TCR_Public/980624.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, June 24, 1998, Vol. 2, No. 123

                      Headlines

AL TECH SPECIALTY STEEL: Stipulation Presented
ANESTHESIA SOLUTIONS: Case Summary & 20 Largest Creditors
BARNEY'S: Dickson Concepts' Income Plummets Amid Turmoil
BARRY'S JEWELERS: Order Approves Rejection of Leases
BRUNO'S: Hearing Set on Sale

BUILDER'S TRANSPORT: TIP, GE Capital and Textron Seek Rent
DOW CORNING: Mediator To Present Report July 1
FPA MEDICAL: Considers Chapter 11
GIBSONS: Objection to Debtors' Disclosure Statement
GULF RESOURCES: Trustee's Motion to Sell Real Property

GUY F. ATKINSON: Seeks Authority for Auction
LONG JOHN SIVER: Trustee Names Creditor Panel
MAIDENFORM: Seeks Five-Month Exclusivity Extension
PAN AM: Agreed Motion to Approve Assumption of Lease
PETRIE RETAIL: Wins Nod To Settle $15M IRS Claim

RELIANCE ACCEPTANCE: Hearing Set to Consider Confirmation
UPLAND THEATER: Owner Files Chapter 13 to Prevent Eviction
VITALE ENTERPRISES: Withdraws Motions for BDO Seidman
WESTERN FIDELITY FUNDING: Order Approves Gelt, Fleishman
WESTMORELAND COAL: May Not File New Disclosure Statement

                      *********

AL TECH SPECIALTY STEEL: Stipulation Presented
----------------------------------------------
Korea Exchange Bank Los Angeles , a creditor of the estate
of AL Tech Specialty Steel Corporation, debtor, will
present a Stipulation agreed to between the parties
consenting to the lifting of the automatic stay. The amount
due and outstanding to Korea Exchange Bank was $1.907
million.  The automatic stay will be lifted with respect to
certain Real Property valued at $1.5 million, and the proof
of claim filed by the Korea Exchange Bank will be
withdrawn.


ANESTHESIA SOLUTIONS: Case Summary & 20 Largest Creditors
---------------------------------------------------------
Debtor:  Anesthesia Solutions
         2171 Sandy Drive
         State College, PA 16805

Type of business: Provider of anesthesia services at
various hospitals

Case No.: 1-98-03039    Filed: 06/18/98, Harrisburg, PA    
Chapter: 11

Debtor's Counsel: Stevens & Lee
                  111 North Sixth Street
                  PO Box 679
                  Reading, PA

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Nat'l Century Financial Enterprises  Bank Loan   2,424,310
Southcoast Hospitals Group           Trade Debt    232,117
Best Western Rose                    "              11,967
Graphic Craft Corporation            "              64,060
United Anesthesia Assoc.             "               5,772
American Ass. of Nurse Anes.         "               5,052
SW Hospital Consultants Inc          "               4,955
Vanier                               "               4,887
Accent Insurance Recovery Sol.       "               4,146
McMahon Publishing Group             "               3,527
American Hospital Assoc              "               2,694
United Van Lines                     "               2,360
Adena Health System                  "               2,349
Manatee Anesthesia                   "               2,201
Ikon Office Solutions Inc            "               1,957
Nationwide Anesthesia Ser., Inc.     "               1,800
NCE Computer Group                   "               1,729
IBM Corporation                      "               1,603
Spectrum Phy. Allied Health SVS      "               5,726
Maritz Travel Co-Regional CTR        "               1,940


BARNEY'S: Dickson Concepts'Income Plummets Amid Turmoil
-------------------------------------------------------
Upmarket retailer Dickson Concepts International has been
hit with the full impact of the regional financial crisis,
reporting a plunge in net profit to $16.25 million this
year and a $204.38 million provision for its Asia
investments.

Chairman Dickson Poon said: "The group's operations in Hong
Kong faced difficult trading conditions, as consumer
spending slowed and retailers started deep markdowns at an
exceptionally early stage.

"As a result, margins were greatly affected."

During the period, provisions were made for the closure of
loss-making outlets around Asia, restructuring mainland
operations and devalued assets.  "We made the provisions on
the most conservative basis for all investments
in Asia and China," Mr Poon said, adding similar provision
levels were unlikely in the year to March 31.

He said the group's mainland wholesale division had been
relocated to Hong Kong, while "some" wholly owned outlets
had been converted into franchise stores.  Operating profit
was almost halved to $341.53 million from $635.03 million.

Despite this, the final dividend remained unchanged at 63
cents, making the full-year payout 93 cents, the same as
last year (excluding a six-cent special dividend in the
previous year).  Net profit for the year to March was not
comparable to a $1.34 billion net profit in 1997, which
included a $901.14 million one-off gain from spinning
off subsidiaries in Europe.

The group's Paris-based retailing arm, ST Dupont, slipped
to a net loss, but London-based Harvey Nichols Group saw
profit growth while Hong Kong Seibu started to generate
profit.  Analysts were generally disappointed with the
performance and were stunned by the size of the one-off
loss.

ST Dupont, which distributes luxury lighters and pens,
recorded a $121 million net loss last year, compared with a
$47 million net income in the previous year.  The loss
included provisions of nearly $122 million.  Harvey
Nichols' profit before taxation rose 16.8 per cent to $186
million,which prompted the company to seek to open its
third store in Scotland this year.

In spite of the detrimental impact of regional markets on
the group's performance, Dickson holds about $1 billion
cash on hand.  Mr Poon said Dickson was still interested in
acquiring United States-based bankrupt retailer Barney's,
even though Barney's creditors last month rejected
Dickson's US$130 million offer.  The creditors planned to
launch their own restructuring proposal.


BARRY'S JEWELERS: Order Approves Rejection of Leases
----------------------------------------------------
On May 15, 1998 Judge Vincent Zurzolo approved the motion
of the debtors, Barry's Jewelers, Inc. and its affiliates
to reject certain leases.

The leases were former store locations at the Inlet Square,
Murrells Inlet, So. Carolina; Santa Maria Town Center,
Santa Maria, California; Southpark Mall, Strongsville,
Ohio; Mill Creek Mall, Erie Pennsylvania; First Colony
Mall, Sugarland, Texas.


BRUNO'S: Hearing Set on Sale
----------------------------
A hearing on the previously filed motion of the debtors,
PWS Holding Corporation, Bruno's Inc. et al., for
authorization to sell undeveloped parcels in Hoover,
Alabama and Atlanta, Georgia has been rescheduled to be
held on June 22, 1998.


BUILDER'S TRANSPORT: TIP, GE Capital and Textron Seek Rent
----------------------------------------------------------
Transport International Pool, Inc. (TIP) filed a motion in
the case of Builders Transport, Inc. and its affiliates, as
debtors, seeking to compel the payment of rent and/or
adequate protection and/or modification of the automatic
stay.

TIP is engaged in the leasing of trailers on leases and
short-term rental agreements.  The debtor operates as a
motor carrier of general freight and leases 47 trailers at
the rate of $275. per month.

In a separate filing, Textron Financial Corporation, filed
a brief in support of its motion to compel payment of rent
and/or adequate protection.  Textron is the assignee of a
Master Lease Agreement for 100 trailers.  The base rent in
$25,133 for a period of 84 months. The acquisition cost of
the trailers is $1,796,600.

The debtor is in arrears on both the TIP leases and the
Textron leases. Both creditors argue that the trailers are
depreciating as a result of the use of the vehicles with no
value being paid to the creditors.

In another filing General Electric Capital Corporation
filed a motion to compel payment of rent and/or adequate
protection for the 369 trailers and 325 tractors that it
leases to the debtors.  The aggregate monthly payment due
from the debtor is $540,156.  The debtor's arrearage is in
excess of $1 million.

In all three instances the creditors are arguing the true
lease versus security agreement issue.


DOW CORNING: Mediator To Present Report July 1
----------------------------------------------
Dow Corning Corp.'s court-appointed mediator, Francis
McGovern, will present his report to U.S. Bankruptcy Judge
Arthur Spector on July 1. At a status conference June 18,
McGovern told Judge Spector that he is encouraged
by the intense negotiations, which are continuing behind
closed doors. To permit these talks to continue, McGovern
urged Judge Spector not to issue the ruling he drafted on
the tort committee's bid to modify the former silicone
implant maker's exclusivity. (The Daily Bankruptcy Review
23-June-98; ABI 23-June-98)


FPA MEDICAL: Considers Chapter 11
----------------------------------
FPA Medical Management Inc., San Diego, said yesterday that
it may file a pre-packaged chapter 11 later this year and
that it is in discussions with its bankers about a
liquidity crisis, according to Reuters. A pre-packaged
filing could be part of an agreement with banks and
strategic investors to restructure the company’s
capital structure. FPA is in negotiations with its senior
bank group to obtain additional financing and waivers and
modifications to part of its bank deal. The company also is
trying to release certain collateral in some states to
facilitate its exit from unprofitable markets. (ABI 23-
June-98)


GIBSONS: Objection to Debtors' Disclosure Statement
---------------------------------------------------
Certain Landlords, Chaffin, Inc., Gary Chaffin, Charlotte
Chaffin, Bill Chaffin and Nona Chaffit, object to the
Disclosure Statement of Gibsons Discount Centers, Inc., et
al.  The Landlords state that the Disclosure Statement does
not contain adequate information.  The Disclosure Statement
contains numerous blanks, including one which references
the amount and terms of the exit financing needed to
implement the Plan.  The Disclosure statement also
references an attached schedule of leases to be rejected,
but no such schedule is attached.


GULF RESOURCES: Trustee's Motion to Sell Real Property
------------------------------------------------------
Charles E. Bearden, the Chapter 11 Trustee in the Gulf
Resources bankruptcy case, filed a motion to sell real
property of Mustang Oil & Gas Corporation, debtor, to Black
Family Partnership. The sale price is $650,000. Endowment
Energy Partners, LP holds a lien on the property in excess
of $1.66 million.  $630,000 will be distributed to EEP.


GUY F. ATKINSON: Seeks Authority for Auction
--------------------------------------------
On July 20, 1998 a hearing will be conducted to sell the
Turlock Assets by auction pursuant to a motion by Guy F.
Atkinson and its affiliates, as debtor.  The assets offered
for sale is a parcel of real property of approximately 38.8
acres in Turlock, California  and items of construction
equipment, materials, tools and supplies.

For Lot 1 - the Turlock real property there is an opening
bid of $600,000.  For Lot 2 - the construction equipment
there is an opening bid of $1.4 million. Lot 3 - A
combination of Lot 1 and 2 - there is an opening bid by
Ritchie Bros. Auctioneers for $1.82 million. Incremental
overbids shall be in an amount in excess of the last and
highest bid by $35,000.


LONG JOHN SIVER: Trustee Names Creditor Panel
---------------------------------------------
The U.S. Trustee has appointed an official committee of
Long John Silver's Inc.'s unsecured creditors: Western
International Media Corp. of Sherman Oaks, Calif.;
ProSource Services Corp. (d/b/a ProSource Distribution
Services) of Coral Gables, Fla.; Strottman International
Inc. of Irvine, Calif.; Tyson Foods Inc. of Springdale,
Ark.; ConAgra Inc. of Geneva, Ill.; Jordan McGrath Case &
Partners of New York, N.Y.; and KFC National Purchasing
Cooperative Inc. (d/b/a FoodService Purchasing
Cooperative) of Louisville, Ky. The committee retained
Siegel Sommers & Schwartz as counsel. (The Daily Bankruptcy
Review 23-June-98; ABI 23-June-98)


MAIDENFORM: Seeks Five-Month Exclusivity Extension
--------------------------------------------------
Maidenform Worldwide Inc., seeking a five-month exclusivity
extension, said it is unable to meet the financial
forecasts in its 1998 business plan due to the March fire
that destroyed a sewing plant in the Dominican Republic.  
"Consequently, the Debtors have had to set new benchmarks
for evaluating the performance of their businesses in 1998,
and thus will require more time to demonstrate the core
earnings and cash flow generating power of their
rehabilitated businesses," the intimate apparel maker said.  
After establishing that track record, Maidenform will be in
a position to begin the valuation and feasibility analysis
for development of a reorganization plan. (Federal Filings
Inc. 22-June-98)


PAN AM: Agreed Motion to Approve Assumption of Lease
----------------------------------------------------
Pan American Airways Corp. and Pan American World Airways,
Inc. are seeking approval of the assumption and assignment
of the debtors' office building leases at Airport Commerce
Park, Dania Florida.


PETRIE RETAIL: Wins Nod To Settle $15M IRS Claim
------------------------------------------------
Petrie  Retail Inc. won court approval to settle the
Internal Revenue Service's alleged $15 million
administrative claim for less than $800,000, half of which
will be paid by the Petrie Stores Liquidating Trust (PSLT)
under a related stipulation.  The settlement with the IRS
"eliminates a costly barrier to the successful resolution
of these chapter 11 cases," the apparel retailer asserted.  
The settlement will allow Petrie to satisfy millions of
dollars in administrative and priority tax claims that the
IRS asserted against Petrie and PSLT in return for allowing
PSLT an administrative claim of less than $400,000.
(Federal Filings Inc. 22-June-98)


RELIANCE ACCEPTANCE: Hearing Set to Consider Confirmation
---------------------------------------------------------
The hearing to confirm the plan of Reliance Acceptance
Group, Inc., et al, will commence on the 30th of June,
1998.  June 19, 1998 was the last date for filing
objections to the confirmation of the plan.


UPLAND THEATER: Owner Files Chapter 13 to Prevent Eviction
----------------------------------------------------------
Sherry Kinison, owner of the Upland, Calif., Theater at the
Grove in Upland Town Center, has filed for chapter 13
protection to prevent the eviction of her theater from the
building, according to The Business Press. The former
sister-in-law of the late comedian Sam Kinison, she filed
for protection to seek more time to resolve disputes over
her attempts to buy the building. Kinison said she has been
wrongfully targeted for eviction from the building, which
she leased eight years ago with an option to buy. Her
petition lists liabilities of about $600,000, which she
pledged to repay in full if she has income from the theater
to execute the chapter 13 reorganization plan. Kinison said
the theater has become a "cultural mainstay" in the
community, and a local chamber of commerce official agreed.
(ABI 23-June-98)


VITALE ENTERPRISES: Withdraws Motions for BDO Seidman
------------------------------------------------------
Edward J. LoBello, attorney with the law firm Tenzer
Greenblatt LLP, and attorney to Vitale Enterprises, Inc.,
sent a letter stating that the debtors have withdrawn their
motion seeking to compel BDO Seidman to produce documents,
holding BDO Seidman in contempt, and imposing sanctions.


WESTERN FIDELITY FUNDING: Order Approves Gelt, Fleishman
--------------------------------------------------------On
June 17, 1998, Judge Roland J. Brumbaugh approved the
application of the debtor, Western Fidelity Funding, Inc.
to hire Gelt, Fleishman & Sterling PC as attorney for the
debtor, nunc pro tunc to May 19, 1998.  


WESTMORELAND COAL: May Not File New Disclosure Statement
--------------------------------------------------------
Westmoreland Coal Co. probably will not submit a new
disclosure statement to replace the one the company
withdrew earlier this month, opting instead to appeal the
ruling on benefit plan claims that rendered its
reorganization plan infeasible.  Westmoreland also will
challenge confirmation of the plan proposed by the United
Mine Workers of America Pension and Benefit Funds(Funds).  
Meanwhile, the court has approved the Funds' disclosure
statement, which will be sent out by June 26 with minor
modifications.  Because the Funds' plan does not provide
any recovery for equity holders, the U.S. Trustee's office
is considering forming an equity committee. (Federal
Filings Inc. 22-June-98)

                      *********

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