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/raid1/www/Hosts/bankrupt/TCR_Public/980119.MBX T R O U B L E D C O M P A N Y R E P O R T E R Monday, January 19, 1998, Vol. 2, No. 12 Headlines BRADLEES: New $250 Million DIP Facility COLOR TILE: Seeks Extension of Exclusivity COUNTY SEAT: Substitution of Attorneys DOW CORNING: Ruling May Help Some Suits EDISON BROTHERS: Switches Accountants FARM FRESH: Interim Okay To Use $40M Of DIP Pact GIBSON'S: Hearing to Extend Exclusivity GREAT LAKES PULP: Reorganization Plan Confirmed HOMEPLACE STORES: Seeks to Dump Merrill Lynch L.LURIA: Seeks 2nd Extension to Assume or Reject Leases L.A. GEAR: Says Leading Bond Holders Agree to Plan LEVITZ: Committee Responds to Motions LEVITZ: Debtors Seek Issuance of Surety Bonds MIDCOM: Enters Into Purchase Agreement with DICOMM MOLTEN METAL: Seeks to Employ Latham & Watkins NORTHWESTERN PACIFIC: To Pick Private Rail Operator PHOENIX INFORMATION: Equity Responds to Motion to Reject PHOENIX: Equity Objects to financial Advisor POCKET: Asks to Extend Exclusive Right to Obtain Acceptances POCKET: Parties Agree To Extend Deadlines To January 30 SEAGULL ENTERTAINMENT: Summary Judgment Awarded TOWN & COUNTRY: Amended Disclosure Statement Gets OK VERTEX-COMPUTER: Effectuates its Plan of Reorganization WESTERN PACIFIC: Court Orders Use of Cash Collateral WESTMORELAND COAL: Objection to Late Proof of Claim BOND PRICING: For the Week of January 12, 1998 ----------------- BRADLEES: New $250 Million DIP Facility --------------------------------------- As reported in its Form 10-Q for the quarterly period ended November 1, 1997, which was filed on December 16, 1997, Bradlees, Inc. and subsidiaries (collectively the "Company") obtained a commitment in December for a new $250 million financing facility), with a sublimit of $125 million for letters of credit, with BankBoston, N.A. ("BBNA"),as Administrative Agent and as Issuing Bank, under which the Company is allowed to borrow (in the form of direct loans and letters of credit) up to $250 million for general corporate purposes, working capital and inventory purchases. In addition, as part of the New Facility, the Company obtained a commitment from BBNA for a $250 million post- Chapter 11 revolving line of credit. The New Facility was approved by the Bankruptcy Court on December 22, 1997 and finalized on December 23, 1997. The New Facility replaced the Company's prior $200 million DIP facility. A full-text copy of the filing and the Revolving Credit and Guaranty Agreement is available via the Internet at: http://www.sec.gov/Archives/edgar/data/887356/0000887356-98-000001.txt COLOR TILE: Seeks Extension of Exclusivity ------------------------------------------ A hearing will be held on January 29, 1998 on the motion of the debtors, Color Tile, Inc. et al. to further extend, for a period of 180 days, the debtors' exclusive periods in which to file a plan or plans of reorganization and to solicit acceptances thereof. The debtors maintain that they are in the midst of a critical period in these cases. They are in the process of transition with respect to the implementation of the Global Settlement. COUNTY SEAT: Substitution of Attorneys -------------------------------------- Skadden Arps, Slate, Meagher & Flom LLP, attorneys to County Seat, Inc., County Seat Stores, Inc. and CSS Trade Names, Inc. withdraw as counsel and Jeffrey M. Schlerf of The Bayard Firm, Arnold S. Albert, of Caplan, Buckner, Rohrbaugh & Albert, and Emil Hirsch, of Freedman, Levy, Kroll & Simonds substitute as counsel to the debtors with respect to all matters in these cases. DOW CORNING: Ruling May Help Some Suits --------------------------------------- The Advocate Baton Rouge LA reported on 01/14/98 that Louisiana women who claim breast implants ruined their health may have an easier time collecting money against Dow Chemical Co. under a ruling Tuesday. In a case closely watched around the country, state Judge Yada Magee in New Orleans decided some 1,800 women will not have to again prove the company was negligent in testing silicone when they file their individual lawsuits. The convoluted case made headlines across the nation in August when jurors found that Dow Chemical Co. was negligent in testing silicone for breast implants, lied about the possible risks and conspired with manufacturer Dow Corning to hide potential health dangers. It was the nation's first such case to go to trial as a statewide class-action. Then in December, Magee decided that the claims by the 1,800 women were too dissimilar to group all in one lawsuit. She said the trial would resume with just the original eight plaintiffs, not 1,800. The same jurors who decided the liability in August were to also determine damages for the eight. Tuesday's ruling means that the jury's verdict finding Dow Chemical negligent will be binding on separate lawsuits for damages filed by any of the 1,800 Louisiana women who were left out when the judge decertified the case. The decision was hailed as a substantive ruling by the plaintiffs. Dow Chemical said it was inconsistent, and would appeal it. "This is a major victory for the plaintiffs because it applies Dow Chemical's liability to the 1,800 women. It is a major defeat for Dow Chemical," said Dawn Barrios, lead attorney for the women. Dow Chemical spokesman John Musser said the ruling makes it clear that the first phase of the trial only dealt with certain liability issues. The women will still have to prove the implants made them sick, and to prove their damages. Dow Chemical all along has maintained that it had nothing to do with the manufacture of implants by Dow Corning or the testing of silicone for breast implants. Dow Corning is co-owned by Dow Chemical and Corning Inc. The jointly owned corporation filed for bankruptcy protection in 1995 in the face of tens of thousands of lawsuits. What happens next is still unclear. The women cut out of the Louisiana case by the judge's earlier decertification order can sue to collect damages, but their cases will probably be heard in Michigan. That is where the Dow Corning bankruptcy cases have been consolidated. EDISON BROTHERS: Switches Accountants ------------------------------------- On January 8, 1998, upon the recommendation of the Audit Committee of the Board of Directors (the "Board") of Edison Brothers Stores, Inc. ("Edison"), the Board selected Arthur Andersen LLP ("Arthur Andersen") to serve as independent public accountants of Edison and its subsidiaries for the fiscal year ending January 31, 1998. Ernst & Young LLP ("Ernst & Young") was dismissed as auditors of Edison effective January 8, 1998. FARM FRESH: Interim Okay To Use $40M Of DIP Pact ------------------------------------------------ Federal Filings Inc. reported that Farm Fresh received interim approval to borrow up to $40 million, including a $10 million letter of credit sub-facility, from prepetition and debtor-in-possession lenders Fleet Capital Corp. and Heller Financial Inc. The DIP credit facility has a maximum principal amount of $50 million and a $20 million sub-limit for letters of credit. A final hearing is set for Jan. 28. The purchase agreement under which Richfood Holdings Inc. agreed to acquire Farm Fresh provides a $4 million breakup fee and $1 million of expense reimbursement if the agreement is terminated under certain circumstances. The court approved the provisions on Jan. 7. GIBSON'S: Hearing to Extend Exclusivity ---------------------------------------- A hearing to consider the motion of the debtors, Gibson's Holding Company, et al. for an order further extending exclusive periods to file a plan and solicit acceptances thereof will be held on January 21, 1998. The debtors are seeking an extension of an additional thirty days, through February 18, 1997 for the exclusive right to file a plan, and extending the period during which the debtors have the exclusive right to solicit acceptances of a plan through April 17, 1998. The debtors claim that they have made significant progress in addressing their operational and financial problems that led to the filing of these cases. With the help of the DIP facility, the debtors have been able to restock and merchandise their stores at adequate levels. The restoration of better trade credit continues to be one of the debtors' priority goals. The debtors have implemented a reclamation program, they have developed a three year business plan together with the Committee and they have progressed in resolving their federal income tax liabilities. GREAT LAKES PULP: Reorganization Plan Confirmed ----------------------------------------------- Federal Filing Inc. reported on January 15, 1998 that the court has confirmed the reorganization plan of Great Lakes Pulp Co. and, with "term sheets on the table," the company expects to emerge from bankruptcy within the next three weeks. The slightly modified plan reflected small technical changes that did not affect creditor treatment. A funding group, comprised of Cerberus Partners L.P. and Oaktree Capital Management L.L.C., was to provide $14 million of new equity and $7 million of new financing on the plan's effective date if funding was unavailable from other sources. HOMEPLACE STORES: Seeks to Dump Merrill Lynch --------------------------------------------- Federal Filings Inc. reported on HomePlace Stores Inc. -- Having received approval to hire Peter J. Solomon Co. Ltd. and Price Waterhouse L.L.P., HomePlace is seeking court authority to reject its prepetition financial advisory agreement with Merrill Lynch & Co. The retailer said Merrill Lynch was retained in order to raise additional equity financing "at a time when Chapter 11 was not, in the HomePlace Group's business judgment, a likely alternative." L.LURIA: Seeks 2nd Extension to Assume or Reject Leases ------------------------------------------------------- The debtor, L.Luria & Son, Inc. seeks an order extending the time for the debtor to assume or reject the remaining leases of non-residential real property for a period of 30 days through and including February 9, 1998. Only three leases remain to be administered by the debtor and the estate, and the debtor received verbal offers with respect to these stores from Ross Stores Inc. and Beal's Stores. The debtor reasonably believes that it will be able to obtain a final decision as to their intentions with respect to the remaining leases by February 9, 1998. L.A. GEAR: Says Leading Bond Holders Agree to Plan -------------------------------------------------- The Capital Times reported on 01/14/98 that struggling sneaker maker L.A. Gear filed for Chapter 11 bankruptcy protection but said the move should not affect operations. The company expected to file a reorganization plan next week in U.S. Bankruptcy Court, and said its leading bond holders have agreed to it. "We believe that the new L.A. Gear that will emerge will be more efficient, more focused on customer satisfaction and better able to provide to the customer high quality products with innovative designs," company Chief Executive Officer David Gatto said Tuesday. L.A. Gear was one of the success stories of the 1980s, largely due to the popularity of its women's shoes, but forays into such areas as the men's performance market and apparel were less successful. The Orange County Register reported on January 14, 1998 that the company said in a statement that it had reached an agreement with an unofficial committee of bondholders holding its 7.75 percent convertible subordinated debentures, due in 2002, on a comprehensive financial restructuring. "During our restructuring process, we fully expect to deliver all of our pending orders and to proceed with our fall 1998 line of footwear," said David Gatto, L.A. Gear chairman and chief executive. In November the company cut 60 jobs from its Santa Monica, headquarters. Before the job cuts, L.A. Gear employed 212 workers in the United States and five other countries. The plan announced Tuesday would eliminate all outstanding common shares of the company without consideration, with the bondholders receiving up to 2.375 million shares of a newly created Series A convertible preferred stock. Additional shares of the new Series A preferred stock will be divided among other unsecured creditors and among holders of L.A. Gear's existing Series B preferred stock and Libra Investments, L.A. Gear's investment adviser. All of the new common stock initially will be issued to the holders of L.A. Gear's existing Series B preferred stock and to Libra Investments. LEVITZ: Committee Responds to Motions ------------------------------------- The Official Committee of Unsecured Creditors of Levitz Furniture Incorporated responded to the motion of the debtors to employ Retail Consulting Services, Inc. as real estate consultants. The Committee agrees to the retention of the firm but not the method of computation of the compensation to be provided. The Commmittee reserves its rights to review with the debtors the method ov calculating the compensation over the next 30 days and the right to make further application to the court if there is a dispute regarding that compensation. The Committee also responded to the debtor's motion authorizing rejection of certain advertising contracts. The Committee supports the rejection of the contracts in that they relate to markets in which the debtors no longer operate, they include unattainable goals or unattractive rates, or they will expire in the near term and offer no benefit. The Committee also responded to the debtor's motion for an order authorizing the debtors to pay certain prepetition real estate tax obligations in the amount of approximately $1.2 million. The Committee agrees with the motion. LEVITZ: Debtors Seek Issuance of Surety Bonds --------------------------------------------- Levitz Furniture Incorporated, et al., debtors are seeking authority for the debtors to issue surety bonds with Travelers Casualty & Surety Company of America as adequate assurance for utility companies. The debtors believe that the sum of the issued Surety Bonds' face amounts will be between $300,000 and $350,000. The debtors further request authorization to obtain issuance of the letters of credit to Travelers as security for the general contract of indemnity, to be executed with the Surety Bonds. The debtors obtain a more favorable interest rate under the DIP Financing Agreement by having one or more letters of credit issued to Travelers than by paying cash security deposits directly to the Utilities. The Letters of Credit will be issued to Travelers in the aggregate amount of the penal sums of the Surety Bonds. In addition, by having Travelers administer the Surety bonds, the debtors' personnel will not have to track indiviudual security deposits of letters of credit given or issued to the Utilities. MIDCOM: Enters Into Purchase Agreement with DICOMM -------------------------------------------------- MIDCOM Communications Inc. announced today that it has entered into an asset purchase agreement with DICOMM Ventures, Inc. of Lynn, Massachusetts. DICOMM Ventures is a private investment company that invests in information technology and telecommunications companies. Under the terms of the agreement, DICOMM will purchase the assets of the MIDCOM Enhanced Facsimile and Electronic Messaging subsidiary, AdVal, Inc. for $6.6 million (subject to certain adjustments). Under bankruptcy code procedures the agreement will be submitted to the Bankruptcy Court for approval. If accepted by the court, other interested purchasers will have the opportunity to top DICOMM's offering price on similar terms and conditions to those set forth in the agreement between MIDCOM and DICOMM. Founded in 1989, MIDCOM provides telecommunications services to small and medium-sized businesses nationwide. The company has regional offices throughout the nation and currently invoices approximately 100,000 customer locations monthly. MIDCOM and its subsidiaries filed for protection under Chapter 11 of the US Bankruptcy code on Nov. 7, 1997. MOLTEN METAL: Seeks to Employ Latham & Watkins ---------------------------------------------- The debtors, Molten Metal Technology, Inc. et al. claim that they have an immediate need to retain special government contracts counsel, and that Roger S. Goldman and Latham & Watkins have represented the debtors as special government contracts counsel, and specifically have represented the debtors in connection with an ongoing government investigation. The largest customer for the debtors' nuclear services business is the United States government and the debtor requires the assistance of special counsel for all aspects of nuclear and other service contracting with the federal government. The firm holds a prepetition claim against the debtor's estate in the amount of $395,597. for legal services rendered to the debtors prior to the Chapter 11 filings. NORTHWESTERN PACIFIC: To Pick Private Rail Operator --------------------------------------------------- The Press Democrat Santa Rosa reported on 01/14/98 that officials of the publicly owned Northwestern Pacific Railroad, almost $5 million in debt and losing thousands of dollars a month, will decide today whether to turn day-to- day operations over to a private company. Without a private operator, officials said Tuesday, the financially troubled railroad may not survive. "We can't afford to continue to absorb the operating losses, and we don't have enough money to break out of this spiral," said Allan Hemphill, a Sonoma County director on the board of the North Coast Railroad Authority, the political board that oversees the NWP. "The original intent there was to be a private operator," said Dan Hauser, executive director of the authority who as a state assemblyman was co-author of legislation that put the railroad into public hands. The board is scheduled today at a meeting in Willits to choose between two operators, one comprised of a group of North Coast shippers and the other an Elgin, Ill., railroad company. Under both proposals, the NCRA would reap part of any potential profits, from $370,000 to $400,000 a year, but only after spending at least $10 million to upgrade the tracks and promising to make repairs during any natural disasters, which plague the railroad almost annually. The northernmost segment of the rail line, which is closed every winter by slides and flooding, is owned by the NCRA, purchased out of bankruptcy with state funds. The southernmost segment is owned by the Northwestern Pacific Railroad Authority, another public agency, and was purchased with state and federal money from Southern Pacific. The railroad has been in financial trouble since the takeover by the NCRA, with natural disasters causing millions of dollars in damage and the authority unable to haul enough freight across the line to make ends meet. The railroad also had been losing $150,000 to $200,000 a month, but with layoffs and cost-cutting measures, the loss was trimmed to $36,000 for all of last year. But the railroad still owes $4.9 million to the contractors who repaired track and damage from slides of the past several years in the Eel River Canyon. Federal Emergency Management Administration disaster funds, which could be from $7 million to $12.5 million, are being withheld until federal auditors are assured the money was properly spent. "We're scrambling to buy fuel, but we'd have our creditors paid off and have money in the back if we had the FEMA money," Hauser said. "That's the absurdity of this whole thing." The advantages to bringing in a private operator, Hauser said, would be a level of railroad expertise and capital investment the NCRA cannot provide. The shippers group, which would be operated under Woodside Consulting of Menlo Park, is backed by Pacific Lumber of Scotia, Louisiana-Pacific of Eureka, Simpson Lumber of Arcata, Blue Lake Forest Products in Blue Lake, Mead Clark in Santa Rosa, Dairymen's Feed in Petaluma and Parnum Paving in Ukiah. John Williams, Woodside executive director, said under their proposal, in a normal year the group would pay NCRA about $400,000 as its share of the profits. The proposal by Rail-Ways Inc. of Elgin, Ill., would pay about $370,000 in lease and profits to the NCRA, according to its summary. The proposal, however, requires Rail-Ways be given exclusive rights to all train operations on all 316 miles of line, which raises questions about the future of commute trains in Sonoma and Marin counties. Sonoma County Supervisor Jim Harberson, who serves on the board that owns the southern segment of the line, said anything the NCRA negotiates would be subject to the approval of his authority, and they would not approve anything that would jeopardize commute train service. "They don't have the authority to tie down what happens on our tracks," said Harberson, who said he otherwise supports a private operator. Hauser said a final contract will still have to be negotiated with whichever operator the board chooses. Hauser also said the Rail-Ways proposal would not preclude commute trains. PHOENIX INFORMATION: Equity Responds to Motion to Reject ------------------------------------------------------- The Official Equity Committee joins in requesting an order permitting rejection of the Articles of Association of American aviation Limited as constituting an executory contract or for determination that the anti-alienation provisions contained therein are invalid. However the Committee also believes that the anti-alienation provisions are not applicable or enforceable against the debtor and, accordingly, rejection of the Articles of Association would be unnecessary. The debtor entered into an Options Agreement with S-C Phoenix Holdings, LLC and Quantum Industrial Partners, LDC. American Aviation Limited was wholly-owned by S-C and Quantum. The Options Agreement sets forth the contractual terms with respect to the acquisition and transfer of share of stock in AA to Phoenix. Paragraph 4 of the Options Agreement states that `the AA shares conveyed by S-C and Quantum upon exercise of the Call Option and/or Put Option shall be, upon such conveyance, fully paid, non-assessable, subject to no call or right of redemption and free and clear of all liens, claims and encumbrances of any nature. This paragraph specifically waives the encumbrance which may otherwise be applicable through the Articles of Association. The Committee states that the Options Agreements entered into with S-C and Quantum modifies and supersedes the Articles of Association, specifically with respect to the transferability of the AA shares sold to Phoenix. By entering into the Options Agreements, S-C and Quantum waived the restrictions on alienation set forth in the Articles of Association, and S-C and Quantum are estopped by their actions from asserting restrictions on transferability of the AA stock. PHOENIX: Equity Objects to financial Advisor -------------------------------------------- The Official Committee of Equity Security Holders objects to the application of the debtors, Phoenix Information Systems Corp., Phoenix System Ltd. and Phoenix Systems Group, Inc. seeking authority to retain Benedetto, Garland & Co. as financial advisor. The Committee objects to such financial advisors because Phoenix has asserted that it did not generate any significant revenue, earnings or history of operations from inception through March 31, 1997. The committee claims that the proposed fee to Benedetto is "wildly excessive and unreasonable, especially with respect to the exorbitant fixed fee for the first two months ($200,000). The committee represents that this payment is a sub rosa payment of prepetition debts to Benedetto, through the guise of paying excessively high post petition fees. POCKET: Asks to Extend Exclusive Right to Obtain Acceptances ------------------------------------------------------------ Pocket Communications, Inc. filed a motion for an order further extending the debtors' exclusive right to obtain acceptances. The requested extension will allow the debtors and the other main constituents herein an opportunity to consummate a consensual restructuring. The debtor requests an extension through and including February 26, 1998. Since the FCC election deadline was extended to February 26, 1998, the debtor seek to deep exclusivity on track with the FCC elections deadline so that the parties can continue their efforts to reach a consensus on both how to exercise the election of the FCC options and how to integrate that election into a feasible plan of reorganization. POCKET: Parties Agree To Extend Deadlines To January 30 ------------------------------------------------------- Federal Filings, Inc. reported on January 15, 1998 that deadlines for the maturity of Pocket Communications debtor- in-possession financing and termination of its 43 wireless licenses have been pushed back to Jan. 30 pursuant to an agreement among the parties. They agreed to extend the deadlines from the Jan. 15 date because the Federal Communications Commission extended the Jan. 15 deadline to Feb. 26 for C-Block license holders to elect a debt restructuring option and there have been further developments in negotiations among all parties for potential reorganization plans. SEAGULL ENTERTAINMENT: Summary Judgment Awarded ----------------------------------------------- Kaleidoscope Media Group Inc. (OTC BB:KMGG, Frankfurt and Berlin Exchanges:BNN) announced Thursday that its subsidiary Seagull Entertainment, was awarded summary judgment dismissing an involuntary bankruptcy filed against it that was previously announced. A proposed order has been lodged with court for entry. The order lodged with the court provides for an award of compensatory and punative damages, for the bad faith filing of the petition. Kaleidoscope Media Group Inc. (OTC BB:KMGG, Frankfurt and Berlin Exchanges:BNN) is a vertically integrated sports and entertainment marketing company with offices in New York, Los Angeles, and Miami. Kaleidoscope Media Group's operating companies are Seagull Entertainment, Hollywood Connection LLC (direct marketing), Kaleidoscope Consulting and Kaleidoscope Sports. Current KMG sports properties include tennis, boxing, and fitness. KMG produces internationally recognized television programs including "Tarzan" (series), "Team Xtreme" (series), and "Merlin: The Magic Begins." TOWN & COUNTRY: Amended Disclosure Statement Gets OK ---------------------------------------------------- It was reported on January 14, 1998 by Federal Filings, Inc. that the court approved the amended disclosure statement of Town & Country Corp. The court approved Town & Country's amended disclosure statement last week, allowing the February 12 confirmation hearing to proceed as scheduled. The company filed the modified document to reflect clarifications and corrections made to the disclosure statement. VERTEX-COMPUTER: Effectuates its Plan of Reorganization ------------------------------------------------------- Vertex Computer Cable & Products, Inc. (OTC: VTXL), formerly VTX Electronics Corp., which filed a petition for reorganization under Chapter 11 of the Bankruptcy Code on January 10, 1997, announced today that it has obtained exit financing with Congress Financial Corp. and has consummated its Plan of Reorganization. As previously announced, the Plan includes a one-for-five reverse common stock split, based on a record date of September 29, 1997, the date of the approval of the Disclosure Statement in accordance with Bankruptcy Code and Rules. The reverse stock split became effective on December 29, 1997. Vertex Computer Cable & Products, Inc., founded over 27 years ago, is a manufacturer of custom-made cable assemblies used in providing connectivity solutions in networks for customers operating a wide range of voice, data and video communication systems. Howard Griffith, the President of the Company said: "The entire organization is excited now that we can focus only on the things we do best -- design, manufacture and sales of quality cable assemblies." WESTERN PACIFIC: Court Orders Use of Cash Collateral ---------------------------------------------------- Judge Sidney Brooks entered an order regarding the debtor's motion for use of cash collateral. The total collateral account is $10,195,635. The Court found that the lenders failed to make a wire transfer of $1.37 million as required by a letter agreement of September 19, 1997, despite the fact that the lenders tried to rely on anticipatory repudiation. The Court looked to the loan terms to determine the appropriate level of adequate protection. In this case, the Lenders were directors constituting a majority of Western Pacific's Board, and as such they knew the airlines' finances better than anyone else. The Lenders agreed to a Threshold Amount of $8 million and a method of calculating the Threshold. The Court ordered that Western Pacific is authorized to use cash collateral above a Threshold Amount, consistent with the letter agreement of September 19, 1997, $8,874,000. as established at preliminary hearing. WESTMORELAND COAL: Objection to Late Proof of Claim --------------------------------------------------- Westmoreland Coal Company, et al., debtors object to the proof of claim filed by the Commonwealth of Virginia, the Virginia Workers' Compensation Commission, and the Uninsured Employers fund. The Commonwealth claims that the court should excuse the late filing of its proof of claim due to "excusable neglect." The debtors claim that notice of the Bar Date Order were properly mailed and consequently received. The debtor wishes to distinguish between excusable neglect and mere neglect. The Bar Date order does not apply to present or former employees, and disallowance of the Commonwealth's claim would not prejudice the rights of an individual workers' compensation. The Commonwealth also states that its objection to the asset sale was an informal proof of claim. However, in this case the debtors state that the sale objection does not include a demand by any of those entities against the debtors' estates for payment of such a deficiency. Consequently, the sale objection cannot be deemed an "informal claim." BOND PRICING: For the Week of January 12, 1998 ---------------------------------------------- DLS Capital Partners, Inc., reports the bond pricing for the week of January 12, 1998. The following are indicated prices for selected issues: Amer Telecasting 0/14 1/2 '04 28 - 30 APS 11 7/8 '06 30 - 32 (f) Boston Chicken 7 3/4 '04 61 - 62 Bradlees 11 '02 5 - 6 (f) Brunos 10 1/2 '05 40 - 42 CAI Wireless 12 1/4 '02 26 1/2 - 28 Cityscape 12 3/4 '04 45 - 47 Echo Bay 11 '27 80 - 84 Harrah's Jazz 14 1/4 '01 31 - 33 (f) Hechinger 9.45 '12 74 - 76 Hill's 12 1/2 '03 82 - 83 Grand Union 12 '04 54 - 55 Great Bay 10 7/8 '04 79 - 80 (f) Levitz 9 5/8 '03 34 - 36 (f) Liggett 11 1/2 '99 66 - 69 Marvel 0 '98 4 - 4 1/2 Mobilemedia 9 3/8 '07 10 1/2 - 12 (f) Mosler 11 '03 76 - 78 Penn Traffic 9 5/8 '05 57 - 58 Royal Oak 11 '06 63 - 66 Speedy Muffler 10 7/8 '06 70 - 73 Stratosphere 14 1/2 '02 55 - 58 (f) Trump Castle 11 3/4 '03 92 - 93 Wickes 11 4/8 '03 95 1/2 - 96 1/2 Big moves this week in the bonds of Bruno's on an asset sale and bankruptcy filing from APS. --------- A listing of meetings, conferences and seminars appears every Tuesday. 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, Editor. Copyright 1998. 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 are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *