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/raid1/www/Hosts/bankrupt/TCR_Public/990325.MBXT 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 prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *