TCR_Public/970811.MBX



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InterNet Bankruptcy Library - News for August 11, 1997







Bankruptcy News For August 11, 1997




        
  1. Var DLJ MBS Formerly Serviced by Lomas
            Off S&PWatch

  2.     
  3. Winterland Announces Refinancing
            and Restructuring to Restore Legendary SF Firm's
            Profitability; Announcement Greeted with Cheers by
            Employees






Var DLJ MBS Formerly Serviced by Lomas Off
S&PWatch



New York, NY --8/11/97--Standard & Poor's today removed
the ratings on 20 various series of DLJ Mortgage Acceptance Corp.
mortgage pass-through certificates from CreditWatch (see list
below), where they had been placed Nov. 3, 1995 due to the
Chapter 11 bankruptcy filing of Lomas
Financial Corp.
(Lomas) and its subsidiary, Lomas Mortgage
USA

(LMUSA).



Subsequently, the underlying mortgage loans were transferred
to Temple Inland Mortgage Corp. for servicing, where distressed
mortgage loans would be serviced by Calmco, Inc.



The current action follows Standard & Poor's approval of
Calmco, Inc. as a special servicer as of Aug. 7, 1997. Standard
& Poor's reviewed Calmco, Inc.'s operations and servicing
capabilities, and established through its current criteria that
Calmco, Inc. is acceptable to service the transferred loans.
Calmco, Inc. is a wholly owned subsidiary of DLJ Mortgage
Acceptance Corp., and was created by DLJ Mortgage Acceptance
Corp. in order to perform special servicing functions for the
Quality loan pools on behalf of Temple Inland Mortgage Corp.
Since Calmco, Inc.'s involvement as special servicer, the
delinquency performance of these deals has improved.



The Chapter 11 bankruptcy filing took place in the U.S.
Bankruptcy Court for the District of Delaware in Wilmington, Del.
on Oct. 19, 1995. At that time, LMUSA was acting as servicer for
the underlying collateral on 11 transactions that had received
ratings from Standard & Poor's.



For information regarding the performance of the transactions
contact Grace Emilio at (212) 208-1748, and for information
regarding the acceptance of Calmco, Inc. as special servicer,
contact Steven Frie at (212) 208-8828.-- CreditWire



   RATINGS REMOVED FROM CREDITWATCH DLJ Mortgage
   Acceptance Corp.
  mortgage pass-thru certificates Series         
      Class(es) Rating 1991-2              A-1   
                              AA-


                      A-2                        
                             AA-r 1991-3
  A-1, A-2                           AAr 1992-Q11
             A-2 AAA 1993-Q9             A-1     
                            AAA


                      S                          
                             AAAr 1993-
  Q13            A-1                             
    AAA


                      S                          
                             AAAr 1993-
  Q15            A-1                             
    AAA


                      S-C, S-P                   
                             AAAr 1993-
  Q16            IA-1, IIA                       
    AAA


                      IS, IIS                    
                             AAAr 1993-
  Q18            IA1, IIA1                       
    AAA


                      S-C, S-P                   
                             AAAr 1993-19
  A-2 thru A-7                       AAA


                        M                        
                                 AA B-1          
                                             A
                      AP, S-1                    
                             AAAr 1993-20
  IA1                                AAA


                      I-S                        
                             AAAr 1994-Q1
  IA1, IIA1                          AAA


                      S                          
                             AAAr 1994-Q7
  A-1                                AAA


                      S-1, S-2                   
                             AAAr 1994-Q8
  IA1, IIA1                          AAA


                      IS, IIS                    
                             AAAr 1994-Q9
  IA1, IIA1A, IIA1B                  AAA


                      IS, IIS                    
                             AAAr 1994-
  Q12            A-1                             
    AAA


                      S                          
                             AAAr 1994-
  Q13            IA1, IIA1, IIIAA, IIIAB         
    AAA


                        IIIA-1A (custody
                        receipts)         AAA
                      IS1, IIS1, IIIS1           
                             AAAr 1994-
  Q16            IA-1, IIA-1                     
    AAA


                      IS-1, IIS-1                
                             AAAr 1995-Q1
  A-1                                AAA


                      A-1S                       
                             AAAr 1995-Q2
  A-1 thru A-3                       AAA


                        M                        
                                 AA
                      S                          
                             AAAr 1995-Q3
  IA-1, IIA-1                        AAA


CONTACT: Grace Emilio, New York 212/208-1748 Steven Frie, New
York 212/208-8828






Winterland Announces Refinancing and
Restructuring to Restore Legendary SF Firm's Profitability;
Announcement Greeted with Cheers by Employees



SAN FRANCISCO, CA--Aug. 11, 1997--Winterland Productions, the
legendary San Francisco-based entertainment merchandising firm,
said it was pleased to announce a recapitalization agreement with
investors designed to resolve a year old financial and ownership
crisis and restore sustained profitability.



The deal allows Winterland's management team to take full
control of the company with backing from a $1.5 billion
investment fund. Terms of the deal include converting fully three
quarters of the company's loans to equity and long term debt, and
the creation of a stock option plan for key employees.



Winterland CEO Donn Tice said the agreement ensures that the
company and its 350 employees will stay and grow in San
Francisco. The financing strategy will utilize what in business
terms is called a "pre-structured" reorganization plan
under Chapter 11 of the Bankruptcy Code, with an additional $5
million in financing provided by Cerberus Partners LP and Gordon
Brothers Capital Corporation.



"We're a much stronger company today than we were
yesterday," Tice said.



Winterland is a leading producer of licensed and private label
apparel and related merchandise. Artists on Winterland's roster
include major names such as Madonna, Marilyn Manson, Boyz II Men,
Diana Ross and classics such as Jimi Hendrix, Led Zeppelin and
The Doors. The firm's private label clients include such names as
DKNY, Tommy Hilfiger, Levi Strauss & Co. and Universal
Studios.



Tice expects Winterland to emerge from Chapter 11 within about
120 days. He said the company had held meetings and telephone
conferences with most of its vendors and customers before
Friday's announcement.



"We have gone to great lengths to minimize the effect of
this on our suppliers. In our calls to our most important
suppliers, they offered their congratulations and pledged their
continued support. We have met our commitments and will continue
to do so. Several major customers said that this is what they
have been waiting for and applauded the moves. We're making a
fresh start after a tough year," Tice said.



Tice made the announcement to employees Thursday, where his
remarks were greeted with applause. Tice said that no operational
changes or layoffs were anticipated under the restructuring. A
series of long-promised wage hikes to employees, whose pay had
been frozen for three years under the MML and MCA ownership,
would begin immediately, he said.



Winterland was founded 25 years ago in San Francisco as an
outgrowth of Bill Graham's concert promotion business. The firm
was sold to entertainment giant MCA in 1988. MCA then sold it, in
an over-leveraged buyout, to MML Inc., an East Coast holding
company controlled by controversial Maryland businessman Morton
L. Lapides, Sr.



In April, Cerberus and Gordon Brothers became majority owners
of Winterland after MML Inc.'s leveraged buyout from MCA in
August 1996 ran into problems. These difficulties were due in
part to costly and unproductive facilities, leasing arrangements
and other obligations with Transcolor, a company controlled by
Lapides, whose reputation and history compounded these
difficulties.



"We have eliminated the drain of the Transcolor and MML
relationships and have placed Winterland into the hands of
sophisticated, financially strong owners," Tice said.



Since becoming majority owners, Cerberus and Gordon Brothers
have invested over $6 million in additional working capital in
Winterland. This working capital infusion has enabled management
to stabilize cash flow, substantially improve the company's
standing with the trade, normalize the flow of goods from these
suppliers and, as a result, substantially improve service to its
customers.



As part of the plan, Cerberus and Gordon Brothers will convert
approximately $6 million of their loans to equity and restructure
the remainder to provide Winterland with strong, sustainable
capitalization. Cerberus Partners is a $1.5 billion investment
fund with strategic investments in numerous apparel and
entertainment-related portfolio companies, including Esprit Corp.
and Wherehouse Entertainment. Gordon Brothers Capital, co-owner
with Cerberus in Winterland, is part of the Gordon Brothers group
of companies, experts in corporate renewal and restructuring.



The owners have also attracted new management to Winterland,
while retaining existing strong management and key personnel.
Donn Tice, Winterland's new CEO, has managed high-profile
turnarounds and rapidly growing companies in over a dozen
industries as CEO, board member and advisor. Earlier in his
career, Mr. Tice spent nearly ten years with consumer food
industry leaders Procter & Gamble and Dreyer's Grand Ice
Cream.



Robert "Buddy" Ruppenthal, Winterland's new Vice
President of Operations, has over 30 years of apparel and textile
industry experience. Buddy has designed, built, consolidated and
improved every facet of textile and apparel sourcing, supply,
production and distribution, domestically and in Europe, Latin
America and Asia. His experience includes work for Brooks
Brothers, Jockey and Polo Ralph Lauren, among others.



CONTACT: Winterland Productions Donn Tice, 415/597-9710 or
Shinoff Group Paul Shinoff, 415/495-1991