TCR_Public/980602.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
     
      Tuesday, June 2, 1998, Vol. 2, No. 107

                  Headlines

AVATEX: Phar-Mor Reports Stock Purchase
AVIATION GROUP: Hires Consultant to Boost Investments
BANK OF TOKYO: Moody's Issues Warning to Japan's Banks
BANK CENTRAL ASIA: Indonesia's Central Bank Extends Help
GRAND UNION: Sees Reorganization Value of $730M

HAROLD'S FURNITURE: Unusual Proposal by Lawyers
HARRAH'S JAZZ: Judge Denies Motion to Liquidate Assets
HARVARD INDUSTRIES: Exclusivity Extended
KIA: Quick Resolution Seen as Key to Korea's Problems
KIA MOTORS: Union Goes on Strike

KICHEN WORK: Files for Bankruptcy Protection
MIDOPA: Possible Tax Evasion
MONTGOMERY WARD: Intermec Technologies Receives Contract
MONTGOMERY WARD: Files 10-Q Reporting First Quarter Loss
OXFORD HEALTH PLANS: Proposes Annual Meeting

PETRO UNION: Announces Annual Meeting
QUALITY CARE: Case Summary
STRAWBERRIES INC: Seeks To Extend Exclusivity
TOWN & COUNTRY: Wider 1998 Operating, Net Losses
USMX OF ALASKA: Case Summary & 20 Largest Creditors

VORKUTAUGOL: To Go Bankrupt If Railway Picketing Continues        
WINCOM: Files Bankruptcy Papers
WINWARD: State Hospital Chain Closes Doors
XINEX: Nearing Bankruptcy

Meetings, Conferences and Seminars

                  *********

AVATEX: Phar-Mor Reports Stock Purchase
---------------------------------------
In a Form 13D filed with the SEC by Avatex Corporation,
Phar-Mor Inc. reports purchasing a total of 174,600 Common
Shares between May 6, 1998 and May 27, 1998. The aggregate
number of Common Shares beneficially owned by Phar-
Mor is 1,366,300 shares, constituting 9.90% of the Issuer's
Common Shares issued and outstanding (based on 13,806,375
Common Shares outstanding based upon the Issuer's Quarterly
Report on Form 10-Q filed with the U.S. Securities
and Exchange Commission on February 4, 1998.)
Phar-Mor has the sole power to vote, to direct the vote of,
and to dispose and to direct the disposition of, 1,366,300
Common Shares of the Issuer.


AVIATION GROUP: Hires Consultant to Boost Investments
-----------------------------------------------------
Newly public Aviation Group Inc. has hired a Florida
consultant to boost its sagging stock price by promoting
the Dallas-based company to investors.  The price of over-
the-counter stock in Aviation Group, which services the  
aircraft industry, has fallen nearly 70% since the firm
went public last August.   Aviation Group has hired
Continental Capital & Equity Corp. in Longwood,  
Fla., to launch a comprehensive, 24-month "investor
awareness campaign."

But experts in the investment community are skeptical. They
say it could take up to a year or more for Aviation Group
to make any headway on Wall Street.  Aviation Group hired
Continental after the investment banking firm that took
it public forsook equities to focus on bonds.

Aviation Group recorded revenue of $9.5 million in fiscal
1997, which ended June 30. The company will double revenue
in fiscal 1998, Morgan said. Aviation Group has posted
consecutive profits for the last two quarters, he said.
Nevertheless, the company's share price has fallen from a
high of $11.25, when Aviation Goup went public, to a low of
$3 in late April. Recently it closed at just under $4.
(Dallas Business Journal - 05/22/98)


BANK OF TOKYO: Moody's Issues Warning to Japan's Banks
------------------------------------------------------
US ratings agency Moody's Investors Service on Wednesday
issued a tough warning over Japan's banking system, cutting
its credit ratings for five top banks and putting four
others on a downgrade review. Moody's warned "Japanese  
banks are facing a third wave of asset quality problems
because of the weakening domestic economy," after the Asian
economic meltdown and the collapse  of the speculative
bubble economy. "The combined scale of these problems may  
overwhelm many banks' internal resources and necessitate
substantial official assistance," it said. Ratings were cut
for Bank of Tokyo-Mitsubishi Ltd, the world's biggest bank,
Dai-Ichi Kangyo Bank Ltd (DKB), the Industrial Bank of  
Japan Ltd (IBJ), Sakura Bank Ltd and Sumitomo Bank Ltd.
Moody's cut its long term debt ratings for DKB from "A1" to
"A3," for IBJ from "A2" to "A3," for Sakura from "A3" to
"Baa2," and for Sumitomo from "A1" to "A2." (China Daily-
05/31/98)


BANK CENTRAL ASIA: Indonesia's Central Bank Extends Help
--------------------------------------------------------
Indonesia's central bank is prepared to extend liquidity
assistance of up to 200 per cent of capital reserves to the
beleaguered Bank Central Asia (BCA), the country's largest
private bank, reports said on Wednesday. "Liquidity help  
for BCA will of course be given until a certain limit,
which is up to 200 per cent of its capital reserves,"
central Bank Indonesia (BI) Governor Sjahril Syabirin was
quoted as saying by the Antara state news agency. BCA
depositors have rushed bank branches throughout the country
in the past few days, clearing out their accounts amid
rumours that the bank, owned by tycoon Liem Sioe Liong
and two of ousted President Suharto's children, was on the
brink of collapse. (China Daily - 05/31/98)


E.U. WURLITZER: Paragon Joins Eaglerock Providing Credit
--------------------------------------------------------
Paragon Capital is joining Eaglerock Capital Partners to
blaze a new path for New England's E.U. Wurlitzer, Inc.
Paragon is providing a $3 million revolving line of credit
to assist E.U. Wurlitzer in exiting bankruptcy and
expanding inventory, as the company prepares for regional
expansion. Part of the Greater Boston music scene since  
1890, E.U. Wurlitzer has eight stores located in
Massachusetts and southern New Hampshire. The company
entered bankruptcy in September 1997 and came out
of  bankruptcy when it was purchased by Eaglerock Capital
Partners II, LLC on May 11 of this year.

Wurlitzer sells most major brands of combo music products,
including guitars, keyboards, drums, recording equipment,
sound systems, amplifiers, music software and accessories.
It also offers a range of related services, including
repairs and rentals. New stores will range in size from
3,500 to 6,000 square feet. To round out the company's
product/service mix and help turn  music enthusiasts into
music-makers, E.U. Wurlitzer is also developing
Learning Centers that will provide instruction.


GST TELECOMMUNICATIONS: Prospectus Filed with SEC
-------------------------------------------------
GST Telecommunications, Inc. filed a prospectus with the
SEC relating to the re-offer and resale by certain selling
shareholders of Common Shares, without par value of GST
Telecommunications,  Inc. in connection with the purchase
by the Company of all of the outstanding  capital stock of
Tri-Star Residential Communications Corp. and pursuant to a
purchase agreement  entered  into  in connection  with  
debt  financing for the  Company's  Hawaiian  inter-island  
submarine  network  and various other  terrestrial  
installations  provided by Tomen Corporation and its
affiliates  (collectively,  "Tomen") and that are issuable  
upon exercise of warrants issued to Tomen in connection
with the Hawaii Financing.


GRAND UNION: Sees Reorganization Value of $730M
-----------------------------------------------
Grand Union Co. estimates that its reorganization value
will be $730 million.  After deducting debt of $355
million, the company said that the equity value of the new
entity will be $374.6 million.  The reorganization plan
contemplates the issuance of 30 million shares to the
senior note holders.  According to the company's proposed
disclosure statement, Grand Union selected a valuation
multiple of 6.2 times EBITDA for purposes of the valuation.  
The company said the valuation was based on its "assumed
pro-forma EBITDA of $118 million, a review of comparable
companies' values, recent transactions and other factors."  
(Federal Filings Inc. 29-May-98)


HAROLD'S FURNITURE: Unusual Proposal by Lawyers
-----------------------------------------------
Bankruptcy proceedings involving the liquidation of
Harold's Furniture have assumed a new dimension, as lawyers
in the case are at work on an unusual  proposal that could
satisfy hundreds of shoppers who left down payments for  
furniture the firm did not deliver.  "Negotiations are
ongoing that could lead to customers getting credit for
their deposits," lawyer Richard S. Mittelman said
yesterday. Mittelman represents a family trust that is
Harold's largest creditor.

Details of the negotiations could be disclosed today, when
Louis A. Geremia, the court-appointed trustee, convenes
the public meeting of Harold's creditors  in U.S. District
Court.  The hearing will begin exploring the circumstances
surrounding the store's failure late last month after 48
years of operation. The collapse led to the largest
consumer-related bankruptcy case in Rhode Island in
recent memory, and has become the subject of a criminal
probe by the state police.

To date, the firm has filed schedules of its financial
affairs showing that when the store locked its doors on
April 23, it had $475,000 in assets and nearly $3.3 million
in liabilities.  The same filings show the corporation owes
money or merchandise to more than  700 creditors, including
about 500 retail customers. The firm also owes wages  
to its employees, some of whom remain unemployed.

Under the plan now being discussed, three key events would
occur.

First, the secured creditors would agree to subordinate
their claims.  Then, the store would hold a clearance sale
to liquidate its stock, which  court documents list as
having a value of $450,000. The proceeds of this sale  
would be used to provide credit to the customers for their
down payments.

Next, the Homonoffs would sell personal real estate,
including the store's showrooms and warehouse, and use the
proceeds to pay off the secured debt to the city, Citizens
Bank and the Kall trust. Estimates of the real estate's  
value range from $800,000 to $1.6 million.

"There's no way he could get $1.1 million," Mittelman said.

Asked why his client might risk such a loss, Mittelman said
Richard Kall appeared to be motivated by a sense of
"humanity."  In order for such a distribution to occur, all
of the secured creditors must agree to it.  (Providence
Journal- 05/29/98)


HARRAH'S JAZZ: Judge Denies Motion to Liquidate Assets
-------------------------------------------------------
U.S. Bankruptcy Judge Thomas Brahney III ay denied motions
to liquidate the New Orleans land casino's assets or to
remove the company from  the federal bankruptcy court
protection it has been under since late 1995. (Advocate
Baton Rouge - 05/31/98)


HARVARD INDUSTRIES: Exclusivity Extended
----------------------------------------
On May 27, 1998 the court extended Harvard Industries
Inc.'s exclusive periods to file a reorganization plan and
to solicit plan acceptances to August 1, 1998 and September
30, 1998 respectively. The company is planning to file its
plan of reorganization prior to August 1.


KIA: Quick Resolution Seen as Key to Korea's Problems
-----------------------------------------------------
A quick settlement of the troubles of Kia Motors Corp is
critical to South Korea's effort to pursue swift
economic reforms, the commerce, industry and energy
minister said on Monday.  Park Tae-young, 56, who took over
the trade minister's post in early March, told Reuters that
Kia Motors would be offered in an open, international bid.
"Kia would be put up for an open, international tender,"
said Park, who served as a member of President Kim Dae-
jung's transition team ahead of his inauguration on
February 25.

Last month, Ford said it was interested in increasing its
equity stake in Kia. Ford and its affiliate, Mazda Motor
Corp of Japan, jointly hold a 16.9 percent stake in Kia.
A Seoul court put Kia into receivership in April. Creditors
sought receivership for the carmaker last October, after
determining the company's estimated debt of five trillion
won ($3.57 billion) had dashed hopes of revival.
Park also said he was optimistic that direct foreign
investment would take off in the second half of 1998.

"We expect to see a sharp rise in direct foreign investment
thanks to the improved environment we have fostered," he
said.   Recently adopted changes providing tax benefits,
eased regulations and free flow of capital would attract
the investment, he said.   He said direct foreign
investment in 1998 was expected to surpass last  
year's $6.97 billion.  "Foreign investment has been
neglected too long in past governments," he said. "But it's
now key to the survival of the country."

Park said he would head an investment mission to the United
States on June 8-12 to promote foreign investment.
He also plans trips to Europe, Singapore and Japan.
"We want to inform foreign investors of great opportunities
here," Park said. "Asset values of local firms have gone
down considerably due to the Korean won's depreciation."

Asked about the outlook for exports, Park said the country
was unlikely to see an export-led recovery.  Exports are
expected to stagger for the rest of this year, on a
financial crisis in Southeast Asia and problems with
importing raw materials, he said.   South Korea's Free-On-
Board (FOB) exports in May dropped 2.6 percent from a
year ago, while imports on a cost, insurance and freight
(CIF) basis plunged 37.5 percent. The country posted a
customs-cleared trade surplus of $3.77 billion in May,
against a $528 million deficit for the same month last
year.

Park said the ministry had no plans yet to revise the 1998
trade surplus target of $25 billion, although the surplus
has already reached $16.08 billion in the first five months
of this year. Last year, the nation posted a trade deficit
of $8.5 billion.    ($1 = 1,400 won) (Reuters:Financial-
06/01/98)


KIA MOTORS: Union Goes on Strike
--------------------------------
South Korea's Kia Motor Co. Ltd. union has
launched a full strike in protest against a 50 percent cut
in wages and unfair labor actions.  A Kia Motors union
statement said more than 14,000 union members are slated  
to participate in a rally Tuesday at the parent Kia Group
building in the capital Seoul.

Kia Motors labor union leader Koh Jung-hwan said: "We  
have done our best to protect Kia Motors from a third-party
takeover. But the company is willing to risk everything we
have worked for to attract investment from U.S. automaker
Ford."

The statement said Kia Motors has not paid bonuses
amounting to about $6,500  per worker since the company
went bankrupt last year.  Kia Group defaulted on debts
reaching more than $8.5 billion (12 trillion  
won) in July 1997.  The former president of the beleaguered
automaker was arrested in mid-May and is currently being
held at Seoul Detention Center.

Kim Sun-hong was is accused of fueling the nation's  
December foreign currency crisis by allowing Kia
subsidiaries to cross-guarantee for bank loans and
embezzling company funds to defend his managerial  
control. (UPI:International- 06/01/98)


KICHEN WORK: Files for Bankruptcy Protection
--------------------------------------------
Kichen Works, Inc. sought federal bankruptcy protection May
14 and last week closed  five of its 13 stores. Lawrence
Young, a York attorney representing Kichen Works, said
Thursday that the outlook for the remaining locations  
including  one at the West Manchester Mall is uncertain.

Kichen Works' problem?  Bigger stores were carrying
smaller, less profitable ones, Young said.  Also, customers
can buy many items for less money at department stores.
Large chains' buying and advertising power give them a
considerable advantage over smaller operators.

Prior to the closings, Kichen Works had 35 full-time and 49
part-time employees. They were spread among its Loucks Road
headquarters and stores in Pennsylvania, Maryland,
Virginia, West Virginia and Washington, D.C.
The company's liabilities total about $2 million, most of
that owed to a  Williamsport bank, Young said. Assets total
$1 million to $1.2 million.

The immediate cause of the filing was a request by the
Montgomery Mall in Bethesda, Md., that Kichen Works pay
$50,000 in back rent by May 15.  Meanwhile, Kichen Works
thought it would be purchased by New York investors.
While Kichen Works' owners considered closing the chain,
they didn't because of the prospective sale, which fell
through.

Kichen Works' latest plan is to continue with its more
profitable locations, all of which are offering discounts,
Young said. The company laid off buyers, he said, and
instead of buying more inventory will sell off goods from
the stores it closed.

"If we can't sell what we have," he said, "there's no sense
in buying more."  Kichen Works isn't alone in its
struggles. On Wednesday, Lechters Inc., the nation's
largest housewares chain, reported a first-quarter loss of
$3.6 million, or 23 cents per share of common stock, on a
slight increase in sales from the same period last year.
During the first quarter, Harrison, N.J.-based Lechters
opened three stores and closed 14 others. As of May 2,
Lechters operated 615 stores in 44 states, down from 648 a
year earlier. (York Daily Record - 05/29/98)


MIDOPA: Possible Tax Evasion
----------------------------
Midopa Corporation, Ltd. announced that the company has
filed for court receivership.  The company is an operator
of deparment stores that in 1995 reported assets of $756
million.  In a move to uncover possible tax evasions and
embezzlements of company assets, the National Tax
Administration launched investigations into two  
bankrupt department stores of Midopa and New Core,
according to officials.

"Tax investigations are now underway to secure national tax
claims and to see if company properties have been diverted
by major shareholders and executives," an official at the
administration announced.

The probe came in the wake of a government policy
announcement, which purported to criminally prosecute
corporation owners or executives found to have committed
illicit acts, including embezzlement.

After going belly up last year, Midopa and New Core have
requested court receivership and mediation.

If owners or executives of the two department stores are
discovered to have evaded taxes or diverted company assets
to personal uses through illicit and falsified
transactions, tax authorities plan to refer them to the
prosecution for charges of fraud and others, officials
said. (Korea Economic Weekly -06/01/98)


MONTGOMERY WARD: Intermec Technologies Receives Contract
--------------------------------------------------------
Intermec Technologies Corporation announced today it
received a contract from Montgomery Ward for hand-held  
computers, scanners, wireless equipment and systems for
installation in its distribution centers.

Wards purchased more than 630 units of Intermec's hand-held
T2425 TRAKKER(R) Antares(TM), a wireless data collection
terminal with built-in bar code scanning capability.  Other
equipment provided under the contract includes a 2.4 GHz
wireless local area network radio system, Intermec Model
0200 controllers, Model 0111 wireless transceiver stations,
and Model 1517 BO5 long-range scanners.

The equipment is used in conjunction with bar codes for
tracking consumer goods during the receiving, storing and
shipping processes at the distribution centers.  Typically,
the equipment enhances efficiency and productivity in
warehouse and material handling environments.

Intermec Technologies Corporation, a UNOVA, Inc. (NYSE:
UNA) company, develops, manufactures and integrates
automated data collection and mobile computing systems.
(Montgomery Ward Bankruptcy News Issue 27 01-June-98)


MONTGOMERY WARD: Files 10-Q Reporting First Quarter Loss
--------------------------------------------------------
The Debtors filed their Form 10-Q with the SEC, reporting a
$110,000,000 net loss on $991,000,000 in total revenue
during the First Fiscal Quarter ending April 4, 1998.

A full-text copy of the filing is available at no charge
via the Internet at:
       
http://www.sec.gov/Archives/edgar/data/836974/0000950131-
98-003384.txt
  

OXFORD HEALTH PLANS: Proposes Annual Meeting
---------------------------------------------
Oxford Health Plans, Inc. filed a Form 14A with the SEC
announciong a proposed annual meeting, the nomination of
four directors to the board, and certain stock proposals,
as set forth in the following letter to stockholders:

You are cordially invited to attend the 1998 Annual Meeting
of Stockholders (the "Meeting") of Oxford Health Plans,
Inc. (the "Company") to be held on July XX, 1998 at 10:00
a.m., local time, at the Hyatt Regency Greenwich,
1800 East Putnam Avenue, Old Greenwich, Connecticut 06870.

This year, four directors are nominated for election to the
Board. At the Meeting you will be asked to elect four Class
I Directors to serve until the 2001 Annual Meeting. You
will also be asked to consider proposals to (i) approve
the vesting of voting rights in respect of the Company's
Series B Cumulative Preferred Stock, par value $0.01 per
share, and the issuance, subject to adjustment, of up to
6,730,000 shares of the Company's common stock, par value
$0.01 per share ("Common Stock") upon exercise of the
Company's Series B Warrants; (ii) amend the Oxford Health
Plans, Inc. 1991 Stock Option Plan, as amended (the "1991
Stock Option Plan"), to, among other things, increase the
number of shares of the Common Stock that can be issued
under the 1991 Stock Option Plan from 21,580,000 shares to
25,580,000 shares; and (iii) act on two shareholder
proposals.


PETRO UNION: Announces Annual Meeting
-------------------------------------
In a Form 14A filed with the SEC, Petro Union, Inc. dba
Horizontal Ventures Inc. announces an Annual Meeting of the
shareholders of Petro Union, Inc. d/b/a Horizontal
Ventures, Inc. (the "Company") on Thursday, July 2, 1998,
or at any adjournment or postponement thereof, to act upon
the following:
1. To elect five directors to serve during the ensuing year
or if the staggered terms proposal passes, until their
successors are elected and qualified;.

2.To consider and act upon the adoption of the Company's
Amended and Restated Articles of Incorporation, attached as
Exhibit A, which containprovisions:

a. Changing the name of the Company to Horizontal Ventures,
Inc.;

b. Providing for the number of Directors to be established
by the Bylaws and further providing for staggered terms for
the Company's Directors;

c. Authorizing the issuance of 50,000,000 shares of no par
value preferred stock with rights and preferences as the
Board of Directors may
determine;

d. Changing voting requirements to:

(i) reduce the voting requirement for shareholder actions
initiated by the Board of Directors; and

(ii) increase the voting requirement for shareholder
actions not initiated by the Board of Directors; and

e.  Reducing the quorum requirement from shares
representing a majority of the outstanding voting rights to
shares representing one-third of the outstanding voting
rights.

3. To approve the Petro Union, Inc. Non Qualified Stock
Option Plan.

4. To consider and act upon a resolution authorizing the
Board of Directors to issue up to 1,000,000 shares of the
Company's no par value common stock for equity offerings
both private and public and for the acquisition of
assets or businesses, and to transact any other business
which may properly come before the meeting at the time and
place scheduled or, should the meeting be adjourned, at
such time and place as it may be resumed.

Details relating to these matters are set forth in the
attached Proxy Statement.  All shareholders of record as of
the close of business on April 24, 1998 will be entitled to
notice of, and to vote at, such meeting or at any
adjournment or postponement thereof.


QUALITY CARE: Case Summary
--------------------------

Debtor:  Quality Care Centers of Massachusetts, Inc.
         200 Lake Street Suite 102
         Peabody, Massachusetts 01960

Type of business: Health Care Facility and Nursing Home

Court: District of Massachusetts - Eastern Division

Case No.: 98-15123  Filed: 05/26/98    Chapter: 11

Debtor's Counsel: Sumner Darman
                  Silverman & Kudisch PC
                  Suite 1003
                  Boston, Massachusetts 02114
                  (617) 523-1711

Total Assets:           $6,000,000
Total Liabilities:     $12,000,000
                                                   No. of
                                         Amount    Holders
                                         ------    -------
Fixed, liquidated secured debt       $6,750,000          1
Contingent secured debt                      $0          0
Disputed secured debt                        $0          1
Unliquidated secured debt                    $0          0

Fixed, liquidated unsecured debt     $4,400,000        250
Contingent unsecured debt                    $0          0
Disputed unsecured debt                      $0          0
Unliquidated unsecured debt                  $0          0

No. of shares of preferred stock              0          0
No. of shares of common stock                            1


STRAWBERRIES INC: Seeks To Extend Exclusivity
---------------------------------------------
Strawberries Inc., now known as Milford Resolution Inc.,
asked the court to extend the company's exclusive periods
for filing a liquidating reorganization plan and soliciting
plan acceptances to June 29 and Aug. 27, respectively.  
Strawberries stated that plan negotiations with the
official committee of unsecured creditors will "be
successfully concluded shortly; however, more time is
needed to conclude negotiations and to document and
finalize a plan of liquidation (and related
disclosure statement) which is susceptible to confirmation
by this Court."  (Federal Filings Inc. 29-May-98)


TOWN & COUNTRY: Wider 1998 Operating, Net Losses
------------------------------------------------
Town & Country Corp. said it anticipates that its operating
loss for the year ended Feb. 22, will now be approximately
$27.5 million, $6.1 million worse than the $21.4 million
the company announced last month.  Similarly, Town &
Country also said that it now expects its net loss for the
same period will be approximately $52.5 million, or $10.7
million wider than the expected net loss of $44.1 million
also announced by the company last month.  The company also
stated its net sales would be $117.4 million rather than
the previously anticipated $118.2 million. (Federal Filings
Inc. 29-May-98)


USMX OF ALASKA: Case Summary & 20 Largest Creditors
--------------------------------------------------

Debtor:  USMX of Alaska, Inc.
         1560 Broadway
         Suite 880
         Denver, Colorado

Type of business: Mining of gold in Alaska

Court: District of Colorado

Case No.: 98-17143   Filed: 05/21/98    Chapter: 11

Debtor's Counsel: Carl E. Eklund
                  LeBoeuf, Lamb, Greene & Macrae LLP
                  633 17th St. #2000
                  Denver, Colorado
                  80202
                  (303) 291-2600

Total Assets:           $46,504,988
Total Liabilities:      $42,913,791
                                                   No. of
                                         Amount    Holders
                                         ------    -------
Fixed, liquidated secured debt      $11,664,910          2
Contingent secured debt                      $0          0
Disputed secured debt                        $0          0
Unliquidated secured debt                    $0          0

Fixed, liquidated unsecured debt    $31,248,881        100
Contingent unsecured debt                    $0          0
Disputed unsecured debt                      $0          0
Unliquidated unsecured debt                  $0          0

No. of shares of preferred stock              0          0
No. of shares of common stock             1,000          1

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Serrott Corp.                        Trade        $211,107
Statewide Svcs                       Trade        $129,212
GCI                                  Trade         $84,648
Northern Air Cargo                   Trade         $80,414
Southern Air Transport               Trade         $69,839
Lyntek                               Trade         $44,275
North Pacific Mining                 Trade         $34,449
Airport Equipment                    Trade         $19,200
Lynden Air Freight                   Trade         $19,000
Chemex Labs                          Trade         $16,808
Secorp Industries                    Trade         $16,260
VISA                                 Trade         $14,615
Lockton Companies                    Trade         $12,323
Alaska Department of Nat Resources   Trade         $12,318
F.S. Air                             Trade          $7,245
Guess & Rudd                         Trade          $6,069
Counsel of Alaska                    Trade          $6,000
Waukesha Alaska                      Trade          $5,900
World Express                        Trade          $5,567
Robertson Geoconsultants             Trade          $5,463


VORKUTAUGOL: To Go Bankrupt If Railway Picketing Continues        
-----------------------------------------------------------
Further picketing of the Vorkuta-Moscow railway can result
in complete bankruptcy of the Vorkutaugol coal
amalgamation, claimed here on Tuesday deputy chairman of
the Vorkuta branch of the Russian coal miners' trade union
Andrei Smirnov. In Smirnov's opinion, the railway blockade
has already outlived itself.

Nevertheless, railway picketing in Inta, situated in the
north-east of European Russia, continues. Mines in Vorkuta,
a city situated not far from Inta, stopped shipping coal:
37 trains with fuel clogged the railway. Coal is  
in short supply at the Cherepovets iron and steel works. It
is also necessary for coke- chemical production in the
Vologda Region. Steelmen threaten to buy coal in the
Kuznetsk coal basin in Siberia.

Speaking in an interview with Itar-Tass on Tuesday,
chairman of the Russian Federation of Independent Trade
Unions Mikhail Shmakov said that it is necessary to review
drastically the system of coal sales.  It is necessary to
switch to direct contacts so that all profits for produced
and sold coal remained at mines rather than lined the
pockets of numerous intermediaries.

It is also necessary to take other measures, including "a
programme of real state support both for mines to be closed
in order to create new jobs and for operating mines, for
their retooling to make coal-mining profitable," Shmakov  
emphasised.

The local Kominform news agency reports that Inta received
for the time being 47 million roubles to pay debts in wages
and annual leaves as well as payments to invalid miners.
However, miners insist on transferring at least another 50
million.

First deputy head of the Komi Republic Anatoli Karakchiev
said on Tuesday at a ministerial meeting that "one develops
an impression that nobody now controls the situation on the
railway.

"New demands, put forth by strikers, are unfeasible.
Instead of 72 million roubles, they already demand 172
million and, besides, insist on a 40-million subsidy."   
"If the blockade is not lifted, Vorkuta mines may grind to
a standstill," reported republican Minister of Industry,
Transport and Communications Yevgeni Grunis. The situation
is disquieting at the Vorgoshorskaya mine (biggest in the
Komi Republic) where 300,000 tonnes of coal have been
stockpiled, and there is  a danger of its self-ignition.
(ITARTASS-05/26/98)


WINCOM: Files Bankruptcy Papers
-------------------------------
The bankruptcy filing of an affiliate of Struthers
Industries Inc. speaks  volumes on the conditions of the
companies -- not by what the filing includes,  but by what
is missing.  Neal Tomlins, trustee for Struthers, filed
bankruptcy papers for WINCOM Corp. on Thursday in Tulsa.

WINCOM, a telecommunications company, is considered the
most important asset of Struthers and its principal
shareholder, WINCO Corp.  Publicly traded Struthers and
privately held WINCO filed for bankruptcy  
protection in March, and trustees have been appointed to
direct them.

Struthers was a Tulsa-based energy and dye company. It
became a telecommunications holding company in a 1996 deal
that brought it 100 percent ownership of WINCOM and made
WINCO its principal shareholder.

WINCOM, based in Century City, Calif., was formed to
develop Interactive Video and Data Services licenses, which
have been touted as the next wave in electronic gaming and
public utility record keeping. (Tulsa World - 05/30/98)


WINWARD: State Hospital Chain Closes Doors
------------------------------------------
Documents filed in bankruptcy court earlier this week in
Shreveport indicate  Winward Institutes owed creditors at
least $7.2 million, including $4.5 million  owed to the
Health Care Financing Administration. The administration
provides hospitals like Winward interim payments for
Medicare patients. Annual cost reports revealed the program
overpaid the hospital. Bankruptcy court officials  ordered
that the first money received from the hospital's
reorganization of its  debts go to pay past due wages for
its workers.

On Friday, the company asked the U.S. Bankruptcy Court in
Shreveport to approve a $500,000 loan to cover costs
ranging from payroll to patient care.  However, Judge
Stephen Callaway said it was too early in the Chapter 11  
reorganization to allow such a loan, because it would put
the lender first among Winward's creditors.

As he left the federal courthouse, co-owner Willie
Singleton said inquires from a couple of potential buyers
left him with some hope of an infusion of cash. However, a
previous buyout attempt failed.  "The ultimate result is if
we do not get the financing, we have to close down," he
said.

Winward hospitals in Pleasant Hill and New Orleans were
closed, their administrators said Friday afternoon.
Administrators in Alexandria could not be reached for
comment.  Wilson said area banks bounced his paycheck two
weeks ago, and those of several other employees.
As employees used hospital carts and bags to carry their
belongings from the  hospital, he thought about the
employees' volunteer dinner earlier this month. (Advocate
Baton Rouge -05/31/98)


XINEX: Nearing Bankruptcy
-------------------------
Xinex Network Inc said Friday that it will run out of cash
this week unless it can come up with fresh finanacing.
Xinex is negotiating with an unnamed company for an
investment of C$3.6 mln. The prospect of bankruptcy sent
Xinex shares on  the Alberta Stock Exchange down  57% on
Friday. The company specilaizes in  software. (Copyright
1998 Resource News International - 06/01/98)


Meetings, Conferences and Seminars
----------------------------------

May 31-June 5, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      CLLA Credit Institute
         Marquette University, Milwaukee, Wisconsin
            Contact 1-312-781-2000

June 3-5, 1998
   LEAGUE INTERNATIONAL FOR CREDITORS and
   COMMERCIAL LAW LEAGUE OF AMERICA
     1998 International Conference
        Hotel Los Monteros, Marbella, Spain
           Contact 1-312-781-2000

June 3-6, 1998
   ASSOCIATION OF INSOLVENCY ACCOUNTANTS
      14th Annual Bankruptcy & Reorganization Conference
         Grand Hyatt Hotel, San Francisco, California
            Contact 1-541-858-1665 or aia@ccountry.net

June 4-6, 1998
   AMERICAN LAW INSTITUTE-AMERICAN BAR ASSOCIATION
      Fundamentals of Bankruptcy Law
         Charleston Place, Charleston, South Carolina
            Contact: 1-800-CLE-NEWS      

June 8-9, 1998
   TURNAROUND MANAGEMENT ASSOCIATION
      Advanced Education Workshop & Legislative Conference
         Radisson Plaza, Charlotte, North Carolina
            Contact 1-312-857-7734

June 11-12, 1998
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      1st Annual Conference on Corporate Reorganizations
         The Palmer House, Chicago, Illinois
            Contact 1-903-592-5169 or ram@ballistic.com

June 11-14, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800

July 2-5, 1998
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact 1-770-535-7722

July 16-19, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Sea Crest Resort, Falmouth, Massachusetts
            Contact: 1-703-739-0800

July 23-24, 1998
   THE PRACTICING LAW INSTITUTE
      How to Handle Consumer Bankruptcy Cases:
      A Practical Step-by-Step Guide
         PLI Conference Center, New York City
            Contact: 1-800-260-4PLI

July 23-25, 1998
   AMERICAN LAW INSTITUTE-AMERICAN BAR ASSOCIATION
      Chapter 11 Business Reorganizations (Advanced Course)
         Santa Fe, New Mexico
            Contact: 1-800-CLE-NEWS

July 24-27, 1998
   NATIONAL ASSOCIATION OF CHAPTER 13 TRUSTEES
      33rd Annual Seminar
         Portland Marriott, Portland, Oregon
            Contact: 1-601-355-6661

July 24-29, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      104th Annual Convention
         Ritz Carlton, Amelia Island, Florida
            Contact: 1-312-781-2000

August 6-9, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         Daufuskie Island Club & Resort,
         Hilton Head, South Carolina
            Contact: 1-703-739-0800

September 9-13, 1998
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Annual Convention
         Sheraton El Conquistador, Tuscon, Arizona
            Contact: 1-803-252-5646

September 17-20, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         The Inn at Loretta, Santa Fe, New Mexico
            Contact: 1-703-739-0800
  
September 17-20, 1998
   COMMERCIAL LAW LEAGUE OF AMERICA
      Midwest Mid-Year Meeting
         Oak Brook Hills Resort & Hotel
         Oak Brook, Illinois
            Contact: 1-616-372-6500

September 21-23, 1998
   STATES' ASSOCIATION OF BANKRUPTCY ATTORNEYS
      7th Annual States' Taxation and Bankruptcy Conference
         Hotel Santa Fe, Santa Fe, New Mexico
            Contact: 1-505-827-0728

September 25-26, 1998
   VIRGINIA CONTINUING LEGAL EDUCATION
      13th Annual Mid-Atlantic Institute on
      Bankruptcy and Reorganization Practice
         Boar's Head Inn, Charlottesville, Virginia
            Contact: 1-800-979-8253

October 8-10, 1998
   AMERICAN LEGAL INSTITUTE-AMERICAN BAR ASSOCIATION
      Real Estate Defaults, Workouts, and Reorganization
         Charleston, South Carolina
            Contact: 1-800-CLE-NEWS

October 16-20, 1998
   TURNAROUND MANAGEMENT ASSOCIATION
      1998 Annual Conference
         The Westin Hotel, Chicago, Illinois
            Contact 1-312-857-7734

October 22-25, 1998
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      72nd Annual Meeting
         Wyndham Anatole Hotel, Dallas, Texas
            Contact 1-803-957-6225

November 30-December 1, 1998
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      5th Annual Conference on Distressed Debt
         Plaza Hotel, New York, New York
            Contact 1-903-592-5169 or ram@ballistic.com   

December 3-5, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin La Paloma, Tuscon, Arizona
            Contact: 1-703-739-0800

February 18-21, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      Annual Western District Meeting
         Monte Carlo Hotel & Casino Resort,
         Las Vegas, Nevada
            Contact 1-702-382-9558

April 26-27, 1999
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      Bankruptcy Sales, Mergers & Acquisitions
         The Mark Hopkins, San Francisco, California
            Contact 1-903-592-5169 or ram@ballistic.com   

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.  






                  *********

The Meetings, Conferences and Seminars column 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 Lexy Mueller, Editors.   
  
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  * * *