
number of years and counsel's experience in bankruptcy,
transactions, real estate, corporate, corporate securities, and
other areas of commercial law. Additionally, given Bryan Cave's
familiarity with the Debtor, its business operations, local law
and local practice, the Debtor believes that said attorneys are
particularly well qualified to represent the Debtor in this case.  
Consequently, the Debtor asks the U.S. Bankruptcy Court for the
Western District of Missouri to approve the appointment.

As counsel, Bryan Cave, as lead by Mr. Frazen, will:

     a. advise the Debtor with respect to its rights and
        obligations as Debtor in Possession and regarding other
        matters of bankruptcy law;

     b. prepare and file of any petition, schedules, motions,
        statement of financial affairs, plan of reorganization,
        or other pleadings and documents which may be required
        in these proceedings;

     c. represent of the Debtor at the meeting of creditors,
        plan disclosure, confirmation and related hearings, and           
        any adjourned hearings thereof;

     d. represent the Debtor in adversary proceedings and other
        contested bankruptcy matters; and

     e. represent the Debtor in the above matters, and any other
        matter that may arise in connection with the Debtor's
        reorganization proceeding and its business operations.

Mr. Frazen, a partner in the law Firm of Bryan Cave, believes that
the firm is a "disinterested person" within the meaning of 11
U.S.C.   101(14) and 327.  Mr. Frazen adds that the firm's current
hourly rates range from:

          Partners              $250 - $400 per hour
          Associates            $110 - $200 per hour
          Paralegals            $100 - $120 per hour
          Document Clerks       $75 per hour

Headquartered in Independence, Missouri, American Marketing
Industries, Inc., is a specialized apparel company. The Company
filed for chapter 11 protection on September 17, 2003 (Bankr. W.D.
Mo. Case No. 03-62333).  Laurence M. Frazen, Esq., and Michelle M.
Masoner, Esq., at Bryan Cave LLP represent the Debtor in its
restructuring efforts.  When the Company filed for protection from
its creditors, it listed estimated assets of over $10 million and
estimated debts of more than $100 million.


ATLANTIC COAST: Receives Unsolicited Offer from Mesa Air Group
--------------------------------------------------------------
Atlantic Coast Airlines Holdings, Inc., (Nasdaq: ACAI) confirms
that its Chairman and Chief Executive Officer today received an
unsolicited letter from Mesa Air Group, Inc., proposing that Mesa
acquire ACA in an all-stock transaction at the rate of 0.9 of a
share of Mesa's common stock for each share of ACA's common stock.  

ACA's Board of Directors was copied on this letter and is now
considering the offer.  While it undertakes this review ACA will
continue with its current operations and with the implementation
of its plans to operate as an independent airline.

ACA currently operates as United Express and Delta Connection in
the Eastern and Midwestern United States as well as Canada.  The
company also operates charter flights as ACA Private Shuttle.  ACA
has a fleet of 146 aircraft -- including 118 jets -- and offers
over 830 daily departures, serving 84 destinations.

On July 28, 2003, ACA announced it anticipates that its
longstanding relationship with United Airlines will end, and that
it will establish a new, independent low-fare airline to be based
at Washington Dulles International Airport.

Atlantic Coast Airlines (S&P, B- Corporate Credit Rating,
Negative) employs over 4,800 aviation professionals.  The common
stock of parent company Atlantic Coast Airlines Holdings, Inc. is
traded on the Nasdaq National Market under the symbol ACAI. For
more information about ACA, visit http://www.atlanticcoast.com


ATLANTIC COAST: Mesa Air Bid Spurs Watch on Low-B Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Atlantic
Coast Airlines Holdings Inc., including the 'B-' corporate credit
rating, on CreditWatch with developing implications. The rating
action follows the announcement by Mesa Air Group Inc., another
regional airline holding company, of an unsolicited, all-stock
offer to buy Atlantic Coast Airlines Holdings.
     
"Ratings on Atlantic Coast Airlines Holdings will be reviewed in
connection with any transaction involving Mesa Air Group, and
could be raised or lowered based on the credit profile of a
combined company," said Standard & Poor's credit analyst Betsy
Snyder.

"In addition, ratings could be affected by moves that Atlantic
Coast Airlines Holdings takes to defend itself against a takeover
bid," the credit analyst continued. Mesa Air Group owns several
regional airlines that have code-sharing agreements with America
West Airlines Inc., US Airways Inc., Frontier Airlines Inc., and,
most recently, United Air Lines Inc. Atlantic Coast Airlines
Holdings' main subsidiary, Atlantic Coast Airlines Inc., has a
major code-sharing agreement with United Air Lines, providing
traffic feed at Washington's Dulles International Airport.
Atlantic Coast Airlines has been involved in difficult
negotiations with United about compensation for flying as a United
Express regional partner and recently announced that it planned to
end that relationship when United exits bankruptcy, and instead
focus most of its resources on providing low-fare service from
Dulles Airport. United and Mesa announced an agreement in July
2003 under which Mesa would start flying as a United Express
carrier, potentially at Dulles
Airport.

The current ratings on Atlantic Coast Airlines Holdings Inc.
reflect its relatively modest market position within the high-risk
U.S. airline industry and a substantial operating lease burden,
mitigated to some extent by revenue stability that has been
provided by fee-per-departure contracts with major airline
partners. Atlantic Coast currently operates two regional airlines
that offer feeder service for United and Delta, primarily along
the East Coast and in the Midwest and Canada, under fee-per-
departure agreements. Under fee-per-departure arrangements, the
major airline partner (United and Delta) take full control of the
seats Atlantic Coast flies for them, as well as responsibility for
operational risks, including fuel and the sale of seats. These
agreements reduce operating and financial risks for a regional
airline in periods of economic weakness, resulting in more stable
earnings and cash flow. United and Delta have both reduced
capacity in their mainline operations since 2001, some of which
has been replaced through their feeder partners. As a result,
Atlantic Coast's operations have continued to grow even in the
current adverse airline environment.


AVAYA INC: Hosting Fourth-Quarter Conference Call on October 21
---------------------------------------------------------------
Avaya Inc. (NYSE: AV), a leading global provider of communications
networks and services to businesses, invited investors and others
to listen to its quarterly earnings conference call to be
broadcast live over the Internet on Tuesday, Oct. 21, 2003, at
5:00 p.m. EDT.

To access the webcast and presentation notes accompanying the
conference call, log onto Avaya's Web site at
http://www.avaya.com/investors/and follow the instructions.  The  
webcast will be available in our archives after the call at
the same web address.

You also may listen to a replay of the conference call beginning
at 8:00 p.m. EDT on Oct. 21 through Oct. 28, by dialing 800-642-
1687 within the United States and 706-645-9291 outside the United
States.  The replay access code is 3009779.

Avaya Inc., whose March 31, 2003 balance sheet shows a total
shareholders' equity deficit of about $25 million, designs, builds
and manages communications networks for more than 1 million
businesses worldwide, including 90 percent of the FORTUNE 500(R).
Focused on businesses large to small, Avaya is a world leader in
secure and reliable Internet Protocol telephony systems and
communications software applications and services. Driving the
convergence of voice and data communications with business
applications -- and distinguished by comprehensive worldwide
services -- Avaya helps customers leverage existing and new
networks to achieve superior business results.  For more
information visit the Avaya Web site: http://www.avaya.com   
    
Driving the convergence of voice and data communications with
business applications -- and distinguished by comprehensive
worldwide services -- Avaya helps customers leverage existing and
new networks to achieve superior business results.  For more
information visit the Avaya Web site: http://www.avaya.com


BETHLEHEM STEEL: Overview of First Amended Chapter 11 Plan
----------------------------------------------------------
Bethlehem Steel Corporation and its debtor-affiliates delivered to
the Court on September 19, 2003 their First Amended Plan and
Disclosure Statement dated September 10, 2003.  Simultaneously,
the Debtors printed and mailed printed and bound copies to all
known creditors together with pre-printed ballots.  

Lonnie A. Arnett, Bethlehem Vice-President, Controller, and Chief
Accounting Officer, informs Judge Lifland that among the changes
to the Plan was the inclusion of the Lukens Trust Assets which
will be deposited in the Liquidating Trust, together with the
consideration Shares, and the Avoidance Actions.  

Pursuant to the Amended Plan, the Debtors intend to distribute
its remaining assets to general unsecured creditors:

   (a) shares of common stock of International Steel Group Inc.,
       which bought the Debtors' assets.  The ISG stock is valued
       at $15,000,000 and may be sold for cash;

   (b) the proceeds of assets held by the Lukens Inc.
       Supplemental Retirement Trust and the Lukens Inc. Non-
       qualified Plan Master II.  These assets are valued at
       $600,000; and

   (c) recoveries from certain lawsuits to recover pre-bankruptcy
       payments, which value is uncertain.

These distributions, Mr. Arnett continues, which spread over
$4,000,000,000 to $6,000,000,000 of unsecured claims, provide a
small recovery to general unsecured creditors.  However, even
though the recovery to general unsecured creditors is very small,
the Committee believes that the recovery is the best that could
have been achieved given the difficult circumstances of the
Debtors' case.

                         Cram Down Rights

In the Reservation of "Cram Down" rights, the First Amended Plan
provides that the Debtors reserve the right to seek confirmation
of the Plan notwithstanding the rejection of the Plan by any
Class entitled to vote.  In the event a Class votes to reject the
Plan, the Debtors will ask the Court to rule that the Plan meets
the requirements specified in Section 1129(b) of the Bankruptcy
Code with respect to the Class.  The Debtors will also seek a
ruling with respect to Class 4, which is deemed to reject the
Plan.      

                    Administrative Expenses

For the Debtors' Administrative expenses, the list of expenses
was amended to include the actual, reasonable, necessary, and
unpaid fees and expenses of the Retirees' Committee.

The Debtors anticipate that Allowed Administrative Expenses
Claims and Allowed Priority Tax Claims in accordance with the
Plan, the Trustee Expenses Fund, and the administration of the
Chapter 11 cases will total $32,400,000.  The Debtors also
anticipate having more than sufficient cash available on the
Confirmation Date from the proceeds of the ISG Sale, as well as
other sources, to pay all these in full.

            Repayment of Cash or Certain Assets to ISG

Under the Amended Plan, the Debtors added the reimbursement of
the retirees who elected and paid for COBRA coverage commencing
April 1, 2002, for their COBRA premiums covering the period
April 1, 2003 through April 14, 2003, in the list of the items to
be deducted from the Debtors' Cash or other assets.

Under the Return of Consideration Shares to ISG, the Amended Plan
states that if the Consideration Shares are not delivered to the
Trustee for the benefit of the holders of Allowed General
Unsecured Claims prior to July 1, 2004 or an alternative plan is
confirmed, then no later than July 10, 2004, or within 10 days
after confirmation of an alternative Chapter 11 plan, as the case
may be, ISG will deliver to the PBGC the number of shares of ISG
Class B Common Stock that the PBGC would have received had the
Consideration Shares been distributed to the Trustee for the
benefit of the holders of Allowed General Unsecured Claims, and
the Trustee will deliver to ISG certain shares of ISG Class B
Common Stock.

                    Substantive Consolidation

To address the concern raised by the U.S. Trustee with respect
the Debtors' basis for substantive consolidation, the Debtors'
Amended Plan provide reasons warranting substantive consolidation
of the Debtors' estates.  

According to Mr. Arnett, it is well established that Section
105(a) of the Bankruptcy Code empowers a bankruptcy court to
authorize substantive consolidation.  The United States Court of
Appeals for the Second Circuit, the circuit in which these
Chapter 11 Cases are pending, has articulated a test for
evaluating a request for substantive consolidation, which
considers:

   (a) whether creditors dealt with the Debtors as a single
       economic unit and did not rely on their separate identity
       in extending credit; or

   (b) whether the Debtors' affairs are so entangled that
       consolidation will benefit all creditors.

With respect to the first factor, creditors who make loans on the
basis of the financial status of a separate entity expect to be
able to look to the assets of their particular borrower for the
loan's satisfaction.  The second factor involves whether there
has been a commingling of assets and business functions and
considers whether all creditors will benefit because untangling
is either impossible or so costly as to consume the assets.  If
either factor is satisfied, substantive consolidation is
appropriate.

Mr. Arnett asserts that there is an ample factual basis for the
Debtors' consolidation.  First, the lenders under the Inventory
Credit Facility dealt with substantially all the Debtors as a
single economic unit and did not rely on their separate identity
in extending credit.  Second, with the exception of CCR:

   -- Bethlehem had a single pension plan covering the employees
      of all its subsidiaries;

   -- Bethlehem's other benefit plans similarly covered its
      subsidiaries' employees; and

   -- Bethlehem is the principal on all workers' compensation and
      other bonds which were posted on behalf of it and its
      subsidiaries.

Third, there are no significant claims against any of the Debtors
other than Bethlehem.  With the exception of CCR, BethEnergy
Mines, Inc., Eagle Nest Inc., HPM Corporation, and LI Service
Company, all of Bethlehem's Debtor subsidiaries are shell
corporations, which either held joint venture interests or have
gone out of business, have no assets, and may have some
environmental liability, which has been assumed by ISG.  The only
assets any of Bethlehem's debtor subsidiaries have are
intercompany debts and credits.  Bethlehem is at least a
guarantor, if not the principal obligor, on any debt any of its
subsidiaries had with the exception of the CCR financing which
has been assumed by ISG.  This course of dealing and the
expectations of creditors together justify consolidation.

Mr. Arnett further asserts that the Debtors' affairs are
entangled to the extent that consolidation will benefit all
creditors.  The Debtors consist of Bethlehem and 22 of its direct
and indirect subsidiaries.  The Debtors file consolidated federal
income tax returns and prepare financial statements, annual
reports, and other documents filed with the Securities and
Exchange Commission on a consolidated basis.  Moreover, all
financial information disseminated to the public, including to
customers, suppliers, landlords, lenders, and credit rating
agencies, is prepared and presented on a consolidated basis.

Finally, for the most part, the Debtors' business units operate
as integrated units, without all the formalities of separate
corporate entities.  Hence, the Debtors participate in a unified
cash management system, which includes non-Debtor subsidiaries,
which would make it extremely difficult to confirm a Chapter 11
plan for individual Debtors.

In view of this, and the fact that the consideration components
of the ISG Sale were paid to all the Debtors, Mr. Arnett contends
that creditors would not be prejudiced by the substantive
consolidation proposed in the Plan, which is consistent with
creditors having dealt with the Debtors as a single economic
entity, and the consolidation would best utilize the Debtors'
assets and potential of all of the Debtors to pay to the
creditors of each entity the distributions proposed in the Plan.

                         Limited Releases

In the matter of limited releases, the Amended Plan provides that
the Debtors release:

   -- all their present and former directors and officers who
      served the company, on or after the Petition Date;

   -- any other Persons who serve or served as members of
      the Debtors' management, on or after the Petition Date; and

   -- all postpetition Date advisors, consultants, or
      professionals of or to the Debtors, the Committee, and the
      Indenture Trustees from any and all Causes of Action held
      by, assertable on behalf of, or derivative from the
      Debtors, in any way relating to the Debtors, the Chapter 11
      Cases, the Plan, negotiations regarding or concerning the
      Plan, and the ownership, management, and operation of the
      Debtors, except for willful misconduct, including, but not
      limited to, conduct that results in a personal profit at
      the expense of the Debtors' estates, or gross negligence.

However, Mr. Arnett clarifies that nothing in the Plan or the
Confirmation Order will affect a release of any claim against the
parties released in the Plan by the U.S. Government or any of its
agencies or any state and local authority whatsoever, including,
without limitation, any claim arising under the Tax Code, the
environmental laws, or any criminal laws of the United States or
any state and local authority.

Moreover, nothing in the Plan or the Confirmation Order will
enjoin the United States or any state or local authority from
bringing any claim, suit, action, or other proceeding against any
person or entity for any liability whatsoever, including, without
limitation, any claim, suit, or action arising under the Tax
Code, the environmental laws, or any criminal laws of the United
States or any state or local authority.

This provision is intended to release all claims of the Debtors
based on any theory other than willful misconduct or gross
negligence against these individuals.  The release is limited to
claims that could be asserted by the Debtors and only applies to
claims against the parties in their representative capacity.

According to Mr. Arnett, the purpose of the release of the
Debtors' personnel is to prevent a collateral attack against
those individuals based on derivative actions.  It is the intent
of the Plan to bring finality to the disruption caused by these
Chapter 11 Cases.  The parties covered by the limited release
have made enormous contributions to the restructuring efforts and
the compromises set forth in the Plan.  The Debtors are not aware
of any pending or threatened actions, whether civil or criminal,
against the parties.  Nevertheless, the Debtors desire to relieve
the parties of the threat of derivative actions against them
personally by parties in these Chapter 11 Cases that may be
dissatisfied with the treatment provided in the Plan.  The U.S.
Trustee reserves the right to object to the Plan at the
Confirmation Hearing.

                           Exculpation

Neither the Debtors, the U.S. Trustee, the Committee, including
the Indenture Trustees, nor any of their members, officers,
directors, employees, advisors, professionals, or agents, will
have or incur any liability to any holder of a Claim or Equity
Interest for any act or omission in connection with, related to,
or arising out of the Chapter 11 Cases, negotiations regarding or
concerning the Plan, the pursuit of confirmation of the Plan, the
consummation of the Plan, or the administration of the Plan or
the property to be distributed under the Plan, except for willful
misconduct or gross negligence.  In all respects, the Debtors,
the U.S. Trustee, the Committee, the Indenture Trustees, and each
of their members, officers, directors, employees, advisors,
professionals, and agents will be entitled to rely upon the
advice of counsel with respect to their duties and
responsibilities under the Plan. (Bethlehem Bankruptcy News, Issue
No. 43; Bankruptcy Creditors' Service, Inc., 609/392-0900)


BNS CO.: Board Okays Amendment to Stockholder Rights Agreement
--------------------------------------------------------------
BNS Co.'s (OTCBB:BNSXA) Board of Directors has voted to amend the
stockholder Rights Agreement (originally adopted in 1998) in order
to protect any value in the Company's existing net operating loss
carry-forwards.

The amendment decreases the trigger threshold to 4.99%, from 45%,
as the amount of the Company's outstanding Common Stock that a
person must beneficially own before being deemed to be an
"Acquiring Person" under the Rights Agreement. However, the
trigger threshold will be 20% for persons who, on the date of the
Amendment, already beneficially owned more than 4.99% of the
Company's outstanding Common Stock. The Amendment also provides
that any stockholder who owns more than 4.99% of the Company's
stock on the date of the Amendment may sell any or all of its
shares to another person who would thereby acquire beneficial
ownership of more than 4.99%, but not more than 20%, of the
Company's outstanding Common Stock. This will preserve the
liquidity of current holdings for existing "large" holders of
Company's stock.

The Board determined that it would be in the best interests of the
Company and its stockholders, including existing stockholders who
hold 4.99% or more of the Company's stock, to take this action.
The amendment will assist in limiting the number of 5% or more
owners and thus reduce the risk of a possible "change of
ownership" under Section 382 of the Internal Revenue Code of 1986
as amended. Any such "change of ownership" under these rules would
limit or eliminate the ability of the Company to use its existing
NOL's for federal income tax purposes. However, there is no
guaranty that the objective of preserving the value of the NOL's
will be achieved. There is a possibility that certain stock
transactions may be completed by stockholders or prospective
stockholders that could trigger a "change of ownership," and there
are other limitations on the use of NOLs set forth in the Internal
Revenue Code.

At the same meeting, the Board also approved actions relating to
its United Kingdom subsidiary (which in turn holds its Heathrow,
United Kingdom property). These actions are designed to preserve
the Company's ability to use its existing NOL's to offset all or
part of any U.S. taxable gain on the sale of the subsidiary, when
and if such sale might occur.

                         *     *     *

As reported in Troubled Company Reporter's August 29, 2003
edition, BNS Co. completed the sale of the Company's North
Kingstown, RI property for $20.2 million to Wasserman RE Ventures
LLC, a Providence based developer with interests in properties
throughout the U.S.

The property consists of the former international headquarters for
Brown & Sharpe Manufacturing Company (the name was changed to BNS
Co. in April 2001). The North Kingstown property represented one
of the last assets remaining in the Company. It also holds a
gravel extraction and land fill operation in the UK which it
intends to sell as well.

The sale of the North Kingstown and UK properties are part of the
Company's strategy to dissolve and adopt a plan for liquidation,
which will be presented for stockholder approval at a later
meeting. Such a plan may involve the sale of the Company, or the
establishment of a liquidating trust and payment or provision for
payment of claims against its assets, and then making one or more
liquidating distributions to stockholders (or to the liquidating
trust). No estimate of the timing and amount of any liquidating
distributions can be made at this time, in part because the amount
available for distribution may depend on the amount of the
Company's assets required to be retained to pay uncertain future
liabilities by order of the Delaware Court of Chancery, if that
avenue of liquidation is later selected by the Company as part of
its plan of dissolution and liquidation. Also, it is not yet
certain when the UK property will be sold.


BOISE CASCADE: Offering $500 Million of Senior Unsecured Notes
--------------------------------------------------------------
Boise Cascade Corporation (NYSE: BCC) plans to proceed with a $500
million senior unsecured notes offering.

The company intends to use the proceeds of the offering to repay
borrowings under its credit facility, to provide the cash
necessary for the previously announced acquisition of OfficeMax,
Inc., and for general corporate purposes.

The offering will be made by an underwriting syndicate led by
Goldman, Sachs & Co.

A shelf registration statement relating to this offering was
originally filed with the Securities and Exchange Commission on
April 16, 2002, and has since been declared effective.  This
offering will be made pursuant to a prospectus supplement and the
prospectus included in the shelf registration statement.

Copies of the prospectus and prospectus supplement, when
available, may be obtained from Goldman, Sachs & Co., Prospectus
Department, 85 Broad Street, New York, New York 10004, (212) 902-
1171.

Boise (S&P/BB+/Stable/--) delivers office, building, and paper
solutions that help its customers to manage productive offices and
construct well-built homes -- two of the most important activities
in our society.  Boise's 24,000 employees help people work more
efficiently, build more effectively, and create new ways to meet
business challenges.  Boise also provides constructive solutions
for environmental conservation by managing natural resources for
the benefit of future generations.  Boise had sales of $7.4
billion in 2002.


BOISE CASCADE: Moody's Assigns Ba2 Rating to New Note Issue
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed
$500 million note issue of Boise Cascade Corporation.

Moody's also took the following ratings action:

Assigned ratings:

Boise Cascade Corporation

   * Senior Implied rating; Ba2
   * Bank Credit Facility; $560 million; Ba2
   * Term Loan A; Ba2

Lowered ratings:

Boise Cascade Corporation

   * Senior Unsecured notes, MTNs, bonds, and debentures: to Ba2
from Baa3

   * Multiple seniority shelf registration:
     - Senior debt to (P)Ba2 from (P)Baa3
     - Preferred stock to (P)B1 from (P)Ba2

   * Adjustable Conversion-Rate Equity Units: to Ba2 from Baa3

   * Issuer rating: to Ba2 from Baa3


Boise Cascade Office Products

   * Senior Unsecured notes: to Ba2 from Baa3

The action concludes a review initiated in July 2003. With
approximately $2.4 billion rated debt affected, the outlook for
the company's ratings is stable.

The Ba2 ratings reflect Boise's financial leverage (in particular
with the impact of higher operating leases), the highly
competitive nature of the office products business, the potential
for increased capital spending to refurbish stores and facilities,
and the risks associated with exiting the forest products
operations, states Moody's.

The ratings also consider Boise's potential ability to de-lever
through asset sales, its increased market share in office
products, and its adequate financial liquidity.

The lowered ratings consider the impact on Boise of acquiring
OfficeMax (unrated) for $1.25 billion in stock and cash and
changing its strategy to focus on the sale and distribution of
office products.

The acquisition, Moody's says, will result in higher debt levels,
a substantial ($800 million) increase in intangible assets and
goodwill, much higher lease payments (reflecting OfficeMax's
principal mode of financing), and heightened business risk as
Boise attempts to compete with Staples (Baa2), Office Depot(Baa3),
as well as other big-box retailers.

The outlook for the ratings is stable. Accordingly, higher ratings
could result if Boise significantly reduces debt through asset
sales, successfully integrates the OfficeMax business, improves
its market position relative to its key competitors, and improves
its financial liquidity. Lower ratings could result if the
integration process is difficult, asset sales fail to occur, and
refinancing activities are not completed in a timely manner.

Boise Cascade Corporation, headquartered in Boise, Idaho, is a
major distributor of office products and building materials, and
an integrated manufacturer of paper and wood products.


BURLINGTON IND.: Takes Action to Challenge 17 Disputed Claims
-------------------------------------------------------------
Pursuant to Rule 3007 of the Federal Rules of Bankruptcy
Procedure and solely for purposes of voting to accept or reject
the First Amended Joint Plan of Reorganization, the Burlington
Industries Debtors object to each of these Claims:

   Claimant                         Claim No.    Claim Amount
   --------                         ---------    ------------
   CitiCapital Commercial Leasing     1491       $1,055,545
   CitiCapital Commercial Leasing     1492        1,055,544
   CIT Communications Finance          190        1,028,114
   CIT Group/Equipment Financing      1142        1,022,045
   Eaton, Peter and Florence          1359        1,200,000
   El Paso Natural Gas Company        1090        7,800,000
   Fulbright, Jack A.                  510          200,000
   Hartless, William                  1094          200,000
   Kinderton Manor, Inc.              1356        1,200,000
   Kleckner, William                  1147          796,741
   Lander, Thomas A. III               573          150,000
   Mississippi Power Company          1154        6,016,579
   North Carolina DENR                1443        7,565,619
   RLI Insurance Company              1039        1,158,000
   Smith, Brenda D.                    963          150,000
   UAE Mecklenberg Cogeneration       1087        9,588,894
   U.S. Dept of Justice               1136       16,636,334

The Debtors object to each Disputed Claim on the grounds that it
is a disputed or contingent claim premised on:

   (a) a pending lawsuit that has not been litigated to judgment
       or settled;

   (b) damages relating to the Debtors' anticipated rejection of
       certain contracts or leases pursuant to Section 365 of the
       Bankruptcy Code, even though the Debtors have not yet
       rejected the contracts or leases;

   (c) damages relating to the Debtors' rejection of certain
       leases pursuant to a Court Order; or

   (d) damages relating to the Debtors' anticipated
       non-performance of certain alleged contractual or other
       obligations.  

According to Marc T. Foster, Esq., at Richards, Layton & Finger,
in Wilmington, Delaware, the Debtors dispute the amount of the
Disputed Claims because:

   (a) the Debtors have no liability for the Disputed Claim, or

   (b) the Claimant asserts an amount that is significantly in
       excess of the amount that the Debtors have scheduled or
       believe to be the value of the Disputed Claim.

Accordingly, the Debtors seek temporarily to reduce and allow the
Disputed Claims -- solely for purposes of voting to accept or
reject the Plan -- for $1.

Mr. Foster relates that if any Claimant desires to have its
Disputed Claim allowed solely for purposes of voting to accept or
reject the Plan in an amount greater than $1, the Claimant must
file a motion with the Court, pursuant to Bankruptcy Rule 3018,
for relief without further delay. (Burlington Bankruptcy News,
Issue No. 40; Bankruptcy Creditors' Service, Inc., 609/392-0900)    


CALYPTE BIOMEDICAL: Marr Tech. Discloses 45.24% Equity Stake
------------------------------------------------------------
Marr Technologies BV purchased 25,231,818 shares of common stock
of Calypte Biomedical Corporation over a period beginning on
August 28, 2003 and ending on September 2, 2003. Marr Technologies
BV spent $10,598,508 in making such purchases and funded the
purchases from its working capital.

Marr Technologies BV has sole voting and dispositive power with
respect to 37,665,151 shares, or approximately 45.24% of the
83,248,301 shares of common stock of the Company outstanding.

Calypte Biomedical Corporation -- whose June 30, 2003 balance
sheet shows a total shareholders' equity deficit of about $11
million -- headquartered in Alameda, California, is a public
healthcare company dedicated to the development and
commercialization of urine-based diagnostic products and services
for Human Immunodeficiency Virus Type 1 (HIV-1), sexually
transmitted diseases and other infectious diseases.  Calypte's
tests include the screening EIA and supplemental Western Blot
tests, the only two FDA-approved HIV-1 antibody tests that can be
used on urine samples.  The company believes that accurate, non-
invasive urine-based testing methods for HIV and other infectious
diseases may make important contributions to public health by
helping to foster an environment in which testing may be done
safely, economically, and painlessly.  Calypte markets its
products in countries worldwide through international distributors
and strategic partners.  Current product labeling including
specific product performance claims can be found at
http://www.calypte.com


CASCADES INC: Extends Exchange Offer Further Until October 23
-------------------------------------------------------------
Cascades Inc. (Symbol: CAS-TSX) announced that in order to comply
with the undertakings required by Item 22 of Part II of the
registration statement filed by Cascades relating to its offer to
exchange its 7-1/4% Senior Notes due 2013, which have been
registered under the U.S. Securities Act of 1933, for its
outstanding 7-1/4% Senior Notes due 2013, Cascades is required to
file with the U.S. Securities and Exchange Commission a post-
effective amendment to the registration statement containing (i)
Cascades' unaudited interim financial information as of June 30,
2003 and for the six-month periods ended June 30, 2002 and 2003,
previously included in the prospectus supplement dated
September 8, 2003, as amended by the prospectus supplement dated
September 25, 2003, and (ii) a reconciliation of such information,
which was prepared in accordance with Canadian generally accepted
accounting principles, to U.S. generally accepted accounting
principles.

In order to allow Cascades time to prepare and file the post-
effective amendment, Cascades is extending the expiration of the
Exchange Offer to 5:00 p.m. on Thursday, October 23, 2003.
Cascades may extend the Exchange Offer further as contemplated by
the terms of the Exchange Offer. The Exchange Offer was previously
set to expire at 5:00 p.m., New York City time, on Monday, October
6, 2003. Cascades will provide notice when the post-effective
amendment is declared effective by the SEC. Holders of Outstanding
Notes that have previously tendered their Outstanding Notes in the
Exchange Offer continue to have the right to withdraw their
tenders at any time until the Exchange Offer expiration date, as
extended hereby, or as may be further extended.

Cascades Inc. (S&P, BB+, LT Corporate Credit Rating) is a leader
in the manufacturing of packaging products, tissue paper and
specialized fine papers. Internationally, Cascades employs 14,000
people and operates close to 150 modern and versatile operating
units located in Canada, the United States, France, England,
Germany and Sweden. Cascades recycles more than two million tons
of paper and board annually, supplying the majority of its fibre
requirements. Leading edge de-inking technology, sustained
research and development, and 39 years in recycling are all
distinctive strengths that enable Cascades to manufacture
innovative value- added products. Cascades' common shares are
traded on the Toronto Stock Exchange under the ticker symbol CAS.


CNH GLOBAL: Will Publish Third-Quarter Results on October 23
------------------------------------------------------------
CNH Global N.V. (NYSE: CNH) will release 2003 third quarter
financial results at approximately 8:00 a.m. Eastern time on
Thursday, October 23, 2003.  The full text of the release, along
with the financial statements, will be available both from PR
Newswire and on http://www.cnh.com

Also on October 23rd, at approximately 10:00 a.m. Eastern time,
CNH will provide a live, listen only, audio webcast of the
company's quarterly conference call with security analysts and
institutional investors.  The webcast can be accessed either
through http://www.cnh.comor CCBN's individual investor center at  
http://www.companyboardroom.com  Anyone unable to listen to the
live webcast can access the replay at either site for two weeks
following the event.

CNH (S&P, BB Corporate Credit Rating, Negative) is the number one
manufacturer of agricultural tractors and combines in the world,
the leader in light construction equipment, and has one of the
industry's largest equipment finance operations. Revenues in 2002
totaled $10 billion. Based in the United States, CNH's network of
dealers and distributors operates in over 160 countries. CNH
agricultural products are sold under the Case IH, New Holland and
Steyr brands. CNH construction equipment is sold under the Case,
FiatAllis, Fiat Kobelco, Kobelco, New Holland, and O&K brands.


COEUR D'ALENE: Outlook Revised to Positive Following Equity Sale
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
silver and gold mining company Coeur D'Alene Mines Corp. to
positive from negative following the company's recently completed
equity sale.
     
At the same time, Standard & Poor's affirmed its 'CCC' corporate
credit rating on the company. The Coeur D'Alene, Idaho-based
company currently has about $19 million in total debt.
     
"The outlook revision reflects the improvement in the company's
liquidity, as a result of its recently completing the sale of
$76.4 million of its common equity," said Standard & Poor's credit
analyst Paul Vastola. "Although the company still faces
significant challenges with the undertaking of its expansion
plans, the increased liquidity provides the capital necessary for
it to implement its plans to establish lower-cost mines in order
to bolster its poor profitability and diversity."

Standard & Poor's said that its ratings on Coeur D'Alene Mines
reflect its high business risk as a cyclical, capital intensive,
commodity-based company with a modest scope of operations. The
ratings also reflect the company's very weak financial performance
despite improved precious metal prices and challenges and
uncertainties regarding the company's ability to continue its past
practice of successfully developing new lower-cost mining
operations. Challenges include volatile prices, governmental
regulation, environmental issues, permitting, and adverse
geological conditions.
     

CORUS: S&P Keeps Ratings Watch After European Steelmakers Review
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term and
'B' short-term corporate credit ratings on U.K.-based steel
consortium Corus Group PLC on CreditWatch with negative
implications, along with its 'B+' senior secured bank loan and
'CCC+' senior unsecured debt.

The CreditWatch placement follows a review of European
steelmakers, and reflects concerns about Corus' ability, under
current difficult market conditions, to stem losses and improve
cash flow generation to levels appropriate for the 'B' rating.

"Corus' new management is facing a big challenge in restructuring
its heavily loss-making U.K. steel operations," said Standard &
Poor's credit analyst Tommy Trask. "The new restructuring plan
aims to restore competitiveness vis-a-vis European competitors in
two to three years, which is a long time considering that Corus
remains free cash flow negative."
     
This is of particular concern as currently many parameters (such
as steel price and the U.S. dollar exchange rate) are favorable,
although raw materials prices (coke and iron ore) are on the rise,
and competitors in countries with a lower cost base are gradually
catching up in terms of production efficiency and product quality.
In addition, Corus' credit profile remains very sensitive to the
British pound sterling-euro, as well as the British pound
sterling- and euro-U.S. dollar exchange rates and to an adverse
change in working capital.
     
Standard & Poor's will meet with the new management of Corus with
a view to resolving the CreditWatch placement in the next three
months.


CONTINENTAL AIRLINES: Teamster Calls for Bonderman's Resignation
----------------------------------------------------------------
Teamster Continental employee-shareowners called for the immediate
resignation of David Bonderman from the Company's Board of
Directors.

Bonderman, President and founder of Texas Pacific Group -- who
once held controlling interest in Continental Airlines (NYSE:
CAL), recently sold 880,000 shares of Continental stock.  
Bonderman's TPG, which holds a controlling interest in competitor
airline America West  (NYSE: AWA) continues to claim two board
seats at Continental and one at America West.

TPG also continues to vie for ownership of other Airlines
including a recently rejected bid for Air Canada.

Bonderman's directorship at Continental sparked serious concerns
and questions at the Company's shareholder meeting this year due
to conflicts of interest caused by financial investment, interest,
and/or control in competitor companies and access to highly
sensitive business information.

"We want to have Directors who are invested in the success of
Continental Airlines," said Rodney Rhoades, Continental mechanic
and President of Teamsters Local 19 that represents Continental
workers, "Not the success of our competition."

"Unlike Mr. Bonderman's, our livelihoods depend on the success of
Continental Airlines," said Robert Rasch, a Continental mechanic
and shareholder.  "By selling off more Continental stock, Mr.
Bonderman has heightened our concerns that his primary interest is
not necessarily in the best interest of Continental shareholders.  
He should do the responsible thing and resign."

The International Brotherhood of Teamsters represents more than
3,000 workers at Continental Airlines.  Founded in 1903, the
International Brotherhood of Teamsters represents 1.4 million
hard-working men and women in the United States and Canada.


CONTINENTAL AIRLINES: Says Bonderman "Does Not Violate the Law"
---------------------------------------------------------------
Continental Airlines (NYSE: CAL) issued the following statement in
regard to a news release issued Monday by the Teamsters:

"Texas Pacific Group's David Bonderman has been a valued member of
our board since 1993 and has contributed greatly to the company's
success," said Gordon Bethune, Continental's chairman and chief
executive officer.

The board of directors has engaged outside counsel, and that
outside counsel has determined that Texas Pacific Group's
representation on Continental's board does not violate the law.  
In addition, Texas Pacific Group recently assured the company that
it is not considering investing in other airline competitors at
this time.

As recently reported, Standard & Poor's Ratings Services assigned
its 'CCC+' rating to Continental Airlines Inc.'s (B/Negative/--)
$150 million 5.0% senior unsecured convertible debt due 2023.
Ratings on Continental were affirmed on June 2, 2003, and removed
from CreditWatch, where they were placed on March 18, 2003.

"Ratings on Continental are based on its heavy debt and lease
burden and relatively limited financial flexibility, which
outweigh better-than-average operating performance and a modern
aircraft fleet," said Standard & Poor's credit analyst Philip
Baggaley.

The outlook on Continental's long-term corporate credit rating
is negative. Losses are expected to narrow and operating cash
flow should turn modestly positive in the second and third
quarters of 2003, but Continental remains vulnerable to any
renewed deterioration in the airline industry revenue
environment.


COVANTA ENERGY: Wants to Pay Closing Bonuses to Key Employees
-------------------------------------------------------------
In the event the Proposed Sale or an Alternative Transaction is
approved by the Court and consummated, the Covanta Energy Debtors
seek to pay a maximum aggregate of $1,000,000 as retention bonuses
to approximately 15 key Geothermal Employees upon the Closing of
the Proposed Sale or an Alternative Transaction.   The Debtors
estimate that the maximum amount any individual would receive
would be approximately $325,000, with the average bonus
approximately $67,000.

The Debtors believe that payment of the Closing Bonuses would
provide an important retention incentive through the Closing for
the Geothermal Employees whose continued employment and
assistance is needed to:

   -- operate the Geothermal Projects;

   -- preserve the value of the assets related to the
      Geothermal Projects pending the Proposed Sale or an
      Alternative Transaction;

   -- assist in the ongoing sale, marketing and negotiation
      process in connection with the Proposed Sale or Alternative
      Transaction; and

   -- assist in the transition after the sale.

To be eligible to receive payment of the Closing Bonuses, the
Geothermal Employees would be required to sign a general release
of claims against the Debtors, except with respect to payment of
any severance, retention or any other employment benefit
previously approved by the Court, and comply with certain other
covenants, including cooperation and confidentiality covenants
and litigation support commitments.  The Debtors propose that a
portion of the proceeds of the Proposed Sale or Alternative
Transaction be used to pay the Closing Bonuses. (Covanta
Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service,
Inc., 609/392-0900)    


CROWN CASTLE: Will Publish Third-Quarter Results on October 28
--------------------------------------------------------------
Crown Castle International Corp. (NYSE: CCI) plans to release
third quarter 2003 results on Tuesday, October 28, 2003 after the
market closes.  In conjunction with the release, Crown Castle has
scheduled a conference call, which will be broadcast live over the
Internet, for Wednesday, October 29, 2003 at 9:30 a.m. eastern
time.

     What:   Crown Castle Third Quarter Earnings Conference Call

     When:   Wednesday, October 29, 2003 - 9:30 a.m. eastern time

     How:    Live via phone by dialing 303-262-2194 and asking for
             the Crown Castle call at least 10 minutes prior to
             the start time, or live over the Internet by logging
             on to the web at the address below

     Where:  http://www.crowncastle.com

A telephonic replay of the conference call will be available
through November 5, 2003 and may be accessed by calling 303-590-
3000 using passcode 555073.  An audio archive will also be
available on the company's Web site at http://www.crowncastle.com
shortly after the call and will be accessible for approximately 90
days.  For more information, please contact Karen Roan at DRG&E at
713-529-6600 or email kcroan@drg-e.com .

Crown Castle International Corp. (S&P, B- Corporate Credit Rating,
Stable Outlook) engineers, deploys, owns and operates
technologically advanced shared wireless infrastructure, including
extensive networks of towers and rooftops as well as analog and
digital audio and television broadcast transmission systems.  The
Company offers near-universal broadcast coverage in the United
Kingdom and significant wireless communications coverage to 68 of
the top 100 United States markets, to more than 95 percent of the
UK population and to more than 92 percent of the Australian
population.  Crown Castle owns, operates and manages over 15,500
wireless communication sites internationally.  For more
information on Crown Castle, visit: http://www.crowncastle.com


EL PASO CORP: SEC Commences Investigation of Financial Reports
--------------------------------------------------------------
El Paso Corporation (NYSE: EP) has been informed that the
Securities and Exchange Commission has authorized the Staff of the
Fort Worth Regional Office to conduct an investigation of certain
aspects of the company's periodic reports filed with the
Commission.  

The investigation appears to be focused principally on the
company's power plant contract restructurings and the related
disclosures and accounting treatment for the restructured power
contracts, including in particular the Eagle Point restructuring
transaction completed in 2002.

In August 2002, following media reports concerning the Eagle Point
restructuring transaction and the related disclosure, and
discussions with SEC Staff, El Paso filed an amended quarterly
report for the quarter ended March 31, 2002.  El Paso continues to
believe that its accounting treatment of its power plant contract
restructurings is appropriate.  The company intends to cooperate
fully with the SEC investigation.

Information about El Paso's restructuring business and the Eagle
Point restructuring transaction is available in recent public
filings, including the following (all of which are available at
http://www.elpaso.comor http://www.sec.gov):

     First Quarter 2002 Form 10-Q - filed May 10, 2002
     First Quarter 2002 Form 10-Q/A - filed August 8, 2002
     Second Quarter 2002 Form 10-Q - filed August 14, 2002
     2002 Form 10-K - filed March 31, 2003

El Paso Corporation (S&P, B+ L-T Corporate Credit Rating,
Negative) is the leading provider of natural gas services and the
largest pipeline company in North America.  The company has core
businesses in pipelines, production, and midstream services.  Rich
in assets, El Paso is committed to developing and delivering new
energy supplies and to meeting the growing demand for new energy
infrastructure.  For more information, visit http://www.elpaso.com


EMERITUS ASSISTED LIVING: Leases 21 Emeritrust II Facilities
------------------------------------------------------------
Emeritus Assisted Living (AMEX:ESC) (Emeritus Corporation), a
national provider of assisted living and related services to
senior citizens, has leased the 21 facilities, comprised of 1,548
units, previously managed by the Company and described as the
Emeritrust II and Emeritrust II Development facilities.

The lease is being provided by a third party who will purchase the
assets directly from the current owners and combine them with four
additional properties already leased by the Company into a new
master lease with a 15-year term and one 15-year extension. In
addition to the lease, the lessor has agreed to consolidate all
its mezzanine debt with the Company, totaling $25.8 million and
extending the maturity to July 2007. The new note will include
amortization of principle after the first year and the ability to
convert the debt in part or whole to additional lease basis
depending on performance of the master lease properties.

The purchase price of these assets was $120.1 million, or $77,600
per unit, including the value of 500,000 5-year warrants the
Company agreed to issue to the seller with an exercise price of
$7.60.

"We are pleased to have these communities in our consolidated
portfolio as leased properties to capture the upside of their
improving performance," stated Dan Baty, CEO.

The Company also confirmed that its management agreement on the
Emeritrust I portfolio of 23 communities was extended from July 1,
2003 to January 2, 2004.

Emeritus Assisted Living is a national provider of assisted living
and related services to seniors. Emeritus is one of the largest
developers and operators of freestanding assisted living
communities throughout the United States. These communities
provide a residential housing alternative for senior citizens who
need help with the activities of daily living with an emphasis on
assistance with personal care services to provide residents with
an opportunity for support in the aging process. Emeritus
currently holds interests in 169 communities representing capacity
for approximately 17,600 residents in 32 states. Emeritus's common
stock is traded on the American Stock Exchange under the symbol
ESC, and its home page can be found on the Internet at
http://www.emeritus.com  

Emeritus Corporation's June 30, 2003 balance sheet shows a working
capital deficit of about $30 million, and a total shareholders'
equity deficit of about $89 million.


ENRON CORP: Sierra Pacific Resources Files Complaint vs. Unit
-------------------------------------------------------------
Electric utility units of Sierra Pacific Resources (NYSE: SRP)
filed a complaint at the United States Federal Energy Regulatory
Commission to prevent bankrupt Enron Power Marketing, Inc., from
obtaining a final judgment -- pending FERC review -- involving
more than $330 million from "unlawful termination payments."

Enron had been found by the FERC earlier this year to have
unlawfully manipulated the Western energy market, engaging in
fraud, deception and other actions that created power market
prices that were unjust and unreasonable. Prior and subsequent to
the FERC ruling, numerous Enron employees pled guilty to related
criminal charges.

Monday's filing is intended to address Enron's purported "early
termination" of power contracts with Sierra Pacific's Nevada
utilities in a maneuver that would provide a "windfall" by
obtaining payment for electric power that Enron did not, nor could
not, provide. It describes the "great harm" that could be done to
the utilities as well as the citizens of Nevada should any money
be paid to Enron -- pending appeals and FERC review -- while Enron
enjoys the protection of its bankruptcy.

The company said it expects that the Nevada Attorney General's
office, through its Bureau of Consumer Protection, will intervene
on behalf of Nevada citizens, joining the Nevada utilities in
opposing Enron's actions.

Walter Higgins, chairman and CEO of Sierra Pacific Resources,
said, "Enron's latest maneuvers, seeking to reach out from
bankruptcy and seriously damage our Nevada utilities, would have
profound effects on our state's citizens and the reliable delivery
of energy supplies that are at the heart of our economy.

"The issues presented in this FERC case are clear," Higgins added.
"A company like Enron that engaged in pervasive wrongdoing should
not be permitted to adroitly 'game' the legal system so it can
benefit from its criminal and regulatory misconduct."

The complaint filed Monday calls for the FERC to preserve the
status quo while it reviews the complaint and ultimately find that
Enron's actions violated the terms of tariff language and
therefore is not entitled to "a penny for power not delivered."
The filing adds that in the unlikely event these terminations were
found lawful, it is not in the public interest to permit Enron to
collect a windfall under these circumstances.

Summary of New FERC Complaint

* Sierra Pacific Resources believes that Enron's violations of
  federal law, including the Federal Power Act, breached FERC's
  regulations and power tariffs governing the transactions. Under
  these circumstances, it would be grossly unfair to permit Enron
  to -- again -- line its pockets and claim yet another set of
  victims.

* The new complaint asks FERC to (a) assert its jurisdiction over
  the issue of whether Enron may lawfully claim rights under the
  power deals to be paid for not providing power that it could not
  provide anyway, (b) preserve the status quo by preventing Enron
  from enforcing the tariffs in dispute while FERC reviews the
  matter; (c) find that the applicable rules do not permit the
  sort of maneuver to create a windfall that Enron has attempted,
  and (d) find that, even if hypothetically Enron is technically
  entitled to a payment, it is neither equitable nor in the public
  interest for the Nevada Companies to be required to pay Enron an
  additional $300 million plus award.

* The new complaint asks FERC to find that Enron failed to act
  "reasonably" as required by the tariffs when it purported to
  terminate the contracts. Enron acted unreasonably because it had
  sold its marketing business, had no means of performing the
  contract, and apparently had one and only one objective -- to
  use any pretext to get out of its contracts and get paid for
  doing nothing.

* Sierra Pacific Resources will also demonstrate that the harm to
  the public at large and third parties, not just the harm to the
  utilities themselves, would be so substantial as to require FERC
  to prevent the payment to Enron.

* The new complaint is consistent with recent FERC orders that
  underscore the very different roles and perspectives of
  bankruptcy courts and the Commission. As the Commission has made
  clear in the recent NRG case involving a very similar effort by
  a bankrupt power supplier to terminate contracts with a public
  utility (Connecticut Power & Light), FERC's broader mandate
  under the Federal Power Act to protect the public interest takes
  jurisdictional precedence over a bankruptcy court's limited
  perspective of debtor rights.

* FERC has previously expressed the well-founded view that power
  suppliers cannot use the bankruptcy courts to "maneuver" around
  FERC's expertise and jurisdiction. Here, Enron has thus far
  succeeded in "jurisdictional manipulation," just as it
  previously was found to have been guilty of "market
  manipulation."

Headquartered in Nevada, Sierra Pacific Resources is a holding
company whose principal subsidiaries are Nevada Power Company, the
electric utility for most of southern Nevada, and Sierra Pacific
Power Company, the electric utility for most of northern Nevada
and the Lake Tahoe area of California. Sierra Pacific Power
Company also distributes natural gas in the Reno-Sparks area of
northern Nevada. Other subsidiaries include the Tuscarora Gas
Pipeline Company, which owns 50 percent interest in an interstate
natural gas transmission partnership and several unregulated
energy services companies.


ENRON CORP: Pushing for Court Approval of Disclosure Statement
--------------------------------------------------------------
Pursuant to Sections 105, 502, 1125, 1126 and 1128 of the
Bankruptcy Code and Rules 2002, 3003, 3017, 3018 and 3020 of the
Federal Rules of Bankruptcy Procedure, the Enron Debtors ask the
Court to:

   (a) approve their Disclosure Statement,

   (b) set a record date to determine who can vote on the Plan;

   (c) approve the solicitation packages and procedures for
       their distribution;

   (d) approve the forms of ballots and establish procedures for
       voting on the Plan; and

   (e) schedule a hearing and establish notice and objection
       procedures with respect to Plan confirmation.

                      Disclosure Statement

Pursuant to Section 1125, a plan proponent must provide holders
of impaired claims with "adequate information" regarding a
debtor's proposed Chapter 11 plan.  Thus, a debtor's disclosure
statement must, as a whole, provide information that is
"reasonably practicable" to permit an "informed judgment" by
impaired creditors entitled to vote on the plan.

Brian S. Rosen, Esq., at Weil, Gotshal & Manges LLP, in New York,
contents that the Debtors' Disclosure Statement contains adequate
information to allow the claim holders to make an informed
judgment about the Plan because it contains these information:

   (a) the circumstances that gave rise to the filing of the
       bankruptcy petitions;

   (b) an explanation of the available assets and their value
       for purposes of distributions under the Plan on a
       liquidation basis;

   (c) the anticipated future of the Debtors;

   (d) the source of the information provided in the Disclosure
       Statement;

   (e) a disclaimer indicating that no statements or information
       concerning the Debtors or securities are authorized,
       other than those set forth in the Disclosure Statement;

   (f) the condition and performance of the Debtors while in
       Chapter 11;

   (g) significant events during the course of the these Chapter
       11 cases;

   (h) information regarding claims against the estates;

   (i) a liquidation analysis setting forth the estimated return
       that creditors would receive under a hypothetical Chapter
       7;

   (j) the accounting and valuation methods used to produce the
       financial information in the Disclosure Statement;

   (k) certain information regarding the future management of
       the Debtors;

   (l) a summary of the Plan;

   (m) an estimate of all administrative expense claims,
       including professional compensation claims;

   (n) financial information, valuations, and pro forma
       projections that would be relevant to creditors'
       determinations of whether to accept or reject the Plan;

   (o) information relevant to the risks being taken by the
       creditors and interest holders;

   (p) the tax consequences of the Plan; and

   (q) the relationship of the Debtors to each other.

Meeting the Section 1125 requirement, Mr. Rosen asserts that the
Disclosure Statement should be approved.

                         Record Date

In accordance with Rules 3017 and 3018, the record date is
typically the date an order approving the disclosure statement is
entered.  Nevertheless, to set a record date, the record holders
of the Debtors' securities need advance notice to enable those
responsible for assembling ownership lists of the Debtors' public
securities to compile a list of holders as of a certain date.  
Prior to the solicitation of votes, the Debtors must finalize the
list of creditors to be solicited, print individualized ballots
and master ballots, prepare the Solicitation Packages, mail the
Solicitation Packages, finalize the list of non-voting parties in
interest to be notified, print the notices, prepare the mailing,
and mail the notices.  To do so, the Debtors must coordinate with
the registrars of any prepetition debt securities, as well as
agents for any syndicated bank groups, to ensure that
Solicitation Packages and ballots or notices are sent to the
beneficial owners.

In consultation with the Solicitation Agent, the Debtors estimate
that it may require up to three weeks to obtain and process the
appropriate creditor data from various sources to prepare for the
mailing.  Once processes, the Debtors estimate that it will
require an additional week to generate the appropriate mailing
labels or personalized ballots as may be appropriate.

Accordingly, the Debtors ask the Court to establish October 20,
2003 as the voting record date for purposes of determining the
creditors entitled to vote on the Plan or, in the case of non-
voting classes, to determine the creditors and equity interest
holders entitled to receive non-voting materials; provided
however, that the Debtors agree, after consultation with the
Creditors' Committee, to a later date for the Record Date for one
or more creditors entitled to vote, so long as the agreement is
announced on the record in open court and so ordered by the
Court.  To the extent that the Record Date is extended as to any
debt securities or syndicated debt, the Debtors will coordinate
with the respective record holders and agents, as applicable, as
to any extension.

With respect to the Record Date, the Debtors propose that the
record holders of claims be determined based on:

   (a) with respect to beneficial holders of debt securities
       entitled to vote on the Plan, the records of the
       Depository Trust Company and applicable record holder as
       of the Record Date;

   (b) with respect to bank syndicates or other similarly
       situated creditor groups entitled to vote on the Plan,
       the records of the applicable agent bank or similarly
       situated agent as of the Record Date to the extent of the
       total amount reflected in the Debtors' books and records;

   (c) with respect to holders of scheduled claims entitled to
       vote on the Plan, the records of the Debtors' consultant,
       FTI Consulting, Inc., as of the Record Date; and

   (d) with respect to holders of filed claims entitled to vote
       on the Plan and not otherwise addressed above, the
       records of BSI as of the Record Date.

Accordingly, any notices of claim transfers received by the
record holders of the debt securities, bank agents, FTI
Consulting, Inc., BSI or other similarly situated registrars
after the Record Date will not be recognized for purposes of
voting.

       Solicitation Packages and Distribution Procedures

After the approval of the Disclosure Statement, the Debtors
propose to distribute or cause to be distributed solicitation
packages containing copies of:

   (a) the Disclosure Statement Order;

   (b) the confirmation hearing notice;

   (c) a ballot together with the applicable voting
       instructions and a pre-addressed postage pre-paid return
       envelope; and

   (d) a CD-ROM containing the Disclosure Statement.

The Debtors propose to mail the Solicitation Packages by no later
than November 21, 2003 absent a Court relief to:

   (a) subject to sub-sections (c) and (d) below, record holders
       of scheduled claims, as of the Record Date, to the extent
       that the claims (i) are listed in the Debtors' Schedules
       in an amount greater than zero and are not identified as
       contingent, unliquidated or disputed, (ii) have not been
       superseded by a filed claim, and (iii) entitle the holder
       thereof to vote on the Plan;

   (b) subject to subsections (c) and (d) below, record holders
       of filed claims, as of the Record Date, to the extent
       that the claims (i) are the subject of filed proofs of
       claim, (ii) have not been disallowed, expunged,
       disqualified or suspended prior to the Record Date, (iii)
       are not the subject of a pending objection as of the date
       set forth in the Temporary Allowance Procedures Order,
       and (iv) entitle the holders thereof to vote on the Plan;

   (c) with respect to debt securities, the record holders of
       claims, as of the Record Date, to the extent that (i) the
       record holders are reflected in the records of The
       Depository Trust Company or the respective trustee or
       Indenture Trustee for the debt securities, and (ii) the
       holders of such debt security claims are entitled to vote
       on the Plan; and

   (d) with respect to syndicated bank debt or other similarly
       situated creditor groups, the participating banks, as
       provided by the agent bank or other similarly situated
       agent as of the Record Date, or, if requested by the
       agent bank, to the agent bank to forward to the
       participating banks, to the extent that the holders of
       the applicable syndicated bank debt or other similarly
       situated debt are entitled to vote on the Plan.

To the extent that a creditor was not initially sent a
Solicitation Package, but the creditor's claim is later
temporarily allowed for voting purposes in accordance with the
provisions of the Temporary Allowance Procedures Order, then the
Debtors will mail, via express or overnight mail, a Solicitation
Package to that creditor within five business days after entry of
an order temporarily allowing that creditor's claim for voting
purposes provided the order is entered by the Court on or before
December 19, 2003.

To avoid duplication and reduce expenses, the Debtors propose
that any creditor entitled to vote in a given class who has filed
duplicate claims to be voted in that class be provided, to the
extent possible, with only one Solicitation Package and one
Ballot for voting a single claim in the same class.

Mr. Rosen notes that the Debtors will be providing a CD-ROM
containing copies of the Plan and Disclosure Statement in the
Solicitation Packages to reduce administrative costs associated
with printing and mailing the voluminous documents.  Moreover,
the Plan and Disclosure Statement will be available via the
Internet at:

     http://www.nysb.uscourts.gov
     http://www.elaw4enron.comand  
     http://www.enron.com/corp/por

However, if service by CD-ROM imposes a hardship for any
creditor, the Debtors propose that that creditor may submit to
the Debtors a signed certificate of hardship explaining why a
paper copy should be provided at the Debtors' cost.  Upon receipt
of certification of hardship, the Debtors will evaluate whether
an actual hardship appears to exist and, in the event that it
does, the Debtors will provide that creditor with a paper copy of
the Plan and Disclosure Statement at no cost to the creditor
within five business days after determining that a hardship
exists.  Otherwise, the Debtors will consult the Creditors'
Committee prior to making a final determination to deny the
request.

In addition, the Debtors will distribute the Solicitation Package
without a Ballot, voting instructions or return envelope to:

   (a) the U.S. Trustee;

   (b) the attorneys for the Creditors' Committee and the
       Employee Committee;

   (c) attorneys for the Debtors' postpetition lenders;

   (d) the Securities and Exchange Commission;

   (e) the Internal Revenue Service;

   (f) any trustee, indenture trustee or agent bank identified;
       and

   (g) all parties that the Debtors are required to serve
       notices.

In this conjunction, the Debtors seek the Court's authority to
reimburse any reasonable, actual and necessary out-of-pocket
expenses incurred by The Depository Trust Company, trustees,
brokerage firms or any nominee or trustee of beneficial holders
of debt securities identified.

Mr. Rosen notes that in the past, some notices of the applicable
claims bar dates have been returned by the U.S. Postal Service as
undeliverable.  Thus, to conserve the estates' resources, the
Debtors ask the Court to allow them not to distribute
Solicitation Packages to those entities with addresses that
encountered returned notices.

                       Form of Ballots

Mr. Rosen notes that Bankruptcy Rule 3017(d) requires the Debtors
to mail a form of ballot substantially in the form of Official
Form No. 14, only to "creditor and equity security holders
entitled to vote on the plan."  Accordingly, the Debtors propose
to distribute to certain creditors one or more Ballots, as
applicable, the form of the Ballots based on the Official Form
No. 14, modified to address the particular aspects of these
Chapter 11 cases and to include certain additional information
that the Debtors believe to be relevant and appropriate for each
class of claims that is entitled to vote.

Mr. Rosen informs the Court that the appropriate Ballot forms
will be distributed to holders of claims in Classes 3-180, 183,
184 and 186-365.  All other classes are:

   (a) unimpaired and conclusively presumed to have accepted the
       Plan,

   (b) expected to receive no distribution and are deemed to
       have rejected the Plan, or

   (c) comprised of intercompany claims asserted by proponents
       of the Plan and deemed to have accepted the Plan.

Agent banks for syndicated bank debt typically provide the
contact and other relevant information for the participating
banks directly to the Debtors and request the Debtors to solicit
the participating banks' votes on the Plan.  Accordingly, a
Master Ballot will not be used for syndicated bank debt.  The
Debtors propose to use the proposed form of Ballot for
participating banks to vote on the Plan.  However, if an agent
bank decides to submit one ballot on behalf of the participating
banks, the Debtors will provide the agent bank with a general
unsecured ballot and the agent may attach an exhibit indicating
the names of the participating banks, the dollar amount of each
creditor's vote, and whether the creditor voted to accept or
reject the Plan.

As part of the solicitation process, the Debtors intend to
solicit votes from creditor constituencies entitled to vote
directly on the Plan and whose underlying claims arise from debt
securities or similarly situated obligations in which multiple
creditors hold a portion of the ultimate claim.  The balloting
process for these creditor constituencies is multiple-tiered, as
the Debtors need to solicit votes through the trustee, agent
bank, broker, dealer or other agents or Voting Nominees for the
ultimate Beneficial Holders.  The Voting Nominees' role varies
depending upon the terms and provisions of governing documents
and applicable law.  As a general rule, the Voting Nominees
either:

   (a) submit the Beneficial Holders' voting information to the
       Solicitation Agent, or

   (b) cast a single vote on behalf of their constituency in
       accordance with the exercise of their fiduciary duties
       and pursuant to the terms and provisions of the governing
       documents and applicable law.

After receipt of the Solicitation Packages, the Debtors propose
that the Voting Nominees for debt securities have two options
with respect to voting the ballot and master ballot:

   (a) the Voting Nominee can forward the Solicitation Package
       to each Beneficial Holder entitled to vote on the Plan
       within five business days of the receipt by that Voting
       Nominee of the Solicitation Package and include a
       return envelope provided by, and addressed to, the Voting
       Nominee to enable the Beneficial Holder to return the
       completed Ballot to the Voting Nominee, with the Voting
       Nominee then tabulating the votes and submitting a master
       ballot to the Solicitation Agent; or

   (b) if applicable under the governing documents, the Voting
       Nominee can "prevalidate" Ballots and forward the
       Solicitation Package to each Beneficial Holder entitled
       to vote on the Plan to the Beneficial Holder within five
       business days of the receipt by the Voting Nominee of the
       Solicitation Package and include a return envelope
       postage pre-paid provided by, and addressed to, the
       Solicitation Agent.

To "prevalidate" a Ballot, the Voting Nominee should execute the
Ballot and indicate on the Ballot the name of the registered
holder, the amount of securities held by the Voting Nominee for
the Beneficial Holder and the account number(s) for the
account(s) in which the securities are held by the Voting Nominee
and the Beneficial Holder will return the completed prevalidated
Ballot to the Debtors' Solicitation Agent by the Voting Deadline.

Mr. Rosen argues that the proposed procedures are fair and
reasonable because:

   (a) they adequately recognize the complex nature of the
       Debtors' prepetition debt structure and the complexities
       of the securities industry;

   (b) they enable the Debtors to transmit the Solicitation
       Packages to the Beneficial Holders; and

   (c) they afford the Beneficial Holders a fair and reasonable
       opportunity to vote.

Mr. Rosen assures the Court that the Debtors acted in good faith
in identifying all claims related to debt securities and other
claims that require multiple-tier voting procedures.  If the
Debtors discover any additional claims related to debt securities
or similar structured claims that require multiple-tier voting
procedures, the Debtors will use the solicitation and tabulation
procedures applicable to those claims in accordance with the
proposed procedures.

                        Voting Deadline

The Debtors anticipate mailing the Solicitation Packages on or
before the Solicitation Date.  Based on that schedule, the
Debtors propose that, to be counted as a vote to accept or reject
the Plan, each Ballot must be property executed, completed and
delivered to the Solicitation Agent so as to be received on or
before January 9, 2004 at 4:00 p.m.  

                   Vote Tabulation Procedures

To augment the voting procedures proposed under the Temporary
Allowance Motion, the Debtors propose these tabulation
procedures:

   (a) a vote will be disregarded if the Bankruptcy Court
       determines, after notice and a hearing, that a vote was
       not solicited or procured in good faith or in accordance
       with the provisions of the Bankruptcy Code;

   (b) any Ballot that is returned to the Solicitation Agent,
       but which is unsigned, or has a non-original signature,
       will not be counted;

   (c) all votes to accept or reject the Plan must be cast by
       using the appropriate Ballot and in accordance with the
       voting instructions or as set forth on the Ballot and
       votes that are cast in any other manner will not be
       counted;

   (d) a holder of claims in more than one class must use
       separate Ballots for each class of claims;

   (e) a holder of claims will be deemed to have voted the full
       amount of its claim in each class and will not be
       entitled to split its vote within a particular class;

   (f) any Ballot, except a Master Ballot, that partially accepts
       and partially rejects the Plan will not be counted;

   (g) if a holder of claims casts more than one Ballot voting
       the same claim prior to the Voting Deadline, only the last
       timely Ballot received by the Solicitation Agent will be
       counted;

   (h) if a holder of claims casts Ballots received by the
       Solicitation Agent on the same day, but which are voted
       inconsistently, the Ballots will not be counted;

   (i) any executed Ballot received by the Solicitation Agent
       that does not indicate either an acceptance or rejection
       of the Plan will not be counted;

   (j) any executed Ballot received by the Solicitation Agent
       that indicates both acceptance and rejection of the Plan
       will not be counted;

   (k) any entity entitled to vote to accept or reject the Plan
       may change its vote before the Voting Deadline by casting
       a superseding Ballot so that it is received on or before
       the voting deadline; and

   (l) the Solicitation Agent will not accept a vote by
       facsimile, telecopy transmission or electronic mail.

With respect to the Master Ballots or the prevalidated ballots,
the Debtors ask the Court to direct:

   (a) all Voting Nominees to which Beneficial Holders return
       their Ballots will summarize on the Master Ballot all
       Ballots cast by the Beneficial Holders and return the
       Master Ballot to the Solicitation Agent; provided,
       however, that each Voting Nominee will be required to
       retain the Ballots cast by the respective Beneficial
       Holders for inspection for a period of at least one year
       after the Voting Deadline;

   (b) votes cast by the Beneficial Holders through a Voting
       Nominee by means of a Master Ballot or prevalidated
       Ballot will be applied against the positions held by that
       Voting Nominee as evidenced by a list of record holders
       provided by The Depository Trust Company and compiled as
       of the Record Date; provided, however, that votes
       submitted by a Voting Nominee on a Master Ballot or
       prevalidated Ballot will not be counted in excess of the
       position maintained by the Voting Nominee as of the Record
       Date;

   (c) to the extent that there are over-votes submitted by a
       Voting Nominee, whether pursuant to a Master Ballot or
       prevalidated Ballot, the Solicitation Agent will attempt
       to reconcile discrepancies with the Voting Nominee;

   (d) to the extent that over-votes on a Master Ballot or
       prevalidated Ballot are not reconciled prior to the
       preparation of the vote certification, the Solicitation
       Agent will apply the votes to accept and to reject the
       Plan in the same proportion as the votes to accept or
       reject the Plan submitted on the Master Ballot or
       prevalidated Ballot that contained the over- vote, but
       only to the extent of the position maintained by the
       Voting Nominee as of the Record Date;
  
   (e) multiple Master Ballots may be completed by a single
       Voting Nominee and delivered to the Solicitation Agent
       and the votes will be counted, except to the extent that
       the votes are inconsistent with or are duplicative of
       other Master Ballots, in which case the latest dated
       Master Ballot received before the Voting Deadline will
       supersede and revoke any prior Master Ballot; and

   (f) each Beneficial Holder will be deemed to have voted the
       full amount of its claim.

In addition, in those instances where the Voting Nominee casts a
single vote on behalf of its constituency, neither the Debtors
nor the Solicitation Agent will review or be responsible for
reviewing any underlying documents or make any decisions as to
how the Voting Nominee should vote their claims.

Unless temporarily allowed by the Court, certain identified
creditors will be entitled to vote the dollar amount of their
claims based on the Debtors' books and records that include the
principal an interest amount owing as of the Petition Date.

                  Notice of Non-Voting Status

The claims in Classes 1 and 2 are unimpaired and are presumed to
accept the Plan.  The Debtors propose to send to these Claims
holders, as well as any party to an executory contract that has
not been assumed or rejected as of the Record Date, a notice of
non-voting status, which identifies the classes designated as
unimpaired and sets forth where to get a copy of the Plan and the
Disclosure Statement.  Furthermore, in an effort to conserve the
estate resources, the Debtors propose to send to claims holders
expected to receive no distribution under the Plan a Notice of
Non-Voting Status, with information where they can get a copy of
the Plan and Disclosure Statement.

With respect to service of the Notice of Non-Voting Status on the
holders of their publicly-traded stock, the Debtors propose to
send the Notices of Non-Voting Status by:

   (a) the Debtors will provide any registered holders of Non-
       Voting Securities with a copy of the Notice of Non-Voting
       Status - Impaired Classes by first-class mail;

   (b) the Debtors will provide the nominees with sufficient
       copies of the Notice of Non-Voting Status - Impaired
       Classes to forward to the Beneficial Holders of the
       Non-Voting Securities; and

   (c) The nominees will then forward the Notice of Non-Voting
       Status - Impaired Classes or copies thereof to the
       Beneficial Holders of the Non-Voting Securities within
       five business days of the receipt by the Non-Voting
       Nominees of the Notice of Non- Voting Status - Impaired
       Classes.

To the extent that the Non-Voting Nominees incur out-of-pocket
expenses in connection with the distribution of the Notices of
Non-Voting Status - Impaired Classes, the Debtors seek the
Court's authority to reimburse those entities for their
reasonable, actual and necessary out-of-pocket expenses.

                      Confirmation Hearing

In accordance with Bankruptcy Rule 3017(c) and in view of their
proposed solicitation schedule outlined, the Debtors ask the
Court to schedule the Confirmation Hearing, subject to the
Court's calendar, during the week of January 26, 2004.

If the proposed Confirmation Hearing date is approved, the
Debtors will provide all creditors and equity security holders as
of the Record Date a copy of the Confirmation Hearing Notice,
setting forth the:

   (i) Record Date,

  (ii) Voting Deadline,

(iii) approval date of the Disclosure Statement,

  (iv) Plan objection deadline, and

   (v) time, date and place of the Confirmation Hearing.

In addition, the Debtors propose to publish the Confirmation
Hearing Notice not less than 20 days before the deadline to file
objections to Plan confirmation, in each of:

   -- The Wall Street Journal (National Edition),
   -- The New York Times (National Edition),
   -- The Houston Chronicle,
   -- Financial Times,
   -- Los Angeles Times,
   -- The Oregonian,
   -- Omaha World-Herald,
   -- Seattle Times Post-Intelligencer,
   -- The Luxembourg Wort, and
   -- El Nuevo Dia.

The Debtors will also publish the Confirmation Hearing Notice
electronically on the website: http://www.elaw4enron.comas well  
as http://www.enron.com/corp/por

Mr. Rosen contends that the proposed publication will provide
sufficient notice of the approval of the Disclosure Statement,
the Record Date, the Voting Deadline, the Objection Deadline and
the Confirmation Hearing to all persons who do not otherwise
receive notice by mail as provided for in the Disclosure
Statement Order.

                     Confirmation Objections

The Debtor ask the Court to direct that objections to the Plan
confirmation or proposed modification to the Plan, if any, must:

   (a) be in writing,

   (b) be in the English language,

   (c) state the name and address of the objecting party and the
       amount and nature of the claim or interest,

   (d) state with particularity the basis and nature of any
       objection to the Plan, and

   (e) be filed, together with the proof of service, with the
       Court and served so that they are received by the
       parties-in-interest no later than January 9, 2004, at
       4:00 p.m. (Enron Bankruptcy News, Issue No. 82; Bankruptcy
       Creditors' Service, Inc., 609/392-0900)


EVERGREEN INT'L: Will Hold Q2 Conference Call on Oct. 14, 2003
--------------------------------------------------------------
Evergreen International Aviation, Inc. will hold a conference call
to discuss financial results for the second fiscal quarter on
Tuesday, October 14, 2003 at 8 a.m. PDT.  The call can also be
accessed at http://www.evergreenaviation.com and a replay of the  
webcast will be available on the Evergreen International Aviation
website for one week after the call.

To access the related financial results press release to be issued
on October 14, 2003 please visit http://www.evergreenaviation.com
and click on "news."

      Conference Call Information:

      Date: Tuesday, October 14, 2003
      Time: 8 a.m. PDT, 11 a.m. EDT
      Domestic dial-in number: 888-560-1989
      International dial-in-number: 973-582-2830
      Webcast:  http://www.evergreenaviation.com

      Domestic replay: 877-519-4471, Pin 4227778
      International replay: 973-341-3080, Pin 4227778
      Conference call replay available until 9 p.m. PDT
          October 21, 2003

Based in McMinnville, Oregon, Evergreen (S&P, B Corporate Credit
Rating) is a leading integrated provider of worldwide airfreight
transportation, aircraft ground handling and logistics,
helicopter, small aircraft, aircraft maintenance and repair
services.  Evergreen's subsidiary companies provide diversified
aviation services that include: worldwide air freight
transportation, cargo and mail handling, airport passenger
services, specialized helicopter services such as aerial spraying
and petroleum support, aircraft maintenance, repair and overhaul
services, storage, and buying, selling, leasing and trading
aircraft, aircraft parts and engines.  Evergreen provides services
to a broad base of long-standing customers, including the U.S. Air
Force Air Mobility Command, the U.S. Postal Service, freight
forwarders, domestic and foreign airlines, industrial
manufacturers and other government agencies.


FAR & WIDE TRAVEL: USTOA & Member Companies to Assist Passengers
----------------------------------------------------------------
The United States Tour Operators Association and member companies
are coming to the aid of travelers affected by the bankruptcy of
Far&Wide Travel Corporation.

According to USTOA President, Bob Whitley, travelers whose
deposits or payments for future travel with Far & Wide were made
by credit card are advised to contact their credit card company
for a chargeback. Travelers whose credit card companies will not
reimburse them or those who paid by check or cash are eligible to
file a claim for reimbursement through the USTOA $1 Million
Consumer Protection Plan. Claims must be filed by December 31,
2003. Details and additional information are available on the
USTOA Web site: http://www.ustoa.com  

To further assist affected travelers, more than 35 individual
USTOA member companies have offered to honor Far & Wide deposits
paid, or to provide other assistance. Some companies have offered
to try and duplicate original Far & Wide itineraries for
passengers, while other USTOA companies will evaluate travelers'
arrangements on a case-by-case basis.

Whitley urges travelers to check with each company individually,
as various conditions may apply in each case. Travelers whose
arrangements were made through travel agents are advised to
contact their travel agent. "USTOA and our member companies are
doing the utmost to help Far & Wide travelers with their vacation
arrangements and to minimize any inconvenience," observes Whitley,
who adds that travelers should check the USTOA website daily for
additional companies offering assistance, and for updates on
consumer reimbursements.


FEDERAL-MOGUL CORP: Realigns Executive Leadership Structure
-----------------------------------------------------------
Chip McClure, chief executive officer and president, Federal-Mogul
Corporation (OTC Bulletin Board: FDMLQ), has announced an
organizational realignment to achieve a more efficient and
customer-focused executive leadership structure.

Gerhard Boehm has been appointed senior vice president,
Powertrain.  Boehm had been vice president, Pistons, since
November 2001.  Before that, he served as both vice president,
technology - Europe, and vice president, power cylinder systems
engineering, technology and sales - Europe.  He joined Federal-
Mogul in 1999 with its acquisition of Alcan Deutschland's piston
business, where he was managing director of the piston business in
Nuremberg, Germany.

Reporting directly to Boehm are:

    -- Rainer Jueckstock, senior vice president, Pistons, Rings
       and Liners

    -- Wilhelm Schmelzer, who will continue to be responsible for
       the Bearings Group and will retain corporate regional
       responsibility as executive vice president for Europe,
       Africa and South America

    -- Ian Edmondson, vice president, Valve Train and Transmission
       Products "Combining the Powertrain product groups will
       better leverage the synergies and sharing of best
       practices," McClure said.  "In addition, this organization
       is well-connected to our customers' needs and will
       streamline the go-to-market process while advancing our
       opportunities in powertrain systems."

The manufacturing support and advanced development groups have
been consolidated.  John Tobiczyk, vice president, manufacturing
support, will add responsibility for advanced development.  Bob
Bertsch, previously vice president, advanced development, will be
leaving Federal-Mogul.  "Bob's contributions to the organization
have been greatly appreciated," McClure said.

G. Michael Lynch, executive vice president and chief financial
officer, will also assume responsibility for the global supply
chain management function.  Jeff Kaminski, previously vice
president, finance - Powertrain Group, has been appointed vice
president, global supply chain management. Kaminski succeeds Ramzi
Hermiz, who will become vice president, European Aftermarket.  
John McCormack, currently vice president, European aftermarket,
plans to retire effective March 31, 2004.  "We look forward to
Jeff's contributions as we continue to leverage our supply chain
processes as a strategic competitive advantage," McClure said.

Dale Pilger, senior vice president, global original equipment
sales, application engineering and marketing, will add
responsibility for Asia Pacific.  "Dale's experience in the Asia
Pacific region and his extensive knowledge of the marketplace will
be especially beneficial as we pursue our growth strategy in this
region," said McClure.  Reporting directly to Pilger is Brian
Ruddy, vice president and managing director, Asia Pacific, who
will remain located in Yokohama, Japan.

Federal-Mogul is a global supplier of automotive components, sub-
systems, modules and systems serving the world's original
equipment manufacturers and the aftermarket.  The company utilizes
its engineering and materials expertise, proprietary technology,
manufacturing skill, distribution flexibility and marketing power
to deliver products, brands and services of value to its
customers.  Federal-Mogul is focused on the globalization of its
teams, products and processes to bring greater opportunities for
its customers and employees, and value to its constituents.  
Headquartered in Southfield, Michigan, Federal-Mogul was founded
in Detroit in 1899 and today employs 47,000 people in 24
countries.  For more information on Federal-Mogul, visit the
company's Web site at http://www.federal-mogul.com


FEDERAL-MOGUL: Wants Court Approval for Dana Settlement Pact
------------------------------------------------------------
In 2002, Debtors Federal-Mogul Powertrain, Inc. and T&N
Industries Inc. commenced litigation before the High Court of
Justice in London to recover payments T&N Industries made in 1999
of Ohio corporate franchise taxes in respect of Glacier
Vandervell Inc., an entity sold by Debtor T&N Limited to Dana
Corporation in 1998.  Powertrain and T&N Industries alleged in
the U.K. Litigation, among other things, that Dana's failure to
reimburse Powertrain for the payments constituted a breach of
Dana's obligations to pay the taxes as contained in a Master
Purchase Agreement between T&N Industries and Dana relating to
the sale of the Glacier Vandervell.  Powertrain and T&N
Industries further alleged that Dana's failure to reimburse T&N
Industries for the Ohio tax payments breached additional
obligations contained in a Local Share Sale Agreement between AE
Clevite Inc. -- now Federal-Mogul Powertrain, Inc. -- and Dana.  
Powertrain and T&N Industries sought to recover $3,206,504 plus
applicable interest from Dana in the U.K. Litigation.

In October 2002, Dana sought to lift the automatic stay in the
Debtors' Chapter 11 case for the purpose of asserting certain
third-party claims and counterclaims in the U.K. Litigation.  The
matter was resolved pursuant to a stipulation that allowed Dana
to assert a counterclaim against T&N Industries in the U.K.
Litigation but not to assert any third-party claims.  In the
subsequent counterclaim against T&N Industries, Dana asserted
that it was entitled to an indemnity from T&N Industries with
respect to the tax in question under certain terms of the Master
Purchase Agreement.  The Counterclaim was alleged to cover the
entire amount sought by the Debtors in the U.K. Litigation.  

In addition to its request to lift the automatic stay, Dana also
sought to assert rights to recoupment with respect to amounts
supposedly owing from the Debtors under two environmental
indemnity agreements related to the Master Purchase Agreement.  
The environmental indemnity agreements are:

   (a) a U.S. Environmental Indemnity Agreement between AE
       Clevite and Dana; and

   (b) a non-U.S. Environmental Indemnity Agreement between T&N
       Limited and Dana.

Dana further asserted a right of recoupment against Federal-Mogul
Corporation, based on Federal-Mogul's guaranty of the obligations
of its subsidiaries under the Master Purchase Agreement and the
Environmental Indemnity Agreements.  Dana alleged that it is
entitled to recoupment with respect to $3,500,000 in liquidated
amounts and $8,800,000 in unliquidated amounts that had accrued
or would accrue under the Environmental Indemnity Agreements.  In
addition, Dana stated that it had incurred or anticipated
incurring $4,200,000 in additional amounts under the
Environmental Agreements in the process of disputing liability
for at the time of the Recoupment or were anticipated to dispute
liability for in the future.

The Debtors objected to the Recoupment on a variety of grounds,
including:

   (a) that the Recoupment sought relief that could only be
       granted properly as part of an adversary proceeding;

   (b) that the claims asserted by the Debtors in the U.K.
       Litigation and the claims on which Dana based its alleged
       rights of recoupment were sufficiently distinct from one
       another and, therefore, inapplicable; and

   (c) that Dana's efforts to assert its alleged recoupment
       rights sought to circumvent the claims process to the
       detriment of the Debtors' other creditors.

The parties later stipulated that Dana would be allowed to
withdraw the Recoupment and file an adversary proceeding to
assert its recoupment rights.  The Court approved the stipulation
on the condition that the Debtors and Dana mediate the issues
between them.

Dana commenced the adversary proceeding by filing a complaint on
November 26, 2002.  The Complaint sought both a determination of
Dana's rights of recoupment and an injunction preventing the
Debtors from enforcing any judgment that they have obtained in
the U.K. Litigation.

In advance of any mediation, the Debtors and Dana agreed to
engage in settlement discussions in March 2003.  The settlement
discussions resulted in the parties' agreement in principle on a
number of issues between them.

According to the records of the Debtors' claim agent -- The
Garden City Group Inc., Dana filed 17 proofs of claim against the
Debtors.  The Debtors believe that the settlement agreement will
resolve all or part of eight of the proofs of claim that relate
to the Environmental Indemnity Agreements and the U.K.
Litigation, as well as claims filed in connection with the
recoupment-related litigation.  With respect to the Environmental
Indemnity Agreements, Dana asserted $16,550,193 against the
Debtors -- $8,588,738 asserted on account of the U.S.
Environmental Indemnity Agreement and $7,961,454 on account of
the non-U.S. Environmental Indemnity Agreement.

At the Debtors' request, the Court approves the Settlement
Agreement.

The salient terms of the Settlement Agreement are:

   * Both parties will execute mutual releases with respect to
     all claims in connection with the U.K. Litigation, the
     Environmental Indemnity Agreements, the Adversary
     Proceeding, and any guaranty by Federal-Mogul;

   * The Debtors will dismiss the U.K. Litigation and any
     related claims;

   * Dana will dismiss the Counterclaim and will abstain from
     asserting any claims against T&N Limited that relate to the
     claims comprising the U.K. Litigation;

   * Dana will dismiss the Adversary Proceeding;

   * Dana will receive two allowed general unsecured claims to be
     asserted jointly against Federal-Mogul and Powertrain with
     respect to the Environmental Indemnity Agreements:

     (1) $3,800,000 on account of environmental costs already
         incurred by Dana; and

     (2) $5,200,000 on account of environmental costs yet to be
         incurred by Dana to be paid out over time upon
         submission of statements of incurred environmental costs
         by Dana to the Debtors.

     Dana will receive a pro rata portion of the costs equal to
     the distribution made by Federal-Mogul or Powertrain, as
     applicable, on account of allowed general unsecured claims
     under the Debtors' Reorganization Plan;

   * Dana will amend or withdraw their proofs of claim filed
     against the Debtors relating to the Environmental Indemnity
     Agreements, Federal-Mogul's guaranty, and matters covered by
     the Adversary Proceeding to reflect the compromises of their
     claims effected by the Settlement Agreement; and

   * Dana and the Debtors will continue to negotiate in good
     faith with respect to (i) the set-off of trade payable
     amounts between themselves and (ii) ascertaining the amount
     of the reclamation claims asserted by Dana that have been
     properly asserted in accordance with Section 546(c) of the
     Bankruptcy Code and Section 2-702(2) of the Uniform
     Commercial Code. (Federal-Mogul Bankruptcy News, Issue No.
     43; Bankruptcy Creditors' Service, Inc., 609/392-0900)


FOAMEX INT'L: Trace Trustee Settles Dispute with Foamex Chairman
----------------------------------------------------------------
Foamex International Inc. is reporting that the Bankruptcy Trustee
for Trace International Holdings, Inc., and Marshall S. Cogan,
Chairman of Foamex, have settled the lawsuits brought by the
Trustee against Mr. Cogan, subject to the approval of the
Bankruptcy Court for the Southern District of New York.

A motion for the approval of the proposed settlement has been
filed with the Bankruptcy  Court.  Foamex has previously reported
the Trace lawsuits, but is not a party to the litigation.

The settlement entered into with the Trustee will, subject to the
Bankruptcy Court's approval and payment of the agreed upon
amounts, completely release Mr. Cogan from any liability to the
Trace estate.

Foamex -- whose June 29, 2003 balance sheet shows a total
shareholders' equity deficit of about $190 million --
headquartered in Linwood, PA, is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-performance
polymers for diverse applications in the industrial, aerospace,
defense, electronics and computer industries as well as filtration
and acoustical applications for the home. For more information
visit the Foamex Web site at http://www.foamex.com   


GENTEK INC: Delaware Court Confirms Plan of Reorganization
----------------------------------------------------------
GenTek Inc. (OTC Bulletin Board: GNKIQ), a diversified
manufacturer of telecommunications and other industrial products,
reported that the United States Bankruptcy Court for the District
of Delaware confirmed the company's Plan of Reorganization.

GenTek expects the Plan to become effective shortly and remains on
target to emerge from Chapter 11 within approximately 30 days.

"[Tues]day's action by the Court is the last critical milestone on
GenTek's path to emergence from Chapter 11," said Richard R.
Russell, President and Chief Executive Officer of GenTek. "During
the course of the company's Chapter 11 case, we consistently
emphasized that GenTek's reorganization was a balance-sheet
restructuring only. The Plan confirmed by the Court today reflects
just that - a restructuring that substantially reduces GenTek's
leverage and positions the company to execute on its strategic and
operational objectives. We greatly appreciate the dedication of
our employees and the trust and support of our customers and
suppliers throughout the restructuring process, and we look
forward to working closely with our new board of directors to
maximize value in the future."

Upon emergence, the Plan provides for new aggregate balance-sheet
debt of approximately $280 million, considerably less than the
$950 million in funded debt when the company filed for protection
under Chapter 11 on Oct. 11, 2002. GenTek also announced that on
the effective date of the Plan it will enter into a $125 million
multi-year revolving credit facility, which will be used to fund
working-capital requirements, pay Plan obligations and for other
general corporate purposes. Bank of America is the lead arranger
and syndication agent on this credit facility.

For more than a year, the company worked closely with its
principal creditor groups to develop a plan that will maximize
value for all stakeholders. Upon emergence, pre-petition senior
secured lenders will own approximately 94 percent of the new
common stock of the company, with unsecured bondholders owning
approximately 4 percent and trade and other unsecured creditors
owning up to 2 percent. The company's existing common stock
(OTCBB: GNKIQ) will be cancelled as of the effective date.

GenTek Inc. is a diversified manufacturer of telecommunications
and other industrial products. Additional information about the
company is available on GenTek's Web site at
http://www.gentek-global.com


HOVNANIAN ENTERPRISES: Commences Exchange Offer for 7-3/4% Notes
----------------------------------------------------------------
Hovnanian Enterprises, Inc. (NYSE: HOV) announced that K.
Hovnanian Enterprises, Inc., has commenced an offer to exchange
all of its outstanding 7-3/4% Senior Subordinated Notes due 2013
for its 7-3/4% Senior Subordinated Notes due 2013 which have been
registered under the Securities Act of 1933, as amended. The
exchange offer commenced on Friday, October 3, 2003 and will
expire at 5:00 p.m., New York City time, on Friday, October 31,
2003, unless it is extended.

Requests for information and copies of the exchange offer
prospectus and related documents may be obtained from Wachovia
Bank, National Association, as exchange agent for the exchange
offer, at the following addresses and telephone number:

    By Mail, Overnight Mail, Courier Delivery or by Hand:

    Wachovia Bank, N.A.,
    Attn: Marsha Rice
    Corporate Trust Operations
    Reorg.
    1525 West W.T. Harris Blvd.
    Charlotte, NC 28288-1153

    By Facsimile Transmission:
    (704) 590-7628

    Confirm By Telephone:
    (704) 590-7413

    For Information:
    (704) 590-7413

Hovnanian Enterprises, Inc. (Fitch, BB+ Senior Unsecured and BB-
Senior Subordinated Ratings, Stable Outlook) founded in 1959 by
Kevork S. Hovnanian, Chairman, is headquartered in Red Bank, New
Jersey.  The Company is one of the nation's largest homebuilders
with operations in Arizona, California, Maryland, New Jersey, New
York, Michigan, North Carolina, Ohio, Pennsylvania, South
Carolina, Texas, Virginia and West Virginia.  The Company's homes
are marketed and sold under the trade names K. Hovnanian,
Washington Homes, Goodman Homes, Matzel & Mumford, Diamond Homes,
Westminster Homes, Fortis Homes, Forecast Homes, Parkside Homes,
Brighton Homes, Parkwood Builders, Summit Homes and Great Western
Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Additional information on Hovnanian Enterprises, Inc., including a
summary investment profile and the Company's 2002 annual report,
can be accessed through the Investors page of the Hovnanian Web
site at http://www.khov.com   


HUGHES ELECTRONICS: Hosting Investor Conference Call on Oct. 14
---------------------------------------------------------------
Hughes Electronics Corporation and its subsidiary, DIRECTV
Holdings LLC, will host an investor conference call and Internet
webcast with the release of their third-quarter 2003 financial
results on Tuesday, October 14, 2003.

     When:               11 a.m. PT/ 2 p.m. ET Tuesday,
                         October 14, 2003
     Dial-in:            (913) 981-4900
     Confirmation code:  438314
     Webcast:            http://www.hughes.comor  
                         http://www.directv.com
     Host:               Jon Rubin, HUGHES vice president,
                         Investor Relations

Please call in 5 to 10 minutes prior to start time.

Please access the web site at least 15 minutes prior to start time
in order to download and install any necessary software.

A replay of this conference call will be available via telephone
from 7 p.m. ET Wednesday, October 15, through 12:59 a.m. ET
Monday, October 20, 2003.

     Telephone:          (719) 457-0820
     Confirmation Code:  438314

The archive of this call will also be available beginning
Wednesday, October 15 on the HUGHES Web site:
http://www.hughes.com/ir/guidance/recent_pres.xml

HUGHES, a world-leading provider of digital television
entertainment, broadband satellite networks and services, and
global video and data broadcasting, is a unit of General Motors
Corporation.  The earnings of HUGHES are used to calculate the
earnings attributable to the General Motors Class H common stock
(NYSE: GMH).

DIRECTV U.S. is the nation's leading digital multichannel
television service provider with more than 11.8 million customers.
DIRECTV and the Cyclone Design logo are registered trademarks of
DIRECTV, Inc., a unit of Hughes Electronics Corporation.  For more
information, visit http://www.DIRECTV.com

                          *     *     *

As reported in Troubled Company Reporter's April 11, 2003 edition,
Standard & Poor's Ratings Services revised its CreditWatch listing
on Hughes Electronics Corp. and related entities to positive from
developing following the company's announcement that News Corp.
Ltd., (BBB-/Stable/--) will acquire 34% of the company. The
ratings had been on CreditWatch developing, reflecting uncertainty
regarding Hughes' future ownership.

Following a review of Hughes' operating and financial prospects
under its new ownership structure, a ratings upgrade could occur
once the deal is completed. However, the magnitude of a
potential upgrade may be constrained in light of News Corp.'s
minority stake.

Ratings List:              To                   From

Hughes Electronics Corp.
   Corporate credit       B+/Watch Pos/--      B+/Watch Dev/--

DirecTV Holdings LLC
   Senior secured debt    BB-/Watch Pos/--
   Senior unsecured debt  B/Watch Pos/--

PanAmSat Corp.
   Corporate credit       B+/Watch Pos/--      B+/Watch Dev/--
   Senior secured debt    BB-/Watch Pos/--     BB-/Watch Dev/--
   Senior unsecured debt  B-/Watch Pos/--      B-/Watch Dev-


IMCO RECYCLING: Completes Debt Refinancing via Sale of Sr. Notes
----------------------------------------------------------------
IMCO Recycling Inc. (NYSE: IMR) has refinanced virtually all of
its existing indebtedness through the sale of $210 million of
10-3/8% senior secured notes due 2010 and the arrangement of a
new, four-year $120 million senior secured revolving credit
facility.

Proceeds from the sale of the notes and initial borrowings under
the new senior revolving credit facility will be used to repay
amounts outstanding under the company's previous senior credit
facility; to repay certain foreign debt; to repurchase trade
receivables previously sold under the company's receivables sale
facility and terminate that facility; and to pay fees and expenses
resulting from the refinancing.

Don V. Ingram, IMCO Recycling's chairman and chief executive
officer, said the sale of the new senior secured notes and the
arrangement of the new senior revolving credit facility
"simplifies our capital structure, consolidates our debt into a
long-term arrangement and makes funds available for future
growth."

The 10-3/8% notes were sold by IMCO Recycling at an issue price of
99.383% and mature on October 15, 2010.  Interest will be payable
on April 15 and October 15 of each year with the first interest
payment date being April 15, 2004.  Some or all of the notes may
be redeemed at any time after October 15, 2007.  In addition, up
to 35 percent of the notes may be redeemed using the proceeds of
certain equity offerings completed before October 15, 2006.

IMCO Recycling Inc. (S&P, B Corporate Credit Rating, Stable) is
one of the world's largest recyclers of aluminum and zinc.  The
company has 22 U.S. production plants and five international
facilities located in Brazil, Germany, Mexico and Wales.  IMCO
Recycling's headquarters office is in Irving, Texas.


J.A. JONES: Sells PPM Debtors' Assets for $13.25 Million to MOR
---------------------------------------------------------------
J.A. Jones, Inc., and its debtor-affiliates sought and obtained
approval from the U.S. Bankruptcy Court for the District of North
Carolina to sell substantially all assets of PPM, Inc., PPM
Holdings, Inc., Power Plant Maintenance Company, Inc., and General
Services of PPM, Inc.

The Debtors relate that before the Petition Date, JPB Enterprises,
LLC, the employed broker for this matter, together with the
Debtors, solicited numerous purchasers for the PPM Debtors'
assets.  After extensive arms-length negotiations, the Debtors
entered into an Asset Purchase Agreement to MOR PPM, Inc.

MOR's offer is the highest and best offer for the Assets, the
Debtors report.  The Debtors know no other potential buyers
willing to make a comparable bid or able to close a sale on an
expedited basis.  

The aggregate purchase price will be $13,250,000.  The Sale will
close on October 31, 2003.  At Closing, the Court directs the
Debtors to pay:

     i) $300,000 to the Fireman's Fund Insurance Company and
        American Home Assurance Company (Sureties); and

    ii) $3,904,611 to Deutsche Bank AG, New York, as Agent for
        Bayerische Landebank Gironzentrale, New York, and DZ
        Bank AG.

The Sureties and the Agent, on behalf of the Bank Group, both
assert a properly perfected, first priority security interest in
certain of the Purchased Assets.  

Headquartered in Charlotte, North Carolina, J.A. Jones, Inc. was
founded in 1890 by James Addison Jones, J.A. Jones is a subsidiary
of insolvent German construction group Philipp Holzmann and a
holding company for several US construction firms. The Company
filed for chapter 11 protection on September 25, 2003 (Bankr.
W.D.N.C. Case No. 03-33532).  John P. Whittington, Esq., at
Bradley Arant Rose & White LLP and W. B. Hawfield, Jr., Esq., at
Moore & Van Allen represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed debs and assets of more than $100 million
each.


KINETIC CONCEPTS: Launches Exchange Offer for 7-3/8% Sr. Notes
--------------------------------------------------------------
Kinetic Concepts, Inc. is offering to exchange all outstanding
Series A 7-3/8% Senior Subordinated Notes due 2013 for Series B
7-3/8% Senior Subordinated Notes due 2013 which have been
registered under the Securities Act of 1933, as amended.

The exchange offer will expire at 5:00 p.m., New York City time,
on the 21st business day following the date of the Company's
prospectus, unless Kinetic Concepts extends the exchange offer in
its sole and absolute discretion.

The principal terms of the exchange offer are as follows:

The Company will exchange the new notes for all outstanding old
notes that are validly tendered and not withdrawn pursuant to the
exchange offer.

Noteholders may withdraw tendered old notes at any time prior to
the expiration of the exchange offer.

The terms of the new notes are substantially identical to those of
the outstanding old notes, except that the transfer restrictions
and registration rights relating to the old notes do not apply to
the new notes.

The exchange of old notes for new notes will not be a taxable
transaction for U.S. federal income tax purposes, but one should
see the discussion in the prospectus under the heading "Material
United States Federal Income Tax Considerations" for more
information.

The Company will not receive any proceeds from the exchange offer.

The Company issued the old notes in a transaction not requiring
registration under the Securities Act, and as a result, transfer
of the old notes is restricted. Kinetic Concepts is making the
exchange offer to satisfy  registration rights, as a holder of the
old notes.

There is no established trading market for the new notes or the
old notes.

Kinetic Concepts' obligations under the old notes are, and its
obligations under the new notes will be, fully and unconditionally
guaranteed, jointly and severally, on a senior subordinated basis,
by KCI Holding Company, Inc., KCI Real Holdings, L.L.C., KCI
International, Inc., KCI Licensing, Inc., KCI Properties Limited,
KCI Real Property Limited, KCI USA, Inc., KCI USA Real Holdings,
L.L.C. and Medclaim, Inc.

Kinetic Concepts Inc. (S&P, B+ Corporate Credit Rating, Stable) is
a global medical device company with leadership positions in (i)
advanced wound care and (ii) therapeutic surfaces that treat and
prevent complications resulting from patient immobility. The
Company designs, manufactures, markets and services a wide range
of proprietary products that can significantly improve clinical
outcomes while reducing the overall costs of patient care by
accelerating the healing process or preventing complications. The
Company has an infrastructure designed to meet the specific needs
of medical professionals and patients across all health care
settings including acute care hospitals, extended care facilities
and patients' homes.


KMART CORP: Wants Claims Objection Deadline Moved to February 2
---------------------------------------------------------------
According to Andrew Goldman, Esq., at Wilmer, Cutler & Pickering,
in New York, roughly 56,000 proofs of claim have been filed
against the Kmart Debtors.  The Debtors' Statement of Financial
Affairs and Schedule of Assets and Liabilities list about 10,000
additional claims.  Mr. Goldman says that the Debtors have made
enormous progress toward completing the claims reconciliation
process by resolving 35,319 claims thus far with claimed values
reaching $22,514,222,872.

As an aspect of the claims reconciliation process, the Debtors
issued letters to many claimants indicating the amounts that the
Debtors determined was owed to them and the classification of
these claims.  Mr. Goldman informs the Court that the actual
claim amounts differed from the amounts asserted by the
claimants.  In certain instances some claimants agreed with the
amount proposed, while in other instances, some claimants were
against the proposed amount of classification.  The Debtors
requested further information and support for the prepetition
claims and negotiated with the claimant until an agreed amount
was reached.  Through this process, the Debtors successfully
reconciled 11,922 prepetition claims aggregating $2,478,662,256
as of September 15, 2003.

Additionally, the Debtors identified particular categories of
proofs of claim that they may seek to disallow and expunge and
whose scheduled claim amounts they may seek to reconcile with the
amounts asserted in the corresponding proofs of claim.  Around
20,000 claims have been disposed or otherwise resolved as a
result of the omnibus objections.

Pursuant to the Plan, the Court approved a procedure regarding
the objections to and resolution of Prepetition Claims and
Administrative Claims:

     "Claims/Interests Objection Deadline means that day
     which is 180 days after the Effective Date . . . as
     the same may be from time to time extended by the
     Bankruptcy Court, without further notice to parties-
     in-interest."

The current Claims Objection Deadline expires on November 3,
2003.

Pursuant to Rule 9006(b) of the Federal Rules of Bankruptcy
Procedure, "when an act is required or allowed to be done at or
within a specific period . . . by order of the court, the court
for cause shown may at any time in its discretion with or without
motion or notice order the period enlarged if the request
therefore is made before the expiration of the period originally
prescribed. . . ."

Mr. Goldman contends that the Debtors diligently reviewed,
analyzed, objected to and reconciled a significant volume of the
filed claims.  Despite the Debtors' efforts, not all of the
claims will be addressed by the November 3, 2003 Claims and
Interests Objection Deadline.  Mr. Goldman points that if the
deadline is not extended, the Debtors will be required to devote
all of their resources to bringing objections or commencing
litigation with respect to the remaining claims.

By this motion, the Debtors ask the Court to extend their Claims
Objection Deadline through and including February 2, 2004.

The Debtors believe that their resources would be best utilized
in attempting to resolve as many claims as possible and as
quickly as possible.  The Debtors believe that attempting to
object or litigate by the November deadline may give rise to
errors in an already complicated process and to the allowance of
unmeritorious claims.  The Debtors assert that extending the
Claims and Interests Objection Deadline will permit them to
informally resolve all claims, as expeditiously as possible and
also to assure that all claims needed to be reconciled will be
resolved on a timely and coordinated basis. (Kmart Bankruptcy
News, Issue No. 63; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


LAIDLAW: Enters Stipulation Allowing Canadian Imperial's Claim
--------------------------------------------------------------
On October 15, 2001, Canadian Imperial Bank of Commerce filed
Claim No. 507 against the Laidlaw Debtors based on:

   (a) certain Swap Indebtedness arising under an ISDA Master
       Agreement and certain related swap transactions; and   

   (b) certain Letters of Credit Indebtedness arising under
       certain letters of credit issued by CIBC on the Debtors'
       behalf.  CIBC filed Claim No. 507 for $13,095,443, plus
       certain unliquidated contingent amounts.   

Subsequently, the Debtors and CIBC agreed to fix the allowed
amount of Claim No. 507 with respect to Swap Indebtedness and the
Letters of Credit Indebtedness.

Pursuant to a stipulation between the Parties:

   (a) Claim No. 507 is allowed for $12,892,914 in full
       satisfaction of any and all claims that CIBC may have
       against the Debtors relating to the Indebtedness or
       otherwise asserted in Claim No. 507; and

   (b) Claim No. 507 will be satisfied in accordance with the
       treatment provided to General Unsecured Claims in Class 6
       under the Plan. (Laidlaw Bankruptcy News, Issue No. 41;
       Bankruptcy Creditors' Service, Inc., 609/392-0900)  


MERCER INT'L: Agrees to Sell $82M of Conv. Sr Subordinated Notes
----------------------------------------------------------------
Further to the Company's news release of September 12, 2003,
Mercer International Inc. (Nasdaq: MERCS, TSX:MRI.U, Nasdaq-
Europe: MERC GR) has entered into a purchase agreement for the
sale of $82.5 million in principal amount of convertible senior
subordinated notes due October 2010 reflecting an increase in the
size of the offering from $75 million.

The notes will accrue interest at a rate of 8.5% per annum and be
convertible into the Company's shares of beneficial interest at a
conversion price of $7.75 per share. The notes will be offered
only to qualified institutional buyers in reliance on Rule 144A
and to certain buyers outside the United States in reliance on
Regulation S under the Securities Act of 1933, as amended. Upon
completion, the net proceeds of the offering will be used to repay
in full the Company's indebtedness under two bridge loan
facilities in the aggregate principal amount of EUR45 million and
for working capital and other general corporate purposes. The
issue of the notes is scheduled to close on October 10, 2003. The
Company received shareholder approval for the issuance of its
shares of beneficial interest upon the conversion of the notes
pursuant to NASD rules at its shareholders' meeting held on
October 3, 2003.

The notes and the shares of beneficial interest issued upon
conversion thereof have not been registered under the Securities
Act or any State or other securities laws and, unless so
registered, may not be offered or sold except pursuant to an
exemption therefrom, or in a transaction not subject to a
registration requirement of the Securities Act and applicable
State and other securities laws. The Company will file a
registration statement for the resale of the notes and the shares
of beneficial interest issuable upon conversion of the notes
within 90 days after the closing of the sale of the notes.

As reported in Troubled Company Reporter's July 9, 2003 edition,
Mercer International Inc., announced hedge fund Greenlight Capital
Inc.'s disingenuous campaign to have its hand-picked agents take
over control of part of the Company's Board of Trustees at this
critical time.

The Company also said that it was going through the most critical
point of its evolvement. It is in the middle of a EUR1 billion
construction project to build a new pulp mill at Stendal and needs
to refinance two bridge loans which, with accrued interest and
fees, total approximately EUR54.4 million as at May 31, 2003 and
mature commencing October 2003.

"As a result of Greenlight's actions, which appear to be
deliberately designed to derail or delay the Refinancing, the
Board has been forced to put it on hold. In the event the Company
does not complete the Refinancing, it will be in default under the
bridge loans. This could well trigger default on other debt
obligations. Greenlight has not disclosed any plan or its
alternative regarding the Company's short-term requirements to
complete the Refinancing," the Company said.


MIRANT CORP: Pushing for Open-Ended Removal Period Extension
------------------------------------------------------------
Robin Phelan, Esq., at Haynes and Boone LLP, in Dallas, Texas,
reports that on the Petition Date, the Mirant Debtors were
defending over 110 legal actions, either on their own behalf or on
the behalf of their affiliates indemnities or third parties whom
the Debtors agreed to defend and assumed liability of the Actions.  
This number does not include any regulatory proceedings in which
the Debtors are involved, actions in which the Debtors are
plaintiffs, action in which the Debtors are creditors in
bankruptcy proceedings, bilateral arbitrations or tax certiorari
proceedings -- the Non-Stayed Actions and Indemnifications.  Mr.
Phelan states that the Debtors currently are prosecuting, or are
the subject of about 100 Non-Stayed Actions and Investigations.  

The Actions generally involve securities class action suits,
antitrust claims, ERISA class action suits, ratepayer class
actions, personal injury, wrongful termination, contract
disputes, breach of fiduciary duties, liens on the Debtors'
property and nuisance.  By the Court's order on July 16, 2003,
parties are directed to comply with Sections 362 and 525 of the
Bankruptcy Code.  The Debtors have filed Suggestions of Bankruptcy
or similar notices in those Actions in which the Debtors are a
defendant, and which are affected by the Stay Order and the
Automatic stay.

Since the Petition Date, Mr. Phelan informs Judge Lynn that the
Debtors, their management and employees, and their professionals
have worked diligently to administer these Chapter 11 cases and
to address a vast number of administrative and business issues.  
The Debtors continue to work to operate profitably their
businesses as debtors-in-possession to maximize the value of
their estates.

Mr. Phelan explains that the Debtors, their management and
employees, and their professionals have not had sufficient time
to investigate fully the existence of any and all pending Actions
or to evaluate completely the merits of removing the Actions.  
Since the Petition Date, the Debtors focused on responding to
numerous information requests the Committees submitted, preparing
the schedules of assets and liabilities and statements of
financial affairs, and addressing various critical issues
attendant with any substantial Chapter 11 cases.   

Section 1452(a) of the Judiciary Procedures Code governs removal
of pending civil actions to federal court.  Specifically, Section
1452(a) provides that "[a] party may remove any claim or cause of
action in a civil action other than a proceeding before the
United States Tax Court or a civil action by a governmental unit
to enforce such governmental unit's police or regulatory power,
to the district court for the district where such civil action is
pending, if such district court has jurisdiction of such claim or
cause of action under section 1334 of this title."

Rule 9027(a)(2) of the Federal Rules of Bankruptcy Procedure
provides that where a claim or cause of action in a civil action
is pending when a case under the Bankruptcy Code is filed, "a
notice of removal may be filed only within the longest of (A) 90
days after the order for relief in the case . . . , (B) 30 days
after entry of an order terminating a stay, if the claim or cause
of action in a civil action has been stayed under  362 . . . ,
or (C) 30 days after a trustee qualifies in a chapter 11
reorganization case but not later than 180 days after the order
for relief."

An order extending these time periods is within the Court's
equitable powers to enter orders necessary or appropriate to
carry out the provisions of the Bankruptcy Code.  Section 105(a)
of the Bankruptcy Code provides, in pertinent part, that "[t]he
court may issue any order, process, or judgment that is necessary
or appropriate to carry out the provisions of this title."  
Extensions of time are governed by Bankruptcy Rule 9006(b), which
provides that "[w]hen an act is required or allowed to be done at
or within a specified period by [the Federal Rules of Bankruptcy
Procedure] or by a notice given thereunder or by order of the
court, the court for cause shown may at any time in its discretion
(1) with or without motion or notice order the period enlarged if
the request therefore is made before the expiration of the period
originally prescribed or as extended by previous order."

Thus, pursuant to Section 105(a) of the Bankruptcy Code and
Bankruptcy Rule 9006(b), the Debtors ask the Court to extend the
period within which they may file notices of removal up to and
including the confirmation date of any Chapter 11 plan.

Mr. Phelan contends that the Debtors should be granted the
additional time to investigate and make the determination of
whether to remove an Action because:

   (a) the size and complexity of these Chapter 11 cases have
       required a great deal of time and attention by the
       Debtors, their management and employees and
       professionals, leaving less opportunity to evaluate the
       Actions;

   (b) the extension will afford the Debtors an additional
       opportunity to make fully informed decisions concerning
       removal of each Action and will assure that the Debtors
       do not forfeit their valuable rights under Section
       1452(a) of the Judiciary Procedures Code and Bankruptcy
       Rule 9027;

   (c) the rights of the Debtors' adversaries will not be
       prejudiced with the extension since any party to a
       prepetition action that is removed may seek to have it
       remanded to the State Court; and

   (d) the extension will maximize the Debtors' likelihood of a
       successful reorganization by allowing them the time to
       evaluate thoughtfully the Actions against them. (Mirant
       Bankruptcy News, Issue No. 8; Bankruptcy Creditors'
       Service, Inc., 609/392-0900)


NEXTERA ENTERPRISES: Continues Listing on Nasdaq SmallCap Market
----------------------------------------------------------------
Nextera Enterprises, Inc.'s (Nasdaq: NXRA) Class A common stock
will continue to be listed on the Nasdaq SmallCap Market past
October 7, 2003, subject to the receipt of further correspondence
from the Nasdaq Stock Market. Nextera had previously announced
that it had received a 60 day extension of its Nasdaq listing
status until October 7, 2003.

Nextera Enterprises Inc., through its wholly owned subsidiary,
Lexecon, provides a broad range of economic analysis, litigation
support, and regulatory and business consulting services.  One of
the nation's leading economics consulting firms, Lexecon assists
its corporate, law firm and government clients reach decisions and
defend positions with rigorous, objective and independent
examinations of complex business issues that often possess
regulatory implications.  Lexecon has offices in Cambridge and
Chicago.  More information can be found at http://www.nextera.com
and http://www.lexecon.com

                          *     *     *

                 Liquidity and Capital Resources

In its SEC Form 10-Q for the quarter ended March 31, 2003, Nextera
Enterprises reported:

"Consolidated working capital was $6.1 million on March 31, 2003,
compared to a working capital of $5.2 million on December 31,
2002. Included in working capital were cash and cash equivalents
of $0.6 million and $1.6 million on March 31, 2003 and
December 31, 2002, respectively.

"Net cash used in operating activities was $8.4 million for the
three months ended March 31, 2003. The primary components of net
cash used in operating activities was an increase of $5.0 million
of prepaid and other assets (relating to Messrs. Fischel and
Carlton's non-compete agreements), an increase of $4.4 million of
accounts receivable, a $1.6 million decrease of accounts payables
and accrued expenses (primarily bonus payments), and a net loss of
$3.1 million. These cash outflows were offset in part by $5.2
million of non-cash items relating to depreciation, provision for
doubtful accounts, amortization of non-compete agreements, non-
cash compensation charges, and interest paid-in-kind.

"Net cash provided by investing activities was $2.6 million for
the three months ended March 31, 2003, almost entirely
representing decreases in restricted cash.

"Net cash provided by financing activities was $4.8 million for
the three months ended March 31, 2003. The primary component of
net cash provided by financing activities was $5.0 million of
borrowings under the Company's Senior Credit Facility.

The Company's primary sources of liquidity are cash on hand,
restricted cash (for bonus payments only) and cash flow from
operations. The Company believes that if it is successful in
reducing its current days sales outstanding level and achieving
its forecasted profitability, it will have sufficient cash to meet
its operating and capital requirements for the next twelve months.
However, there can be no assurances that the Company's actual cash
needs will not exceed anticipated levels, that the Company will
generate sufficient operating cash flows, by reducing its current
days sales outstanding level and achieving its forecasted
profitability, to fund its operations in the absence of other
sources or that acquisition opportunities will not arise requiring
resources in excess of those currently available. In particular,
the Company has the option of extending the employment and non-
compete agreements with Messrs. Fischel and Carlton from their
current expiration of July 16, 2003 to January 15, 2004. In order
to exercise such option, the Company must pay Messrs. Fischel and
Carlton an aggregate amount of approximately $3.5 million,
including interest, on or before July 15, 2003 and an aggregate
amount of approximately $1.6 million, plus interest at 3.5% per
annum from January 15, 2003 through the date paid, within five
days of collection of a specified receivable but in no case later
than December 31, 2003, whether or not the receivable is collected
by that date. The Company hopes to exercise such option from cash
flows from operations, however, such funding from operations is
dependent upon reducing current days sales outstanding and
achieving forecasted profitability. To the extent that cash flows
from operations are not sufficient, the Company will need to
obtain alternative financing sources. In order for the Company to
further extend these agreements from January 16, 2004 through
December 31, 2008, the Company will need to make aggregate
payments to Messrs. Fischel and Carlton of $20.0 million by
January 15, 2004. We will require additional financing in amounts
that we cannot determine at this time in order to make all of the
payments required to extend these agreements to December 31, 2008.
We expect that we will need to raise funds through one or more
public or private financing transactions.

"Effective December 31, 2002, the Company entered into a Second
Amended and Restated Credit Agreement, which amended the Prior
Credit Agreement. As part of the Senior Credit Facility, Knowledge
Universe, Inc. purchased a $5.0 million junior participation in
the Senior Credit Facility. On January 7, 2003, the Company
borrowed $5.0 million under the Senior Credit Facility to fund the
first payment required under the employment and non-compete
agreements entered into with Messrs. Fischel and Carlton. The
Company's outstanding liability under the Senior Credit Facility
after the borrowing of the above mentioned $5.0 million was $32.2
million. The Senior Credit Facility requires that $4.7 million of
outstanding borrowings be permanently reduced in each of 2003 and
2004. The maturity of the Senior Credit Facility was extended to
January 1, 2005. Borrowings bear interest at the lender's base
rate plus 1.5%. The Company will continue to pay annual
administrative fees of $0.3 million, payable monthly, and the $0.9
million in aggregate back-end fees will continue to be payable
upon the maturity of the Senior Credit Facility. The back-end fees
can be waived if the Company repays the Senior Credit Facility
prior to maturity. All administrative fees paid to the senior
lenders are recorded by the Company as interest expense. An
affiliate of Knowledge Universe has agreed to continue to
guarantee $2.5 million of the Company's obligations under the
Senior Credit Facility. The Senior Credit Facility contains
covenants related to the maintenance of financial ratios,
operating restrictions, restrictions on the payment of dividends
and disposition of assets. The covenants are measured quarterly
and have been set at varying rates, the most restrictive at
approximately 15% below the Company's projected operating results.
If the results of operations significantly decline below projected
results and we are unable to obtain a waiver from the Company's
senior lenders, the Company's debt would be in default and
callable by the senior lenders. If our projections of future
operating results are not achieved and our debt is placed in
default, we would experience a material adverse impact on our
reported financial position and results of operations."


NORAMPAC: Will File Post-Effective Amendment to Reg. Statement
--------------------------------------------------------------
Norampac Inc. announced that in order to comply with the
undertakings required by Item 22 of Part II of the registration
statement filed by Norampac relating to its offer to exchange its
6-3/4% Senior Notes due 2013, which have been registered under the
U.S. Securities Act of 1933, for its outstanding 6-3/4% Senior
Notes due 2013, Norampac is required to file with the U.S.
Securities and Exchange Commission a post-effective amendment to
the registration statement containing a reconciliation of
Norampac's unaudited interim financial information as of June 30,
2003 and for the six-month periods ended June 30, 2002 and 2003,
which were included in the registration statement and prepared in
accordance with Canadian generally accepted accounting principles,
to U.S. generally accepted accounting principles.

Norampac will provide notice when the post-effective amendment is
declared effective by the SEC. Holders of Outstanding Notes that
have previously tendered their Outstanding Notes in the Exchange
Offer continue to have the right to withdraw their tenders at any
time until the Exchange Offer expiration date.

Norampac (S&P, BB+ Long-Term Corporate Credit Rating, Stable
Outlook) owns eight containerboard mills and twenty-five
corrugated product plants in the United States, Canada and France.
With an annual production capacity of more than 1.6 million short
tons, Norampac is the largest containerboard producer in Canada
and the 7th largest in North America. Norampac, which is also a
major Canadian manufacturer of corrugated products, is a joint
venture company owned by Domtar Inc. (symbol: DTC-TSE) and
Cascades Inc. (symbol: CAS-TSE).


NORTEL: Secures Wireless Data Network Deal with U.S. Cellular
-------------------------------------------------------------
U.S. Cellular (AMEX:USM) has selected Nortel Networks
(NYSE:NT)(TSX:NT) to supply CDMA2000 1X core, radio and wireless
access technology and professional services to support expansion
of its nationwide third generation (3G) wireless voice and data
network.

Under a new multi-year agreement, U.S. Cellular plans to deploy,
expand and upgrade CDMA2000 1X radio base stations, switching and
other related equipment from Nortel Networks. This will enable
U.S. Cellular to expand its footprint into markets acquired from
AT&T Wireless earlier this year, including Oklahoma City, St.
Louis, Springfield, Mo., and Portland, Maine. Nortel Networks is
the sole supplier to these markets.

Nortel Networks wireless infrastructure technology will position
U.S. Cellular to offer enhanced voice capacity, expanded call
coverage, and new data products and services like Internet
browsing, e-mail, games, productivity tools, and instant
messaging.

"Our expansion strategy includes the assurance of a superior
network for our customers, while maintaining operating
efficiencies," said Mike Irizarry, executive vice president,
engineering and chief technology officer, U.S. Cellular. "We chose
Nortel Networks because of its leading wireless infrastructure
technology and extensive experience in providing 'best-in-class'
service and network operations."

"This extends our long-standing relationship with U.S. Cellular,
and we are pleased to support its entry into these new markets,"
said Steve Slattery, president and general manager, CDMA/TDMA,
Wireless Networks, Nortel Networks. "We believe we deliver some of
the best wireless networks in the world, so it's particularly
rewarding when customers who know us well continue to choose us as
they grow."

CDMA2000 1X is a next generation, ITU-approved, IMT-2000
technology standard designed to double voice capacity, and to
support wireless data speeds up to 153 kilobits per second -- 10
times the rate available through circuit-based technology -- on a
single 1.25 megahertz carrier in existing spectrum.

Nortel Networks has deployed wireless networking equipment for
U.S. Cellular since the mid-1980s. Nortel Networks is implementing
CDMA2000 1X for leading service providers around the world, and
has designed, installed and launched CDMA networks over varying
terrain and population densities for more than 65 operators across
17 countries, including more than 35,000 3G-ready base stations as
of August 2003.

U.S. Cellular Corporation, the nation's eighth largest wireless
service carrier, provides wireless service to more than 4.3
million customers in 152 markets throughout 26 states. The
Chicago-based company operates on a customer satisfaction
strategy, meeting customer needs by providing a comprehensive
range of wireless products and services, superior customer support
and a high-quality network. For more information about U.S.
Cellular, visit the company's Web site at
http://www.uscellular.com  

Nortel Networks (S&P, B Corporate Credit Rating, Stable) is an
industry leader and innovator focused on transforming how the
world communicates and exchanges information. The Company is
supplying its service provider and enterprise customers with
communications technology and infrastructure to enable value-added
IP data, voice and multimedia services spanning Wireless Networks,
Wireline Networks, Enterprise Networks, and Optical Networks. As a
global company, Nortel Networks does business in more than 150
countries. More information about Nortel Networks can be found on
the Web at http://www.nortelnetworks.com  


NORTHWESTERN: Turns to Alvarez & Marsal for Restructuring Advice
----------------------------------------------------------------
Northwestern Corporation is seeking permission from the U.S.
Bankruptcy Court for the District of Delaware to hire Alvarez &
Marsal as its Restructuring Advisors.

The Debtor seeks to retain Alvarez & Marsal because the firm:

     i) specializes in financial advisory work in corporate
        restructurings and distressed situations;

     ii) is a recognized leader in the restructuring field
        because of its innovative solutions to complex financial
        restructurings;

   iii) has extensive knowledge of the Debtor's businesses,

    iv) has been retained in numerous nationally prominent
        restructurings and reorganizations; and

     v) has the ability and experience to quickly acquire
        knowledge and understanding of the Debtor's business in
        order to effectively represent the Debtor.

As Restructuring Advisors, Alvarez & Marsal will:

     i) prepare financial models relative to cash receipts and
        disbursement, balance sheets, income statements, sources
        and uses of cash and other financial and operational
        information;

    ii) prepare Schedules, Statements of Financial Affairs and
        Monthly Operating Reports;

   iii) respond to informational requests of creditors and other
        parties;

    iv) prepare financial models and projections to be used in
        the development, negotiation and filing of a Disclosure
        Statement and Plan of Reorganization;

     v) utility regulatory matters;

    vi) administer the Debtor's businesses specifically
        including, but not limited to, its investments in and
        claims against Expanets, a non-debtor subsidiary 99%
        controlled by the Debtor; and

   vii) other assistance as may be requested by the Debtor and
        acceptable to Alvarez & Marsal.

Dean Swick reports that Alvarez & Marsal will exchange its
services with the firm's current hourly rates that range from:

          Managing Directors      $500 to $650 per hour
          Directors               $350 to $450 per hour
          Associates              $275 to $350 pre hour
          Analysts                $175 to $250 per hour

Headquartered in Sioux Falls, South Dakota, NorthWestern
Corporation is one of the largest providers of electricity and
natural gas in the Upper Midwest and Northwest.  The Company filed
for Chapter 11 protection on September 14, 2003 (Bankr. Del. Case
No. 03-12872). Scott D. Cousins, Esq., Victoria Watson Counihan,
Esq., and William E. Chipman, Jr., Esq., at Greenberg Traurig LLP
represent the Debtor in its restructuring efforts.  When the
Company filed for protection from its creditors, it listed
$2,624,886,000 in total assets and $2,758,578,000 in total debts.


NRG ENERGY: Shaw Settles Claims Related to the Pike Project
-----------------------------------------------------------
The Shaw Group Inc. (NYSE:SGR) has agreed upon terms for the
settlement of claims related to the cancellation of the LSP-Pike
Energy, LLC power plant project in Mississippi.

Shaw, through its subsidiary Stone & Webster, Inc., was the
engineering, procurement and construction contractor on the Pike
project which was not completed. The Company has been in
litigation with Pike, its parent NRG Energy, Inc., and NRG's
parent, Xcel Energy Inc., since October 2002. The litigation will
be dismissed as a result of this settlement, which is subject to
final bankruptcy court approval.

Although the precise terms were not disclosed, included in the
consideration under the proposed settlement Shaw will receive an
allowed claim in a fixed amount of $35 million in the pending
bankruptcy case of NRG. Shaw will also retain ownership of the
materials and equipment to which it asserts title from the Pike
project, excluding the turbines, as well as ownership of the
project site.

"All of the parties have been working diligently for several weeks
to complete a settlement of the ongoing litigation matters related
to the Pike project. We have made great strides in reducing our
exposure on this project and in improving our relationship with
NRG, as well as with Xcel," stated J.M. Bernhard, Jr., Shaw's
Chairman and Chief Executive Officer.

The Shaw Group Inc. is a leading global provider of engineering,
procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for government and private sector clients in the power,
process, environmental, infrastructure and homeland defense
markets. The Company is headquartered in Baton Rouge, Louisiana
and employs approximately 17,000 people at its offices and
operations in North America, South America, Europe, the Middle
East and the Asia-Pacific region. For further information, visit
the Company's Web site at http://www.shawgrp.com  


NRG ENERGY: NRG McClain Files Schedules and Statements Documents
----------------------------------------------------------------
Pursuant to with Section 521 of the Bankruptcy Code and Rule 1007
of the Federal Rules of Bankruptcy Procedure, NRG McClain LLC
delivered its Schedules of Assets and Liabilities and Statement
of Financial Affairs to the Bankruptcy Court on September 22,
2003.  NRG McClain's Schedules and Statement will be summarized
in NRG Bankruptcy News Issue No. 11.

At a glance, NRG McClain reports $165,972,152 in total assets
and $179,722,532 in total liabilities.  Liabilities include
secured claims, unsecured priority claims and unsecured non-
priority claims.  Secured claims total $160,564,663 while
unsecured claims total $19,157,869. (NRG Energy Bankruptcy News,
Issue No. 10; Bankruptcy Creditors' Service, Inc., 609/392-0900)


OXFORD AUTOMOTIVE: Arranges Up to $200MM of Additional Liquidity
----------------------------------------------------------------
Oxford Automotive, Inc., a $1 billion Tier 1 supplier of
specialized welded metal assemblies to the automotive industry,
has reached agreement with its senior secured lenders and equity
sponsor to completely refinance the company.

As part of this new refinancing package, approximately half of the
company's existing credit facility of $225 million will be
converted to seven-year bond debt and the remainder will be
redeemed.

Oxford's equity sponsor, MatlinPatterson Global Opportunities
Partners, has agreed to invest $75 million of new equity into
Oxford Automotive as part of the company's program to provide
approximately $200 million of additional financing.

"These financial transactions significantly strengthen our balance
sheet and dramatically enhance the liquidity of the company," said
John Potter, president and CEO.  "We are now extremely well
positioned to support our commitment to our customers, employees
and vendors."

In connection with these transactions, two Board of Director
members, Selwyn Isakow and Rex Schlaybaugh, have retired.  Mark
Patterson, chairman of MatlinPatterson, has been elected chairman
of the board for Oxford Automotive, and Michael Watzky, a partner
of MatlinPatterson, has been appointed as a member of the board.  
There is no change in the executive leadership team at Oxford
Automotive.

"Our additional investment is a testament to our confidence and
belief in Oxford Automotive and its management team, and we are
pleased to be able to work with them in positioning the company
for future growth," said David Matlin, CEO of MatlinPatterson, a
private equity fund that invests globally in financial
reorganizations and turnarounds.

Oxford Automotive, Inc. (S&P, B+ Corporate Credit Rating,
Negative), with headquarters in Troy, Mich., is a leading Tier 1
supplier of specialized metal-formed assemblies and related
services. The company, which is privately held, currently has
7,200 employees at 33 locations in nine countries, with technology
centers in the United States, France, Germany and Italy.  Annual
sales in 2002 were $1 billion.


OXFORD INDUSTRIES: Declares 2-for-1 Stock Split & Cash Dividend
---------------------------------------------------------------
Oxford Industries, Inc. (NYSE: OXM) announced that its Board of
Directors declared a two-for-one stock split in the form of a 100%
stock dividend, payable December 1, 2003 to shareholders of record
on November 17, 2003.  Shareholders will receive one additional
share of the Company's common stock for every one share of the
Company's common stock held on the record date.  This is the fifth
time the Company's common stock has split since 1960.  Oxford
Industries, Inc. had 8,081,119 shares outstanding on October 3,
2003.

The Company also announced that its Board of Directors declared a
cash dividend of $0.21 per share of common stock payable
December 1, 2003 to shareholders of record on November 17, 2003.  
This is the 174th consecutive quarterly cash dividend since Oxford
became publicly-owned in 1960.

Oxford Industries, Inc. (S&P, BB- Long-Term Corporate Credit
Rating, Stable) is a leading producer and marketer of branded and
private label apparel for men, women and children. Oxford provides
retailers and consumers with a wide variety of apparel products
and services to suit their individual needs. Oxford's brands
include Tommy Bahama(R), Indigo Palms(TM), Island Soft(TM), Ely &
Walker(R) and Oxford Golf(R). The Company also holds exclusive
licenses to produce and sell certain product categories under the
Tommy Hilfiger(R), Nautica(R), Geoffrey Beene(R), Slates(R),
Dockers(R) and Oscar de la Renta(R) labels. Oxford's customers are
found in every major channel of distribution including national
chains, specialty catalogs, mass merchants, department stores,
specialty stores and Internet retailers. The Company's common
stock has traded on the NYSE since 1964 under the symbol OXM. For
more information, visit its Web site at http://www.oxfordinc.com   


PANAVISION: Moody's Junks Ratings After Postponed Note Offering
---------------------------------------------------------------  
Following the postponement of the company's re-financing, Moody's
Investor's Service took the following ratings action on Woodland
Hills, California-based Panavision:

     i) lowered the senior implied rating to Caa2 from Caa1,

    ii) lowered the rating on the $274 million of secured bank
        credit facilities to Caa1 from B3,

   iii) confirmed the Ca rating on the $65 million of senior
        subordinated discount notes,

    iv) lowered the Issuer rating to Ca, and

     v) withdrew the company's $20 million bank revolving credit
        facility and $275 million of senior secured notes.

The rating outlook is negative. According to Moody's, Panavision,
which manufactures and rents camera systems and lighting equipment
to motion picture and television producers worldwide, continues to
find it challenging to re-structure its balance sheet imposing
persistent financial pressure on the company.

Panavision's ratings continue to reflect the low recovery value
attributed to the senior subordinated discount notes and the
meaningfully better protection offered the secured bank lenders.
The ratings incorporate Panavision's high leverage and weak cash
flow, even following the meaningful debt reduction effected by
Panavision's equity sponsor, MafCo Holdings.


PARAMOUNT RESOURCES: Moody's Rates Senior Unsecured Notes at B2
---------------------------------------------------------------  
Moody's rates Paramount Resources Ltd.'s proposed US$150 million
of seven-year senior unsecured notes at B2. Proceeds will repay
Canadian dollar bank debt.

With a stable rating outlook, Moody's also assigned the following
ratings:

     i) senior implied rating at B2

    ii) senior unsecured issuer rating at B3

Paramount Resources Ltd. is located in Calgary, Alberta, Canada.


PARKER DRILLING: Selling 9-5/8% Senior Notes to Raise $175 Million
------------------------------------------------------------------
Parker Drilling Company (NYSE: PKD) has agreed to sell 9-5/8%
senior notes due 2013 in a previously announced private offering
resulting in gross proceeds of $175 million.  The senior notes
will bear interest at a rate of 9-5/8% per annum and will mature
on October 1, 2013.

The Company intends to use the net proceeds of the offering of the
senior notes, together with a portion of the borrowings of $50
million under a previously announced proposed new senior secured
credit facility, to fund a cash tender offer and consent
solicitation for any and all of the $214.2 million outstanding
principal amount of the Company's 9-3/4% senior notes due 2006.  
The Company intends to use the remaining borrowings under the
new credit facility to redeem any of the 9-3/4% senior notes that
remain outstanding after the completion of the tender offer.

Parker Drilling is a leading worldwide provider of contract
drilling and drilling related services.  Parker Drilling also owns
Quail Tools, a provider of premium industry rental tools.  Parker
Drilling employs 2,800 people worldwide.

The securities to be offered have not been registered under the
Securities Act, or any state securities laws, and unless so
registered, may not be offered or sold in the United States except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable
state securities laws.

                           *    *    *

As previously reported, Moody's assigned the following ratings,
with a negative outlook, :

    i) B2 rating to Parker Drilling's proposed $175 million of ten
       year senior unsecured notes.

   ii) B1 ratings to PKD's $150 million of proposed secured bank     
       debt, consisting of a $50 million first secured three year      
       revolver and $100 million first secured delayed-draw four
       year Term Loan B.

Moody's also confirmed the following ratings:

    i) B2 rating for $235 million of 10.125% senior unsecured
       notes due 2009

   ii) B2 rating for $215 million of 9.75% senior unsecured notes
       due 2006.

  iii) Caa1 rating on $110 million of 5.5% Convertible
       Subordinated Notes due 2004.

   iv) B2 senior implied rating.


P-COM INC: Completes $11M Private Placement of Ser. C Preferreds
----------------------------------------------------------------
P-Com, Inc. (OTC Bulletin Board: PCOM), a worldwide provider of
wireless telecom products and services, closed $11 million in
equity based financing on Friday after the stock market closed.

"This new round of equity financing demonstrates the continuing
improvement of P-Com's business operations and is part of the
ongoing restructuring program to return P-Com to profitability,"
said P-Com CEO Sam Smookler. "The combination of additional cash
and the previously announced conversion of $21 million of debt
into equity further strengthens our competitive position and gives
P-Com greater flexibility to pursue its business objectives."

On Aug. 5, P-Com announced that $21 million in 7% Convertible
Notes were exchanged for 1 million shares of Series B Preferred
Stock. On Sept. 25th, P-Com announced that Silicon Valley Bank
renewed P-Com's credit facility for an additional year. The credit
facility allows for maximum borrowings of up to $4 million.

Burnham Hill Partners acted as exclusive placement agent in
connection with the Series C Financing and advised P-Com on its
recapitalization plan. Jason Adelman, Managing Director, of
Burnham Hill Partners said: "With P-Com's 11-year history of
providing leading edge broadband wireless access solutions, we are
confident that P-Com, with its recapitalized balance sheet, will
be able to achieve its stated objective of returning to operating
profitability under the leadership of new CEO Sam Smookler."

For more information related to the Series C Financing please see
Form 8-K to be filed with the Securities Exchange Commission.

P-Com, Inc. develops, manufactures, and markets point-to-point,
spread spectrum and point-to-multipoint, wireless access systems
to the worldwide telecommunications market. P-Com broadband
wireless access systems are designed to satisfy the high-speed,
integrated network requirements of Internet access associated with
Business to Business and E-Commerce business processes. Cellular
and personal communications service providers utilize P-Com point-
to-point systems to provide backhaul between base stations and
mobile switching centers. Government, utility, and business
entities use P-Com systems in public and private network
applications. For more information visit http://www.p-com.com

Burnham Hill Partners, based in New York City, was formed in
August 2003 and is a division of Pali Capital, Inc., a NASD
registered broker dealer. The professionals at Burnham Hill
Partners have extensive experience in providing comprehensive
financing and financial advisory services to publicly traded
companies with market capitalizations of up to $250 million.
Burnham Hill Partners' sector expertise includes
telecommunications, network security and software as well as
medical devices and life sciences. For more information on Burnham
Hill Partners, its professionals and deal history call 212-980-
2200.

                         *   *   *

On August 7, 2003, PricewaterhouseCoopers, LLC, were dismissed as
the independent accountants of P-Com, Inc., a Delaware
corporation.  On August 7, 2003, the Audit Committee of the
Company's Board of Directors approved Aidman Piser & Company as
the Company's new independent auditors.

The reports of PricewaterhouseCoopers on the financial statements
of the Company for the past two fiscal years contained an
explanatory paragraph indicating that there was a substantial
doubt about the Company's ability to continue as a going concern.


PG&E NAT'L: USGen Reaches Prelim. Pact With Bear Swamp Creditors
----------------------------------------------------------------
National Energy & Gas Transmission, Inc., announced that its
subsidiary, USGen New England, Inc., has reached a preliminary
agreement with a group of its creditors as a result of which it
will continue operating the Bear Swamp facility, located in
western Massachusetts.

USGenNE, which voluntarily sought Chapter 11 protection last July,
filed a motion with the bankruptcy court to reject certain
executory contracts and leases concerning Bear Swamp. The
preliminary agreement was reached within the context of those
filings. It provides that:

* Subject to early termination provisions, USGenNE will continue
  to operate the facility just as it does now for the next year.

* The parties reserve all of their rights concerning claims and
  related defenses associated with USGenNE's rejection motion.

The preliminary agreement is subject to the approval of Bear Swamp
certificate holders (acting through the certificate trustee) and
bankruptcy court approval and is contingent on the approval of a
new operating agreement. The preliminary agreement is already
supported by USGenNE, the USGenNE creditors committee, the Bear
Swamp owners and an informal committee of Bear Swamp certificate
holders.

A copy of the Bear Swamp Agreement and related documents can be
found on NEGT's Web site at http://www.negt.com

Situated on the Deerfield River, the facility has a generating
capacity of 599 megawatts. It includes the Bear Swamp Pumped
Storage Plant and Fife Brook Station.

Headquartered in Bethesda, Md., NEGT voluntarily filed for Chapter
11 on July 8 as part of its ongoing restructuring efforts. The
company has more than 7,300 megawatts of generation including a
mix of natural gas, coal/oil, hydroelectric, waste coal and wind
power at numerous facilities across the country. With more than
1,350 miles of gas pipelines, the company's Pacific Northwest
system has the ability to transport 2.9 million cubic feet of
natural gas per day from cost-competitive abundant supplies in
Western Canada to markets in California, Nevada and the Pacific
Northwest. The company also owns the 80-mile North Baja pipeline
in Southern California, which has capacity to ship 500 million
cubic feet of natural gas from U.S. producing regions to markets
in Northern Mexico and Southern California.


POLAROID CORP: Committee Hires Kelley Drye as Special Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of the Polaroid
Debtors seek the Court's authority to retain Kelley Drye & Warren
as it special litigation counsel, nunc pro tunc to August 29,
2003.

Kelley Drye is an international law firm with over 325 attorneys
and maintains eight offices throughout the United States, Europe,
and Asia.  Maribeth L. Minella, Esq., at Young, Conaway, Stargatt
& Taylor, in Wilmington, Delaware, relates that Kelley Drye has
represented the Debtors in numerous completed and ongoing
proceedings involving the prosecution of actions under Chapter 5
of the Bankruptcy Code.  In light of Kelley Drye's background in
representing debtors and creditors' committees in these types of
actions and its expertise in this area of the law, the Committee
believes that Kelley Drye is well qualified to represent the
Estates in these litigation matters.  

As special litigation counsel, Kelley Drye will:

   (a) investigate, file and prosecute avoidance litigation on
       the Committee's behalf;

   (b) represent the Committee at hearings and other proceedings
       regarding the litigation;

   (c) assist the Committee in preparing pleadings and
       applications as may be necessary in furtherance of the
       Committee's interests and objectives regarding the
       litigation; and

   (d) perform other legal services as may be required and are
       deemed to be in the interests of the Committee in
       accordance with the Committee's powers and duties as set
       forth in the Bankruptcy Code

Ms. Minella assures the Court that Kelley Drye will be provided
with all necessary background information, pleadings and work
product to ensure that it is fully apprised of any proceedings
relating to the Actions in the Debtors' pending bankruptcy cases.

Mark R. Somerstein, Esq., a member of Kelley Drye, informs the
Court that Kelley Drye's standard hourly rates are:

   Partners            $300 - 590
   Counsel              395 - 450
   Associates           155 - 340
   Legal Assistants     110 - 160

Kelley Drye will be compensated with these fees and expenses:

   (a) The Debtors or the Plan Administrator will provide Kelly
       Drye with a $10,000 retainer to be used to pay Kelley
       Drye's fees and expenses either:

       (1) within 10 days after the Bankruptcy Court approves
           Kelley Drye's retention as counsel to either the
           Committee or the Plan Administrator -- the Polaroid
           Client, or  

       (2) upon execution of an engagement letter memorializing
           Kelley Drye's engagement by the Polaroid Client.

   (b) The Polaroid Client would pay Kelley Drye's fees at its
       standard hourly rates, up to $50,000 -- the Contingent Fee
       Threshold Amount -- for legal services rendered by Kelley
       Drye to the Polaroid Client.  Prior to incurring the
       Contingent Fee Threshold Amount, Kelley Drye would obtain
       payment of its fees and expenses from the Retainer by
       debiting the Retainer seven days after presentation to the
       Polaroid Client of an invoice for the services or, if the
       Retainer were exhausted, by wire transfer.  Currently,
       Kelley Drye's hourly rates range from $140 to $450 for
       persons who would be working on the engagement.

   (c) The Polaroid Client is responsible for all costs incurred
       on behalf of the Polaroid Client.  In order to allocate
       these expenses fairly and to keep hourly rates as low as
       possible for those matters which do not involve these
       expenditures, these items are separately itemized on
       Kelley Drye's statements as "costs advanced" or
       "disbursements."  Major out-of-pocket expenses, including
       outside fees and expenses will not be advanced by Kelley
       Drye.  However, to the extent that Kelley Drye pays any of
       these expenses, the Polaroid Client will reimburse Kelley
       Drye currently.

   (d) After Kelley Drye has incurred the Contingent Fee
       Threshold Amount, the Polaroid Client would pay Kelley
       Drye for its services on a contingent fee basis.  If there
       is a recovery by settlement or judgment, the Polaroid
       Client's obligation to pay Kelley Drye amounts in excess
       of the Contingent Fee Threshold Amount would be limited to
       these contingency arrangements:

       -- Kelley Drye would receive 30% of the aggregate recovery
          up to $2,000,000, plus 35% of any aggregate recovery
          which exceeds $2,000,000,

       -- The Polaroid Client will pay to Kelley Drye, on a
          current basis, all disbursements and expenses incurred
          by Kelley Drye either from the Retainer or upon
          presentation of an invoice, and

       -- Kelley Drye will credit the Contingent Fee Threshold  
          Amount against the first recoveries obtained from the
          Avoidance Action Litigation; provided however, that
          Kelley Drye will not be required to credit against
          these recoveries any of its disbursements or other
          costs paid by the Polaroid Client.

Kelley Drye's professionals will keep time records detailing and
describing their daily activities, the identity of the persons
who performed the tasks and the amount of time expended on each
activity on a daily basis.

Mr. Somerstein discloses that Kelley Drye currently represents in
matters wholly unrelated to the Chapter l1 Cases, these parties-
in-interest -- the Current Clients:

   (1) Fleet Bank, NA, and certain affiliates in connection with
       various loan transactions, escrow matters, and securities
       and real estate matters;

   (2) PMC, LLC in connection with a customs dispute;

   (3) Deutsche Bank and certain affiliates in connection with
       distressed debt trading, restructuring advice and various
       bankruptcy matters;

   (4) Mellon Bank, NA and affiliates in general corporate
       transactions, labor matters, loan documentation and agency
       matters;

   (5) Wachovia Bank, NA, in corporate trust matters;

   (6) State Street Bank and affiliates in various commercial
       litigation and corporate trust matters;

   (7) JPMorgan Chase Bank and affiliates in various commercial
       litigation, corporate trust matters, distressed debt
       trading, restructuring and bankruptcy advice, corporate,
       loan documentation, leasing, real estate, and bank
       regulatory matters;

   (8) Oracle Corporation providing telecommunication and
       litigation advice;

   (9) Guardian Life Insurance Company in various real estate
       transactions;

  (10) Seimens Transportation in telecommunications regulatory
       advice; and

  (11) Pension Benefit Guaranty Corporation in pension and  
       benefit advice, and restructuring and bankruptcy matters.

Mr. Somerstein further discloses that:

   (1) Neither Kelley Drye nor any attorney at Kelley Drye is an
       insider of the Debtors.  In addition, neither Kelley Drye
       nor any attorney at Kelley Drye holds directly any claim,
       debt or equity security of the Debtors;

   (2) Within two years of the Petition Date, Kelley Drye is not
       and has not been an investment banker for a security of
       the Debtors, or an attorney for the investment banker in
       connection with the offer, sale or issuance of a security
       of the Debtors;

   (3) Within two years of the Petition Date, no Kelley Drye
       member has been a director, officer or employee of the
       Debtors or of an investment banker;

   (4) Kelley Drye does not have an interest materially adverse
       to the interest of the estates or of any class of
       creditors or equity security holders, by reason of any
       direct or indirect relationship to, connection with, or
       interest in, the Debtors or an investment banker or for
       any other reason;

   (5) Kelley Drye does not currently represent the Debtors or
       any of their affiliates, partners, or subsidiaries, and
       Kelley Drye will not undertake the representation of the
       Debtors or related entities during this engagement;

   (6) Kelley Drye neither holds nor represents any interest
       adverse to the Committee, the Debtors, their creditors or
       other parties-in-interest or their attorneys in the
       Chapter 11 Cases, except as otherwise disclosed;

   (6) Neither Kelley Drye nor any attorney at Kelley Drye is or
       was a creditor, an equity security holder or an insider of
       the Debtors in the past two years; and

   (7) No attorney at Kelley Drye is related to any United
       States District Judge or United States Bankruptcy Judge in
       the District of Delaware or to the United States Trustee
       for the district or any employee in the U.S. Trustee's
       office.

Mr. Somerstein assures the Court that Kelley Drye is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code. (Polaroid Bankruptcy News, Issue No. 45;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


QUANTUM CORP: Will Take Accounting Charges in Fiscal 2nd Quarter
----------------------------------------------------------------
Quantum Corp. (NYSE: DSS), a global leader in storage, will
recognize a number of accounting charges that will impact its GAAP
results for the second fiscal quarter, ended Sept. 28, 2003.

These charges include a non-cash charge of $21.3 million to
increase a valuation allowance for its net deferred tax assets, a
$2.3 million non-cash charge to write down a former manufacturing
facility in Malaysia, $2.5 million in charges related to the
redemption of its 7 percent convertible debt, and special charges
of approximately $2 million.  As a result of these charges, the
company now expects a GAAP loss in FQ2 of approximately 23 cents
per share.

Quantum also announced that although it is in the early stages of
closing its books for the quarter, there are indications that
revenue, gross margins and non-GAAP loss per share for the
September quarter were moderately weaker than expected.  Primarily
due to continued pressure on media cartridge pricing, Quantum now
expects total revenue to be in the range of $190 million to $200
million in FQ2, with a non-GAAP loss of approximately 4 cents per
share.

Quantum said it now expects gross margin rates for FQ2 to be
approximately 29% on a GAAP basis and 31% on a non-GAAP basis.  
Reflecting the company's continued progress in managing spending,
GAAP operating expenses are expected to be approximately $68
million, within the range previously discussed in the guidance
Quantum gave on July 22, 2003.  Non-GAAP operating expenses are
expected to be approximately $62 million, below the range
discussed with the July guidance.   

"Because [Mon]day's announcement is largely about accounting
charges, I know it can be difficult to assess how Quantum is doing
from an operational standpoint," said Michael Lambert, executive
vice president and CFO of Quantum.  "While the media pricing
environment appears to have posed a continuing challenge in the
September quarter, we are building on the progress we've made over
the last year in other parts of our business and remain excited
about the opportunities ahead of us.

"In the next several months, we will begin shipping our new SDLT
600 tape drive, 'MAKO' PX720 tape library, and DX100 enhanced
backup system.  All of these products are intended to strengthen
Quantum's role in addressing the data protection and availability
needs of enterprise customers, with improved reliability,
manageability and price performance."

Quantum will report its FQ2 earnings later this month.

Quantum Corp. (S&P, BB- Corporate Credit and Senior Unsecured
Ratings, Stable) founded in 1980, is a global leader in storage,
delivering highly reliable backup, archive and recovery solutions
that meet demanding requirements for data availability and
integrity with superior price performance.  Quantum is the world's
largest supplier of half-inch cartridge tape drives, and its
DLTtape technology is the standard for tape backup and archiving
of business-critical data for the mid-range enterprise.  Quantum
is also a leader in the design, sale and service of autoloaders
and automated tape libraries used to manage, store and transfer
data.  Over the past year, Quantum has been one of the pioneers in
the emerging market of disk-based backup, offering a solution that
emulates a tape library and is optimized for data protection.  
Quantum sales for the fiscal year ended March 31, 2003, were $871
million.  Quantum Corp., 1650 Technology Dr., Suite 800, San Jose,
CA 95110, (408) 944-4000, http://www.quantum.com


RADIO UNICA: Inks Definitive Asset Sale Pact with MultiCultural
---------------------------------------------------------------
MultiCultural Radio Broadcasting Inc., a leader in ethnic media
with 34 radio stations across the U.S., and Radio Unica
Communications Corp. (OTCBB:UNCA), a leading Spanish-language
radio broadcasting company, announced a definitive agreement for
MultiCultural to acquire substantially all the radio station
assets of Radio Unica. Included in the transaction are 15 radio
stations in cities such as New York, Los Angeles, Chicago, San
Francisco and Miami.

Multicultural will acquire the station assets for approximately
$150 million in cash. Completion of the transaction is subject to
bankruptcy court approval, regulatory approvals and other
conditions. It is expected that the transaction will be completed
by the second quarter of 2004. The transaction will be effected as
part of a prepackaged bankruptcy in which holders of the Company's
11-3/4% Senior Discount Notes would receive approximately $700 in
cash per $1,000 principal amount, all other creditors would
receive 100% of their claims, and stockholders would receive the
remainder currently estimated to be between $0.47 and $1.03 per
share. Holders of approximately 93% of the Company's outstanding
Senior Discount Notes have agreed to support the transaction and
vote in favor of the prepackaged bankruptcy.

Arthur Liu, President and CEO of MultiCultural, said, "Our
acquisition of the Radio Unica assets will enable MultiCultural to
benefit from increased scale, as we will own 49 stations across
the United States. Overall, we will strengthen our positions in
many major ethnic markets in the U.S. and solidify our position as
the leading radio broadcaster of Asian language programming in the
country. We have every reason to believe that we will receive all
needed approvals to complete the transfer of the Radio Unica
assets to Multicultural early next year."

PGP Capital Advisors, an investment banking firm based in Los
Angeles, acted as M&A advisor to MultiCultural and assisted in
raising the financing associated with the transaction. Stewart M.
Kim, Managing Partner of PGP Capital, stated, "MultiCultural is
emerging as a leader in the ethnic radio industry and particularly
in the Asian-language segment of the industry. With the
acquisition of the Radio Unica complementing its core media
franchise and significant growth in its cable and print
businesses, MultiCultural today is ideally positioned to build the
pre-eminent media company in the U.S. specializing in serving the
Asian language demographic."

MultiCultural Radio Broadcasting, Inc. is a leading ethnic media
company. MultiCultural owns 34 AM and FM radio stations covering
ethnically diverse markets in the U.S. with programming in
Mandarin, Cantonese, Korean, Russian, Spanish, Vietnamese and
other languages.

Radio Unica Communications Corp is based in Miami, Florida and its
operations include the Radio Unica Network and an owned and/or
operated station group covering U.S. Hispanic markets including
Los Angeles, New York, Miami, San Francisco, Chicago, Houston, San
Antonio, McAllen, Dallas, Fresno, Phoenix, Sacramento, and Tucson.


RELIANCE GROUP: Court Extends Plan-Filing Exclusivity to Dec. 31
----------------------------------------------------------------
Reliance Group Holdings and Reliance Financial Services obtained
U.S. Bankruptcy Court Judge Gonzalez's approval to extend their
Exclusive Periods. As a result, the Court gave the Debtors the
exclusive right to file and propose a Plan until December 31,
2003, and the exclusive right to solicit acceptances of that Plan
from their creditors until March 3, 2004. (Reliance Bankruptcy
News, Issue No. 41; Bankruptcy Creditors' Service, Inc., 609/392-
0900)     


RESPONSE BIOMEDICAL: Undertaking $1.5 Million Private Placement
---------------------------------------------------------------
Response Biomedical Corp. (RBM: TSX Venture Exchange), announces
that it is undertaking a non-brokered private placement of
3,500,000 units at a price of $0.43 per unit, each unit consisting
of one common share and one-half of one common share purchase
warrant. Each whole warrant shall entitle the holder thereof to
purchase one common share of the Company at a price of $0.55 per
share for a period of 12 months from the closing date of the
private placement. The Company may pay a finder's fee of up to
seven percent, payable in cash or units.
    
The Company is replacing guarantees previously provided by Avenir
Capital Corporation and Mr. Dominique Merz in support of a
US$150,000 credit facility with the TD Bank which expired
September 30, 2003 with a demand loan agreement with Avenir for
US$50,000 and a demand loan agreement with Mr. Merz for US
$100,000. Both demand loans expire December 31, 2003 and bear
interest at 9% per annum, payable quarterly. In consideration for
providing the demand loans, the parties will receive warrants
under the same terms as previously received for the guarantees,
Avenir as to 57,323 warrants of the Company and Mr. Merz as to
109,462 warrants. The warrants will have an exercise price of
$0.55 and expire on December 31, 2003 or earlier to correspond
with the time the demand loans are called. This private placement,
the above loans and related warrants are subject to approval by
the TSX Venture Exchange.

Response Biomedical -- whose December 31, 2002 balance sheet shows
a total shareholders' equity deficit of about CDN$1 million -- is
a publicly traded company, listed on the TSX Venture Exchange
under the trading symbol "RBM". For further information, visit the
Company's Web site at http://www.responsebio.com


ROYAL & SUN: Fitch Maintains Negative Watch After Court Ruling
--------------------------------------------------------------
Fitch Ratings, the international rating agency, maintained the
Rating Watch Negative on Royal & Sun Alliance's group entities and
debt issues following the recent preliminary court ruling on
student loans.

Although clearly a negative development for R&SA, Fitch believes
that the overall impact of the decision will be relatively
moderate. The risks of such a decision have already been largely
factored into the agency's ratings. The agency notes that R&SA is
likely to appeal the decision once they have received the final
opinion from the court and therefore the final outcome of the case
is likely to remain unresolved for a number of months. Fitch
continues to expect to resolve the rating watch following the
third quarter results.

The court verdict relates to credit risk insurance policies issued
on student loan portfolios and is in respect of claims lodged by
Wells Fargo and MBIA. It is anticipated that, if R&SA's appeal of
the summary judgment is lost, then Wells Fargo and MBIA will be
paid around USD280 million (GBP170m) including interest costs.
Further court cases connected with the student loans are also
outstanding and will be resolved following the resolution of this
lead case. These cases could lead to additional costs in favour of
Wilmington Trust and PNC Bank. As of 20 March 2003, the R&SA group
had received claims of around USD450m in connection with the
student loans litigation. Legal fees and other expenses could
increase R&SA's potential downside to around USD500m (GBP300m).
That said, this potential downside would be reduced to a limited
extent by some reinsurance protection, the recognition of premiums
in respect of the student loans and R&SA's ability to apply the
losses against some non-specific provisions held.

On September 4, 2003, Fitch took various rating actions on the
R&SA group partially as a result of a belief that risk factors
surrounding the business had increased relative to the group's
ability to cope with potential negative developments or unforeseen
events. The agency continues to regard risk factors as being
relatively high, particularly when considered relative to the
group's potential to absorb further losses. The agency believes
that the capacity to raise additional funds over the short term
has been diminished by the previously announced heavily discounted
rights issue and the disposal of some of the more saleable areas
of R&SA's business.

In its review of the third quarter results, Fitch will again
consider the risk factors that could affect R&SA's business which
include significant litigation (including the student loans),
asbestos exposures, collateralised debt obligations, and US and UK
regulatory capital uncertainties. With this new information, Fitch
will also reconsider the risk factors derived from possible future
reserve development (particularly from the US operations) as well
as that derived from some dependence on a quota-share reinsurance
treaty and restricted fungibility of capital between the US and UK
operations.


RURAL/METRO: Finalizing Restatement of Past Financial Statements
----------------------------------------------------------------
As reported in a press release dated September 29, 2003,
Rural/Metro Corporation recently completed negotiation and
documentation of an amendment of its credit agreement and is
finalizing the restatement of prior period financial statements.

The timing and significance of these events have delayed the
completion of the Company's annual report on Form 10-K for the
fiscal year ended June 30, 2003.

The Company anticipates that it will file its quarterly report on
Form 10-Q for the quarter ended March 31, 2003 concurrently with
the filing of its annual report on Form 10-K for the year ended
June 30, 2003.

For the full year fiscal 2003, the Company reported unaudited net
revenue of $496.0 million, net income of $9.0 million, and
earnings per fully diluted share of $0.33, after the accretion of
preferred stock. By comparison, for the full year of fiscal 2002,
the Company reported unaudited restated net revenue of $469.2
million, a net loss of $48.2 million, and a net loss per fully
diluted share of $3.17. The improvement in net income between
years is attributable to the $12.5 million gain on the sale of the
Company's Latin American operations that occurred in the first
quarter of fiscal 2003 as well as the inclusion in fiscal 2002 of
a $49.5 million cumulative effect charge relating to the adoption
of Financial Accounting Standard No. 142, "Goodwill and Other
Intangible Assets," as of the beginning of fiscal 2002. The
Company's consolidated financial statements and related
disclosures are not yet complete, and there is a possibility that
the preliminary unaudited results will require revision.

Rural/Metro Corporation provides emergency and non-emergency
medical transportation, fire protection, and other safety services
in 26 states and more than 400 communities throughout the United
States. For more information, visit the company's Web site at
http://www.ruralmetro.com

At June 30, 2003, Rural/Metro Corp.'s balance sheet shows a total
shareholders' equity deficit of about $209 million.


RYLAND GROUP: Daniel T. Bane Elected to Co.'s Board of Directors
----------------------------------------------------------------
The Ryland Group, Inc. (NYSE: RYL) has elected Daniel T. Bane to
its board of directors.

"Dan will be a great complement to the talent and expertise of our
current board members," said Chad Dreier, chairman, president and
CEO, The Ryland Group.  "His financial acumen and operations
expertise will be a tremendous asset and I look forward to his
insight and contributions."

Bane is currently chairman and chief executive officer of Trader
Joe's Company, one the fastest growing and most successful
privately held companies in the United States.  Trader Joe's owns
205 stores in 18 states, generating approximately $3 billion in
sales annually.  Bane joined Trader Joe's as president of the
company's western region in 1998.  Prior to joining Trader Joe's,
Bane served as senior vice president, finance and administration
for Certified Grocers of California, Ltd., a grocery wholesaler,
and had served as chief financial officer for Standard Brands
Paint Company.

Bane is a certified public accountant and received his bachelor's
degree in accounting from the University of Southern California.

Other members of Ryland's board of directors include:  R. Chad
Dreier, Ryland chairman, president and chief executive officer;
Leslie M. Frecon, president of L Frecon Enterprises; Roland
Hernandez, former chairman of the board and CEO of Telemundo
Group, Inc.; William L. Jews, president and chief executive
officer of CareFirst, Inc.; Ned Mansour, former president of
Mattel, Inc.; Robert Mellor, president and chief executive officer
of Building Materials Holding Corporation; Norman J. Metcalfe,
former vice chairman and chief financial officer of The Irvine
Company; Charlotte St. Martin, executive vice president of Loews
Hotels; Paul J. Varello, retired chairman and chief executive
officer of American Ref-Fuel Company; and John O. Wilson, chairman
of Investment Policy Committee, SDR Capital Management Group.

With headquarters in Southern California, Ryland (S&P, BB+ Senior
Debt Rating, Positive) is one of the nation's largest homebuilders
and a leading mortgage-finance company.  The Company currently
operates in 26 markets across the country and has built more than
210,000 homes and financed over 180,000 mortgages since its
founding in 1967.


SEDONA CORP: Nasdaq Trading Symbol Returns to 'SDNA'
----------------------------------------------------
SEDONA(R) Corporation (OTCBB:SDNA) -- http://www.sedonacorp.com--  
the leading provider of Web-based Customer Relationship Management
solutions for small and mid-sized financial services
organizations, announced that, in accordance with the rules of the
Nasdaq Stock Market, Inc., its common stock symbol will drop the
temporary additional "e", and return to original symbol of SDNA.

As announced on September 8, 2003, SEDONA's common stock began to
trade under the temporary symbol SDNAE because its Form 10-Q for
the six months ended June 30, 2003 was filed without review by
independent accountants due the resignation of the Company's
accounting firm. Subsequently, the Company has engaged the firm of
McGladrey & Pullen, LLP, a member firm of RSM International. The
Company filed an amended Form 10-Q on October 3, 2003 that
includes a report by its independent auditors. The Company is now
in compliance with the filing and eligibility requirements and
effective Tuesday, October 7, 2003 the trading symbol for SEDONA
Corporation will revert back to SDNA.

SEDONA(R) Corporation (OTCBB:SDNA) -- whose June 30, 2003 balance
sheet shows a total shareholders' equity deficit of about $1.6
million -- is the leading technology and services provider that
delivers Customer Relationship Management solutions specifically
tailored for small and mid-sized financial services businesses
such as community banks, credit unions, insurance companies, and
brokerage firms. Utilizing SEDONA's CRM solutions, financial
services companies can effectively identify, acquire, foster, and
retain loyal, profitable customers.

Leading financial services solution providers such as Fiserv,
Inc., Open Solutions Inc., COCC, Sanchez Computer Associates,
Inc., Financial Services, Inc. (FSI), WorldNet Consulting,
Pinkerton Consulting, and AIG Technologies leverage SEDONA's CRM
technology to offer best-in-market CRM to their own clients and
prospects. SEDONA Corporation is an Advanced Level Business
Partner of IBM(R) Corporation.

For additional information, visit the SEDONA Web site at
http://www.sedonacorp.com   


SILICON GRAPHICS: Posts Q1 FY2004 Preliminary Financial Results
---------------------------------------------------------------
Silicon Graphics Inc., anticipates revenue for the first fiscal
quarter ended September 26, 2003 to be between $215 million and
$220 million, above the guidance range of $200 million to $210
million provided by the Company in its July 24, 2003 conference
call.

Based on this preliminary data, the Company currently expects to
report an operating loss of between $40 and $45 million, including
a previously announced restructuring charge of approximately $20
million. Without these charges, the non-GAAP operating loss is
expected to be between $20 and $25 million. Unrestricted cash,
cash equivalents and marketable investments at September 26, 2003
are expected to be approximately $110 million, in line with
previous guidance. Actual results for the first quarter, along
with guidance for the second quarter of fiscal 2004, will be
discussed in the Company's regularly scheduled conference call on
October 20, 2003.

SGI, also known as Silicon Graphics, Inc. -- whose June 28, 2003
balance sheet shows a total shareholders' equity deficit of about
$178 million -- is the world's leader in high-performance
computing, visualization and storage.  SGI's vision is to provide
technology that enables the most significant scientific and
creative breakthroughs of the 21st century.  Whether it's sharing
images to aid in brain surgery, finding oil more efficiently,
studying global climate or enabling the transition from analog to
digital broadcasting, SGI is dedicated to addressing the next
class of challenges for scientific, engineering and creative
users.  SGI was named on FORTUNE magazine's 2003 list of "Top 100
Companies to Work For."  With offices worldwide, the company is
headquartered in Mountain View, Calif., and can be found on the
Web at http://www.sgi.com


SPECTRASITE INC: Rang The Opening Bell at NYSE Yesterday
--------------------------------------------------------
SpectraSite Inc. (NYSE:SSI) executives visited the New York Stock
Exchange Tuesday, October 7 to ring The Opening Bell(TM) in
celebration of the company's secondary offering and original
listing on the NYSE. SpectraSite Chairman and CEO Steve Clark rang
the bell.

The listing came just eight months after SpectraSite completed a
successful financial restructuring. In November 2002, SpectraSite
Holdings, Inc. filed for Chapter 11 protection. On February 10,
2003, SpectraSite Inc. emerged from bankruptcy.

"We're thrilled to be trading on the Big Board," said Steve Clark,
Chairman and CEO. "It's remarkable that in less than one year
SpectraSite was able to complete a successful restructuring and
move to the NYSE. It's a testament to the quality of our
management team and employees. [Mon]day's listing is a major step
toward the bright future ahead. I am proud to be a part of
SpectraSite, and proud of the hundreds of employees who helped get
us here."

SpectraSite, Inc. -- http://www.spectrasite.com-- whose $150  
million Senior Unsecured Notes are rated by Standard & Poor's at
CCC+ -- , based in Cary, North Carolina, is one of the largest
wireless tower operators in the United States. At June 30, 2003,
SpectraSite owned or operated approximately 10,000 revenue
producing sites, including 7,539 towers primarily in the top 100
markets in the United States. SpectraSite's customers are leading
wireless communications providers, including AT&T Wireless,
Cingular, Nextel, Sprint PCS, T-Mobile and Verizon Wireless.


SPIEGEL GROUP: Wants Court's Nod for Deutsche Bank Stipulation
--------------------------------------------------------------
Deutsche Bank AG New York Branch is the administrative agent for
various financial institutions with respect to

   (i) that certain Second Amended and Restated Revolving Credit
       Agreement, dated as of June 30, 2000, by and among
       Spiegel, Inc. as borrower, the Lenders and the
       Administrative Agent; and

  (ii) that certain 364-Day Revolving Credit Agreement, dated as
       of June 30, 2000, by and among the Borrower, the Lenders
       and the Administrative Agent

On the Lenders' behalf, Deutsche Bank stipulate with the Spiegel
Debtors that:

(1) Lender Claims

    The Lenders allege certain claims against certain Debtors
    with respect to, inter alia, the Credit Agreements.

(2) Master Proofs of Claim

    As an accommodation to the Lenders, and to minimize
    duplication and cost, the Debtors agree that Deutsche Bank
    may file master proofs of claim on behalf of some or all of
    the Lenders for any claims with respect to the Credit
    Agreements.  The Master Proofs of Claim:

    * may include all of the claims alleged with respect to the
      Credit Agreements possessed by any of the Lenders as may be
      identified on the Master Proof of Claim,

    * will be deemed filed in the bankruptcy cases of each
      of those Debtors which are expressly identified in the
      Master Proof of Claim as having any alleged liability, and
      need not be filed separately in any of the other Debtors'
      cases, and

    * will contain a representation that Deutsche Bank has the
      requisite authority to file a Master Proof of Claim on
      behalf of all Lenders designated in the Master Proof of
      Claim.

(3) Individual Proofs of Claim

    Individual Lenders need not file any separate proofs of claim
    with respect to any claim included in a Master Proof of Claim
    filed by Deutsche Bank to satisfy all applicable requirements
    of:

    * the Bankruptcy Code, and

    * the Court's Order pursuant to Rule 3003(c)(3) of the
      Federal Rules of Bankruptcy Procedure setting an
      October 1, 2003 deadline for filing proofs of claim, and
      approving the form and manner of notice; provided, however,
      that nothing will impair in any way the right of any
      creditor whose claims are included in any Master Proof of
      Claim to file additional or supplemental proofs of claim
      against any of the Debtors in respect of any claims,
      whether or not included in any Master Proof of Claim.

(4) Supporting Documentation

    Deutsche Bank need not attach any supporting documents to any
    Master Proof of Claim filed, so long as it includes a list
    identifying these documents; provided, however, that upon the
    request of the Debtors, the Official Committee of Unsecured
    Creditors, or any other party-in-interest, the documents will
    be provided within 10 business days.

(5) Reservation of Rights

    The Debtors do not concede the validity of any claims that
    may be asserted in any Master Proofs of Claim.  Accordingly,
    the Debtors, the Official Committee of Unsecured Creditors
    and any other party-in-interest reserve their rights to
    contest any claims asserted by any Lender in connection with
    any Master Proof of Claim.

The Debtors ask Judge Blackshear to approve their Stipulation
with Deutsche Bank. (Spiegel Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc., 609/392-0900)   


SYSTEM SOFTWARE: Court Confirms Chapter 11 Liquidating Plan
-----------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
confirmed System Software Associates, Inc.'s amended Chapter 11
Plan of Liquidation on September 9, 2003.

Pursuant to the Confirmation Order, the court notifies that any
requests for payment of administrative expense claims asserted
against the company must be filed within 60 days of the Effective
Date of the Plan. In addition, all remaining claims arising from
the rejection of an unexpired lease or executory contract must be
filed within 30 days after entry of the order confirming the Plan.

System Software Associates Inc. filed for chapter 11 protection on
May 3, 2000 (Bankr. Del., Case No. 00-01852-PJW). Laura Davis
Jones, Esq. and Rachel Lowy Werkheiser, Esq. at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub P.C. represent the Debtor in its
restructuring efforts.


TANGER FACTORY: Acquiring Charter Oak Factory Outlet Portfolio
--------------------------------------------------------------
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a leading owner,
developer and manager of factory outlet centers, announced the
execution of a definitive agreement for the acquisition of the
Charter Oak Partners' portfolio of nine factory outlet centers
totaling approximately 3.3 million square feet. Tanger and an
affiliate of Blackstone Real Estate Advisors have formed a limited
liability company to acquire the portfolio as a joint venture.

Tanger will own one- third and Blackstone will own two-thirds of
the joint venture. Tanger will provide operating, management,
leasing and marketing services for the properties.

The purchase price for this transaction is $491 million, including
the assumption of approximately $187 million of debt. Closing is
expected to take place during the current quarter of 2003. Tanger
expects that the transaction will be accretive to its operating
results from year one and will allow Tanger to maintain a strong
balance sheet and its current financial flexibility. The New York-
based international investment banking partnership of Compass
Advisers, LLP were advisers to Tanger on the transaction.

The factory outlets being acquired are located in: Rehoboth,
Delaware; Riviera Center-Foley, Alabama; Myrtle Beach, South
Carolina; Park City, Utah; Hilton Head, South Carolina; Lakes
Region-Tilton, New Hampshire; Lincoln City, Oregon; Westbrook,
Connecticut and Tuscola, Illinois.

"We are very excited about this acquisition. It is an excellent
geographic fit for us and is in line with our strategy of creating
an increased presence in high-end resort locations," stated
Stanley K. Tanger, Founder, Chairman of the Board and Chief
Executive Officer of Tanger. "Adding the Tanger brand to these
outstanding properties will take us to the next level in creating
a compelling shopping experience for our customers. We will add
value to these centers based upon our 22-year historical
performance, proven managerial skills and marketing expertise. To
attain that objective, we will formulate an extensive re-
merchandising strategy and look to enhance the centers and
occupancy rates by adding additional upscale tenants to the
existing high-quality roster," Mr. Tanger added.

Mr. Tanger noted that with this acquisition, Tanger will grow from
its current 33 centers totaling 6.2 million square feet to 42
centers with 9.5 million square feet, and solidify its position in
the outlet industry. He stated that the increased size of the
Tanger portfolio will diversify Tanger's profile, build on its
management skills, and enhance the company's shareholder value.
"We look forward to a long-term successful partnership with
Blackstone," Mr. Tanger added.

"We share Tanger Outlet Centers' enthusiasm for these assets,"
added Jonathan Gray, Senior Managing Director of Blackstone.
"After thoroughly reviewing the portfolio and the factory outlet
industry, we decided to enter into partnership with Tanger. We
have a very high regard for the Tanger management team, and this
investment is in keeping with our longstanding tradition of
partnering with high-quality corporations," he added.

"We are pleased that our many years of developing this portfolio
of outstanding properties in highly desirable locations will
result in a sale to the Tanger/Blackstone partnership," noted
Richard Lewis, President of Charter Oak Partners. "We know that
they will continue our record of maximizing the potential of these
properties," Mr. Lewis added.

Tanger Factory Outlets, Inc. (NYSE: SKT) (S&P, BB+ Corporate
Credit Rating, Stable), a fully integrated, self-administered and
self-managed publicly traded REIT, presently operates 33 centers
in 20 states coast to coast, totaling approximately 6.2 million
square feet of gross leasable area. For more information on
Tanger, visit http://www.tangeroutlet.com  

The Blackstone Group, a private investment bank with offices in
New York, London and Hamburg, was founded in 1985. Blackstone Real
Estate Advisors has raised four funds representing approximately
$4 billion in total equity. The group has made over 100 separate
investments in hotels, offices and other commercial properties
with a total transaction value in excess of $15 billion. In
addition to real estate, The Blackstone Group's core businesses
include Private Equity Investing, Corporate Debt Investing,
Marketable Alternative Asset Management, Mergers & Acquisitions
Advisory, and Restructuring & Reorganization Advisory.


TELENETICS: Inks License and Distribution Pact with Global Data
---------------------------------------------------------------
On September 25, 2003, Telenetics entered into a Technology
Transfer, License and Distribution Agreement with Global Data,
Inc. to manufacture and market devices used primarily in automatic
meter reading applications and remote data applications.

Under the terms of the agreement, the Company obtained from Global
Data, Inc. a twenty-year exclusive, worldwide, sublicenseable
right to use, produce, distribute, and create derivative works of
the Products and to sublicense the product technology and
materials, in the manufacture, marketing, distribution and sale of
the Products and any future products that may be developed by
Telenetics. In exchange for the license agreement, the Company has
agreed among other things, to make royalty payments to Global
Data, Inc., for five years beginning on September 25, 2003, equal
to 5% of the net revenues generated from sales of the licensed
products. The Company acquired production equipment, assembly and
test equipment which is currently required for engineering
support, manufacturing, applying and fabricating, testing and
shipping the licensed products for an aggregate purchase price of
$30,000 and will purchase certain inventory from Global Data, Inc.
in amounts and at times to be determined.

Based in Lake Forest, Telenetics designs, manufactures and
distributes wired and wireless data communications products for
customers worldwide. Telenetics offers a wide range of industrial
grade modems and wireless products, systems and services for
connecting its customers to end-point devices such as meters,
remote terminal units, traffic and industrial controllers and
remote sensors.

Telenetics also provides high-speed communications products for
complex data networks used by financial institutions, air traffic
control systems and public and private wireless network operators.
Additional information is available at http://www.telenetics.com  

As reported in Troubled Company Reporter's April 23, 2003 edition,
the Company's auditors Haskell & White LLP stated in its report
for the period December 31, 2002: "The [Company's] consolidated
financial statements have been prepared assuming that the Company
will continue as a going concern. . . .  [T]he Company has
suffered recurring losses from operations, has used cash in
operations on a recurring basis, has an accumulated deficit, and
is involved in a dispute with a significant contract manufacturer
that, among other things, raise substantial doubt about its
ability to continue as a going concern. Management's plans in
regard to these matters. The consolidated financial statements do
not include any adjustments that might result from the outcome of
this uncertainty."


TERAYON COMMS: Appoints Two New Executives to Management Team
-------------------------------------------------------------
Terayon Communication Systems, Inc. (Nasdaq: TERN), a leading
provider of broadband solutions, announced the appointment of two
new executives to its seasoned management team.  

Jeffrey Barco has joined the company as Vice President and General
Manager of Terayon's Digital Video Solutions Group, and William
Rohrbach has joined Terayon as Vice President of North America
Sales. Both individuals will report to Doug Sabella, Terayon's
Chief Operating Officer.

"Jeff and Bill have the proven track-records, skills and
discipline to help us maximize the opportunities that exist for
increasing our share of the market for broadband data, video and
voice solutions," said Sabella.  "Jeff and Bill have each built
several large, well run and successful customer-focused
organizations over the years, making them ideal to help drive
Terayon's growth while building on our reputation for responding
quickly to customer needs.  I look forward to working closely with
them both to take advantage of the growth opportunities in the
broadband industry."

Barco's responsibilities as Vice President and General Manager of
Terayon's Digital Video Solutions Group, include charting the
strategic direction for the group and the product line and to
identify new market opportunities.

Barco brings more than 20 years of business and market development
experience in the personal computer, digital media and broadband
industries. He was most recently the President and CEO of
BroadbandHome, a home networking company spun-off from IBM.  Prior
to BroadbandHome, Barco was Managing Director of Microsoft's
Digital TV Platforms Group, coming to the company via its
acquisition of WebTV, where he was Senior Director of the
Broadband Networks Group.  Before WebTV, Barco worked in the
Digital Media and Interactive TV groups of Silicon Graphics, and
prior to this spent 10 years at Apple Computer.

As Terayon's Vice President of North America Sales, Rohrbach will
be responsible for expanding Terayon's business opportunities with
major U.S. and Canadian cable television operators.  He is
responsible for promoting sales of Terayon's complete line of
data, video and voice solutions and will leverage the company's
leadership position in DOCSIS 2.0 solutions with its CMTSs (Cable
Modem Termination System) and cable modems.

Rohrbach comes to Terayon with 30 years of experience selling
complex systems at Lucent and AT&T, where he held a variety of
executive sales, management and market development positions.  His
sales experience with Lucent includes establishing and maintaining
very large accounts with major domestic and international wireless
and telecommunication companies, including Verizon Wireless.

Terayon Communication Systems, Inc. (S&P, B- Corporate Credit and
CCC Subordinated Debt Ratings, Negative Outlook) provides
innovative broadband systems and solutions for the delivery of
advanced, carrier-class voice, data and video services that are
deployed by the world's leading cable television operators.
Terayon, headquartered in Santa Clara, California, has sales and
support offices worldwide, and is traded on the Nasdaq under the
symbol TERN. Terayon can be found on the web at
http://www.terayon.com


TOUCHWARE SOFTWARE: Hires Sullivan Bille as New Accountants
-----------------------------------------------------------
Effective September 25, 2003, TouchStone Software Corporation
replaced its current independent public accountants, Vitale,
Caturano & Company, P.C. with Sullivan Bille, P.C. The Company had
no accounting disputes with VCC but felt a need to change to a new
audit firm due to a need to reduce its future audit expenses.

The consolidated financial statements audited by VCC for the year
ended December 31, 2002 and 2001 contained an explanatory
paragraph pertaining to the Company's ability to continue as a
going concern.

As of September 25, 2003, Sullivan Bille, P.C. was engaged as the
Company's new independent public accountants, commencing with the
interim consolidated financial statement review for the third
quarter ending September 30, 2003, and the audit for the year
ending December 31, 2003. The appointment of Sullivan Bille, P.C.
was recommended and approved by the Company's Board of Directors.


TWKV CONTRACTING: Case Summary & 25 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: TWKV Contracting Inc.
        a.k.a. Valery Drilling & Blasting
        465 Yorktown Rd.
        Croton On Hudson, NY 10520

Type of Business: Rock blasting and earth removal

Bankruptcy Case No.: 03-20531-ash

Chapter 11 Petition Date: October 07, 2003

Court: Southern District of New York (White Plains)

Judge: Adlai S. Hardin Jr.

Debtor's Counsel: Victor N. Piacente, Esq.
                  Louis Spizzirro, Esq.
                  5 West Main St., Ste 107
                  Elmsford, NY 10523
                  914-592-0601

Total Assets: $1,452,500

Total Debts: $3,596,971

Debtor's 25 Largest Unsecured Creditors:

Entity                           Claim Amount
------                           ------------
Ernest & Willa Valery            $1,500,000
1 Valery Road
Stafford Springs, CT

IRS                              $1,200,000
210 E. Post Rd.
White Plains, NY 10601

Grayrock Supply                    $204,529

VETS                               $186,295

Local 60 Administration Fund       $170,435

Local 137 Joint Funds              $110,915

United Rentals                      $45,880

Premium Petroleum                   $27,797

Local 60 PAF/IAF Fund               $23,887

Formula Equipment                   $23,616

Eastrock Inc.                       $18,500

Orix Credit Alliance                $12,137

Tectonic Engineering                $10,914

Westchester Teamsters               $10,269

Oil City                             $8,968

Mt. Kisco Truck & Auto               $8,801

Castle Oil                           $8,154

Cronin Engineering                   $7,500

Volvo                                $5,427

Farm Plan                            $4,463

Lexington Insurance                  $3,894

New Holland Plan Dept. CH 10460      $3,166

American Bit & Drill                   $730

Teamster Local 456                     $612

AT&T                                    $88


US AIRWAYS: Agrees to Reduce U.S. Bank Claim to $7 Million
----------------------------------------------------------
U.S. Bank, N.A., successor-in-interest to State Street Bank and
Trust Company and State Street Bank and Trust Company of
Connecticut, N.A., filed Proof of Claim No. 3372 for $14,399,821
in connection with US Airways Aircraft with Tail Nos. N334US and
N335US.

The Debtors dispute the Claim.  Consequently, the parties
stipulate and agree that Claim No. 3372 is partially reduced and
partially allowed as a general unsecured Class USAI-7 claim for
$6,978,880, as it relates to the Aircraft.  All other general
unsecured claims relating to Tail Nos. N334US and N335US are
disallowed.  The Stipulation has no effect on other amounts
asserted in Claim No. 3372 by U.S. Bank with respect to other
aircraft. (US Airways Bankruptcy News, Issue No. 38; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


WEIRTON: Japanese Import Tariffs on Tin Mill Products Continue
--------------------------------------------------------------
Weirton Steel Corp. has scored a key victory in maintaining a 95
percent tariff on imports of Japanese tin mill products.

On Friday, the U.S. Court of Appeals for the Federal Circuit,
located in Washington, D.C., ruled in favor of co-defendants
Weirton Steel and the U.S. International Trade Commission against
four Japanese producer-exporters of tin mill products.

"This is a huge victory for Weirton Steel, but it's not over.  We
fully expect the Japanese to continue legal proceedings.  
Ultimately, if we're successful, and I believe we will be, the 95
percent tariff will remain in place through at least August 2005,"
said Roger B. Schagrin, trade counsel for Weirton Steel.

In August 2000, the ITC set a 95 percent tariff on Japanese TMP
imports after Weirton Steel, the Independent Steelworkers Union  
and the United Steelworkers of America initiated a trade case
against those imports.  The ITC and the U.S. Commerce Department
agreed with the company and unions that Japanese TMP imports were
sold in the U.S. at prices that violated U.S. antidumping laws and
injured the domestic steel industry.

Shortly after the tariffs were imposed, the four Japanese TMP
producers appealed the ITC's decision to the U.S. Court of
International Trade in New York City, which eventually vacated the
ITC's decision.  Weirton Steel and the ITC then appealed the
court's decision to the federal circuit appeals court.

The federal circuit court of appeals vacated the lower court's
decision and remanded the case back to the ITC.  During the court
battles, the tariff remained in place.

"I am confident the ITC, based on the investigation of our
original complaint, will again rule in our favor and maintain the
tariff," Schagrin said.  "Undoubtedly, the Japanese will start the
appeals process all over again and head to the New York City court
in an attempt to stop the tariff."

The four Japanese companies fighting the tariff include Nippon
Steel Corp., NKK Corp., Kawasaki Steel Corp. and Toyo Kohan Co.,
LTD.

"This is great news for Weirton Steel.  We are the second largest
U.S. TMP producer.  Our tin products accounts for nearly 50
percent of our revenues. Before we pursued this case, Japanese TMP
imports were devastating our markets," said Weirton Steel Chief
Executive Officer D. Leonard Wise.

"When you add the current tariff of 24 percent imposed through
President Bush's Section 201 tariff program, the tariff on
Japanese TMP imports is 119 percent.  If the president vacates or
modifies the TMP tariffs, at least there likely will be a 95
percent tariff on Japanese TMP through August 2005."

ISU President Mark Glyptis, who represents 3,000 Weirton Steel
employees, said the latest court ruling verifies the need for the
government to uphold its trade laws.

"I will never stop insisting that our government must enforce its
trade laws.  We should never have to get to the point where we
must file legal action to have them enforced.  They must be
enforced at the borders because from the time we file a case to
the final decision many months later, we lose money and put our
workers' jobs at risk," remarked Glyptis.

"In addition, this issue is another example why President Bush
must maintain the 201 tariffs for an additional 18 months.  TMP is
just one product line, there are many others that have devastated
our markets which adds to evidence that supports the need for the
201 tariffs.  The president must fulfill his promise to America's
steelworkers."

Weirton Steel is the fifth largest U.S. integrated steel company.  
In addition to TMP, it produces hot-rolled, cold-rolled and
galvanized steel.


WORLDCOM INC: Wants Open-Ended Lease Decision Period Extension
--------------------------------------------------------------
To avoid hasty decisions likely to be counterproductive to their
good faith efforts to achieve successful reorganization, Alfredo
R. Perez, Esq., Weil, Gotshal & Manges LLP, contends that the
Worldcom Debtors need to preserve their opportunity to make
prudent determinations concerning the assumption or rejection of
non-residential leases up to and including the date the Court
enters a confirmation order on their recovery plan.  The Debtors
are poised to obtain confirmation of their Plan.  Absent an
extension of their lease disposition period, however, the Debtors
could be forced to prematurely assume the Leases, which could lead
to unnecessary administrative claims against their estates if the
Leases were ultimately determined not necessary to the Debtors or
the Reorganized Debtors.  Conversely, if the Debtors were to
precipitously reject the Leases or be deemed to reject the Leases
by operation of Section 365(d)(4) of the Bankruptcy Code, they
might forego significant value in such Leases, thereby resulting
in the loss of valuable property interests that may be important
to their reorganization.

As of the Petition Date, the Debtors are parties to 15,000
unexpired non-residential real property leases including
agreements for office and storage spaces, points of presence, as
well as so-called co-location agreements, among others.  Mr.
Perez maintains that the Debtors and their professionals have
been and remain diligent in their efforts to identify all of the
Leases while simultaneously working to administer their Chapter
11 cases and address a vast number of administrative and business
issues.

Since the Leases pertain to wide-ranging segments of the Debtors'
business operations, Mr. Perez says that the Lease evaluation
requires the Debtors to devote considerable time and effort to
carefully review the merits of each Lease.

"The Debtors continue to evaluate the economics of the Leases, in
accordance with the provisions and spirit of the Bankruptcy Code,
to determine whether the assumption or rejection of each of the
Leases would inure to the benefit of their estates.  Due to the
extraordinary large number of Leases and the complexity of the
Debtors' business operations, the Debtors' analysis of the Leases
has taken a considerable amount of time," Mr. Perez says.
                         
At the Debtors' request, the Court extended their Lease
disposition period to and including the Confirmation Date.

"The Court already has approved postpetition financing for the
Debtors which, along with revenues from their ongoing businesses,
has enabled and will continue to enable the Debtors to continue
to timely perform all of their postpetition obligations under the
Leases pending their assumption and rejection determinations with
respect thereto.  Accordingly, the extension will not prejudice
the lessors of the Leases," Mr. Perez adds.

Affected lessors may, however, ask the Court fix an earlier date
by which the Debtors must assume or reject its unexpired lease in
accordance with Section 365(d)(4).  The Debtors will maintain the
burden of persuasion. (Worldcom Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service, Inc., 609/392-0900)   


W.R. GRACE: Court Forms Committee to Settle Asbestos Issues
-----------------------------------------------------------
U.S. Bankruptcy Court Judge Wolin finds that the various asbestos
disputes in the W.R. Grace and other asbestos-related Chapter 11
cases, "will benefit from the establishment of working committees
to explore resolution" of common issues and others that may arise
in further proceedings.

Judge Wolin, therefore, appoints David R. Gross, Esq., and
Professor Francis E. McGovern to establish a Working Committee
for these purposes, with "such membership as they shall deem most
effective."

The number and membership of the Working Committee will be
determined such that each interest and constituency in these
cases is represented to the fullest extent practicable -- but the
members of the Working Committees are to serve without
compensation as these are not to be considered official
committees under the Bankruptcy Code. (W.R. Grace Bankruptcy News,
Issue No. 47; Bankruptcy Creditors' Service, Inc., 609/392-0900)


* Asbestos Wave Rises and Crest Yet to Come, Says A.M. Best Co.
---------------------------------------------------------------
The U.S. property/casualty insurance industry--principally
commercial insurers, and to a lesser extent, professional
reinsurers--remains significantly underfunded by nearly 40% with
regard to reserves for ultimate, undiscounted asbestos and
environmental liabilities, according to a special report released
by A.M. Best Co.

With incurred-to-date losses of $45 billion (asbestos) and $31
billion (environmental), A.M. Best's estimates of unfunded
asbestos and environmental liabilities as of year-end 2002 are $20
billion and $25 billion, respectively, for a total of $45 billion,
down from $53 billion at year-end 2001.

While a number of insurer groups have significantly raised their
asbestos reserve levels in recent years, many more have yet to
fully fund their obligations. In addition, environmental survival
ratios are weakening as reserves continue to be paid down without
further strengthening.

U.S. asbestos losses have surged dramatically in recent years,
with incurred losses more than doubling to more than $4 billion in
2001 from the previous three-year annual average of $1.7 billion.
Further underlining the industry's move to bolster its reserves
for such losses, an additional $8 billion in asbestos losses were
incurred during 2002, while Hartford Insurance Group alone posted
a $2.6 billion addition to asbestos reserves during the first
quarter of 2003. A.M. Best fully expects additional, sizable
asbestos charges to be taken during the remainder of 2003.

During 2002, insurers and U.S. asbestos producers entered a number
of high-profile, asbestos-related settlements. In May, PPG
Industries Inc. announced a tentative settlement of $2.7 billion,
before taxes and discounting, related to its 50% owned, bankrupt
Pittsburgh Corning subsidiary for all current and future asbestos
claimants. Pittsburgh Corning's bankruptcy court has yet to
approve the proposed settlement, but more than 30 insurers are
expected to fund two-thirds of this settlement. In July, St. Paul
Cos. announced a $1 billion settlement with claimants suing its
USF&G insured, Western MacArthur Cos. As part of the settlement,
St. Paul incurred an additional $585 million in pretax losses for
this insured during 2002.

Also during 2002, several large-scale reserve additions were made
to recognize the trends in asbestos-related losses. For instance,
Travelers took a pretax charge of $2.9 billion for its asbestos
liabilities, along with a $150 million charge for environmental
losses, while Ace Ltd. boosted its asbestos reserves by $852
million and its environmental provision by $237 million, with most
of this strengthening taking place in the group's Brandywine run-
off unit.

BestWeek subscribers can download a free printed copy of the full
14-page special report, "Asbestos Wave Rises; Crest Yet to Come,"
or a combination of the printed report plus a spreadsheet file of
the report data for $75 from their Web site at
http://www.bestweek.com  

Nonsubscribers can download a printed copy of the full 6-page
special report for $50 or a combination of the printed report plus
a spreadsheet file of the report data for $125 from their Web site
at http://www.bestweek.com  

A.M. Best Co., established in 1899, is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit A.M. Best's Web site at http://www.ambest.com


* TSYS and Ontario Systems Enter into Strategic Relationship
------------------------------------------------------------
TSYS(R) and Ontario Systems have strategically partnered to
provide card issuers the most comprehensive recovery and
collection system available today. The companies bring more than
40 years of combined industry and receivables experience to the
relationship which enhances TSYS' ability to provide a full
spectrum of services to its clients, while capitalizing on Ontario
Systems' receivables management solutions expertise.

TSYS Debt Management, a wholly owned subsidiary of TSYS, brings
additional collections and recovery expertise to the relationship.
TDM, along with TSYS, will administer the TSYS Recovery System,
which is fully compatible with TSYS transaction processing systems
as well as other credit grantor processing systems.

"TSYS is delighted to partner with Ontario Systems to strengthen
the full account management services the TSYS family of companies
offers," said Chuck Kinney, TSYS Debt Management president. "This
relationship will ensure card issuers benefit from having the very
best skill, scale and services under one roof."

The TSYS Recovery System, powered by Ontario Systems' technology,
is designed specifically to meet the challenging needs of the
credit grantor marketplace, providing a complete solution for the
entire receivables management continuum. The system's pre-charge
off collections and post-charge off recovery functions provide
management with enhanced flexibility and control. Properly
managing both active and charged-off accounts, identifying trends
before they become problems and ensuring that accounts are worked
according to business rules will enable credit grantors to
recognize reduced delinquencies and increased recoveries.

The TSYS Recovery System is housed within one of the most
technologically advanced data-center infrastructures in the
industry, managed by TSYS Hosting Services. Servers are nested
within existing TSYS data centers, providing the highest levels of
redundant network connectivity, power availability, environmental
controls, security and safety. This enables TSYS to provide full-
load balancing, high availability and comprehensive disaster
recovery options.

"We are pleased to partner with TSYS to provide receivables
management tools to their clients, as well as other card issuers.
This relationship will increase the credit grantor's efficiency
and effectiveness in managing past due accounts and charged-off
debt," said Wil Davis, president of Ontario Systems.

Ontario Systems, LLC provides receivables management information
systems to organizations that manage large volumes of accounts
receivables. These include hospitals, collection agencies,
utilities and bankcard issuers. As the largest provider of
receivables management products, including the FACS(R), CT
Vision(R) Artiva(TM) systems, Ontario Systems is recognized
throughout the industry as the leader in technology and customer
service. With operations in Indiana, Ohio and Washington, it is a
privately held company based in Muncie, Ind. For more information,
visit http://www.ontariosystems.com  

TSYS Debt Management has been a trusted and proven service
provider to the nation's leading creditors in accounts receivables
management for more than 20 years. Providing a variety of services
for all collections and recovery needs, TDM has built and
maintained partnerships with top banks, retailers, commercial
creditors and telecommunications companies. Services include
Collections, Skip Tracing, Litigation Management, Bankruptcy
Management and Probate Management.

As a wholly owned subsidiary of TSYS, TDM provides comprehensive
receivables management solutions designed to boost client
profitability through the successful application of superior
technology, quality service and dedicated, dependable team
members. TDM offers an unparalleled level of customer
responsiveness and innovation to meet marketplace challenges head
on, providing its clients with the products and services required
to achieve the highest degree of efficiency and effectiveness,
while ensuring legal compliancy and client security. For more
information, contact sales@nan.net

TSYS (NYSE: TSS) -- http://www.tsys.com-- brings integrity and  
innovation to the world of electronic payments as the integral
link between buyers and sellers in this rapidly evolving universe.
With more than 264 million accounts on file, TSYS makes it
possible for millions of consumers to use their credit, debit,
stored value, commercial, smart and retail cards anytime, anywhere
through any medium or portal. TSYS offers a full range of
acquiring and issuing services from accepting and settling
electronic payments for goods and services to designing,
administering and fulfilling loyalty programs to credit
applications, bankruptcy management and collection services. Based
in Columbus, Ga., TSYS serves companies on 3 continents
representing 16 currencies and seven languages. TSYS maintains
operations in Canada, Mexico, Japan, and the United Kingdom and is
an 81-percent owned subsidiary of Synovus (NYSE: SNV) --
http://www.synovus.com-- number nine on FORTUNE magazine's list  
of "The 100 Best Companies To Work For" in 2003. For more
information, contact news@tsys.com


* Meetings, Conferences and Seminars
------------------------------------
October 8-11, 2003
   TURNAROUND MANAGEMENT ASSOCIATION
      15th Anniversary Convention
         Hyatt Regency, San Francisco, CA
            Contact: 312-578-6900 or www.turnaround.org

October 10 and 11, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Symposium on 25th Anniversary of the Bankruptcy Code
         Georgetown Univ. Law Center, Washington, DC
            Contact: 1-703-739-0800 or http://www.abiworld.org  

October 15-18, 2003
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Sixth Annual Meeting
         San Diego, CA
            Contact: http://www.ncbj.org/  

October 15-16, 2003
   EUROLEGAL
      Commercial Loan Workouts
         Contact: +44-20-7878-6897 or liu@ef-international.co.uk

October 16-17, 2003
   EUROFORUM INTERNATIONAL
      Russian Corporate Bonds
         Renaissance Hotel, Moscow
            Contact: http://www.ef-international.co.uk

November 4-5, 2003
   EUROFORUM INTERNATIONAL
      The Art and Science of Russian M&A
         Ararat Park Hyatt Hotel, Moscow
            Contact: +44-20-7878-6897 or
                     liu@ef-international.co.uk

November 12-14, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Emory University, Atlanta, GA
            Contact: 1-703-739-0800 or http://www.abiworld.org  

December 1-2, 2003
   RENAISSANCE AMERICAN MANAGEMENT, INC.
      Distressed Investing
         The Plaza Hotel, New York City, NY
            Contact: 800-726-2524 or
                     http://renaissanceamerican.com

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

February 5-7, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, CO
            Contact: 1-703-739-0800 or http://www.abiworld.org

March 5, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         The Century Plaza, Los Angeles, CA
            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

April 29-May 1, 2004
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Fairmont Hotel, New Orleans
               Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

May 3, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Conference Center, New York, NY
            Contact: 1-703-739-0800 or http://www.abiworld.org

June 2-5, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, MI
            Contact: 1-703-739-0800 or http://www.abiworld.org

June 24-26,2004
   AMERICAN BANKRUPTCY INSTITUTE
      Hawaii Bankruptcy Workshop
         Hyatt Regency Kauai, Kauai, Hawaii
            Contact: 1-703-739-0800 or http://www.abiworld.org

July 15-18, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      The Mount Washington Hotel
         Bretton Woods, NH
            Contact: 1-703-739-0800 or http://www.abiworld.org

July 28-31, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Reynolds Plantation, Lake Oconee, GA
            Contact: 1-703-739-0800 or http://www.abiworld.org

September 18-21, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         The Bellagio, Las Vegas, NV
            Contact: 1-703-739-0800 or http://www.abiworld.org

October 10-13, 2003
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Seventh Annual Meeting
         Nashville, TN
            Contact: http://www.ncbj.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

April 28- May 1, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         J.W. Marriot, Washington, DC
            Contact: 1-703-739-0800 or http://www.abiworld.org  

July 14 -17, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Ocean Edge Resort, Brewster, MA
         Contact: 1-703-739-0800 or http://www.abiworld.org   

July 27- 30, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         Kiawah Island Resort and Spa, Kiawah Island, SC
            Contact: 1-703-739-0800 or http://www.abiworld.org

November 2-5, 2005
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Eighth Annual Meeting
         San Antonio, TX
            Contact: http://www.ncbj.org/  

December 1-3, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Grand Champions Resort, Indian Wells, CA
            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.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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 2003.  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 $675 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.

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