TCR_Public/990325.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
     
     Thursday, March 25, 1999, Vol. 3, No. 58

                   Headlines

ABLE TELCOM: Annual Meeting Set For May 10
ABRAXAS PETROLEUM: Reports Year-End Reserves
ADVANCED GAMING: Disclosure Statement Approved
ADVANCED MEDICAL: Files Motion To Sell Assets
ALLIANCE ENTERTAINMENT: Concord Seeks Exclusivity Extension

ALLTEL CORP: 1999 Annual Meeting of Stockholders
BISCAYNE APPAREL: Meeting Of Creditors
BROTHERS GOURMET: Hearing On Sale of Assets
COMMERCIAL FINANCIAL: Seeks To Employ Special Accountants
ERLY INDUSTRIES: Joint Liquidating Plan

EUROWEB INT'L: Notification of Late Filing
FACTORY CARD OUTLET: Case Summary & 20 Largest Creditors
GENEVA STEEL: Committee Taps Ernst & Young
GENEVA STEEL: Debtor Taps Blackstone Group
GOLDEN BOOKS: Subsidiary Enters Loan Agreement

JUMBOSPORTS: Committees Object To Financial Consultant
KIWI INTERNATIONAL: Grounded/Files Bankruptcy
LEVITZ FURNITURE: Seeks Approval of San Marcos Sale
MEDPARTNERS: Doctors Ordered to Treat Patients
MOBILE ENERGY: Seeks Last Date For Filing Proofs of Claim

PHYSICIAN RESOURCE GROUP: Agrees To Restructuring Plan
RAND ENERGY: Seeks Continuance For Hearing
RECYCLING INDUSTRIES: Lewinsky Seeks Rejection of Contract
SANTA FE GAMING: Consents To Removal of Stock From AMEX
SOLO SERVE: Taps IRG as Liquidating Agent/Auctioneer

SYSTEMSOFT: Files Chapter 11 Petition
TELEGROUP INC: Court Ok's Stay Bonus Program
THE J. PETERMAN: GE Capital Objects To Stay Bonuses
THE J. PETERMAN: Order Authorizes KPMG
TWA: Bill Compton Will Become CEO

UNITED COMPANIES: Announces Sale of Retail Lending Platform
VOICE IT: Motion To Terminate Exclusivity
WIRELESS ONE: Hearing On Disclosure Statement

                   *********

ABLE TELCOM: Annual Meeting Set For May 10
------------------------------------------
Able Telcom Holding Corp. announced that its 1999 Annual
Meeting of Shareholders will be held on Monday, May 10,
1999, at The Embassy Suites Hotel, 555 S. 10th Street,
Omaha, NE 68102 at 10:00 a.m. Central Standard Time.
Purposes of the meeting:

To elect six Directors to serve until the 2000 Annual
Meeting of Shareholders or until their respective
successors are elected and qualified;

To ratify and approve an amendment to the Company's
Articles of Incorporation to increase the number of
authorized shares of (A) Common Stock from 25 million
to 100 million and (B) Preferred Stock from one million to
five million;

To amend Able's 1995 Stock Option Plan to increase the
number of shares authorized for issuance from 1,300,000 to
3,500,000 and modify certain of the terms of the initial
grant of options to non-affiliate Directors;

To ratify and approve the issuance of stock options granted
to certain Officers and Directors of the Company;

To approve the possible issuance of more than 1,917,960
shares of Common Stock upon the exercise of certain options
and stock appreciation rights granted to WorldCom, Inc.;

To approve the possible issuance of more than 1,917,960
shares of Common Stock upon the conversion of the Company's
Series B Convertible Preferred Stock and exercise of
certain Warrants issued in the Series B Offering;

To ratify the appointment of Arthur Andersen LLP as the
Company's independent accountants for the fiscal year ended
October 31, 1999.


ABRAXAS PETROLEUM: Reports Year-End Reserves
--------------------------------------------
Abraxas Petroleum Corporation (NASDAQ:AXAS) announced that
on an ongoing  basis,  the Company ended 1998 with proved
reserves of 320.2 billion cubic feet equivalent  (Bcfe)
compared with 328.2 Bcfe at year-end 1997.  Ending  
reserves in the text of this release  compare ongoing
operations of the Company and include the reserves of New
Cache  Petroleums Ltd. which was acquired in early January
1999 and exclude the operations and reserves of the
Company's Wyoming oil and gas properties, which were sold
in mid-November 1998.

The Company replaced approximately 341% of its record level
1998 production of approximately  34.5 Bcfe. Total reserve
additions for 1998 aggregated 117.7 Bcfe despite net
downward  revisions of  approximately  27.8 Bcfe due  
principally to lower oil and gas prices at year-end.

Approximately 80% of Abraxas' proved reserves were  
classified  as  proved developed at year-end  1998 by the  
Company's  outside  engineers,  DeGolyer and MacNaughton
(U.S.) and McDaniel & Associates Consultant, Ltd. (Canada),
compared with 83% in  1997.  The Company's total proved  
reserves  of  320.2  Bcfe are comprised of 8.1 million  
barrels of crude oil,  2.8 million  barrels of natural
gas  liquids,  and 254.6  billion  cubic feet of natural  
gas.  The pre-tax net present  value  (PV-10%) of Abraxas'  
proved  reserves,  including the New Cache acquisition,  
decreased 12% to $237.2 million at year-end 1998,  
reflecting weak commodity prices. Approximately 79% of the
Company's reserves are natural gas.


ADVANCED GAMING: Disclosure Statement Approved
----------------------------------------------
Advanced Gaming Technology Inc. (OTC BB:AGTI) announced on
March 24, 1999 that its second amended disclosure  
statement has been approved by the bankruptcy court in Las
Vegas.

Notice and ballots will be sent to all creditors and
parties in interest. A confirmation hearing is expected for
May 1999.  The company filed for Chapter 11 bankruptcy
reorganization in August 1998.  The company produces and
markets patented and proprietary electronic bingo systems.


ADVANCED MEDICAL: Files Motion To Sell Assets
---------------------------------------------
Advanced Medical Products, Inc. (OTC Bulletin Board: ADVA)
has filed a motion for an order authorizing the sale of  
all assets, including equipment, inventory, and accounts
receivable, outside the ordinary course of business, free
and clear of all liens and encumbrances and other
interests, pursuant to Chapter 11 paragraph 363 of the
bankruptcy  code.  The Company has filed a petition under
Chapter 11 in order to effectuate this sale, and has
requested an April hearing date for approval of the sale
and to consider any objections that might be filed in the
notice. At the hearing to approve the sale, the court will
accept the highest and best bid.

Biosensor Corporation (OTC Bulletin Board: BSNR), owner of
Carolina Medical, Inc., who owns 55.3% of the common stock
of Advanced Medical Products, Inc., has proposed to
purchase the assets and assume all of the secured debt,  
employee and commission liabilities, and all customer
warranty and service liabilities of Advanced Medical
Products.  In addition, Biosensor proposes to make a
payment of approximately 20% of the amount owed by Advanced
Medical to outside unsecured creditors and, if it is the
successful bidder on the assets, Biosensor and its
affiliates will not participate in distribution of
payments  toward unsecured claims.  Biosensor's unsecured
claims exceed unsecured claims  by all non-affiliated
creditors combined.  Biosensor has been funding the losses
incurred by Advanced Medical Products, Inc. and has
indicated its  inability to continue doing so.

Advanced Medical Products, Inc. will continue to operate as
debtor in possession, pending sale of the assets.  Emergent
Asset Based Lending, L.L.C., Advanced Medical's principle
secured lender whose loan agreement has been
in  default since December, has agreed to continue to lend
against receivables and  inventory based on Biosensor's
guarantee of the debt.  If successful in purchasing the
assets, Biosensor intends to consolidate the Advanced
Medical assets with other assets owned by Biosensor under a
recently formed subsidiary, Advanced Biosensor Inc.
Biosensor has also agreed to assume Advanced Medical's  
lease obligations and would expect to continue to operate
the business at the  present Columbia, SC location.

Advanced Medical reported net losses of $373,173 on sales
of $694,448 for the quarter ended December 31, 1998 and
$448,735 on sales of $1,369, 730 for the six months ended
December 31, 1998.  Of these loss amounts, approximately  
$160,000 was a bad debt reserve adjustment required at
December 31st, $130,000 of which was as a result of
Advanced Medical's distributor in Europe, Kontron  
Instruments Limited headquartered in England, filing for
Administrative Receivership.


ALLIANCE ENTERTAINMENT: Concord Seeks Exclusivity Extension
-----------------------------------------------------------
Concord Records, Inc. one of the debtors in the case of
Alliance Entertainment Corp. et al. seeks an order
extending the exclusive period during which Concord may
solicit acceptances to a plan of reorganization to and
until June 30, 1999.

To date, Concord has not received from the Designated
Purchaser a demonstration of the Designated Purchaser's
ability to sufficiently capitalize Concord.  Although
Concord and its senior creditors continue to desire that
the transaction with the Designated Purchaser will close,
Concord and its senior creditors have recognized that they
may be compelled to seek an alternative method of funding
the Proposed Plan.  

To be safe, Concord is seeking this extension, in the event
that its proposed plan is withdrawn or otherwise not
confirmed.


ALLTEL CORP: 1999 Annual Meeting of Stockholders
------------------------------------------------
The 1999 Annual Meeting of Stockholders of ALLTEL
Corporation will be held in Arkansas' Excelsior Hotel,
Ballroom Level, Three Statehouse Plaza, Little Rock,
Arkansas 72201, on Thursday, April 22, 1999, at 11:00 a.m.  
to elect directors to the class whose term will expire in
2002.


BISCAYNE APPAREL: Meeting Of Creditors
--------------------------------------
A Chapter 11 bankruptcy case concerning the debtors,
Biscayne Apparel Inc. and Biscayne Holdings Inc. was filed
on February 5, 1999.

A meeting of creditors is set for April 20, 1999 at 3:00
PM, Office of the United States Trustee, 80 Broad Street,
Second Floor, New York, NY 10004-1408.

Attorney for the debtor is Nicholas F. Kajon, Salomon Green
& Ostrow PC, 919 Third Avenue, New York, NY 10022-3904.


BROTHERS GOURMET: Hearing On Sale of Assets
-------------------------------------------
A hearing on the motion of the debtor, Brothers Gourmet
Coffees, Inc., et al. authorizing the sale of certain
assets to the Procter & Gamble Company and assumption and
assignment of certain executory contracts and unexpired
leases will be held before the Honorable Mary F. Walrath,
U.S. Bankruptcy Court for the District of Delaware on April
14, 1999 at 2:00 PM.

The purchase price under the Asset Purchase Agreement is
$21.5 million, subject to certain adjustments.


COMMERCIAL FINANCIAL: Seeks To Employ Special Accountants
---------------------------------------------------------
A hearing will be held in the case of Commercial Financial
Services, Inc. and CF/SPC NGU, Inc. to consider the
application of the debtors to employ PricewaterhouseCoopers
LLP as special accountants.  The hearing will be held in
Courtroom 1, 224 South Boulder, Tulsa, Oklahoma on March
29, 1999 at 1:30 PM.


ERLY INDUSTRIES: Joint Liquidating Plan
---------------------------------------
Erly Industries Inc. and the official committee of
unsecured creditors reached an agreement to file a joint
plan of reorganization in advance of last week's hearing on
the committee's motion to convert the case to chapter 7. "I
anticipate it will be a liquidating plan," said Matthew
Rosenstein, counsel to Erly. Both parties also agreed to an
extension of the exclusive periods to file a plan
and solicit plan acceptances, to April 30 and June 1,
respectively. Erly agreed to file a liquidating plan by
April 12, added Howard Spector of Hughes & Luce, counsel to
the committee. (The Daily Bankruptcy Review and ABI 24-Mar-
99)


EUROWEB INT'L: Notification of Late Filing
------------------------------------------
Euroweb International Corp. notified the SEC that its Form
10-K for the period ended December 31, 1998 would be
delayed due to the fact that the Company came up with some
additional data on the last day, necessitating changes
in the financial statements.


FACTORY CARD OUTLET: Case Summary & 20 Largest Creditors
--------------------------------------------------------
Debtor:  Factory Card Outlet Corp.
         2727 Diehl Road
         Naperville, IL 60563-2371

Type of business: Factory Card Outlet Corp., along with its
wholly-owned subsidiary Factory Card Outlet of America
Ltd., is a chain of company-operated superstores in the
card, party supplies and special occasion industry in the
U.S.

Factory Card Outlet of America Ltd. also filed for Chapter
11 protection. (20 Largest Unsecured Creditors are the same
as parent company)

Court: District of Delaware

Case No.: 99-685   Filed: 03/23/99    Chapter: 11

Debtor's Counsel:  

Harvey R. Miller, Esq.
Judy G.Z. Liu, Esq.
Weil Gotshal & Manges LLP
767 Fifth Avenue
new York, NY 10153
(212) 31-0-8000

Thomas L. Ambro, Esq.
Daniel J. DeFranceschi, Esq.
Richards, Layton & Finger PA
One Rodney Square
Wilmington, Delaware 19801
(302)658-6541
                  
Total Assets:            $131,900,000
Total Liabilities:        $80,500,000
                                                   No. of
                                         Amount    Holders
                                         ------    -------
Fixed, liquidated secured debt      $32,302,800          3
Contingent unliquidate secured debt    $303,800          4
Fixed, liquidated unsecured debt        $41,187,200    600  

No. of shares of common stock         7,503,098        112  

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Image Arts, Inc./Gallery          Trade Debt      6,232,624
Creative Expressions Group, Inc.  Trade Debt      3,148,646
Amscan Inc.        Trade Debt      2,238,239
Unique Industries                 Trade Debt      1,074,449
Contempo Colours, Inc.            Trade Debt      1,019,072
Cico, Inc.                        Trade Debt        944,796
Paper Magic Group                 Trade Debt        876,620
Rubies Manufacturing              Trade Debt        667,586
Congress Talcott                  Trade Debt        642,602
Novo Card Publishers, Inc.        Trade Debt        442,123
PS Greetings                      Trade Debt        427,498
Northwest Enterprises             Trade Debt        381,830
Stravina Inc.                     Trade Debt        378,410
Bozell Worldwide, Inc.            Expense           377,007
Marvel Products                   Trade Debt        365,456
Fanlus Paper Products             Trade Debt        322,831
The Heistle Company               Trade Debt        318,087
Century Engraving                 Trade Debt        313,784
Candle-Lite Inc.                  Trade Debt        295,560
Rayovac Corporation               Trade Debt        287,450


GENEVA STEEL: Committee Taps Ernst & Young
------------------------------------------
The Official Unsecured Creditors Committee of Geneva Steel
Company seeks a court order approving the employment fo
Ernst & Young LLP as accountants and financial advisors to
the Committee.

The members of the Committee are primarily trade creditors.
The Committee's constituency holds approximately $26
million of general prepetition claims.  Ernst & Young will
provide accounting services, steel industry advice and all
other financial services.  Ernst & Young has agreed to cap
its fees at a maximum of $75,000 per month for the first
four months.


GENEVA STEEL: Debtor Taps Blackstone Group
------------------------------------------
Geneva Steel Company is seeking an order authorizing the
retention of The Blackstone Group LP as financial advisors
to the debtor.

The debtor has employed Blackstone as its financial advisor
to provide services to the debtor in connection with
evaluating, structuring, negotiating and effecting any
complete or partial refinancing, repurchase, restructuring
of, or amendment or modification to any or all of the
debtor's existing debt or equity securities, including any
such services performed in a reorganization under the
Bankruptcy Code.

The debtor states that such services are not duplicative of
the services to be performed by debtor's accountants,
Arthur Andersen LLP.  The Engagement Letter between the
debtor and Blackstone provides for a flat fee of $150,000
per month.  Additionally, the letter provides for a
Restructuring Fee of 1% of the face value of the debtor's
senior notes restructured, refinanced or a similar
transaction as part of the restructuring.  If the
Restructuring occurs after May 1, 1999, Blackstone shall
credit 75% of the Monthly Retainers earned thereafter
against the Restructuring Fee.  A hearing on the
application has been set for May 3, 1999 at 2:00 PM before
the Honorable Glen E. Clark, Chief Judge of the U.S.
Bankruptcy Court for the District of Utah.


GOLDEN BOOKS: Subsidiary Enters Loan Agreement
----------------------------------------------
Golden Books Publishing Company, Inc., a subsidiary of
the Registrant, entered into a Revolving Credit and Term
Loan Agreement with The CIT Group/Business  Credit,  Inc.,
as agent for financial  institution  lenders, dated as of
March 2, 1999, with respect to a $55 million  debtor-in-
possession financing facility. Pursuant to an interim order
of the United States Bankruptcy Court for the Southern  
District of New York (Judge Tina L. Brozman)  Publishing
has been  authorized  to borrow up to $30 million  pursuant
to the  facility.  A Bankruptcy Court hearing with respect
to final approval of the Revolving Credit and Term Loan
Agreement is scheduled for March 25, 1999.

A Bankruptcy Court hearing with respect to the sale of the
adult publishing  division to St. Martin's Press,
Incorporated pursuant to an Asset Purchase Agreement is
scheduled for March 25, 1999.

David A. Tanner has resigned as a director of Golden Books
Family Entertainment Inc.

A full text copy of the Revolving Credit and Term Loan
Agreement dated as of March 2, 1999 and the Asset Purchase
Agreement dated March 11, 1999 are available via the
Internet at:
http://www.sec.gov/Archives/edgar/data/0001012975-99-
000061.txt


JUMBOSPORTS: Committees Object To Financial Consultant
------------------------------------------------------
Both the Official Unsecured Creditors Committee and the
Official Bondholders Committee of Jumbo Sports Inc. object
to the debtor's application to retain Jefferies & Company,
Inc. as financial consultant to the debtor.

The Committees assert that the debtors have employed the
services of Jefferies since November 1998 to advise the
debtors on the potential sale of all or a portion of the
debtors' assets.  The Committees believe that Jefferies has
provided information packages to and discussed the
prospective sale with a variety of potential purchasers.  
However, they have not produces a single viable sales
transaction, and they have been paid more than $300,000.
The Committees state that the fees proposed to Jefferies
are excessive, and that their appointment is premature
until the business of the debtors is stabilized.


KIWI INTERNATIONAL: Grounded/Files Bankruptcy
---------------------------------------------
The Federal Aviation Administration grounded Kiwi  
International Air Lines today, saying the tiny discount
carrier was no longer able to fly safely.

The FAA ordered the Newark-based carrier, which filed
Tuesday for Bankruptcy Court protection from its creditors,
to immediately surrender its operating certificate. Its
six-city schedule was suspended immediately, FAA spokesman
Jim Peters said.

The FAA said Kiwi had "deteriorated to the point where
without constant monitoring from the agency that it is no
longer able to sustain safe operations." It said Kiwi's
planes were in "unairworthy condition," that it  
failed to adequately maintain aircraft and follow up on
maintenance discrepancies in FAA audits.

The agency's grounding of Kiwi came a day after the U.S.
Department of Transportation threatened to shut the airline
down in three weeks if it didn't come up with a better
management plan.

Pan American Airlines Inc., the former commercial  
airline that now flies charters, offered to  give it $3
million to allow it to fly its current schedule.
(FWN Financial-03/24/99)


LEVITZ FURNITURE: Seeks Approval of San Marcos Sale
---------------------------------------------------
The debtors, Levitz Furniture Incorporated, et al., seeks
approval of bidding and auction procedures and termination
fee in connection with the proposed sale of certain
property situated in San Marcos, California.

The debtors and TSMP, the potential purchaser, want to
close the sale of the San Marcos property as soon as
possible and in any event by May 15, 1999, as required by
the purchaser.

A minimum initial overbid on the property must be in an
amount at least $140,000 higher than the purchase price for
the San Marcos property ($3,040,000).  And must continue in
increments of $25,000.

For serving as a stalking horse bid, TSMP is seeking a
termination fee of $120,000 in the event that the sale is
consummated with some entity other than TSMP.


MEDPARTNERS: Doctors Ordered to Treat Patients
----------------------------------------------
Conservator Eugene Froelich said his office has ordered
doctors in the MedPartners Provider Network to continue to
treat patients who need care but were removed from their
roles by Blue Cross of California, which transferred
members on Friday, The Los Angeles Times reported.
The California Department of Corporations, which regulates
health care business, issued a cease-and-desist order
against Blue Cross on Friday, accusing it of violating
state laws by transferring enrollees to other provider
groups without approval from the state. Froelich said he
was shocked by the transfers, which disrupted patient care
during the weekend. A spokesperson for Blue Cross said it
has not decided whether the firm would comply with the
directive and that discussions are ongoing. The Department
took over the network, a subsidiary of Birmingham, Ala.-
based MedPartners Inc., and immediately filed chapter 11
for the network. (ABI 24-Mar-99)


MOBILE ENERGY: Seeks Last Date For Filing Proofs of Claim
---------------------------------------------------------
The debtors, Mobile Energy Services Company LLC and Mobile
Energy Services Holdings Inc. seek to fix the last date for
filing proofs of claim.

The debtors request that the court fix May 3, 1999 as the
last day for filing any and all proofs of claim against the
debtors with certain standard exceptions.


PHYSICIAN RESOURCE GROUP: Agrees To Restructuring Plan
------------------------------------------------------
Dallas-based Physician Resource Group has agreed to a
restructuring plan with Resurgence Asset Management, which
has bought $92 million of the company's  $125 million
principal debt. Under the terms of the agreement,
Physician Resource Group is offering its contracted doctors
the opportunity to buy their practices back. The group has
120 practices and 40 surgery centers. Physicians who have
surgical centers will be able to buy a portion of their
surgical centers back. The group is also offering to sell
the company's interests in the surgical centers to a
"strategic partnership," according to a printed statement.


RAND ENERGY: Seeks Continuance For Hearing
------------------------------------------
Rand Energy Company is seeking entry of an order continuing
the hearing of the proposed Disclosure statement for at
least three weeks, the hearing is currently set for April
6, 1999.

The debtor has undertaken negotiations with its creditors
and parties-in-interest, including Bank One, Texas, NA, the
debtor's primary secured creditor, and the Official
Committee of Unsecured Creditors, concerning the adequacy
of the Disclosure statement.  Although the debtor believes
it can address the concerns of Bank One, the Creditors'
Committee and other parties, the debtor will require
additional time for discussions regarding alterations and
additions to the Disclosure Atatement.


RECYCLING INDUSTRIES: Lewinsky Seeks Rejection of Contract
-----------------------------------------------------------
Recycling Industries of Wisconsin, Inc. filed a petition
for relief under Chapter 11 on February 26, 1999.  On March
2, 1999, the debtor discharged most of its employees,
including Steven Lewinsky.  Lewinsky was under an
employment agreement for a term of five years, commencing
in May of 1998.  Under the terms of the agreement, if the
employee is terminated without cause, he is entitled to the
pay he would have received under the agreement.

By not rejecting the Employment Contract and a non-
competition agreement with Lewinsky, Lewinsky asserts that
he is precluded from earning a living.  There is no that
the debtor will not be assuming the employment contract,
and there can be no competition since the debtor will not
be in business.  Therefore Lewinsky seeks immediate
rejection of both contracts.


SANTA FE GAMING: Consents To Removal of Stock From AMEX
-------------------------------------------------------
Santa Fe Gaming Corporation (AMEX:SGM), a diversified
gaming company headquartered in Las Vegas, announced today
it is consenting to the removal of its Common and Preferred
Stocks from the American Stock Exchange (AMEX).

This action became necessary because the Company no longer
fully satisfies all of the guidelines of the AMEX for
continued listing. The AMEX has advised that the last day
for trading of the Company's securities on the AMEX will be
Thursday, April 1,1999. The Company expects that a market
for its securities will develop over-the-counter following
removal from the AMEX.

Santa Fe Gaming Corporation owns and operates the Santa Fe
Hotel and Casino in northwest Las Vegas and the Pioneer
Hotel & Gambling Hall in Laughlin, Nevada. In addition, the
Company holds several real estate parcels for future
development within or in the area surrounding Las Vegas,
Nevada.


SOLO SERVE: Taps IRG as Liquidating Agent/Auctioneer
----------------------------------------------------
The debtor, Solo Serve Corporation, is seeking court
approval to employ IRG as Liquidating Agent/Auctioneer with
respect to the sale of furniture, fixtures, equipment and
supplies at debtor's distribution center in San Antonio,
Texas and to approve auction of distribution center assets.


SYSTEMSOFT: Files Chapter 11 Petition
-------------------------------------
SystemSoft Corporation (OTC:SYSF) announced that it will
file for protection under Chapter 11 of the U.S.  
Bankruptcy Code. The company will attempt to sell off its
technology assets to interested parties for the benefit of
creditors and shareholders. The company intends to operate
at reduced staff levels to fulfill obligations under
contracts to existing customers until assets of the
business are sold.


TELEGROUP INC: Court Ok's Stay Bonus Program
--------------------------------------------
On March 16, 1999, Judge William F. Tuohey entered an order
authorizing the debtor, Telegroup Inc. to implement the
Employee Stay Bonus Program, and pay its employees pursuant
to the program, not in excess of $1.35 million.


THE J. PETERMAN: GE Capital Objects To Stay Bonuses
---------------------------------------------------
General Electric Capital Corporation, a creditor of The J.
Peterman Company, a Kentucky corporation, objects to the
motion of debtor for an order authorizing salaries and stay
bonuses of debtor's employees.

GE Capital states that the debtor fails to explain the
necessity of the eight employees it wishes to retain.  In
addition, the creditor complains that there is an utter
lack of any plan or budget for going forward on a wind down
basis.  GE Capital objects specifically to a total
compensation for John Rice of $405,000 without delineating
his tasks.  GE Capital asks that the court deny the
debtor's motion without a specific plan of wind down.


THE J. PETERMAN: Order Authorizes KPMG
--------------------------------------
On March 12, 1999, the U.S. Bankruptcy Court for the
Eastern District of Kentucky, Lexington Division entered an
order approving the employment of the accounting firm of
KPMG, LLP to represent the debtor, The J. Peterman Company.


TWA: Bill Compton Will Become CEO
---------------------------------
Gerald L. Gitner, chairman of the board and chief executive
officer of Trans World Airlines, Inc. (AMEX:TWA) today
announced that effective at the Annual Meeting of
Shareholders on May 25, 1999, William F. Compton, currently
president and chief operating officer, will become chief
executive officer, retaining the title of president.  
Gitner, currently chairman of the board of directors and
chief executive officer, will continue as chairman of the
board and will assume the additional role of chairman of
the board's executive committee.


UNITED COMPANIES: Announces Sale of Retail Lending Platform
-----------------------------------------------------------
United Companies Financial Corp., Baton Rouge, La.,
announced it will sell its retail lending platform, UC
Lendingr; interested parties are asked to express their
interest by April 6, according to a newswire report. The
company also announced that efforts to sell its Ginger
Maer subsidiary have been terminated and this unit will
close effective immediately. United Companies also reported
that a hearing on final approval of its previously
announced financing and purchase agreements with Greenwich
Capital Financial Products Inc. and The CIT Group/Business
Credit Inc. has been rescheduled until March 31, due to the
recent formation of the creditors' committee. United
Companies is a specialty finance company in chapter 11
which provides consumer loan products nationwide through UC
Lending.r (ABI 24-Mar-99)


VOICE IT: Motion To Terminate Exclusivity
-----------------------------------------
The Creditors Committee of Voice It Worldwide Inc. filed a
motion requesting that the court terminate the exclusivity
period to permit the filing of competing plans of
reorganization.


WIRELESS ONE: Hearing On Disclosure Statement
---------------------------------------------
A hearing will be held on April 28, 1999 at 2:00 PM, before
the Honorable Peter J. Walsh in the U.S. Bankruptcy Court
for the District of Delaware to consider the adequacy of
the information contained in the debtor's Disclosure
Statement.

                   *********

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 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 1999.  
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
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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.  
       
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