TCR_Public/980422.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, April 22, 1998, Vol. 2, No. 79

APS HOLDING: Creditor Panel Consultant's Fees Slashed
BARNEY'S: Creditors Authorized to Submit Plan
CREDIT LYONNAIS: France Vows No Bankruptcy
DOW CORNING: Monthly Operating Report
GOTVIL TIMBER AFRICA: Files Chapter 11 Petition

GULF RESOURCES: US Trustee Seeks to Convert Case to Chap 7
KIA MOTORS: Travel Ban On Former President
MAIDENFORM: To Reject Executive Offices Lease
MARVEL: NYSE drops Marvel from stock listings                      
MIDCOM COMMUNICATIONS: Hearing on Disclosure Statement

NIKE: Revenues Decrease $199.7 Million for Quarter
NYEC INC: Seeks Extension of Exclusive Periods

QUADRAX: Delay in Filing Annual Report
RELIANCE ACCEPTANCE: Former Directors Want Examiner Named
SA TELECOMMUNICATIONS: Requests Time to Decide on Leases
THE SCOREBOARD: US Trustee Objects to Ernst & Young
VENTURE STORES: Scheduled Assets and Liabilities
WESTMORELAND COAL: 1997 Operations Compared to 1996

APS HOLDING: Creditor Panel Consultant's Fees Slashed
After the U.S. Trustee acting in APS Holding's Chapter 11
case complained that the hourly rate charged by the
creditors' committee's consultant and executive
administrator Daniel Griffin was excessive, the court
slashed the consultant's hourly rate from $150 to $95.  
(Federal Filings Inc. 21-Apr-98)

BARNEY'S: Creditors Authorized to Submit Plan
As reported in The Wall Street Journal on April 17, 1998, a
group of creditors of Barney's Inc. received court
authorization to submit its own reorganization plan.

Judge James Garrity gave the creditor's group until June
15, 1998 to come up with a plan.  The group consists of the
Committee of Unsecured Creditors and Whippoorwill
Associates Inc. and Bay Harbour Management LC, two vulture
funds that invested in Barney's debt.

Barney's also received an extension to June 15, 1998 to
come up with a plan.  As reported in this article, Barney's
received a $322 million acquisition bid from Dickson
Concepts (International) Inc., but can not reach an
agreement with the Committee on the allocation of the
proceeds.  Any plan by the creditors would require the
consent of Isetan Co. of Japan, Barney's largest creditor.

CREDIT LYONNAIS: France Vows No Bankruptcy
French Finance Minister Dominique Strauss-Kahn said
Tuesday it was "out of the question" to allow the troubled
Credit Lyonnais bank to go bankrupt and said there was "no
risk" for its customers.

"Credit Lyonnais has clearly recovered since 1995 and the
state will back such a recovery as long as there is a need
and with all appropriate means," the minister said in a

"Any discussion of letting (Credit) Lyonnais go bankrupt is
of course out of the question," Strauss-Kahn said.
"Customers and (lenders) therefore run no risk."
A source close to the European Commission on Monday
suggested Brussels might  reject government aid for Credit
Lyonnais, a move which would lead to the bank's collapse.
In reply, Strauss-Kahn appealed "to the responsibility" of
all involved in the bank's fate and said "talks with the
European Commission have not yet ended."

"The French authorities will use the next few weeks to
achieve a balanced solution with" the commission by
properly managing a national asset and respecting European
Union rules while heeding the interests of a recovering  
company and its employees, he said.  Shares in Credit
Lyonnais fell six percent to 594 francs per share on the
Paris stock market. (AgenceFrancePresse-04/21/98)

DOW CORNING: Monthly Operating Report
For Month Ending December 31, 1997 Dow Corning Corporation
Parent Company Condensed Balance Sheet(in millions of

Total Assets                                $4,828.0
Total Liabilities & Stockholders' Equity    $4,828.0
Net sales                                     $109.8
Net income                                     $10.9                 

GOTVIL TIMBER AFRICA: Files Chapter 11 Petition
Debtor:  Gotvil Timber Africa (Pty.) Ltd.
         2nd Floor, East Wing
         11 Alice Lane
         Sandton, 2146,
         So. Africa
Court: Southern District of New York

Case No.: 98-42648    Filed: 04/15/98    Chapter: 11

Debtor's Counsel: William J. Rochelle, III
                  Fulbright & Jaworski, LLP
                  666 Fifth Avenue
                  New York, NY 10103

Petition of liquidators of Gotvil Timer Africa (Pty.) Ltd.
in a foreign proceeding, Gavin Gainsford, Norman Klein and
Philip David Bernan.

Upon information and belief, debtor's principal asset is an
aircraft which was scheduled to arrive in New York for
delivery under a lease agreement on or about April 15,

GULF RESOURCES: US Trustee Seeks to Convert Case to Chap 7
Richard W. Simmons, the United States Trustee for Region 7
moves for an order converting the case of Gulf Resources
Corporation and Mustang Oil & Gas Corporation, debtors to a
chapter 7 case.  The US Trustee believes that a Chapter 7
trustee could liquidate the remaining assets in a more
economical fashion without the requirement s of Chapter 11
administration. The US Trustee states that a conversion of
this case would be in the best interest of creditors.  
There is no assurance unsecured creditors will recover any
portion of their claims if the cases are dismissed.  The
debtor in each case has no reasonable likelihood of
rehabilitation within a reasonable time.

KIA MOTORS: Travel Ban On Former President
South Korean prosecutors slapped a travel ban  
Tuesday on former Kia Motors Corp. president Park Je-Hyuk
pending an investigation into allegations that Kia's former
management amassed illegal lobbying funds, officials said.

The travel ban was a prelude to legal actions against
former Kia Group head Kim Sun-Hong, who was suspected of
amassing slush funds to lobby politicians and government

Since Kia Motors collapsed under heavy debts in July last
year, Park and Kim have staged a desperate fight to retain
their managerial grip, aggravating the country's economic
debacle. The travel ban was part of an intensive probe into
policy failures and government malpractices under the rule
of ex-president Kim Young-Sam.

Workers returned to Kia's production lines Tuesday after
Yoo Chong-Yul, the sole receiver appointed by the court,
promised not to sell the company.  But Kia's union
threatened to resume a full walkout next week unless the  
government and creditors give any clear commitment.
(Agence France Presse - 04/21/98)

MAIDENFORM: To Reject Executive Offices Lease
Maidenform Worldwide Inc. et al, debtors, seek court
authorization to reject the lease located at475 Park Avenue
South in New York City. The lease has a term of eleven
years ending in 2003 at an annual rent of $368,718.75.

Although five years remain on the term of the lease, the
debtors have consulted several real estate brokers and have
been advised that the rent reserved under the lease is
roughly equal to the current market rate for similar space.  

The debtors believe that the lease should be rejected
because the debtors have determined, in the sound exercise
of their business judgment, that there is no further need
for the premises and it is unlikely that the lease has
value to a third party.  By eliminating the ongoing payment
obligation, the rejection will contribute to the debtors'
prospects for reorganization.

MARVEL: NYSE drops Marvel from stock listings                      
Marvel Entertainment Group Inc.'s trading on the New York
Stock Exchange was suspended as the exchange moves to
delist the publisher of "The Amazing Spider-Man" and other
comic books because it no longer meets assets  

The New York Stock Exchange said the company failed to have
at least $12 million in tangible assets available to common
stock and average net income of $600,000 for the past three
years. The exchange is applying to the Securities  
and Exchange Commission for clearance to delist Marvel,
whose other comic books  include "The Incredible Hulk," and
"The Fantastic Four."

The stock last traded Wednesday, closing at 9/16.
Late Wednesday, the company reported its fourth-quarter
loss narrowed to $154.0 million, or $1.51 per share,
including charges of $106.7 million, from a  loss of $436.5
million, or $4.29 per share, a year earlier. Year-earlier  
results included $278.5 million in charges.  Revenue fell
to $93.5 million from $164.3 million a year earlier.
(Bloomberg: Las Vegas Review-Journal; 04/18/98)                      

MIDCOM COMMUNICATIONS: Hearing on Disclosure Statement
It was reported in The Wall Street Journal on Friday April
17, 1998 that on May 20, 1998 a combined hearing will be
held on the adequacy of the Disclosure Statement and
Confirmation of the plan.  May 8, 1998 is the last date for
filing and serving objections to the adequacy of the
Disclosure Statement and to the confirmation of the plan.

Only two years after a California holding company bought
the Monarch Ski & Snowboard Area, the small resort atop
Monarch Pass west of Salida again is up for sale.
Southern California investment group Ski Monarch LLC bought
the resort from Tokyo's Hideyuki Nakamura in July 1996.
Nakamura led an investment group that bought the resort out
of federal bankruptcy court in 1991.

Ted Farwell, a ski-area appraiser, said resorts typically
sell for four to eight times their seasonal cash flow.
Early estimates for this past season's cash flow at Monarch
indicate the resort made $1.3 million, which means the
resort could be worth between $5.2 million and $10.4
million, he said. The resort has closed for the season.
(Denver Post- 04/19/98 The Associated Press contributed to
this report)

NIKE: Revenues Decrease $199.7 Million for Quarter
Nike, Inc. filed a Form 10-Q with the SEC for
the Quarter Ended February 28, 1998.  The Company is
currently undergoing a cost evaluation initiative and will
incur a restructuring charge of between $125 and $175
million in the fourth quarter of fiscal 1998.  Included in
the charge will be charges associated with the reduction in
the Company's global workforce, lease abandonments, asset
write-downs and other costs.  These measures, combined with
the Company's efforts to maintain an efficient cost
structure in the face of a difficult short-term market in
the U.S. and Asia Pacific, are
expected to result in projected reduced spending in excess
of $100 million in fiscal 1999.

For the quarter ended February 28, 1998, total revenues
decreased $199.7 million and increased $432.8 million year-
to-date.  U.S. brand revenues decreased 15% and 1% for the
quarter and year-to-date, respectively. U.S. footwear
revenue declines were the primary reason, with revenue down
18% for the quarter and 5% year-to-date.  The decrease for
the quarter was due to a 9% decrease in pairs sold and an
11% average reduction in selling price.  While most core
footwear categories experienced decreases for the quarter,
the three largest category increases were in golf
(up 117%), soccer (up 80%), and Brand Jordan (up 125%).  
U.S. apparel revenues decreased 5% for the quarter, but
increased 10% on a year-to-date basis. For the quarter,
golf was up 55% while the core apparel categories
of training and basketball were down 10% and 22%,

Non-U.S. brand revenues decreased 1% for the quarter and
increased 18% year-to-date.  Had the dollar remained
constant with that of the prior year, non-U.S. revenues
would have increased 9% for the quarter and 29% year-to-
date.  Europe increased 4% for the quarter (11% on a
constant dollar basis) with footwear down 12% and apparel
up 35%. The top five countries in the region, which
represent 64% and 67% of the total revenue for the quarter
and year-to-date, respectively, increased 5% for the
quarter and 13% for the year.  

Italy, France and Spain all had double digit growth in
constant dollars.  The Asia Pacific region decreased 17%
for the quarter (down 2% on a constant dollar basis).
Footwear revenues in the region were down 26%, while
apparel increased 6%. Japan, which a year ago had increased
107% quarter on quarter, had flat revenues operationally,
and was down 10% including the effect of exchange rates.  
The Americas region, which includes Latin America and
Canada, increased 27% for the quarter (32% on a constant
dollar basis) and both footwear and apparel revenues
increased to 14% and 72%, respectively.

Other and Other Brands, which includes NIKE brand
equipment, Bauer Inc., Cole Haan, Sports Specialties, and
Tetra Plastics, increased 6% to $118.3 million for the
third quarter and 5% to $425.3 million year-to-date.  The
increase was due to NIKE brand equipment partially offset
by a decline in the Other Brands.

NYEC INC: Seeks Extension of Exclusive Periods
NYEC Inc., f/k/a The Wiz, Inc., et al., and Namron
Construction Inc., debtors, filed a motion for an order
extending the exclusive period during which the debtors may
file a plan of reorganization through and including July
14, 1998 and extending the exclusive period to solicit
acceptances thereto through and including September 12,

During the first several months of these cases, all of the
debtors' efforts were dedicated to preserving value,
soliciting and analyzing competing acquisition and
liquidation bids for the debtors, and completing the sale
of substantially all of the debtors' assets to Cablevision
Electronics Investments, Inc.

The debtors anticipate being in a position to file a
consensual plan within 60 days.  This is the debtor's first
request for such an extension.  The debtors submit that the
high level of activity occurring in the debtors' cases
during the debtors' initial exclusive period justifies the
modest request for an extension of 90 days.

A notice was filed in The Wall Street Journal on Friday
April 17, 1998 that June 5, 1998 is the last date for the
filing of proofs of claim against the debtor, Paragon Trade
Brands, Inc.

Refusing to "endorse secrecy in bankruptcy proceedings as a
general matter," the U.S. Bankruptcy Court in Baltimore
required the Federal Communications Commission to disclose
to Pocket's  official creditors' committee the redacted and
intentionally omitted terms of a reorganization plan for
Pocket proposed by the FCC and the debtor-in-possession
lenders. Characterizing the joint objection of the DIP
lenders and the FCC as a "trust me" response, the court's
order states that they failed to show specific necessity
why particular provisions should be redacted or
intentionally omitted from the view of the creditors'
committee. (Federal Filings Inc. 21-Apr-98)

QUADRAX: Delay in Filing Annual Report
The Company announced today that it is unable to meet its
April 15, 1998 deadline in connection with the filing of
its Annual Report on Form 10-KSB under the Securities
Exchange Act of 1934.  Since filing its petition for
relief under Chapter 11 of the Bankruptcy Code, the
Company's resources have been focused on the financial
reporting requirements of the Federal Bankruptcy
Court. The Company currently expects to file its Annual
Report with the Securities and Exchange Commission by May
4, 1998.

The Company has requested a de-listing of its common stock
currently listed on The Nasdaq SmallCap Market under the
trading symbol "QDRXQ", effective at the close of market,
April 15, 1998.

RELIANCE ACCEPTANCE: Former Directors Want Examiner Named
A group of past officers, directors and shareholders of
Reliance Acceptance have asked the court to appoint an
examiner to look into, among other things, the merits of
proposed litigation and its funding under the
reorganization plan and the propriety of the recent conduct
of ongoing officers and directors. The Taylor Group,
consisting of Sidney J. Taylor, Jeffrey W. Taylor, Bruce W.
Taylor, Cindy Taylor Bleil, Iris Taylor, the Taylor Family
Partnerships and Taylor Capital Group Inc., also wants the
examiner to investigate the proposed disparity of treatment
in the plan between current and former management, and the
propriety of effectively granting releases to current
officers and directors. (Federal Filings Inc. 21-Apr-98)

SA TELECOMMUNICATIONS: Requests Time to Decide on Leases
SA Telecommunications, Inc. and its affiliated companies
as debtors, request that the court further extend the time
within which the debtors must assume or reject certain
unexpired leases of nonresidential real property.

the debtors entered into a purchase agreement with the
EqualNet Corporation and EqualNet Holding Corp. which
contemplates a sale of substantially all fo the debtors'
assets.  The court entered an order approving the sale
after an auction, and the debtors anticipate closing in
mid-May 1998.

The debtor seeks this extension for sixty days, through
June 19, 1998.  The debtors and the EqualNet Parties are in
the midst of a comprehensive review of the debtors'
operations in an effort to determine which, if any, of the
debtors various leases and contracts are necessary to the
Buyer's operations after its acquisition of the assets.  
There are a number of leases as to which the debtors and
the EqualNet parties have not yet made a determination.

The June 19, 1998 date roughly corresponds to the date on
which the debtors' exclusive right to file a plan of
reorganization expires.

THE SCOREBOARD: US Trustee Objects to Ernst & Young
The United States Trustee objects to the Official Committee
of Unsecured Creditors' application for an order
authorizing the retention of Ernst & Young LLP.

The US Trustee asserts that Ernst & Young has an adverse
interest, in that it has a consulting relationship with T.
Rowe Price Associates, an equity holder of the debtors.  
The application fails to provide sufficient information to
allow any meaningful determination of whether or not Ernst
& Young holds an adverse interest within the meaning of the
statute.    Further, Ernst & Young provides accounting, tax
and other consulting services to Congress Financial
Corporation, which is the pre and post-petition lender to  
the debtors.  Such a relationship may influence Ernst &
Young's investigation as to the nature of its security
interest in the assets of the debtors.

VENTURE STORES: Scheduled Assets and Liabilities
As reported in Venture Stores Bankruptcy News, published by
Bankruptcy Creditors' Service, Inc.  on April 16, 1998, the
debtor Venture Stores Inc. reported total scheduled assets
of $559,432,250 and total scheduled liabilities of

WESTMORELAND COAL: 1997 Operations Compared to 1996
In its Form 10K filed with the SEC, Westmoreland Coal Co.
compared its 1997 operations to its 1996 operations.  Coal
revenues for 1997 were $47,182,000 as compared to
$44,152,000 in 1996.  This increase is a direct
result of an increase of 2,391,000 in tons produced and
sold at Westmoreland Resources, Inc.  Expenses associated
with coal revenues decreased as a result of the winding
down of operations at the Virginia Division in 1996 and the
subsequent reduction of costs associated with idle

Equity in earnings of independent power projects in 1997
were $17,770,000 compared to $15,335,000 in 1996.  This 14%
increase is attributable to an increase in project earnings
as a result of increased capacity payments, and
reductions in operating and maintenance expenses.

The equity in earnings of DTA of $880,000 in 1997 was
comparable to the equity in earnings of $827,000 in

Selling and administrative costs decreased $4,287,000 or
42% as a result of the continued wind-down of Virginia
Division operations, a further Company wide reduction in
personnel and related expenses, and lower travel, legal and
consulting expenses.  All expenses relating to the
Company's reorganization under the Bankruptcy Code are
classified separately.

Heritage costs expensed for 1997 were $16,673,000 compared
to $16,686,000 in 1996.   The majority of these liabilities
are subject to compromise and will be determined in the
bankruptcy process.

In 1997, the Company recorded an unusual credit of
$27,214,000 which included a curtailment gain of
$14,199,000 associated with the anticipated expiration of
the 1993 Wage Agreement and a benefit of $13,015,000 due to
a change in the estimated liability for pneumoconiosis
benefits.  In 1996, the Company recorded an unusual credit
of $11,896,000, representing an adjustment of $5,896,000 to
the liability for post-retirement medical benefits
recorded  when the Hampton Division was sold in 1995, and
an adjustment of $6,000,000 related to an updated actuarial
valuation of the UMWA pension withdrawal liability.

In September, 1997, the Company completed the sale of the
Corona Group which provided technical repair and
maintenance services to the power generating industry.  The
impairment and loss on disposal of $3,518,000 in 1997 and
the operating losses of $1,284,000 in 1997, $1,049,000 in
1996 and $267,000 in 1995, have been reflected as
discontinued operations.


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