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/raid1/www/Hosts/bankrupt/TCR_Public/971211.MBX T R O U B L E D C O M P A N Y R E P O R T E R Thursday, December 11, 1997, Vol. 1, No. 77 Headlines BANK OF NEW ENGLAND: Pension Fund Surplus Settlement BARNEY'S, INC.: Retains Alco Capital to Auction Fixtures BUCYRUS-ERIE: John G. Gellene Indicted on Perjury Charge CRAIG CONSUMER: DIP Facility Terminated; BTCC Pulls Plug DIXON HOLDINGS: Fretter Committee Objects to Silo Claims DOEHLER-JARVIS: $2 Million Bid for St. Louis Property ELDER-BEERMAN: 99.77% of Creditors Vote to Accept Plan ELDER-BEERMAN: New Board of Directors Announced EXCALIBUR FINANCIAL: Extension of Lease Decision Period FRETTER, INC.: Committee Objects to Dixon/Silo Claim GROSSMANS, INC.: Chapter 11 Plan Confirmed GUY F. ATKINSON: Morrison Knudsen Begins Due Diligence HARRAH'S JAZZ: Modified Plan Balloting Procedures Proposed KENETECH WINDPOWER: Exclusivity Extension to May 1, 1998 KENWIN SHOPS: Payment of Prepetition Wage Claims LOUISE'S TRATTORIA: Auction Procedures Put in Place NETS, INC.: Debtor's Plan of Reorganization PARTY WORLD: Houlihan Lokey Debtor Engagement Approved PETRIE RETAIL: Open to Offers for Winkelman's Stores POCKET COMMUNICATIONS: Assignment of Claims to Committee Q-ENTERTAINMENT: $2 Million Interim DIP Facility Approved RDM SPORTS: Extension of Exclusivity to April 1, 1998 RDM SPORTS: Committee & Foothill Comments re Fitness Assets RDM SPORTS: Committee Balks at Trademark Licensing RDM SPORTS: Committee Decry Key Employee Bonuses STRAIGHT ARROW: First Amended Plan of Reorganization TODAY'S MAN: Foothill Catpial Extends Exit Financing TOWN & COUNTRY: DIP Financing Arrangements Approved VITALE ENTERPRISES: Extension to File Schedule G WESTERN PACIFIC: Requests January 16, 1998 Bar Date YAMAICHI SECURITIES: Sale to Sumitomo & Societe Generale -------- BANK OF NEW ENGLAND: Pension Fund Surplus Settlement ---------------------------------------------------- A settlement of the 1993 class action lawsuit filed by 16,000 employees of Bank of New England seeking their share of an approximate $50 million surplus from BNE's retirement plan after pension obligations were satisfied has been forged. In the District Court litigation, the Employees, the FDIC, and Benjamin S. Branch, the bankruptcy trustee for BNE and its creditors, each laid a claim to the surplus and each of the three parties wanted more than a third of the available funds. The tentative settlement calls for $21 million to be divided among the former bank employees and an equal share going to the FDIC. Branch would get $6 million to help satisfy creditor claims. Final approval of the settlement comes before the U.S. District Court in Boston for consideration on January 26, 1998. BARNEY'S, INC.: Retains Alco Capital to Auction Fixtures -------------------------------------------------------- Barney's, Inc., et al., seek the Court's authority to sell certain excess Furniture, Fixtures and Equipment now unused and in storage in Fort Lee, New Jersey, some of which came from the 17th Street Store in Manhattan. The Debtors assure parties-in-interest that none of the FF&E is encumbered. The Debtors estimate the value of the FF&E at $60,000, and tell the bankruptcy court that they have selected Alco Capital Group, Inc., to serve as their Auctioneer in connection with the sale. BUCYRUS-ERIE: John G. Gellene Indicted on Perjury Charge -------------------------------------------------------- A grand jury in Milwaukee has returned an indictment against John G. Gellene in connection with his failure to disclose Milbank, Tweed, Hadley & McCloy's silmutaneous representation of LBO debt-ridden Bucyrus-Erie, on the one hand, and Mikeal Salovaara, a key pleayer in the B-E chapter 11 cases and purchaser of certain B-E assets in 1992 when the company was starved for cash, on the other hand. Mr. Gellene, 41, is a graduate of Harvard Law School and was first admitted to the New Jersey Bar 1979. Milbank reportedly dismissed Mr. Gellene last month. Mark L. Rotert, Esq., of Winston & Strawn told The New York Times earlier this week that Mr. Gellene is "not guilty" and "anxious for the opportunity to go to trial." Mr. Rotert is a former Assistant Attorney General, serving 10 years in the capacity, and former Assistant U.S. Attorney, serving 7 years in that role. Mr. Rotert's practice at Winston & Strawn today concentrates on white collar defense work. CRAIG CONSUMER: DIP Facility Terminated; BTCC Pulls Plug -------------------------------------------------------- Craig Consumer Electronics, Inc. announced the entry of an order by the United States Bankruptcy Court on November 26, 1997, approving a stipulation for relief from the automatic stay entered into by Craig and BT Commercial Corporation, as agent for a syndicate of lenders. Further, as of November 30, 1997, the postpetition financing arrangement between lenders and Craig was terminated. DIXON HOLDINGS: Fretter Committee Objects to Silo Claims -------------------------------------------------------- The Official Committee of Unsecured Creditors of Fretter, Inc., has filed an objection to the proofs of claim filed by Dixon U.S. Holdings, Inc., Fretter's corporate parent, and the Silo Entities, former affiliates of Fretter. Fretter's chapter 11 case pends before Judge Morgenstern-Clarren of the United States Bankrutcy Court for the Northern District of Ohio, Eastern Division. For additional details, refer to today's story concerning Fretter, Inc., appearing below. DOEHLER-JARVIS: $2 Million Bid for St. Louis Property ----------------------------------------------------- Doehler-Jarvis, Inc., Harvard Industries, Inc., and their debtor affiliates have received a $2.068 million bid from DMD Group, Inc., for the purchase of two parcels of real estate and a building located in St. Louis, Missouri. The Debtors believe that DMD has submitted the highest and best offer for the property and will ask the Delaware bankruptcy court to approve a sale of the property. To be certain that the DMD Offer is the best, the Debtors and DMD have agreed to submit DMD's offer to a competitive bidding process. Interested bidders must offer at least $50,000 and should contact S. David Peress, Esq., at Young, Conaway in Wilmington. ELDER-BEERMAN: 99.77% of Creditors Vote to Accept Plan ------------------------------------------------------ The Elder-Beerman Stores Corp. announced following the conclusion of the voting period that it received more than enough votes to confirm its proposed plan of reorganization and move it one step closer to emerging from Chapter 11. Results of the balloting, which concluded December 8 at 5:00 p.m. EST, are that creditors are near-unanimous in voting to accept the company's plan. To be confirmed, a plan of reorganization generally must receive affirmative votes from a majority in number and two- thirds in dollar amount of those holders of allowed claims who actually vote in each class. Elder-Beerman received affirmative votes representing 99.77% of the dollar value in general unsecured creditor claims that voted. That means the company's institutional creditors, trade creditors and employee stock ownership plan voted overwhelmingly in support of the plan. In addition, the common shareholders (Beerman/Peal family) have withdrawn all opposition to the plan. A confirmation hearing is set for December 15th in U.S. Bankruptcy Court in Dayton, Ohio. Confirmation of the plan will clear the way for Elder- Beerman's exit from Chapter 11. The company expects to emerge on or about December 30. "We couldn't be more pleased," said Fred J. Mershad, Elder- Beerman's President and Chief Executive Officer. "From the very beginning our goals have been to develop a consensual plan that provides fair treatment of all stakeholders and to emerge from bankruptcy as an independent company headquartered in Dayton, Ohio. We take great pride in having obtained consensus on our plan, and with the balloting process now behind us, we fully expect the court to give us a green light to move ahead. This is a very bright day indeed for Elder-Beerman," he said. ELDER-BEERMAN: New Board of Directors Announced ----------------------------------------------- The Elder-Beerman Stores Corp. yesterday announced the composition of the company's new, nine-member board of directors. The appointments of the new board will become effective upon the company's emergence from bankruptcy-- expected around December 30, 1997. The new board will be comprised of: .. Frederick J. Mershad, remains Chief Executive Officer, The Elder-Beerman Stores Corp., and will become Chairman of the Board upon emergence from Chapter 11. .. John A. Muskovich, currently Executive Vice President, Administration, The Elder-Beerman Stores Corp. Muskovich will become President, Chief Operating Officer and Chief Financial Officer upon emergence from Chapter 11. .. Steven C. Mason, retired Chairman and Chief Executive Officer, Mead Corp. .. Stuart M. Kasen, retired Chairman and Chief Executive Officer, Best Products Company, Inc. .. Thomas J. Noonan, Jr., former Executive Vice President, Herman's Sporting Goods. .. Bernard Olsoff, retired President and Chief Executive Officer, Frederick Atkins, Inc. .. Sheli Z. Rosenberg, President and Chief Executive Officer, Equity Group Investments, Inc. .. Jack A. Staph, Consultant and former Senior Vice President, Secretary and General Counsel, Revco D.S., Inc. .. John J. Weisner, retired Chairman, President and Chief Executive Officer of C.R. Anthony Company, Inc. "I am very pleased with our new slate of board members," said Mershad. "It is a well-balanced group with individuals possessing a wealth of knowledge and experience from a wide range of disciplines retail, finance, corporate law, and issues involving publicly traded companies. We are very appreciative of each individual's willingness to serve and support Elder-Beerman and look forward to the contributions from each of them." Mershad continued, "I want to thank our current board for steering us through the Chapter 11 process and I look forward to working with the new board." EXCALIBUR FINANCIAL: Extension of Lease Decision Period ------------------------------------------------------- Excalibur Financial Services L.P., asks the Delaware bankruptcy court for an extension of its time within which to decide whether to assume or reject its leases and executory contracts through April 6, 1998. FRETTER, INC.: Committee Objects to Dixon/Silo Claim ---------------------------------------------------- Exercising its right under 11 U.S.C. Sec. 502(a), the Official Committee of Unsecured Creditors of Fretter, Inc., has filed an objection to the proofs of claim filed by Dixon U.S. Holdings, Inc., Fretter's corporate parent, and the Silo Entities, former affiliates of Fretter. Fretter reminds Judge Morgenstern-Clarren that Dixon and Silo are debtors-in-possession in cases which pend before the Delaware Bankruptcy Court. The Committee explains that Dixon and Silo assert claims based on: (1) fraudulent conveyance under 11 U.S.C. Sec. 544, Delaware law and Michigan law; (2) voidable preferences under 11 U.S.C. Sec. 547; (3) breach of fiduciary duty and waste of corporate assets; (4) voidable reduction of capital under 11 U.S.C. Sec. 544; (5) alter ego, veil piercing and other instrumentality theories; (6) constructive trust theories; (7) substantive consolidation under 11 U.S.C. Sec. 105; and (8) equitable subordination of Fretter's claims against Dixon and Silo. The Committee objects to the Dixon and Silo Claims because: (a) proofs of the Silo Claims were not timely filed; (b) the Silo Claims are unenforceable against Fretter and the property of Fretter under applicable law; (c) the Silo Claims are without basis in law or fact; (d) the Silo Claims are excessive or of an unspecified amount; (e) the Silo Claims are not sufficiently documented; (f) the Silo Entities have not paid the amount for which the Silo Entities are liable to Fretter under 11 U.S.C. Secs. 542, 543, 550 or 553; and (g) the Silo Claims are barred by release, waiver, estoppel and any other applicable defenses. GROSSMANS, INC.: Chapter 11 Plan Confirmed ------------------------------------------ Grossman's Inc. announced that its Chapter 11 Plan of Reorganization was confirmed by the United States Bankruptcy Court for the District of Delaware on December 9, 1997. JELD-WEN, Inc., a leading manufacturer of window and door products, is the co-sponsor of the Plan and is making a fund of $8.65 million available for distribution to unsecured creditors of Grossman's. JELD-WEN will also provide necessary financing for the reorganized Grossman's. Thomas E. Arnold, Jr., chief executive officer of Grossman's, stated that the Plan will enable Grossman's to successfully emerge from Chapter 11 by the end of this year and to continue its current operations. Under the Plan, unsecured creditor claims of $25,000 or less will receive 23 cents on the dollar. Qualified unsecured creditor claims in excess of $25,000 will receive their pro rata share of an "unsecured recovery pool" and 50 percent of the common stock in reorganized Grossman's. Grossman's, JELD-WEN and the Official Committee of Unsecured Creditors have filed a motion with the Bankruptcy Court seeking authority to make a 14 cent initial distribution from the unsecured recovery pool to qualified unsecured creditors. Based upon claims processing results to date, subsequent distributions may be made to such qualified unsecured creditors from the unsecured recovery pool. Grossman's operates 15 stores under the name Contractor's Warehouse in Calif., Ind., Ky. and Ohio and 29 stores under the name Grossman's Bargain Outlet in Massachusetts, New York, and Rhode Island. GUY F. ATKINSON: Morrison Knudsen Begins Due Diligence ------------------------------------------------------ Guy F. Atkinson Company and its debtor affiliates tell the bankruptcy court that they have entered into an agreement with Morrison Knudsen Corporation which is premised on a potential merger of the Debtors into MK's operations. Atkinson advises the Court that MK invited the Debtors' Banks, Bonding Companies and Committee members to a presentation on November 24, 1997; all parties attended and MK outlined the framework of a merger proposal to those creditor groups. Atkinson now asks the Bankruptcy Court for permission to advance up to $775,000 to MK for due diligence fees. Additionally, Atkinson agrees to not to solicit any offers for the acquisition or sale of the company from any other party for a four-week period, terminable, however, (a) at the end of the first two weeks or (b) in the event that the Debtors' exclusive period is not extended to January 30, 1998. Atkinson makes it clear that the Company has not accepted any merger proposal from MK and that Atkinson has not selected MK as the lead bidder for its business. Atkinson hints that any offer MK makes, however, will be subjected to competitive bidding in the bankruptcy cases at a later date. HARRAH'S JAZZ: Modified Plan Balloting Procedures Proposed ---------------------------------------------------------- Harrah's Jazz Company and Harrah's Jazz Finance Corp. remind the Court that it entered an order confirming the Debtors' Third Amended Plan of Reorganization in April, 1997. Unfortunately, the Plan was not consummated. Because time passed, circumstances changed and the plan has been materially modified. Accordingly, as the Debtors prepare to circulate their Fifth Amended Disclosure Statement, as Modified Through November 14, 1997, the Debtors propose modified balloting procedures to streamline voting based on their experience the first time through the pprocess. KENETECH WINDPOWER: Exclusivity Extension to May 1, 1998 -------------------------------------------------------- Kenetech Windpower, Inc., asks Judge Tchaikovsky of the United States Bankruiptcy Court for the Northern District of California for an order extending its exclusive period during which to file a plan of reorganization through May 1, 1998 and to grant an extension of its exclusive period during which to solicit acceptances of such plan through July 3, 1998. The Official Committee of Unsecured Creditors opposes any extension beyond February 27, 1998 to file a plan. The Committee projects that the Debtors will close on the sale of their assets in early February, 1998, and it shouldn't take more than a few weeks to type what will then be a simple plan of liquidation. KENWIN SHOPS: Payment of Prepetition Wage Claims ------------------------------------------------ Kenwin Shops, Inc., et al., asks the U.S. Bankruptcy Court for the Southern District of New York for permission to pay all prepetition wage and salary claims of their 25 employees, many of whom only earn minimum wage. The Debtors estimate their total prepetition wage liability at $7,000, and suggest no individual claim exceeds $4,000. LOUISE'S TRATTORIA: Auction Procedures Put in Place --------------------------------------------------- Judge Bufford of the United States Bankruptcy Court for the Central District of California has directed that the Court will hold an Auction to be certain that the Debtor receives the highest and best offer for its restaurant assets. Bidding will begin at $4 million, and each overbid must be in $100,000 increments. Piecemeal Bids for the Debtor's assets will be accepted and the highest bundles of offers will constitute the highest and best offer. Bidders must deliver a $1,000,000 Bid Deposit to the Debtor's counsel to be considered a Qualified Bidder. Additionally, Price Waterhouse, in its capacity as financial advisor to the Committe, will provide the Court with valuations of each bid submitted at the Auction. NETS, INC.: Debtor's Plan of Reorganization ------------------------------------------- Nets, Inc., the Massachusetts-based Internet commerce venture led by Jim Manzi, the former chairman and CEO of Lotus Development Corporation, has proposed its plan of Reorganization premised on a distribution of the $8,000,000 received from the Perot Sale to creditors according to their statutory priorities: Class Description Claim Pool Treatment ----- ----------- ---------- --------- -- Administrative $1,095,000 100% in cash on the Claims Effective Date 1 Secured Claims $1,590,000 100% in Cash on the (representing Notes Effective Date held by Mr. Manzi) 2 Unsecured Claims $_________ Pro Rata share of approximately $5.3 million of Cash plus Earnings of a Creditors' Trust 3 Common Stock --- (a) Shares held by Interests AT&T are cancelled in exchange for a general release (b) Other shares not affected 4 Preferred Stock --- Pro Rata share of Interests $500,000 potentially available from Creditors' Trust PARTY WORLD: Houlihan Lokey Debtor Engagement Approved ------------------------------------------------------ The Honorable Lisa Hill Fennig of the United States Bankruptcy Court for the Central District of California has approved the retention of Houlihan Lokey Howard & Zulkin as Investment Bankers for Party World, Inc., and Party America, Inc. PETRIE RETAIL: Open to Offers for Winkelman's Stores ---------------------------------------------------- Petrie Retail Inc., a privately held company which has been operating under Chapter 11 of the U.S. Bankruptcy Code since October, 1995, announced today that it is considering offers for the sale of its Winkelman's stores. Livonia, Michigan- based Winkelman's is a women's apparel retailer operating 43 stores in Michigan and 11 stores in Ohio. Winkelman's is expected to report sales of approximately $83 million for the fiscal year ended February 1, 1998. "Our planned divestiture of Winkelman's Stores brings us a step closer to finalizing our plan to emerge from the protection of the Bankruptcy Court as a viable Company," said Edwin Holman, Chairman and Chief Executive Officer of Petrie Retail. "Further, it provides Winkelman's and its employees the opportunity to become part of a larger organization that will be in a position to provide the chain with the resources and focus it will need to resume a course of growth. "We hope to be able to announce a transaction in the near future, to minimize the uncertainty this may cause to Winkelman's employees and customers," continued Mr. Holman. "During this interim period, we are committed to delivering to customers the superior quality merchandise and service that they have come to expect from our Winkelman's operation." POCKET COMMUNICATIONS: Assignment of Claims to Committee -------------------------------------------------------- Pocket Communications, Inc., and DCR PCS, Inc., ask Judge Derby to approve a Stipulation among the Debtors and the Official Committee of Unsecured Creditors appointed in their chapter 11 cases providing for the assignment of the Debtors' causes of action on account of preferential transfers under 11 U.S.C. Sec. 547(b) to the Committee. Pocket believes, since creditors will benefit from any ultimate recovery, the Committee should be able to pursue preference issues if it wishes. Pocket retains the right to intervene in any preference litigation brought by the Committee and retains the right to initiate litigation not undertaken by the Committee on notice to the Committee. Q-ENTERTAINMENT: $2 Million Interim DIP Facility Approved --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Corpus Christi Division, has approved Q- Entertainment's ability to borrow up to $2 million, on an interim basis, under a $15 million Debtor-in-Possession Financing Facility provided by Infinity Investors Limited, Lion Capital Partners, L.P., and Infinity Emerging Opportunities, Limited. The DIP Facility replaces the Debtors' pre-petition secured financing facilities. RDM SPORTS: Extension of Exclusivity to April 1, 1998 ----------------------------------------------------- RDM Sports Group, Inc., and its debtor affiliates ask the Court for an extension of their exclusive period during which to file a plan of reorganization through April 1, 1998, and a related extension of their exclusive period during which to solicit acceptances of such plan through June 1, 1998. RDM SPORTS: Committee & Foothill Comments re Fitness Assets ----------------------------------------------------------- The Official Committee of Unsecured Creditors of RDM Sports Group, Inc., et al., objects to the Debtors' proposal to sell its Fitness Assets to Corporate Assets, Inc., for $3.95 million because the Debtors have failed to comply with the Sale Order previously entered by Judge Drake for the U.S. Bankruptcy Court for the Nothern District of Georgia, Newnan Division. The Committee complains that the Debtors have not provided it, the Court or otherwise made public a list of the assets. hence, no potential buyer, other than Corporate Assets, knows what's for sale. The Committee sees the Debtors' stalking horse bidding and other sale procedures as useless until the Debtors publish a list of the assets available for purchase. Moreover, the Committee notes, there is no real urgency to this sale, explaining that the Debtors' Fitness unit is shut-down at present. Foothill Capital urges the Court to permit the sale of the Fitness Assets, but encourages modifications to the bidding procedures. Foothill suggests that $50,000, rather than $100,000 bidding increments, would be more appropriate in this case. Also, Foothill notes, it would be improper to surcharge any of its collateral for any of the sale costs. RDM SPORTS: Committee Balks at Trademark Licensing -------------------------------------------------- Ten days following the Petition Date, RDM Sports Group, Inc., entered into a trademark licensing agreement with Maurice Pincoffs Company, Inc., without first seeking Court approval. The Debtors assert that the agreement was entered into in the ordinary course of their business, and filed a Motion to ratify the Agreement. The Committee views the Agreement as an improper transfer of the Debtors' assets post-petition and filed a Motion to invalidate the Agreement, conduct an auction of the Debtors' trademarks, and turnover of any post-petition trademark license fees paid by the Debtors. The parties now turn to Judge Drake for resolution of that issue. Foothill Capital reminds the Court that it holds a perfected, first priority security in all of the Debtors' trademarks and any royalties or other proceeds from any trademark licensing agreements related to those trademarks. RDM SPORTS: Committee Decry Key Employee Bonuses ------------------------------------------------ "In the context of these Debtors' cases, the Bonuses only serve to increase the administrative expenses of the Debtors' estates and provide no corresponding benefit to the Debtors' estates or to unsecured creditors," the Committee says in response to RDM Sports Group, et al.'s Motion to pay $120,000 in Bonuses to Key Employees of its Flexible Flyer unit. The Committee reminds the Court that the Flexible Flyer unit was sold to Cerberus Partners earlier in these cases. The Debtors can't show the necessity of the payments or any benefit now that the unit is gone. If Cerberus wants to pay bonuses from its own resources--given that Cerberus has retained many of those key employees--that is entirely acceptable to the Committee. STRAIGHT ARROW: First Amended Plan of Reorganization ---------------------------------------------------- Straight Arrow Products, Inc., and its Official Committee of Unsecured Creditors have proposed a First Amended Plan of Reorganization for the emergence of Straight Arrow from chapter 11. The Plan is premised on the continued production and marketing of the Debtor's human and horse grooming, repellent and therapeutic products, and projects creditor recoveries to be: Class Description Claim Pool Treatment ----- ----------- ---------- --------- I Administrative $280,000 Payment in full, Claims in cash, on the Effective Date II Priority Tax $41,860 Payable over 6 years Claims at the applicable statutory rate III Employee Benefit $15,000 Payable in full, Claims provided, however, the Debtor makes payment on all claims within 1 year of the Effective Date IV Secured Claims A. Foothill Capital $2,750,000 Replacement facility, secured by a first lien on all assets B. Progress Realty $820,000 Reinstated, with original lien rights C. Devon Katzev $480,000 Reinstated, with second lien on Main Facility V Unsecured Claims $10,000,000 (a) $660,000 in cash on the Effective Date; plus (b) $1,750,000 New Note, payable over 5 years; plus (c) 50% of Net Distributable Cash Flow payable for 5 years; plus (d) 80% of Litigation Recoveries; plus (e) 100% of Avoidance Action Recoveries; plus (f) an Indenture in the amount of all unpaid claims payable only upon a sale of the company, secured by a junior lien on all assets, subordinated to other post- emergence financings VI Equity Interests --- Reissued to original holders TODAY'S MAN: Foothill Catpial Extends Exit Financing ---------------------------------------------------- Foothill Capital Corporation, as Agent, and certain other Lenders have, subject to court approval on December 12, 1997, entered into an Exit Financing Facility to permit Feld & Feld, Inc., Today's Man, Inc., and their debtor affiliates to meet all of their requirements to make Plan-related payments and finance on-going operations following emergence from chapter 11. TOWN & COUNTRY: DIP Financing Arrangements Approved --------------------------------------------------- Town & Country Corp. obtained final approval from the Bankruptcy Court to borrow under: * a $55 million Debtor-in-Possession Financing Facility funded by Foothill Capital Corp. and * a $28.5 million Consignment Agreement backed by Fleet Precious Metals Inc. Town & Country believes these credit facilities will provide adequately for all of the company's working capital needs through confirmation of its Prepackaged Plan. VITALE ENTERPRISES: Extension to File Schedule G ------------------------------------------------ Vitale Enterprises, Inc., and its Foodtown debtor affiliates complied with the Bankrutcy Court's first day order directing that their Schedules and Statements be filed by early December, 1997, except with respect to the filing of Schedule G, listing all of the Debtors' real property leases and contracts. Judge Tuohey has directed that the Debtors file their Schedule G on or before December 18, 1997. WESTERN PACIFIC: Requests January 16, 1998 Bar Date --------------------------------------------------- Western Pacific Airlines, Inc., asks Judge Brooks to fix January 16, 1998 as the deadline by which all creditors must file proofs of claim against the Debtor's estate. YAMAICHI SECURITIES: Sale to Sumitomo & Societe Generale -------------------------------------------------------- Japan's Sumitomo Bank Ltd. and Paris-based Societe Generale will buy a Yamaichi Securities Co. money-management subsidiary, the Nihon Keizai newspaper reported. Sumitomo and Societe Generale will buy as much as a 90% stake in Yamaichi International Capital Management Co. Yamaichi Securities collapsed Nov. 24, admitting it had $2 billion in hidden losses, some of which were from illegal stock trades. --------- A list of meetings, conferences and seminars appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. Bond pricing, appearing each Friday, is supplied by DLS Capital Partners, Dallas, Texas. 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., Princeton, NJ, and Beard Group, Inc., Washington DC. Debra Brennan and Rebecca A. Porter, Editors. Copyright 1997. All rights reserved. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re- mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof is $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *