/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/990105.MBXT R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 5, 1999, Vol. 2, No. 2 Headlines ABL: Metro Lines Up With Creditors ACME METALS: Alpha Tube Objects To Additional Committee ACME METALS: Alpha Tube Opposes Appointment of Examiner ACME METALS: DIP Financing Approved AHERF: Creditors Put on Notice By Insurer AMERICAN RICE: Taps Gordon, Arata, McCollam Law Firm AMERITRUCK DISTRIBUTION: Seeks To Sell Trucks, File Plan BORDEN CHEMICALS: Covenant Waivers For Credit Facility BRAZOS SPORTSWEAR: Will Not Make Interest Payment CITYSCAPE FINANCIAL: Monthly Operating Report CONSUMER PORTFOLIO: Files Monthly Servicing Report EXPO HERITAGE INN HOTEL: For Sale FORMAN PETROLEUM: Non-Payment of Interest Installment FPA MEDICAL: Monthly Operating Report FWT INC: Files Quarterly Report With SEC HAYES CORP: DIP Financing Extended To Feb. 28 INTERNATIONAL WIRELESS: Approval of Disclosure Statement MOBILEMEDIA CORP: Files Monthly Report SALANT CORP: Case Summary & 20 Largest Unsecured Creditors SALANT CORP: Expects To Fund Plan w/$85M Exit Facility TAL WIRELESS: Monthly Operating Report UNISON HEALTHCARE: Files Quarterly Report With SEC WEINER'S STORES: President's Employment Extended WESTBRIDGE CAPITAL: Files Current Report With SEC Meetings, Conferences and Seminars ********* ABL: Metro Lines Up With Creditors ---------------------------------- The Tennessean reports on December 30, 1998 that Metro is lining up in U.S. Bankruptcy Court, along with other American Basketball League creditors, in hopes of recovering $47,000 the ABL was supposed to pay in rent on Nashville Municipal Auditorium. The women's professional basketball league had a lease with Metro for its Nashville Noise to play 22 home games in the auditorium. But the team played only seven games there before the ABL folded eight days ago, less than halfway into its season. Under its deal with the city, the ABL was supposed to pay $60,500 for use of the auditorium through March. Only about $13,000 had been paid by the time the league shut down Dec. 22. Metro law director Jim Murphy said yesterday his office intends to file paperwork in bankruptcy court to try to collect what the ABL owes the city. But he doubts Metro will commit much time and energy chasing the relatively small amount. The ABL was based in Palo Alto, Calif., so participating in bankruptcy proceedings would be a long- distance proposition. It would likely require hiring a lawyer there to work on Metro's behalf. When the ABL suspended operations last week, officials said the league would file for Chapter 11 bankruptcy to protect itself from the threat of creditors' lawsuits while it reorganizes its finances. Murphy said he was unsure if the league had completed its filing. No ABL spokesman could be reached. Rent for the ABL was supposed to be the single-largest revenue source for Municipal Auditorium. The aging facility is expected to lose about $479,000 this fiscal year, which ends June 30. The two-year-old ABL owned nine women's basketball teams throughout the nation, including the Noise, which was in its inaugural season. ACME METALS: Alpha Tube Objects To Additional Committee ------------------------------------------------------- Alpha Tube Corporation, debtor, objects to the motion filed by the eight Alpha Tube trade creditors represent by Wolf, Block, Schorr & Solis-Cohen LLP seeking the appointment of an additional separate official creditors' committee for Alpha Tube. Alpha Tube states that the formation of a separate committee is unwarranted, that ample mechanisms to safeguard the interests of Alpha tube's unsecured creditors already exist. The modifications to the debtors' DIP financing and cash management system are intended to ensure that the interests of Alpha Tube's creditors and administrative expense claimants are fully protected by Alpha Tube's current assets. Further, Alpha Tube contends that the concerns relating to certain prepetition intercompany transactions are without merit. ACME METALS: Alpha Tube Opposes Appointment of Examiner ------------------------------------------------------- Alpha Tube Corporation, debtor, opposes the motion filed by the Eight Alpha Tube trade creditors seeking appointment of an examiner for Alpha Tube. Alpha Tube states that the Examiner motion is "devoid of any legal or factual merit." Since Alpha tube is solvent, the debtors claim that there can be no fraudulent conveyances and preferences and as a profitable company, investigating and attacking prepetition transactions would be inappropriate and meaningless and costly, and would only distract form the goal of reorganizing. Certainly at this stage, Alpha Tube contends that the appointment of an examiner is inappropriate. ACME METALS: DIP Financing Approved ----------------------------------- On December 18, 1998, the Company, with bankruptcy court approval, signed an agreement with BankAmerica Business Credit, Inc., providing for a twenty-four month, $100 million, secured working capital facility, for post- petition debtor-in-possession financing. Acme Metals Incorporated, through its operating subsidiaries, is a fully integrated producer of steel, steel strapping and strapping products, and welded steel tubing. Its common stock is listed on the Bulletin Board of the National Association of Securities Dealers under the symbol AMIIQ. AHERF: Creditors Put on Notice By Insurer ----------------------------------------- The Pittsburgh Post-Gazette reports on December 31, 1998 that Health America, the region's second largest managed care insurer, and its Nashville, Tenn.-based parent, Coventry Corp., yesterday began legal proceedings against 54 individuals either currently or formerly associated with the bankrupt Allegheny Health, Education and Research Foundation. Among others named in the preliminary filing were former AHERF president, Sherif Abdelhak; Anthony Sanzo, who resigned as AHERF's president recently to become head of its Western Pennsylvania operations; former AHERF Chairman William P. Snyder; Frank Cahouet, chairman of AUH-West, the Western Pennsylvania hospital subsidiary, and retiring chairman of Mellon Bank Corp.; Nancy Wynstra, AHERF's former general counsel; David McConnell, the foundation's former chief financial officer; Jospeh Dionisio, chief financial officer of AUH-West; and Thomas O' Brien, a former AHERF trustee and chairman of PNC Bank Corp., which is one of AHERF's largest creditors in bankruptcy. The preliminary filing, which notifies the plaintiffs of the managed care concern's intent to sue them, makes no specific allegations. Some of AHERF's current and former top executives have been separately sued by Philadelphia physicians whose practices AHERF purchased. They are seeking class-action status for their suit. Separately, the judge overseeing AHERF's $1.5 billion reorganization in federal bankruptcy court issued an order that gives the foundation's creditors the go-ahead to notify seven liability insurers of their intent to seek damages under insurance policies that were purchased to indemnify officers and trustees of the foundation and its hospitals. The companies provided an estimated $200 million worth of coverage. The foundation in the past year increased the coverage from $50 million as its finances and the finances of its Philadelphia hospitals deteriorated. AMERICAN RICE: Objects To Toyota's Relief From Stay --------------------------------------------------- American Rice, Inc. objects to the motion of Toyota motor Credit Corporation seeking relief from the automatic stay. American Rice states it leases seven forklifts from Toyota, that they are required in the operation of the debtor's business and that ARI has offered to pay Toyota the monthly lease payments as adequate protection. AMERICAN RICE: Taps Gordon, Arata, McCollam Law Firm ---------------------------------------------------- American Rice, Inc., debtor, is seeking court approval of the law firm of Gordon, Arata, McCollam, Duplantis & Egan LLP. The debtor desires to retain the firm because of its particular expertise in the areas of corporate transactions, securities, grower relations and other matters special to Louisiana's agri-business. The debtor states that the firm is well qualified to represent the debtor's Louisiana interests in this case. The firma has represented the debtor in Louisiana for almost two years preceding the filing of this action. The current hourly rate of Martin E. Landrieu, the primary attorney handling the debtor's matters is $170. AMERITRUCK DISTRIBUTION: Seeks To Sell Trucks, File Plan -------------------------------------------------------- AmeriTruck Distribution Corp. has filed a motion seeking to sell 489 refrigerated trailers from its fleet for a price "well above" what the company anticipated. The specialized trucking concern, with the support of everyone involved in the case, will file a motion with the court requesting permission to hire auctioneer Taylor & Martin to market the remaining assets of AmeriTruck's refrigerated transport division, according to a company attorney. The company expects to file a reorganization plan by the end of January that will be eligible for confirmation in April. The plan's basis is the restructuring of AmeriTruck's operations around the company's four remaining profitable non-refrigerated transport divisions. (Federal Filings Inc. 04-Jan-99) BORDEN CHEMICALS: Covenant Waivers For Credit Facility ------------------------------------------------------ Borden Chemicals and Plastics Limited Partnership filed with the SEC a press release relating to the company obtaining covenant waivers for its credit facility. The press release follows: Columbus, Ohio (December 23, 1998) -- Borden Chemicals and Plastics Operating Limited Partnership (NYSE: BCU) announced today that it has reached agreement with participant banks on amendments to its revolving credit facility that will provide the partnership with continued access to credit and enhanced financial flexibility. The new two-year agreement waives the partnership's non- compliance with credit facility covenants at the end of the third quarter, and provides relaxed coverage ratio covenants through Dec. 31, 2000. Initial borrowings under the facility will be $48.8 million, leaving $41.2 million available to the partnership under the agreement, once certain collateral arrangements are final. A copy of the full credit agreement is included in a Form 8K filing with the Securities and Exchange Commission. It is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000893750-98- 000401.txt BRAZOS SPORTSWEAR: Will Not Make Interest Payment ------------------------------------------------- Brazos Sportswear, Inc. (OTC Bulletin Board: BRZS) said today that it has not paid and does not expect to pay the scheduled January 1, 1999 interest payment on its $100 million 10-1/2% Senior Notes due 2007. Brazos Sportswear continues to work with financial advisors BT Alex. Brown Incorporated to explore available alternatives with respect to a possible reorganization, restructuring or recapitalization of the Company, said Gilbert C. Osnos, Brazos' interim president and chief executive officer. Mr. Osnos, appointed in mid-December 1998, is a principal of OSNOS & Company, a New York- and Charlotte, N.C.- based turnaround and corporate renewal firm which Brazos has retained to assist in its restructuring. The Company stated that if the payment default with respect to the Senior Notes is not cured within 30 days, then subject to the terms of the governing indenture, the trustee or note holders will have the right to declare the $100 million principal amount of the Notes, together with accrued and unpaid interest, immediately due and payable. If the obligations under the Notes are accelerated, the Company's business will be materially and adversely impacted and as a result, it may be forced to seek protection under federal bankruptcy laws. In other action, Brazos announced today it has reached agreement with its senior lenders on an amendment to its credit facility to allow for certain over- advances in its line of credit to fund short-term working capital needs. On November 30, 1998, the Company amended the existing forbearance agreement with its senior lenders to provide that the senior lenders will refrain from exercising their rights and remedies through January 31, 1999 with respect to certain defaults under the Company's credit facility. Brazos Sportswear, Inc. designs, produces and markets moderately priced sportswear. Headquartered in Cincinnati, Ohio, it operates manufacturing, distribution and sales facilities in 12 states. CITYSCAPE FINANCIAL: Monthly Operating Report --------------------------------------------- Cityscape Financial Corp. and Cityscape Corp, debtors, filed a monthly operating report for the period of November 1, 1998 to November 30, 1998 with the U.S. Bankruptcy Court for the Southern District of New York. For this period, Cityscape Financial Corp reported a loss of $6,104,720 from operations. Cash and cash equivalents at the end of the period totaled $21,097,725. On November 17, 1998 the debtors decided to suspend indefinitely all of their loan origination and purchase activities. The debtors have notified the brokers that they have ceased funding mortgage loans other than those loans that are in their origination pipeline for which they had issued commitments. There can be no assurance as to when, if ever, the debtors' loan origination and purchase activities will resume, or that the debtors' reorganization plan will be confirmed or consummated. CONSUMER PORTFOLIO: Files Monthly Servicing Report ------------------------------------------------- On December 15, 1998 CONSUMER PORTFOLIO SERVICES INC. filed its monthly servicing report with the SEC for the month of November, 1998. A complete text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0001019687-98- 000372.txt EXPO HERITAGE INN HOTEL: For Sale --------------------------------- The Expo Heritage Inn hotel, which has been operating under chapter 11 protection since mid-December, is seeking a buyer for the property, according to The Sacramento Business Journal. Hotelier Ramesh "Ron" Pitamber owns the hotel, which was formerly known as the Beverly Garland Hotel, and has more than $6.8 million in debts and a value of $7.3 million. Pitamber is keeping the hotel open while he looks for a buyer. Pitamber also owns the Roseville- based Heritage Inns and Suites, which owns 18 hotels in Northern California and operates about 21 hotels. (ABI 04- Jan-99) FORMAN PETROLEUM: Non-Payment of Interest Installment ----------------------------------------------------- Forman Petroleum Corporation issued a press release on December 31, 1998 in which the Company announced the nonpayment of the December 1, 1998 installment of interest due on the Company's 13.5% Senior Secured Notes Due June 1, 2004 within the thirty-day grace period provided for such payment. The Company intends to use available funds for exploration and development projects. The Company is continuing in its efforts to negotiate a debt restructuring and/or recapitalization of the Company. It is the Company's policy, absent unusual circumstances, not to comment publicly on discussions concerning proposals that may be considered or transactions that may be pending with respect to the Recapitalization. The Company also intends, absent unusual circumstances, to refrain from making any further announcements or reports with respect to the Recapitalization unless and until a definitive agreement has been executed by the Company with respect to a transaction in connection with the Recapitalization. There can be no assurance that the Company will consummate any transactions in connection with the Recapitalization. FPA MEDICAL: Monthly Operating Report ------------------------------------- On December 14, 1998, FPA Medical Management, Inc. filed its monthly operating report with the SEC for the period from November 2, 1998 through November 27, 1998. A complete text copy of the filing is available via the Internet at http://www.sec.gov/Archives/edgar/data/0000893220-98- 001897.txt FWT INC: Files Quarterly Report With SEC ---------------------------------------- FWT Inc. filed a quarterly report with the SEC for the period ending October 31, 1998. There were 136.14 shares of the registrant's common stock, par value $10.00 per share, outstanding as of December 14, 1998. As of October 31, 1998 the Company was in technical default under the terms of its revolving credit facility. As a result of this technical default, the lenders under the revolving credit facility can elect to declare all amounts of principal and accrued interest outstanding under the revolving credit facility immediately due and payable. Such lenders have not accelerated these outstanding amounts. If such lenders so accelerate, without alternative financing or the implementation of another strategy such as selling certain assets, restructuring or refinancing its indebtedness, or seeking additional equity capital, the Company will not have the funds to repay such outstanding amounts. The company reported a net loss of $2.781 million for the six months ended October 31, 1998 compared to net income of $5.320 million for the six months ended October 31, 1997. HAYES CORP: DIP Financing Extended To Feb. 28 --------------------------------------------- The court has approved a fourth amendment to Hayes Corp.'s (HAYZQ) interim financing agreement with NationsCredit Commercial Corp. that extends the maturity date of the loan to Feb. 28 but does not obligate the lender to advance certain additional funds, according to the Dec. 16 order. The court order noted that Hayes and NationsCredit are still trying to negotiate a permanent debtor-in-possession financing agreement and together proposed the fourth amendment. The official committee of unsecured creditors did not oppose the motion. As of Dec. 7, $8.3 million is outstanding under the DIP loan agreement. (Federal Filings Inc. 04-Jan-99) INTERNATIONAL WIRELESS: Approval of Disclosure Statement -------------------------------------------------------- As reported in The Wall Street Journal, January 4, 1999, by order dated December 21, 1998 the U.S. Bankruptcy Court for the District of Delaware approved the second amended Disclosure Statement of International Wireless Communications Holdings Inc. and its debtor affiliates. January 19, 1999 at 4:00PM is the deadline by which ballots accepting or rejecting the plan must be received. Responses to objections to confirmation of the plan must be in writing and filed with the Clerk of the Bankruptcy Court on or before January 22, 1999 at 4:00 PM. January 27, 1999 at 2:00 PM is set as the hearing date to consider confirmation of the plan. Brief Summary of Plan Treatment of Claims and Interests: Administrative Expenses shall be paid in full. The Vanguard Post-Petition Indebtedness - with consent of the Creditors' Committee, the debtors will have the option to satisfy and discharge all allowed indebtedness of Vanguard by paying Vanguard in cash or issuing shares of New IWCH Common Stock according to a set formula. Priority Tax Claims - equal cash payments every three months over a period not exceeding six years. Class 1.1 IWCH Senior Notes Claims and IWCH Pakistan Notes Claims - The IWCH Senior Notes Claims shall be deemed allowed in the aggregate amount of $132,000,605. Reorganized IWCH shall distribute to the Indenture Trustee in respect of the Allowed IWCH Senior Notes Claims, approximately 9.5 million shares of New IWCH Common Stock. The remaining approximate 489,000 shares of New IWCH Common Stock shall be held by reorganized IWCH for distribution to the Holders of Allowed IWCH Pakistan Notes Claims. Class 1.2 BTFIC Secured Claim - Each holder will receive a New RMDA Secured Note in an amount equal to the amount of the holder's allowed BTFIC Secured Claim. Class 1.3 PWH Notes Secured Claim - A New PWH Secured Note in an amount equal to secured claim. Class 1.4 Misc. Secured Claim - As set Forth in Section 5.04 of plan Class 2.1 IWCH Priority Claims Class 2.2 IWC Priority Claims Class 2.3 IWCLA Priority Claims Class 2.4 RMDA Priority claims and Class 2.5 PWH Priority Claims - Cash in an amount sufficient to render the holder unimpaired. Class 3.1 IWCH General Unsecured Claims - Each holder will receive a New IWCH Unsecured Note in an amount equal to claim. No cash payment option. Class 3.2 IWC General Unsecured Claims -Each holder, other than those who elect for cash payment option will receive a New Note in the amount of the claim. If the class accepts the plan, allowed claim holders will receive 10% of claim. Class 3.3 IWCLA General Unsecured Claims - Each holder, other than those who elect for cash payment option will receive a New Note in the amount of the claim. If the class accepts the plan, allowed claim holders will receive 30% of claim. Class 3.4 RMDA General Unsecured Claims - Each holder, other than those who elect for cash payment option will receive a New Note in the amount of the claim. If the class accepts the plan, allowed claim holders will receive 30% of claim. Class 3.5 PWH General Unsecured Claims - Each holder, other than those who elect for cash payment option will receive a New Note in the amount of the claim. If the class accepts the plan, allowed claim holders will receive 25% of claim. Classes 5.1, 5.3, 5.4, 5.5 Old Series J,F,B,C,D,E,I,A Preferred Stock Interests 5.1, 5.3, 5.4, 5.5 Interests shall be canceled on the Effective Date. Various percentages of New IWCH Series A Warrants will be allocated among Holders of all Class 5.1,5.3,5.4 and 5.5 interests. Class 6.1 Old Preferred Stock Section 510(b)claims - Holders shall not receive or retain any property under the plan. Class 7.1 Old Common Stock Interests - Canceled on the Effective Date. 5% of New IWCH Series A Warrants that Vanguard would otherwise be entitled to receive under the plan will be allocated among Holders of all Class 7.1 Interests. Class 8.1 Old Common Stock Sec.510(b)claims - Holders shall not receive or retain any property under the plan. Class 9.1 Subsidiary Common Stock Interests The Debtor holding 9.1 interests shall retain such Interest and its respective share or shares of common stock of the debtors representing such interest. Class 10.1 Other Interests- Canceled and extinguished on the Effective Date. Please note - this is an abbreviated summary of the treatment of classes under the plan. Copies of the Plan and the Disclosure Statement may be obtained by written request (together with nature of claim or interest) to IWCH Plan Requests, c/o Bankruptcy Services LLC, 70 East 55th Street, 6th Floor, New York, NY; telephone: (212) 376-8494 MOBILEMEDIA CORP: Files Monthly Report -------------------------------------- MobileMedia Corp. filed with the SEC a monthly operating report for the month ended November 30, 1998. On September 3, 1998, the Company completed the sale of 166 transmission towers to Pinnacle Towers, Inc. ("Pinnacle") for $170 million in cash. Under the terms of a lease with Pinnacle, the Company will lease antenna sites located at these towers for an initial period of 15 years at an aggregate annual rental of $10.7 million. The company reported a net loss of $4.115 million for the month of November compared to a net loss of $5.722 for the previous month. The company reported $4.016 million in cash and cash equivalents at the end of the period SALANT CORP: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Salant Corporation 1114 Avenue of the Americas New York, NY 10036 Court: Southern District of New York Case No.: 98-10107 Filed: 12/29/98 Chapter: 11 Debtor's Counsel: Brad Eric Scheler Fried, Frank, Harris, Shriver & Jacobson One New York Plaza New York, NY 10004 (212) 859-8583 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ Bankers Trust Company as Indenture Trustee Debt $104,879,000 Perry Ellis International, Inc. Royalties $1,073,591 Xiamen Master Leather Co. Trade Debt $385,733 Disney Enterprises Royalties $343,975 Wahlam Garment Ltd. Trade Debt $327,638 Harvey Richard Textiles Ltd. Trade Debt $290,114 Shinwon Trade Debt $264,058 Ontario Store Fixtures, Inc. Trade Debt $229,228 Windsor Textile Corporation Trade Debt $170,879 Dycho Company, Inc. Trade Debt $151,421 China United Garments Trade Debt $142,441 Concert Linen Cotton Trade Debt $137,803 Mirage Fashion Ltd. Trade Debt $118,249 Quick Response Services Inc. Trade Debt $111,379 Oracle Corporation Trade Debt $108,310 Cheerland International Trade Debt $101,493 Brightex Industries Trade Debt $91,421 Thai Unique Textile Co. Trade Debt $86,794 Texfi Industries Inc. Trade Debt $86,303 Lever Shirt Ltd. Trade Debt $66,781 SALANT CORP: Expects To Fund Plan w/$85M Exit Facility ------------------------------------------------------ Salant Corp. expects to obtain the cash necessary to make payments under its pre-negotiated plan of reorganization from an $85 million exit facility to be entered into with its pre- and post-petition lender The CIT Group/Commercial Services Inc. Under the terms of a Dec. 7 commitment letter, the CIT exit facility will consist of an $85 million revolving credit facility, with a $30 million letter of credit subfacility, according to the disclosure statement filed with the court on Dec. 29 in conjunction with the plan. The exit facility will replace the $85 million debtor-in-possession facility CIT is providing the apparel manufacturer. The plan, which has the support of Salant's major note and equity holders, provides for the sale of the company's "Manhattan" and "John Henry" dress shirt manufacturing businesses to Supreme International Corp. for $17 million plus the net book value of purchased inventory. After restructuring, Salant plans to focus solely on its Perry Ellis men's apparel business. (Federal Filings Inc. 04-Jan-99) TAL WIRELESS: Monthly Operating Report -------------------------------------- TAL Wireless Networks Inc. reports to the SEC, that for the month of November, 1998, the company reports total assets of $3,457,279 and total liabilities of $5,645,626. The Company plans to liquidate assets and review the claims of its various creditors. It is unclear at this time whether there will be any funds available for distribution to shareholders. Once this information has been determined, the Company may file a Plan of Reorganization with the Bankruptcy Court. UNISON HEALTHCARE: Files Quarterly Report With SEC -------------------------------------------------- In its quarterly report filed with the SEC for the quarter ending March 31, 1998, Unison Healthcare Corporation reports that in the first quarter of 1998, Unison recorded a net loss of $4.8 million compared to a net loss of $4.1 million in the prior year quarter. Total revenues decreased $1.1 million, or 19.0%, to $54.7 million in the 1998 first quarter from $55.7 million in the comparable 1997 quarter. At March 31, 1998, Unison had cash and equivalents amounting to $6.4 million compared to $5.3 million at December 31, 1997. Cash provided by operations amounted to $2.1 million for the three months ended March 31, 1998, in spite of the Company's operating losses. Unison is in default on its $100.0 million 12 1/4% Senior Notes due 2006. The Company did not make semiannual interest payments due May 1, 1998 and November 1, 1998 in the amounts of $6.9 million and $7.1 million, respectively. Unison is in default on its $20.0 million 13% Senior Notes due 1999. The Company did not make quarterly interest payments due March 1, 1998, June 1,1998, September 1, 1998 and December 1, 1998 in the aggregate amount of $2.8 million. Unison is in default on loans obtained for working capital purposes, in the aggregate principal amount of $3.95 million, from Elk Meadows and BritWill Investments. Of these loans, $1.0 million was due on October 7, 1997 and $2.95 million was due on November 1, 1997. Interest payable on these loans through November 30, 1998 amounts to approximately $714,000. WEINER'S STORES: President's Employment Extended ------------------------------------------------ On December 30, 1998, Weiner's Stores, Inc., a Delaware corporation issued a press release announcing that the Company's Board of Directors had extended the employment contract of Herbert R. Douglas, President and Chief Executive Officer of the Company, for two additional years. The agreement between the Company and Mr. Douglas that effects such extension and contains other terms and conditions of Mr. Douglas's employment (the "Employment Agreement") is effective for the period commencing as of February 1, 1999 and ending on January 31, 2001, unless earlier terminated as provided in the Employment Agreement. Mr. Douglas also continues to serve as the Chairman of the Board of Directors of the Company. The Company shall pay Douglas a base salary at an annual rate of $450,000. The Company shall, within ten (10) days after February 1, 1999, pay a signing bonus to the Douglas in the amount of $300,000. WESTBRIDGE CAPITAL: Files Current Report With SEC ------------------------------------------------- Westbridge Capital Corp. reports to the SEC that on December 17, 1998, the United States Bankruptcy Court for the District of Delaware entered a Confirmation Order confirming the First Amended Plan of Reorganization of Westbridge Capital Corp. dated October 30, 1998, as modified. The effective date of the Plan is expected to be on or around January 20, 1999. The Plan generally provides for the cancellation of all outstanding shares of Westbridge's equity securities, 11% senior subordinated notes due 2002 and 7-1/2% convertible subordinated notes due 2004, as well as (i) the sale of new convertible preferred stock to Credit Suisse First Boston Corporation ("CSFB")and, at their option, holders of Westbridge's 7-1/2% convertible subordinated notes, due 2004 ("7-1/2% Convertible Note Claims") as of May 20, 1998, (ii) the distribution of cash to the holders of Westbridge's 11% senior subordinated notes, due 2002 ("11% Note Claims"), (iii) the issuance of new convertible preferred stock to holders of CSFB 11% Note Claims, (iv) the issuance of new common stock to the holders of unsecured claims including, but not limited to, the holders of 7-1/2% Convertible Note Claims, (v) the issuance of new common stock and new warrants to the holders of old preferred stock and old common stock, (vi) the cancellation of unvested common stock grants and all unexercised warrants and options, (vii) the adoption of stock option plans providing for the issuance on and after the effective date (x) to officers and directors of up to 10% of the fully diluted new common stock outstanding as of the effective date and (y) to marketing agents of up to 3% of the fully diluted new common stock outstanding as of the effective date, and (viii) the settlement of a putative class action entitled James C. Karabedian, et al. v. Westbridge Capital Corp., Martin E. Kantor, James W. Thigpen, Patrick J. Mitchell, Forum Capital Markets L.P., and Raymond James & Associates, Inc., Civ. Action No. 3:97 CV 3087-T and the distribution of cash to securities litigation claimants. As of December 28, 1998, there were 7,035,809 shares of Westbridge's common stock, par value $.10 per share, and 11,935 shares of Westbridge's Series A Preferred Stock outstanding. Pursuant to the Plan, approximately 6,500,000 shares of New Common Stock and approximately 23,000 shares of New Preferred Stock will be issued in respect of claims and interests filed and owed under the Plan. Westbridge's most recent monthly operating report, filed with the Bankruptcy Court on December 18, 1998, reflects that the total unconsolidated assets of the registrant were approximately $61.2 million and the total unconsolidated liabilities of the registrant were approximately $104.2 million. Meetings, Conferences and Seminars ---------------------------------- January 9-14, 1999 Law Education Institute Bankruptcy Law Course -- 1999 National CLE Conference Marriott's Vail Mountain Resort, Vail, Colorado Contact: 1-414-228-5810 January 28-February 1, 1999 COMMERCIAL LAW LEAGUE OF AMERICA 38th Annual Southern District Meeting Royal Sonesta Hotel, New Orleans, Louisiana Contact: 1-423-971-1551 February 4-6, 1999 AMERICAN BANRKUTPCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800 February 18-21, 1999 COMMERICAL LAW LEAGUE OF AMERICA Annual Western District Meeting Monte Carlo Hotel & Casino Resort, Las Vegas, Nevada Contact: 1-702-382-9558 Febraury 28-March 3, 1999 NORTON INSTITUTES ON BANKRUPTCY LAW Norton Bankruptcy Institute I Olympic Park Hotel, Park City, Utah Contact: 1-770-535-7722 March 18-21, 1999 NORTON INSTUTUTES ON BANKRUPTCY LAW Norton Bankruptcy Litigation Institute II Flamingo Hilton Hotel, Las Vegas, Nevada Contact: 1-771-535-7722 March 19, 1999 AMERICAN BANRKUTPCY INSTITUTE Bankruptcy Battleground West Century Plaza Hotel, Los Angeles, California Contact: 1-703-739-0800 March 25-27, 1999 Southeastern Bankruptcy Law Institute, Inc. 25th Annual Southeastern Bankruptcy Law Institute Marriott Marquis Hotel, Atlanta, Georgia Contact: 1-770-451-4448 April 15-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800 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 April 28-30, 1999 INTERNATIONAL FEDERATION OF INSOLVENCY PROFESSIONALS INSOL Bermuda '99 Conference of the Americas Castle Harbour Marriott Resort Contact: INSOL@weil.com June 3-6, 1999 AMERICAN BANRKUTPCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800 July 1-4, 1999 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: 1-770-535-7722 July 15-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Northeast Bankruptcy Conference Mount Washington Hotel & Resort Bretton Woods, New Hampshire Contact: 1-703-739-0800 August 4-7, 1999 AMERICAN BANRKUTPCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton, Amelia Island, Florida Contact: 1-703-739-0800 September 16-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Southwest Bankruptcy Conference The Hotel Loretto, Santa Fe, New Mexico Contact: 1-703-739-0800 December 2-4, 1999 AMERICAN BANRKUTPCY INSTITUTE Winter Leadership Conference La Quinta Resort & Club, La Quinta, California Contact: 1-703-739-0800 ********* A listing of Meetings, Conferences and Seminars appears in each Tuesday's edition of the TCR. Bond pricing, appearing in each Friday edition of the TCR, is provided 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. 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. 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