TCR_Public/980824.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, August 22, 1998, Vol. 2, No. 165

                  Headlines

ADVANTICA RESTAURANT: Files Quarterly Report With SEC
CABLE & CO: Seeks Chapter 11, Ceases Operations
CAMBEX CORP: Notification of Late Filing
CARIBBEAN CIGAR: Reports Financial Results For Quarter
CROWN BOOKS: To Close 14 Washington-Area Stores

FPA MEDICAL: $2.8 Million Bonus Plan for Executives
FPA MEDICAL: Receives Permanent DIP Financing
FIRST MERCHANTS: Three-For-Two Stock Split
HARVARD INDUSTRIES: Files Quarterly Report With SEC
INTERLINE RESOURCES: Files Quarterly Report With SEC

KIA MOTORS: Winner of Auction Announced September 1
LIBERTY HOUSE: Meeting of Creditors
LYNX GOLF: Proposes Employment Agreement with Doody
MOLTEN METAL: Emergency Hearing To Appoint Trustee
ONEITA INDUSTRIES: Files Quarterly Report With SEC

OKURA: Trading House to File Bankruptcy
P.T. CITRA MARGA: Remains on 'CC/Watch Negative
SHOPPING.COM: Files Prospectus With SEC
VOICE POWERED TECHNOLOGY: Quarterly Report
WELCOME HOME: Reports Quarterly Earnings

WINDSOR ENERGY: Case Summary & 20 Largest Creditors
WIRELESS ONE: Consents From Holders Necessary For Borrowing

                  *********

ADVANTICA RESTAURANT: Files Quarterly Report With SEC
-----------------------------------------------------
Advantica Restaurant Group Inc. filed its quarterly report
for the quarterly period ended July 1, 1998 For the quarter
ended July 1, 1998, the Company's consolidated revenue for
the second quarter of 1998 decreased by $6.6 million (1.5%)
as compared with the 1997 comparable quarter. This decrease
is principally because of a 40-unit decrease in Company-
owned units (excluding the impact of the FEI and Quincy's
dispositions) resulting primarily from refranchising
activity.

Revenue of the discontinued operations for the quarter
ended July 1, 1998 and the quarter ended July 2, 1997 was
$32.5 million and $207.2 million, respectively.

The reported net loss was $53.3 million in the second
quarter of 1998 as compared to a net loss of $32.3 million
for the prior year quarter.


CABLE & CO: Seeks Chapter 11, Ceases Operations
-----------------------------------------------
New York-based men's shoemaker Cable & Co. Worldwide
Inc. filed for Chapter 11 last week after defaulting on
agreements with its primary lender, Heller Financial Inc.
In an Aug. 19 motion for stay relief, Heller, which is owed
about $9.1 million, said Cable & Co. has ceased operations
and terminated the majority of its employees. Heller
accelerated its loans last month. Heller said it is
entitled to sell its collateral, which includes inventory,
accounts receivable, trademarks, general intangibles, and
machinery and equipment.

A public sale is scheduled for Aug. 27. Cable & Co.
manufactures, imports, and markets (wholesale) a broad
range of men's footwear using the Cable & Co., Bacco Bucci,
and X Bacco trademarks. (The Daily Bankruptcy Review and
ABI Copyright c August 21, 1998)


CAMBEX CORP: Notification of Late Filing
----------------------------------------
Cambex Corporation filed a notice with the SEC, that its
quarterly report for the period ended July 4, 1998 will be
filed at a later date.

The Form 10-Q for the period ended July 4, 1998 cannot be
filed within the prescribed time period because additional
time is required to complete the preparation of the second
quarter financial statements due to the delay in the 1997
audit.

Revenues are anticipated to be down approximately 75% from
the period ended June 28, 1997.


CARIBBEAN CIGAR: Reports Financial Results For Quarter
------------------------------------------------------
Caribbean Cigar reports to the SEC in its quarterly report
for the period ended June 30, 1998 that sales for the three
months ended June 30, 1998 were approximately $649,000, a
decrease of approximately $1,638,000 or 71.6% from sales
for the three months ended June 30, 1997 of approximately
$2,288,000. This decrease is primarily attributed to
increased competition, including expanded supply from
larger, well-known cigar manufacturers. In addition, due
to supply problems, the Company did not record any sales of
its flavored cigars until late June 1998. Production of
flavored cigars began in June 1998 at the Company's Jaibon,
Dominican Republic facility.

The Company sustained a loss of approximately $580,000, or
$.09 per share for the three months ended June 30,
1998, as compared to a loss of approximately $607,000 or
$0.12 per share for the three months ended June 30, 1997.

The company and FINOVA Capital Corporation entered into
certain Security and Forbearance Agreements. As of June 30,
1998, the Borrower was obligated to FINOVA in the
approximate amount of $1.4 million, together with interest.
The Debtor herewith agreed to turn over to FINOVA
possession of the Collateral of the company including but
not limited to, the Debtor's accounts receivable,
inventory, furniture, choses in action, trademarks and
tradenames, machinery and equipment.


CROWN BOOKS: To Close 14 Washington-Area Stores
-----------------------------------------------
Crown Books Corp., which runs several bookstores in the
Washington, D.C. area, has been granted court and creditor
permission to close 14 of its stores, according to The
Washington Post. Earlier this week, Crown, which filed for
chapter 11 bankruptcy protection on July 14, struck a deal
with New York-based Ozer Group to hold going-out-of-
business sales in Philadelphia, San Francisco, Dallas,
Houston and Seattle. (ABI 21-Aug-98)


FPA MEDICAL: $2.8 Million Bonus Plan for Executives
---------------------------------------------------
FPA Medical Management Inc. Chief Executive Stephen
Dresnick said a $2.8 million bonus plan for executives of
the struggling operator of physician practices is a key
part of his effort to reorganize the company in
bankruptcy court.

Under the plan, FPA's 27 top managers will split $2.8
million in bonuses if they stay with the company through
December, when FPA hopes its reorganization plan will be
approved by a judge in Wilmington, Del., court papers show.

Dresnick, who is also FPA's chairman, stands to receive 125
percent of his $850,000 salary, or $1.06 million, in a
bonus while executive vice presidents Jack Greenman and
James Lebovitz would get 75 percent of their $395,000  
salaries, or $296,250, according to court papers.

Dresnick, who took over FPA in March after former Chief
Executive Seth Flam resigned, said the size of his bonus
reflects the task ahead of him in revitalizing the company.
(Orange County Register - 08/20/98)


FPA MEDICAL: Receives Permanent DIP Financing
---------------------------------------------
FPA Medical Management Inc., said that it received final
approval from the Delaware Bankruptcy Court of the
company's $50 million DIP financing provided by a group of
the company's prepetition lenders led by BankBoston, N.A.

The court approved a modified order under which payors,
health maintenance organizations and other pre-paid health
insurance plans are directed to continue to provide post-
petition capitation and other payments directly to FPA
without setoff or recoupment.

The company has reached agreement with its bank group and
the official committee of unsecured creditors on its
proposed employee retention program, developed to ensure
that critical employees remain with the company during its
restructuring.

The debtor filed a term sheet for a plan of reorganization.  
A plan confirmation hearing has been scheduled for December
9, 1998.

The court approved the assumption of executory contracts
with key billing service providers regarding Sterling
Healthcare Group, rejecting 30 unexpired real property
leases, rejecting certain agreements with Foundation Health
Systems and providing for certain transition of care issues
with respect to enrollees in Arizona and California and
obtaining provider excess insurance coverage.  


FIRST MERCHANTS: Three-For-Two Stock Split
------------------------------------------
First Merchants Corporation reports to the SEC that on
August 11, 1998 the Board of Directors of First Merchants
Corporation declared a three-for-two split of its shares of
outstanding common stock.  Shareholders of record on
October 16, 1998, are entitled to participate in the
stock split. The date of delivery for shares to be issued
pursuant to the stock split is October 23, 1998.

Fractional shares will not be issued in connection with the
stock split. In lieu of issuing fractional shares, the
Company shall pay each shareholder otherwise entitled to a
fractional share an amount in cash equal to the fraction
of the average of the highest "bid" and the lowest
"offered" quotations for a share on the October 16, 1998
record date, as reported by the National Association of
Securities Dealers Automated Quotations System, multiplied
by two-thirds (2/3) to adjust for the stock split.


HARVARD INDUSTRIES: Files Quarterly Report With SEC
---------------------------------------------------
Harvard Industries Inc. filed a quarterly report with the
SEC for the period ended June 30, 1998.

The General Motors strike at the Flint Metal Center and
Delphi East Parts Complex lasted for 54 days, ending on or
about July 31, 1998. The strike's effect on Harvard
Industries, Inc. and its subsidiaries is still being
calculated as GM returns to work, but the loss should not
exceed $30,000 in sales and $8,000 in income before taxes.

For the three month period ended June 30, 1998, sales
decreased $48,680 from $217,914 to $169,234, or 22.3%,
the gross profit margin increased from 2.9% to 7.6%, or
$6,568, and the net loss decreased from $28,291 to $7,313.

For the nine months ended June 30, 1998, sales decreased
$41,776 from $614,401 to $572,625, or 6.8%.
The gross profit margin increased from 0.4% to 5.3%, or
$28,093. The net loss decreased from $226,613 to $15,913.

On July 31, 1998, the Company executed a commitment letter
with Lehman Brothers Inc. and Lehman Commercial Paper Inc.
for a credit facility to be provided by Lehman to the
Company in an amount up to $165,000,000, which will be
effective following confirmation and upon
consummation of the Company's Plan of Reorganization.


INTERLINE RESOURCES: Files Quarterly Report With SEC
----------------------------------------------------
Interline Resources Corp filed a quarterly report with the
SEC for the period ended June 30, 1998.

Interline Resources Corporation is a Utah corporation,
engaged in two areas of business, each operating  as  
separate subsidiaries: Interline Hydrocarbon Inc., a
Wyoming corporation, which commercializes the Company's
used oil refining technology; and Interline Energy  
Services, Inc.,  a Wyoming corporation,  which manages the  
Company's oil and gas operations located in
Wyoming.

A hearing on confirmation of the company's Plan of   
Reorganization and Disclosure Statement to the Plan of
Reorganization is scheduled with the United  States  
Bankruptcy  Court for the District of Utah, Central
Division, for August 27, 1998.

Revenues decreased  $25,436 or 3.13%, to $788,063 for the
three months ended June 30, 1998 as compared to $813,499  
for the three months ended June 30,1997. The revenue
decrease included a $18,754 or 2.51%, decrease in oil and
gas revenues; and an $15,082, or 23.17%, decrease in used
oil refining revenues and an $8,700 increase in other
revenues.

Loss from operations decreased  $57,871, or 23.49%, to
$188,523 for the three months ended June 30, 1998 compared  
to a $246,394  loss for the three months ended June 30,
1997.  The $57,871 decrease in loss from operations was
mainly attributed to a decrease in selling,  general and
administrative expense of $40,581,  or 15.49%,  to $221,415  
for the three  months  ended June 31, 1998 compared to
$261,996 for the three months ended June 30, 1997.


KIA MOTORS: Winner of Auction Announced September 1
---------------------------------------------------
Ford Motor Co. and three South Korean auto firms  
submitted bids Friday for Kia Motors Co., the second
biggest Korean automaker before it collapsed under heavy
debts last year.

The three South Korean bidders were Hyundai Motor Co.,
Daewoo Motor Co, and Samsung Motors Inc. U.S.-based Ford
already owns 16.9 percent of Kia.

A 15-member panel will study the bids before it announces
the successful bidder on Sept. 1, Kia's creditor banks
said.   The successful bidder must buy at least 51 percent
of the equity of Kia and its Asia Motors Corp. commercial
vehicle arm.

The banks promised to write off nearly half Kia's $6.7
billion debt to make the failed company more attractive.
Kia has $5.9 billion in assets.  In July, five companies,
including General Motors Co., said they would bid  
for Kia and Asia Motors.

But GM pulled out in the last minute, Kia officials said.
Friday was the deadline for submitting offers.
Kia remains under court receivership after filing for
bankruptcy protection in July 1997. Its collapse helped
erode investors' confidence in the Korean industries.

South Korea called in the International Monetary Fund in
December to organize a record $58 billion bailout for its
economy. The move to sell Kia is part of the government's
effort to restructure the economy under the IMF  
bailout terms.

Kia produced 780,000 cars in 1997. Asia Motors can turn out
250,000 vehicles, mostly trucks and buses. The two
companies employ more than 18,000 workers.


LIBERTY HOUSE: Meeting of Creditors
-----------------------------------
A meeting of creditors will be held on Monday, August 31,
1998 at 2:00 pm in Suite 606, 1132 Bishop Street, Honolulu,
Hawaii.


LYNX GOLF: Proposes Employment Agreement with Doody
---------------------------------------------------
Lynx Golf, Inc. proposes an employment agreement
with Miles T. Doody as Lynx's president and chief executive
officer.  Lynx states that entering into this agreement is
a sound exercise of business judgment and is in the best
interest of Lynx's bankruptcy estate and creditors.  Under
the terms of the agreement, Mr. Doody will receive an
annual base salary of $72,000 with the same benefits
package as other full-time Lynx employees.

Doody is also entitled to receive $114,000 in achievement-
based compensation and this compensation is based on Lynx
achieving certain milestones while Doody is actually
employed by Lynx.


MOLTEN METAL: Emergency Hearing To Appoint Trustee
--------------------------------------------------
The debtors, Molten Metal Technology Inc., et al., have
received advances from the lenders under the post-petition
Financing Agreement aggregating the $15.5 million limit
through August 31, 1998.  

The Lenders are seeking appointment of a Chapter 11
Trustee, or in the alternative, the appointment of an
examiner.

The debtors have advised the lenders that they would
require additional cash advances of approximately $6.5
million.  The lenders advised the debtors that they are not
willing to make advances to increase the commitment beyond
those provided for in the Financing Agreement.

The Lenders have worked with the borrowers to explore more
limited increases in the amount of the commitment.  It is
the lenders' understanding that the borrowers' cash
situation is now critical and that, unless prompt action is
taken, a complete shutdown of the debtors' facilities is
imminent.

The lenders request the immediate appointment of a Chapter
11 Trustee or an examiner with enhanced powers to preserve
the value of the debtors' assets and businesses and to
facilitate an orderly liquidation thereof.


ONEITA INDUSTRIES: Files Quarterly Report With SEC
--------------------------------------------------
Oneita Industries reports for the quarter ended June 27,
1998 that net sales for the three months ended June 27,
1998 were $30,764 as compared to $35,549 in the comparable
period of the prior year, a decrease of $4,785 or 13.5%.
The decrease was due to reduced unit selling prices of
$3,277 that resulted from an industry wide December 1997
price reduction and a decrease in units sold of $1,508.

Gross loss for the quarter ended June 27 1998, decreased
$656 from the comparable period of the prior year to a loss
of $140. Gross profit, as a percentage of net sales,
decreased to (0.5%) compared to 1.5%.

Net sales for the nine months ended June 27, 1998 were
$88,423 as compared to $101,961 in the comparable period of
the prior year, a decrease of $13,538 or 13.3%.

Gross loss for the nine months ended June 27, 1998 of
$7,569 increased $7,420 from the comparable period of the
prior year. Gross loss, as a percentage of net sales,
increased to 8.6% compared to 0.1%. The increase in gross
loss was caused by the industry wide December 1997 price
reductions and by sales of inventory in December 1997 and
January 1998 at discounted prices to generate cash flow.
These increases in gross loss were offset by generally
lower operating costs resulting from the Company's cost
reduction program.


OKURA: Trading House to File Bankruptcy
---------------------------------------
Medium-sized trading house Okura and Co. will file  
for bankruptcy at the Tokyo District Court on Friday
morning, industry sources  said.

Okura, listed on the First Section of the Tokyo Stock
Exchange, is estimated to have liabilities totaling about
280 billion yen, according to Teikoku Databank.

If Okura goes under, this will mark the fourth failure this
year of a listed company, following Daido Concrete Co.,
Mitsui Wharf Co., and Asakawagumi Co.

The company has fallen into financial difficulty due to
failure of real estate projects in the asset-inflated
"bubble" economy of the late 1980s.

Earlier in the day, the Tokyo Stock Exchange announced it
would suspend trading in Okura shares until it can confirm
reports about the company's possible bankruptcy.

Since the business year ended March 1993, Okura has
remained in the red. In the year to March 1998, it posted a
net loss of 8.79 billion yen. (Kyodo-08/20/98)


P.T. CITRA MARGA: Remains on 'CC/Watch Negative
-----------------------------------------------
Standard & Poor's stated today that the local currency and
foreign currency ratings on P.T. Citra Marga Nusaphala
Persada (CMNP), and its guaranteed subsidiary Citra Marga
Finance B.V., remain on 'CC/Watch Negative/-', where  
they were placed on July 3, 1998.

CMNP has paid only 20% of the full US$4.5 million interest
payment due on Aug. 20, 1998 on its US$125 million 144A
Eurobond. While management has indicated it intends to pay
the remaining 80% within two weeks, failure to pay for
three days after the due date will result in a default
under the conditions of the bond. If CMNP has not made full
payment by the close of business on Aug. 25, the bonds will
be in default.

CMNP has indicated it paid yesterday the final installment
on the US$175 million forward rate notes due on June 15.
While ultimate repayment of principal on this note issue
may still be possible, CMNP's ability to make the  
full payment of US$175 million when it falls due in
December 1998 is now extremely unlikely, Standard & Poor's
said. (PRNewswire: Wall Street - 08/21/98)


SHOPPING.COM: Files Prospectus With SEC
---------------------------------------
Shopping.com  is an Internet-based electronic retailer
specializing in marketing a broad range of products and
services at wholesale prices to both consumers and trade
customers.

Shopping.Com filed a Prospectus with the SEC covering
2,334,500 shares of common stock without par value, offered
for the account of certain security holders of the Company.

Since inception, the Company has incurred significant
losses, and as of April 30, 1998 had an accumulated deficit
of approximately $10.4 million. The Company believes that
its success will depend in large part on its ability to
(i) obtain wide-spread name recognition, (ii) provide its
customers with an outstanding value and a superior shopping
experience, (iii) achieve sufficient sales volume to
realize economies of scale, and (iv) successfully
coordinate the fulfillment of customer orders without the
need to maintain expensive real estate warehousing
facilities and personnel.

For the year ended January 31, 1998 the Company had net
losses totaling $5,522,029, negative cash flows from
operations of $4,842,628 and had an accumulated deficit of
$5,723,726.


VOICE POWERED TECHNOLOGY: Quarterly Report
------------------------------------------
Voice Powered Technology reports to the SEC that for the
three and six month periods ended June 30, 1998, the
Company reported operating losses of $145,000 and $534,000,
respectively. For the three and six month periods ended
June 30, 1997, the Company reported operating losses
of $1,844,000 and $3,191,000, respectively. For the three
and six month periods ended June 30, 1998, sales were
$588,000 and $891,000, respectively. For the three and six
months ended June 30,1997, sales were $527,000 and
$1,868,000, respectively.

The Company has incurred significant, sustained net losses
for the past three years, including an operating loss of
$534,000 for the six months ended June 30, 1998. In
addition, at June 30, 1998, the Company had an accumulated
deficit of $30,223,000 and had negative working capital of
$42,000.


WELCOME HOME: Reports Quarterly Earnings
----------------------------------------
For the quarter ended July 4, 1998, Welcome Home, Inc.
reports that net sales for the three months ended July 4,
1998 decreased by $2.5 million or 18.4%, as compared to the
three months ended July 5, 1997. This decrease reflects a
decrease in comparative store sales of 3.9% and a decline
in the average number of stores open during the three
months ended July 4, 1998 of 120 compared to 136 for the
three months ended July 5, 1997. The Company's net loss for
the three months ended July 4, 1998 was $947,000 as
compared to $3.3 million for the three months
ended July 5, 1997.  The decrease in net loss of $2.4
million was due primarily to higher gross margin, lower
selling, general and administrative expenses and lower
interest expense.

The Company's net loss for the six months ended July 4,
1998 was $3.3 million as compared to $8.1 million for the
six months ended July 5, 1997. Net sales for the six months
ended July 4, 1998 decreased by $6.2 million or 23.1%, as
compared to the six months ended July 5, 1997.


WINDSOR ENERGY: Case Summary & 20 Largest Creditors
--------------------------------------------------
Debtor:  Windsor Energy US Corporation
         5750 W. Pacific Coast Hwy.
         Ventura California

Court: District of Delaware

Chapter: 11   Date Filed: 8/20/98

Debtor's Counsel: Laura Davis Jones
                  Young, Conaway, Stargatt & Taylor
                  11th Floor Rodney Square North
                  P.O. Box 391
                  Wilmington, Delaware                                 
                  (302) 571-6600

                                       
20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
American Express                 Trade Debt         $4,576
Arter & Hadden LLP               Legal Fees       $134,936                     
Bank One                         Trade Debt         $6,814
Berry Petroleum Company            Contract     $1,000,000
R.V. Carter                        Interest         $6,000
Federal Express                    Delivery         $2,227
Ferguson Case ORR Patterson      Legal Fees         $7,704
W.N. Greig                         Interest        $12,000
Jackson Walker LLP                 Contract         $9,108
MacPherson Oil Company             Contract       $200,189
N. Meissner                        Interest          $3000
Park Place on Turtle Creek             Rent         $2,773
Petrotech International Ltd.       Interest        $60,000
Regent Trust Company, Ltd.         Interest        $18,000
Ryder Scott Company              Trade Debt        $67,707
Averil Smith                       Interest          $6000
O.A. Statton                       Interest          $6000
united Healthcare Insurance Co.   Insurance         $2,870
T. Viveash                         Interest         $3,000
Emma Wheeler                       Interest         $2,000
John Wheeler                       Interest         $2,000


WIRELESS ONE: Consents From Holders Necessary For Borrowing
-----------------------------------------------------------
Wireless One, Inc. announced that it has extended its
solicitation of consents  from  certain  registered
holders of its 13% Senior Notes due October  15, 2003
and  13 1/2%  Senior Discount Notes due August  1,
2006, to certain amendments to the Indentures pursuant to
which such Notes were issued.  The consent solicitation,  
that was previously  extended to August 18, 1998, will now
expire at 5:00 p.m.,  New  York  City time, on August
20, 1998, unless further extended or abandoned.

If the Company cannot effect certain proposed amendments  
to  permit  a  borrowing  under the MLGAF facility, the  
Company will seek to borrow  under  a senior secured credit  
facility  from  a lender which meets the definition of
"Bank Credit Facility;"  such a  borrowing  will  not  
require  the  consent of any holders  of  the  Notes.  The
Company has received a preliminary proposal from another   
financial institution which meets this definition; however,
the Company believes that the terms of  this proposal are
less advantageous than those of the MLGAF facility.

The consents of the holders, as of the record date of July  
30, 1998, of at least a majority in aggregate principal  
amount of each issue of Notes outstanding are  required  to
approve  the  Proposed  Amendments.   Consents may be
revoked at any time prior to execution by the Company and
the Trustee under the applicable Indenture of a
supplemental indenture effecting the Proposed Amendments.   
The Company expects to execute  a supplemental indenture
with respect to each issue of Notes as soon as the
requisite consents with respect to such issue are received
(which may be prior to the expiration of the consent
solicitation).                
                      *********

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.  ISSN 1520-9474.  
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