TCR_Public/990427.MBX        T R O U B L E D   C O M P A N Y   R E P O R T E R
            Tuesday, April 27, 1999, Vol. 3, No. 81


AHERF: Creditors Agree To Merger
AMERICAN RICE: Plan of Reorganization
BAJA PRINTING: Files For Bankruptcy Protection
CAJUN ELECTRIC: SWEPCO Will Fight Competitor

CELLPRO, INC: Hearing on Plan
CRIIMI MAE: Union National Bank Seeks Relief From Stay
EAGLE PICHER: Hillsdale Acquires Stock of Charterhouse
EDISON BROS: Liquidation is Near
EUROWEB INTERNATIONAL: Reports Expansion Activities

FARM FRESH: Giant Opts Not To Renew $85M Contract
GARDEN BOTANIKA: Seeks Permission To Closer 95 Stores
GITIC: Creditors Have Themselves To Blame
GREATE BAY: Seeks To Perform Under BALA Option
INTEGRAL PERIPHERALS: Disclosure Statement

IRIDIUM: Stock Down On CEO Resignation
MEDPARTNERS: Drs & Investors Want to Buy Physician Network
MERRY-GO-ROUND: Trustee Settles E&Y Litigation for $185 Million
ONEITA INDUSTRIES: Amended Stipulation; Cash Collateral
ONEITA INDUSTRIES: Order Approves Retention of M.J. Sherman

PHP: Order Grants Trustee's Motion To Extend Time
QUALITECH: Creditors Blast Proposed DIP Financing
SABACOL: Emerges From Bankruptcy                  
SASAKI GLASS: Files For Court Protection From Creditors
UNIVERSAL SEISMIC: Announces The Sale of Oil and Gas Assets

WANG LABORATORIES: Annual Meeting Set for May 26, 1999
WIRELESS ONE: Applies to Retain Nations Media Partners

Meetings, Conferences and Seminars


AHERF: Creditors Agree To Merger
Creditors of the Allegheny Health, Education and Research
Foundation (AHERF) and the AHERF bankruptcy trustee have
verbally agreed to the merger of the Western Pennsylvania
Healthcare System (WPHS) and Allegheny University Hospital-
West (AUH), according to newswire reports. The majority of
the creditors have agreed to accept a $25 million payment
to settle claims stemming from the $1.5 billion bankruptcy
filed by AHERF and its Philadelphia hospitals last year.
However, two major creditors may not have signed onto the
verbal agreement. PNC Bank Corp.and MBIA Insurance Corp.,
the principal holders of AUH's long-term debts, have
several concerns, including whether the merged system would
have too few assets to support its debt. The proposed new
health system will serve Pittsburgh and the surrounding
area. The system comprises two tertiary hospitals, The
Western Pennsylvania Hospital and Allegheny General
Hospital, both in Pittsburgh; four community hospitals,
Allegheny Valley Hospital in Natrona Heights, Canonsburg
General Hospital in Washington County, Forbes Regional
Hospital in Monroeville, and Suburban General Hospital in
Bellevue. The new system will also include Forbes Nursing
Center and Forbes Hospice, both in Pittsburgh; and the
Allegheny University Medical Practices and West Penn
Corporate Medical Services, with physician offices that are
located throughout the region. (ABI 26-Apr-99)

AMERICAN RICE: Plan of Reorganization
The following is a designation of the Classes of Claims and
Interests under the plan.

Class 1 - Priority Non-Tax Claims are impaired under the

Class 2 - Secured Tax Claims - Class 2 consists of secured
tax claims.  These claims are impaired under the plan, and
the debtors believe that there are no such claims.

Class 3 - Bank Secured Claims, Bondholder Secured Claims -
All other secured claims.  The approximate alleged amount
(total) is approximately $180,000.  Secured non-tax claims
are impaired.

Class 4 - General unsecured claims impaired
Each holder of an allowed claim will receive a pro rata
interest of 5% of the new common stock.

Class 5 - All Olive Division Unsecured Claims - impaired.
Holders shall receive a pro rata distribution of cash from
a fund of $400,000 set aside for such holders.

Class 6 - All Small Unsecured Claims.  These claims are
impaired under the plan.  The holders shall receive in cash
5% of the allowed amount of such claim on the earlier of
the Effective Date or the date such claim is allowed by
Final Order.

Class 7 - Interests are impaired under the plan.
No distribution under the plan.

BAJA PRINTING: Files For Bankruptcy Protection
San Diego-based Baja Printing, named the seventh fastest-
growing inner-city company by Inc. magazine and the
Initiative for a Competitive Inner City, filed
for bankruptcy protection last October.

A news service story yesterday about the award did not
contain information about the filing. And officials who
gave the award said yesterday they were not aware of the
bankruptcy proceedings.

Efforts to reach the Gateway Center-based company or its
attorney yesterday were unsuccessful. A spokeswoman for
ICIC said a representative of Baja Printing attended an
awards ceremony for the top companies on the list in  
Boston last night.

The ICIC spokeswoman said the screening process for the
list of 100 fastest-growing inner-city businesses included
a review of audited financial records or tax statements.
Those statements covered operations no later than 1997,  
however. (San Diego Union Tribune - 04/24/99)

In essence, all creditors holding allowed claims in this
case will receive a combination of notes and/or shares in
the Reorganized debtors in satisfaction of their secured
and unsecured claims.  The debtors will sell the real
property which secures certain claims an use the proceeds
to pay certain of the secured claims.  The capital for
ongoing operations and to fund the cash payments required
on the Effective Date of the plan will be provided by loans
from new investors which will be made on an unsecured basis
prior to confirmation of the plan.  The administrative
claims created in favor of the parties loaning money to the
debtors, may, at the elect ion of the holders of such
administrative expense priority claims, be satisfied on the
Effective Date by the issuance of shares of stock in the
Reorganized Debtors.  

Class 1 - The Allowed Security Claim of Sammy and Vashti
Shrum - Approximately $1.604 million. - Impaired.  The new
Shrum Note shall bear interest at the rate of 7%.  In the
event of a sale of the Branson property, the proceeds shall
be paid in satisfaction of the new note.  The entire
principal balance of the note is due within 7 years of the
Effective Date.

Class 2 - The Allowed Secured Claim of SDA ($1.7 million)
the debtors object to allowances of all or a substantial
portion of the claims.  A settlement has been reached to an
allowed secured claim of $884,000 and an unsecured claim of
$800,000. - Impaired.  The new note shall bear interest at
the rate of 7%. The entire principal balance of the note is
due within 7 years of the Effective date.  The new note is
convertible into common stock of the reorganized debtor at
the option of SDA at a price of  $.43 per share for the
first year following the Effective Date of the plan.  The
conversion price will increase by $.10 each subsequent

Class 3 - The allowed secured and unsecured claims of Dr.
Kenneth Landow. ($675,000) - Impaired.  Landow shall
receive 3 shares of New AGT Common for each one dollar of
his allowed claims.

Class 4 - The allowed secured and unsecured claims of
Scott. ($144,000) - Impaired.  Scott shall receive 3 shares
of new AGT Common for each one dollar of his allowed

Class 5 - Allowed Secured Claims not included in any other
class - the debtors are not aware of any such claims -

Class 6 - Allowed Unsecured Claims against AGT ($1,225,000)
-Impaired.  Each claim shall receive one and eighty-eight
one hundredths shares of new AGT common for each one dollar
of his or her allowed claim.

          All Allowed Unsecured Claims Against BSR (the
debtors are not aware of any claims in this class)- No
Class 7 - Rights and allowed Interests of any interest
holder in AGT. Impaired. Canceled and extinguished on
Effective Date.

Class 8 - All allowed interests in BSR. Canceled and
Extinguished on Effective Date and BSR shall be dissolved.

CAJUN ELECTRIC: SWEPCO Will Fight Competitor
Southwestern Electric Power Company will fight attempts by
its competitors to undermine the bidding process in the  
Cajun Electric Power Cooperative bankruptcy.

"The court-ordered deadline for circulating the final bids
was April 16, and  SWEPCO outbid the Cajun Electric
trustee's plan by $57 million," said Mike Smith, vice
president of SWEPCO's parent company, Central and South
West Corporation (NYSE: CSR).  "After the trustee had three
days to analyze our bid, he tried to increase his bid on
April 19.  On April 22, the trustee and Louisiana
Generating tried to increase their bid again.  The
trustee's two court filings are simply his attempt to let
Louisiana Generating re-bid after finding out they were no
longer the highest bidder," Smith said.

"The trustee's actions expose his bias to have his favored
plan win at all costs," Smith said.  "SWEPCO will
strenuously oppose this blatant attempt to undermine the
integrity of the bid process.  If this is to be allowed, it
would seriously lower our confidence in the bankruptcy

SWEPCO, the group of electric distribution cooperatives
known as the Committee of Certain Members, and Washington-
St. Tammany Electric Cooperative, Inc. (W-ST) are offering
a joint reorganization plan. Under the SWEPCO/Committee/W-
ST plan, an affiliate of SWEPCO will acquire Cajun's non-
nuclear assets.  The competing plan is offered by the Cajun
Electric trustee, who supports the bid by Louisiana
Generating LLC.

SWEPCO's bid is worth approximately $1.017 billion,
compared to Louisiana Generating's April 16 bid of $960
million.  SWEPCO's bid is based on interest rate
adjustments to its base bid of $940.5 million. Louisiana
Generating's April 16 bid of $960 million also is interest-

The U.S. Bankruptcy Court called for amended plans after
rejecting both competing reorganization plans in a Feb. 11,
1999, ruling.  The reorganization plans are subject to
confirmation by the U.S. Bankruptcy Court and
approval by  regulatory agencies.

The Committee of Certain Members includes Beauregard
Electric Cooperative, Inc., Dixie Electric Membership
Corp., Jefferson Davis Electric Cooperative,  
Inc., Northeast Louisiana Power Cooperative, Inc., South
Louisiana Electric Cooperative Association and Valley
Electric Membership Corp.  Although it has withdrawn from
the Committee for financial reasons, Washington-St. Tammany  
Electric Cooperative, Inc. has notified the court of its
continuing support of the SWEPCO/Committee plan.  W-ST also
joined as a co-plan proponent in filing the final plan

Claiborne Electric Cooperative, Inc. which is not a member
of the committee, also supports the SWEPCO/Committee/W-ST

Southwestern Electric Power Company, based in Shreveport,
La., is a subsidiary of Central and South West Corporation,
a Dallas-based public utility holding company.

CELLPRO, INC: Hearing on Plan
The debtor, CellPro Incorporated, filed a Disclosure
Statement and Amended Plan of Reorganization as of March
23, 1999.  The hearing to consider Confirmation of the Plan
shall be held on may 21, 1999 at 11:00 AM before the
Honorable Karen A. Overstreet in Courtroom 427, 315 park
Place Building, 1200 6th Avenue, Seattle, Washington 98101.

The plan provides for the liquidation of all of the
debtor's assets and the satisfaction of all allowed claims,
in cash as provided below.

Treatment of Claims under the plan is summarized as

Class 1 - Secured Claims - Impaired. Treatment is divided
into two options; either transfer of property securing the
claim or payment in full on the Distribution Date.

Class 2 - Other Priority Claims - Impaired. Holders will be
paid on Distribution Date.

Class 3 - Insured Claims - Unimpaired.

Class 4 - Patent Plaintiffs - Unimpaired. ($7,933,793)
          Other Unsecured Claims - Impaired. Allowed
claimants will be paid at the rate of 4.242% per year.

Class 5  - 5A -Securities Class Action - Not impaired. D&O
Carrier shall deliver $1.5 million in partial satisfaction
of allowed claims; deliver 1,254,810 shares of VIMRx stock
in partial satisfaction of claims.
           5B - Florida Securities Action - Not impaired.
$175,000 in full satisfaction of action.
           5C - Opt Out Claims Impaired. Cash in the amount
of 4% of allowed class 5C claims, provided that the
aggregate distribution under the plan shall not exceed
$100,000; if it does exceed $100,000, holders shall receive
a pro rata share.

Class 6  - Common Stock . All Interests of the debtor
evidenced by the Common Stock - impaired.  Pro rata
distribution of available cash.

Class 7 Other Interests - impaired. Cancelled.

CRIIMI MAE: Union National Bank Seeks Relief From Stay
First Union National Bank moves for relief from the
automatic stay to proceed against property of the estate of
extended a credit facility to the debtors, which facility
is secured by first priority, perfected security interests
in a liens upon certain partnership an related interests
and all of the issued an outstanding capital stock of

The Bank alleges that the debtor is in default of the Loan
Documents, that the debtor has failed to make principal and
interest payments.  The Bank states that the value of the
Partnership Collateral is subject to substantial
fluctuation and presents a high risk to parties secured by
such collateral. By virtue of the foregoing, the Bank is
entitled to relief from the stay because its interest in
the Partnership Collateral is not adequately protected.  
The Bank is seeking for relief, that the debtor account for
all collateral income and deposit all collateral income in
a segregated account and pay to the bank all amounts of
Collateral Income received by the debtor, to be applied to
the Bank's costs and to all interest accrued under the
Creditor Agreement at the default rate, and thirdly to
outstanding principal, and that the court grant the Bank
immediate relief from the automatic stay.  The Bank also
alleges that its interest in the mortgage Pass-Through
Certificates is not adequately protected, giving rise to
cause for terminating or modifying the stay  and that the
debtor turn over to the bank all uncertificated securities
income and certificated securities income; and  that the
bank be granted relief from the automatic stay to exercise
its rights including the right to sell the Mortgage Pass-
Through Certificates and the right to exercise all remedies
as to the CRIIMI Stock.

EAGLE PICHER: Hillsdale Acquires Stock of Charterhouse
On April 14, 1999, Hillsdale Tool & Manufacturing Co., an
indirectly wholly-owned subsidiary of Eagle-Picher
Holdings, Inc., acquired all of the outstanding capital
stock of Charterhouse Automotive Group, Inc., a Delaware
corporation, the indirect parent corporation of Carpenter
Enterprises Limited, a Michigan corporation.

The acquisition was made pursuant to a Stock Purchase
Agreement dated April 8, 1999, which was held in escrow
until April 14, 1999, and is effective as of March 1, 1999
for accounting purposes. The total consideration
paid for Charterhouse was approximately $72.0 million,
consisting of $37.9 million for the stock of Charterhouse,
a $3.1 million payment to the former president of Carpenter
under a phantom stock plan which was triggered by the
transaction, and $31.0 million of existing indebtedness of
Carpenter.  Carpenter is a supplier of precision machined
components to the automotive industry. Charterhouse is a
holding company whose only asset is the stock of
Charterhouse-Carpenter Holdings, Inc., a Delaware
corporation("Carpenter Holdings"), another holding company
whose only asset is the stock of Carpenter. It is
anticipated that Charterhouse and Holdings will be
dissolved in the near future.

EDISON BROS: Liquidation is Near
According to the St. Louis Post-Dispatch on April 23, 1999,
Edison Brothers Stores Inc. plans to close nearly half of
its stores, including 14 in the St. Louis area. The
bankrupt company also is taking other steps which signal
that a complete  liquidation is not far off.

Citing losses of management personnel, Edison has asked a
bankruptcy judge to authorize retention and severance
payments to key managers who remain. Chief  executive
Lawrence Honig will leave July 15. Last week, J. Baker Inc.
said it would buy the assets of Edison's Repp Ltd.  
Big & Tall stores and the Repp catalog business for $33
million. J. Baker owns the Casual Male Big & Tall chain.

The 675 stores that will be closed include nearly all of
three chains --Riggings and JW, which sell apparel, and
Wild Pair, which sells shoes. Edison said it had received
no acceptable offers for them by an April 9 deadline.
A group of liquidators has offered to pay Edison between
22.4 percent and 29.24 percent of the retail price of the
three chains' inventory. The inventory is worth at least
$166.8 million, the company says.

An auction, in case there are other bids, will be held
Monday at the offices of Edison's New York law firm. On
April 29, the bankruptcy court in Wilmington, Del., will be
asked to approve the deal. The company expects the going-
out-of-business sales to last six to 10 weeks.

This will leave Edison with 816 stores. It had about 2,700
when it filed bankruptcy the first time in November 1995.
The company said Thursday that it is considering offers for
its remaining chains.

Also, as reported by the independent Edison Brothers
Bankruptcy News, Edison has asked the court to let it sell
a warehouse in Princeton, Ind., for $6.1 million. The
company had already decided to close the warehouse April
30. Under the retention program that Edison has proposed to
the court, the company would pay a maximum of $1.2 million
in retention payments and $6.3 million in severance

This includes $204,000 in retention incentive and $1.05
million in severance payments to Honig. After July 15, he
will serve as a consultant to Edison for two months.
The company told the court, according to the newsletter,
that it needs a chief financial officer for six months, a
controller for nine months, a general counsel for 12
months, and groups of other employees for between three
and nine months. Edison told the court that most stores
will be sold or closed during the next three months.

EUROWEB INTERNATIONAL: Reports Expansion Activities
In March 1999, Euroweb International Corp. embarked on
a planned expansion program beyond its base in Hungary. The
Company reports to the SEC that it entered into acquisition
agreements with EuNet Slovakia, a leading Internet service
provider in Slovakia, and with Luko Czech Net, a leading
Internet service provider in the Czech Republic, subject to
due diligence. It also entered into negotiations to acquire
other Internet service providing companies in the Czech
Republic, Slovakia, Slovenia and Romania. To finance the
acquisition program, the Company completed three Private
Placements in April 1999.

1. A private placement of 565,141 shares of its
Common Stock for $741,728.81 with J.P. Carey Inc., as
placement agent.  The company issued 56,514 five year
Warrants to the Placement Agent to purchase 56,514
shares of its Common Stock on or after April 2, 1999 at an
exercise price of $2.10 per share.

2. A private placement to an investor of 152,380
shares of its Common Stock for $200,000.

3. A private placement of 27 1/2 Units at $50,000
per Unit. Each Unit consists of 28,571 Shares of Common
Stock and 28,571 Common Stock A Purchase Warrants and
28,571 Common Stock B Purchase Warrants.

The Company employed Zoltan Gelencser as a full time
consultant to act as Country manager of its Internet
operations in the Czech Republic.

FARM FRESH: Giant Opts Not To Renew $85M Contract
The Virginian Pilot Ledger Star reports on April 24, 1999
Richfood, the Richmond-based food wholesaler and retailer
that owns Farm Fresh, said Friday that  its biggest
wholesale customer has opted not to renew its $600 million

The contract with Giant Food Stores Inc. of Carlisle, Pa.,
represents about 17 percent of Richfood's annual wholesale
grocery sales of about $3.4 billion, said John Stokely,
Richfood's chairman, president and chief executive officer.
Stokely said he estimates that the loss of the supply
contract, effective Dec. 31, 1999, will shave 15 to 20
cents from earnings in fiscal year 2000, and 28 to 33 cents
in the future.

"Obviously, we are very disappointed by Giant's decision,"
said Stokely in a statement. Shares of Richfood Holdings
Inc. plummeted nearly 26 percent in trading Friday, losing
$4.13 to $11.88. Jack Kasprzak, an analyst at Scott &
Stringfellow, stressed that while the news was
disappointing, "it's not the death blow." "It will have a
material and negative impact on earnings," Kasprzak said.  
"(Richfood will) still have avenues we can pursue for

Kasprzak added that the loss will not impair Richfood's
financial ability to execute its growth plans for Shoppers
Food Warehouse, Metro and Farm Fresh. Last March, Richfood
acquired Norfolk-based Farm Fresh out of bankruptcy.  
Richfood is pouring $85 million into overhauling the chain
of 42 stores.

"We have worked hard to diminish (Giant's) long-term
strategic importance to Richfood," Stokely's statement
said. "Two years ago, we began the process of  
repositioning Richfood to lessen its reliance on the Giant
business, while capitalizing on our advantageous strategic
position in the Mid-Atlantic to become a major consolidator
of retail supermarkets."  To do that, Richfood will have to
acquire smaller chains, and build back the wholesale
business lost from the Giant contract in smaller pieces.
With Richfood's stock trading at a new 52-week low,
however, the acquisition would have to be small.

In trading on April 5, shares of Richfood fell 20 percent,
from $20.13, as analysts slashed their earnings estimates
for the company. Analysts cited greater-than-expected costs
of Y2K, wholesale labor and the later-than-expected
sale of Trak Auto, and start-up costs of Pack 'N Save,
Richfood's limited-assortment stores. (Virginian Pilot
Ledger Star - 04/24/99)

GARDEN BOTANIKA: Seeks Permission To Closer 95 Stores
The Seattle Post-Intelligencer reports on April 22, 1999
that Garden Botanika Inc. filed for Chapter 11 bankruptcy
protection and  is seeking court permission to close 95 of
its 245 stores by May 31.

The Redmond maker and retailer of botanical-based cosmetics
and personal care products said it expects the store
closings to result in the layoffs of 200 full-time and
1,000 part-time employees.

The company said the stores to be closed are mainly in the
Midwest and Southwest, Dow Jones News Service reported.

The company also said it negotiated a credit line of $7
million to help it operate during reorganization. The
financing is subject to approval by the U.S. Bankruptcy
Court for the Western District of Washington, which is
where the  case was filed.

GITIC: Creditors Have Themselves To Blame
The South China Morning Post reports on April 23, 1999 that  
not in a single category of assets does the estimated
recoverable amount come even close to the book value, not
even in cash and bank balances. Look at the loans Gitic
made. Of the 11.3 billion yuan total only 1.4 billion yuan
is rated as normal and only 83 per cent of even this is
rated as recoverable. The rest of the lending is classified
as in difficulty (50 per cent recoverable), ceased
operation, in liquidation, in litigation or disputed.

Now look at the liabilities. Their back-office problems
must have been severe indeed to put them so far off the
beam in tracking what they owed, judging by the difference
between book value figures for unsecured creditors and the
registered amounts. In loans alone, Gitic's books say it
owed 16.5  billion yuan. The registered figure is 19.9
billion yuan.

Unsecured creditors owed 38.7 billion yuan, but have a
mere 6.5 billion yuan to share between them. That's a
recovery rate of 16.8 per cent.  And bear in mind that the
recoverable amount is before liquidation fees and  

While the Chinese journal states that incompetent
management will no doubt be blamed, Gitic's creditors are
heavily composed of the usual European and Japanese banks
whose names figure on such lists again and again as well as
some South Korean names.

GREATE BAY: Seeks To Perform Under BALA Option
The debtors, Greate Bay Hotel and Casino, inc., and its
affiliated debtor seek an order authorizing the debtors to
perform under the Bala Option and to implement Phase I of
the sands Pacific Avenue Expansion Plan.

The debtors, together with the architectural firm of Sykes,
O'Connor, Salerno, & Hazaveh, a firm of architects, have
developed a plan for the expansion of the Sands Casino.  By
this motion the debtors seek authorization to execute Phase
I of the project, including the demolition of the Midtown
Bala Hotel and the expansion of the Sands Hotel Casino
entrance towards Pacific Avenue.  It also includes the
demolition of parts of the Sands building and the creation
of an entrance.

The estimated cost of Phase I is $13.060 million, and it is
estimated that it will take from eight to nine months to
complete Phase I.  The debtor s believe that Phase I should
cause gross operating profit to increase in excess of $4.5
million per year, compared to what GOP would be if the
project is not completed.

The Noteholders and the Official Committee of Unsecured
Creditors do not oppose the purchase of the Bala Property
and completion of the project.

INTEGRAL PERIPHERALS: Disclosure Statement
The Disclosure Statement prepared by the debtor, Integral
Peripherals Inc. and the Official Unsecured Creditors'
Committee contains information concerning Integral
Peripherals, Inc.'s Proposed Liquidating Plan of
Reorganization.  Integral Peripherals, Inc. is now known as
IPB Liquidating Company, Inc.

AS a result of a Sales/Assignment Agreement with Asia
Pacific, the debtor sold or assigned substantially all of
its assets and its unexpired contracts, leases, and
licenses.  Of the purchase price under the Agreement, the
debtor received $3.5 million in cash at closing and all of
the proceeds due and payable under the Maxtor License.  
Pursuant to the plan, the proponents of the plan
contemplate conversion of all assets of the estate to cash
for distribution to the estate's creditors, and in the
unlikely event there is a surplus, to debtor's equity
security holders.  the debtor will not continue to operate
its business.  A liquidating Agent will be charged with the
task of collecting all available assets of the estate and
reducing such assets to cash.  The agent will invest the
estate's cash in appropriate interest-bearing accounts
pending distribution to creditors.  Upon the Effective
Date, certain member of the Creditors Committee will become
the Plan Committee to direct and supervise the operations
of the Agent under the Plan, including the review and
approval of the reimbursement of funds, the disposition of
assets and the settlement of disputes.  

Classification and treatment of claims and interests:

Class 1 - Allowed Priority Claims - not impaired.

Class 2 - Allowed Secured claim, if any of Headway
Technologies, Inc.
Not impaired ($400,000)

Class 3 - Allowed Unsecured Claims of CMC Magnetic
Corporation and URACO Holdings, Ltd.($1,572,000)
Claim holders can elect to receive 25% of the claim; or
allowed unsecured claims held by creditors will be
discounted by 20%.  The discounted claims will then
participate in the distributions to be made to creditors
holding Allowed Unsecured Claims in Class 6, as if the
discounted Class 3 claims were allowed unsecured claims in
Class 6.

Class 4 - Allowed Unsecured Claims of Tan Kian Meng; Chua
Kay hee; Tay Peng Chua; Lee Beng Hup; Navaneetha Raj; Ta Ya
Electric Wire & Cable Company; and Hung-Wei Investment Co.,
Ltd. ($2,023,000)  Holders can elect to receive 20% or to
have theri claims discounted by 35% and then participate in
Class 6 as provided above for Class 3 claimants.

Class 5 - Allowed Unsecured Claims of ROC Venture Company
Ltd and Win Win Venture Capital Corporation. ($1,903,000)
Holders may elect to accept 15% of their claims or to  
discount their claims by 50% and participate in class 6
distributions as provided above.

Class 6 - Allowed General Unsecured Claims Exceeding $1,000
($5,193,000) based upon the unsecured claims of
approximately $4,501,000 and the amount of $692,000
representing the unsecured portion of employment
termination claims.  The debtor estimates the pro rata
payment to Class 6 to be in the range of 21 to 80 cents on
the dollar, with 52 cents being a most likely estimate.

Class 7 - Allowed General Unsecured Claims Not Exceeding
$1,000 ($49,000) - impaired. Claim holders shall receive a
distribution equaling 50% of their allowed claims.
Class 8 - Allowed Subordinated Unsecured Claims, if any -
holders will be paid a pro rata share after payment to
classes 1-7.  It is anticipated that holders will receive
no distribution.

Class 9 - Allowed Interests of the debtor's preferred and
common shareholders, will receive nothing.  - Impaired.

IRIDIUM: Stock Down On CEO Resignation
Global satellite telephone service provider Iridium  
[NASDAQ:IRID] stock was down almost 8 percent as of this
afternoon, a day after the company's chief executive
officer (CEO) resigned following differences with the
company board. Also late yesterday, a class action suit was
filed against the company in the US District Court for the
District of Columbia.

CEO Edward Staiano's departure from Iridium marks the
second resignation Iridium has seen in its executive
offices in two months. Last March, the company said Chief
Financial Officer (CFO) Roy Grant was leaving, following
the company's persuading of its creditors to agree to a 60-
day waiver on the requirements for a $800 million loan.

John Richardson has been appointed interim CEO by the
board, which also formed an executive committee to manage
the day-to-day operations of the company. A search firm has
been hired to find a permanent CEO to fill the newly
vacated position. Iridium has in operation 66 satellites,
designed to allow anyone to make phone calls from just
about anywhere on the planet -- but for a hefty price.  
Anticipated revenue and subscribers have not met with

The class action lawsuit filed yesterday apparently
highlights those unfulfilled expectations. Wolf Haldenstein
Adler Freeman & Herz LLP filed a class action lawsuit "on
behalf of investors who purchased Iridium World  
Communications Inc. stock between September 9, 1998 and
March 29, 1999."

According to the law firm, the lawsuit against "Iridium,
certain officers and directors of Iridium, and Motorola
Inc." alleges that the defendants issued "false and
misleading statements and failed to disclose material facts  
concerning the company's ability to fully launch the
Iridium System."

MEDPARTNERS: Drs & Investors Want to Buy Physician Network
A consortium of doctors and investors wants to buy  
most of bankrupt MedPartners Inc.'s physician network, but
some MedPartners  doctors are looking to buy back their own
practices. The proposed deal calls for MedManagement
Acquisitions Corp, and Apollo Equity to purchase three
groups within Medpartners that serve more than 500,000
patients in Orange County and Los Angeles. The investors
want to purchase the assets of the groups for about  
$5 million, while taking on some of the groups'

MERRY-GO-ROUND: Trustee Settles E&Y Litigation for $185 Million
Ernst & Young will pay $185 million to settle claims it provided
incompetent and fraudulent advice as a consultant for the now-
defunct Merry-Go-Round clothing chain.  Merry-Go-Round hired
Ernst & Young in 1993 to help it devise a bankruptcy
reorganization strategy.  

But the $3.8 billion lawsuit, filed by a bankruptcy trustee,
alleged that Ernst & Young instead contributed to the retailer's
demise, charging that Ernst & Young assigned inexperienced people
to the job and moved too slowly to fix Merry-Go-Round's finances.
In the fourth quarter of 1995, Ernst & Young launched a cost-
cutting program that was designed to save $11 million.  The suit
claimed that the program, which included the closing of 230
stores, deprived the chain of badly needed Christmas sales.

A trial in the case had been scheduled to start Monday. Ernst &
Young did not acknowledge wrongdoing in agreeing to the
settlement.  An attorney for Ernst & Young, one of the nation's
top accounting and consulting concerns, had claimed that awarding
even a fraction of $3 billion in punitive damages and $800
million in compensatory damages sought could threaten the firm's

Ernst & Young stressed in a statement Monday that the settlement
was not an admission of wrongdoing, asserting that the company
"believes other parties bear substantial responsibility for the
failure of Merry-Go-Round to survive.  "The firm will look to
these parties for contribution to the settlement," which is
largely covered by insurance, the statement said.

The plaintiff in the case, bankruptcy trustee Deborah H. Devan,
issued a statement describing the settlement as a fair agreement
which "serves the best interests of the estate of Merry-Go-Round
Enterprises, Inc."   She has said she hoped a settlement would
allow full payment of more than $80 million in claims by primary
creditors, including former vendors and 2,000 former employees
owed vacation time, bonuses and other benefits.  Ms. Devan, a
Baltimore attorney, began serving as Merry-Go-Round's bankruptcy
trustee in March 1996 after the company's reorganization in
federal court under Chapter 11 bankruptcy laws was converted into
a Chapter 7 liquidation.

ONEITA INDUSTRIES: Amended Stipulation; Cash Collateral
Subsequent to the entry of the original Cash Collateral
Order, the value of the lenders' collateral has diminished
to the degree that such diminution exceeds the value of the
lenders' collateral thereby creating, as of the Petition
Date, a super-priority administrative claim in favor of the
lenders.  The debtor is in default in several respects
under the prior stipulation and cash collateral order.  The
debtor, through its financial advisor has been attempting
to sell its business as a going concern, and the debtor
cannot continue to operate in a viable manner without a
significant infusion of cash.

The parties have not been able to negotiate a plan of
reorganization that would be confirmable under the
Bankruptcy Code; the Board of Directors has authorized the
debtor to wind down its operations as expeditiously as
possible and to preserve the greatest value for creditors.

The lenders consent to the debtor's continued use of cash
proceeds of the lenders' collateral provided such use
strictly complies with the Budget and there is no default
by the debtor under the terms of the Prior Stipulation, the
Cash Collateral Order, or this Stipulation.

ONEITA INDUSTRIES: Order Approves Retention of M.J. Sherman
The US Bankruptcy Court for the District of Delaware
entered an order authorizing the debtor to retain the firm
of MJ Sherman & Associates Inc. as a responsible person, to
advise the Company with its efforts to manage their
operations and dispose of their assets during the wind down
of the company.  The firm will be paid $50,000 per month
for a period of up to four months.  Thereafter, the firm
will be compensated at $40,000 per month and thereafter at
$30,000 per month.

PHP: Order Grants Trustee's Motion To Extend Time
Upon the motion of Jeoffrey L. Burtch, Chapter 7 Trustee of
PHP NJ MSO Inc. and Pinnacle Health Enterprises, LLC, the
US Bankruptcy Court for the District of Delaware entered an
order further extending the time within which the debtors
may assume or reject executory contracts and unexpired
leases of nonresidential real property.

The time within which the debtors shall assume or reject
leases as identified by exhibit has been extended through
and including April 30, 1999.

QUALITECH: Creditors Blast Proposed DIP Financing
Several creditors of Qualitech Steel Holdings Corp. have
filed objections to the company's $30 million debtor-in-
possession facility as well as its request to use cash
collateral, charging that Qualitech is giving lenders
control of the company in the process. Creditors Chase
Venture Capital Associates L.P. and John Hancock Mutual
Life Insurance Co. stated that the financing has been
proposed by the company's pre-petition senior lenders "for
their exclusive benefit. Under the pretext of doing the
Debtors a favor, the Senior Lenders would have this Court
grant them extraordinarily favorable treatment not
otherwise available under the Bankruptcy Code or
under state law, at the expense of the Debtors and other
creditors, and all for the purpose of protecting collateral
which it is in the Senior Lenders' self-interest to protect
anyway." The creditors asserted that the DIP facility
essentially turns over control of Qualitech's cases to the
lenders while removing the bulk of the bankruptcy
protections from the other parties in interest.
(The Daily Bankruptcy Review and ABI Copyright c April 26,

SABACOL: Emerges From Bankruptcy                  
GREKA Energy Corporation (NASDAQ: GRKA) announced that the
sale by its wholly-owned subsidiary, Sabacol, Inc.
("Sabacol"), of substantially all of its assets was
approved by the Bankruptcy Court which further authorized
the dismissal of Sabacol's bankruptcy case upon
consummation of the sale.

Sabacol's assets, located solely in Colombia, consist of a
50% interest in a 188-mile pipeline and varying interests
in heavy oil producing properties. In exchange for the sale
of its Colombian assets under the terms of the agreement,
Sabacol shall receive consideration of at least $10 million
consisting of cash, interests in oil and gas producing
properties in California, and full release  of the related
debts. Additionally, subject to an adjustment in March
2000, the Company could receive up to $5 million in cash
and have an option to re-purchase the Colombian assets for
$12 million. Such payment or option would have to be
exercised by March 31, 2000 or May 31, 2000, respectively.

Mr Randeep S. Grewal, Chairman, CEO & President, stated,
"Procuring the Bankruptcy Court's approval of the Colombian
asset sale and dismissal of the Chapter 11 case is yet
another achievement by management toward successfully  
concluding material transactions consistent with our
strategy that enhance shareholder value. The Company has
been, and continues to be, focused on disposing non-core
assets in exchange for cash resulting in debt reduction.
The  sale of Sabacol's assets exceeds this objective by the
Company's additional  acquisition of core assets in
California that directly add value to GREKA in  terms of
cash flow and profits. Upon closing this transaction, it is  
anticipated that the Company's daily production would be
approximately 4500 BOE.

"The anticipated closing in the second quarter of 1999 of
the Sabacol sale and other material transactions presently
contemplated by the Company should have a favorable impact
on the Company's financial statements. GREKA intends to
file an amendment to its Form 10-KSB for the year ending
December 31, 1998 that should correctly reflect our
financial strength."

SASAKI GLASS: Files For Court Protection From Creditors
Sasaki Glass Co. filed Monday for court protection from its
creditors, making it the first company listed on the
Tokyo Stock  Exchange's First Section to do so this year, a
private credit research agency  said.

Sasaki Glass, a glass tableware producer set up in 1902,
took the action under the Corporate Rehabilitation Law with
the Tokyo District Court, as it has some 46.6 billion yen
in debts, including those held by six subsidiaries,
Teikoku Databank said.

Sasaki Glass has been hit by competition from low-priced
imports and weak demand from corporate and individual
customers during the prolonged recession, the agency said.

Failed real estate and financial investments during the
asset-inflated bubble economy that collapsed in the early
1990s have also weighed heavily on the company's balance
sheet, the agency said.

Sasaki Glass announced last December a restructuring
program in which it asked  three creditor banks to waive
claims on 12 billion yen in loans to the company,  but the
banks refused.

For the 1998 business year, which ended March 31 this year,
Sasaki Glass estimates its debts exceed its assets by some
9 billion yen, Teikoku Databank said. (Kyodo News 26-Apr-

UNIVERSAL SEISMIC: Announces The Sale of Oil and Gas Assets
Universal Seismic Associates, Inc. (OTC Bulletin Board:
USAC) announced the sale of substantially all the oil and
gas assets owned by its subsidiary UNEXCO, Inc. to Aminex
USA, Inc.  The oil and gas assets were sold in exchange for
a promissory note and the assumption of a bank loan related
to the properties.  In a concurrent transaction, UNEXCO
exchanged the promissory note for the cancellation of
approximately $8.4 million in loans and accrued interest
payable to its major creditor.

Universal noted that the transaction had been under
consideration for some time and the date for the assumption
of the assets by Aminex was effective December 1, 1998.  
UNEXCO will recognize a net gain on the sale of the
properties and the exchange of the debt and accrued
interest of approximately $5.5 million.  
It is not anticipated that UNEXCO will continue its
exploration and production activities. UNEXCO's prior
year's operations will be accounted for as discontinued
operations in Universal's consolidated financial

Mr. Joe T. Rye, President and CEO of Universal, noted that
Mr. Mike Pawelek, who has overseen the oil and gas
operations since UNEXCO was formed in 1996, would resign
his positions as President of UNEXCO and Executive Vice
President of Universal Seismic.  Mr. Pawelek, who is a
member of the board of directors of Universal, will
continue in that capacity.

Mr. Rye further noted that the sale of the oil and gas
assets was part of the continuing effort to reduce
Universal's debt, and with these transactions over  
$9.0 million of notes and other liabilities have been

Universal Seismic Associates, Inc. provides three-
dimensional seismic data acquisition and processing
services to the energy industry.  

WANG LABORATORIES: Annual Meeting Set for May 26, 1999
The Annual Meeting of Stockholders of Wang Laboratories,
Inc. (the "Company") will be held at the Radisson Hotel, 10
Independence Dr., Chelmsford, MA 01824 on Wednesday, May
26, 1999 at 10:00 a.m., local time, to consider and
act upon the following matters:

1.  To elect three Class II Directors, each to serve for a
three-year term.

2.  To approve the Amendment and Restatement of the
Director Stock Option Plan.

3.  To approve an amendment to the Employees' Stock
Incentive Plan to increase the number of shares available
for issuance under the plan.
4.  To approve an amendment to the 1995 Employees' Stock
Purchase Plan to increase the number of shares available
for issuance under the plan.
5.  To approve an Amended and Restated Certificate of
Incorporation which would:
(i) change the name of the Company from "Wang Laboratories,
Inc." to "Wang Global Corporation",
(ii) increase the aggregate number of shares of Common
Stock that the Company is authorized to issue from 100
million to 200 million; and
(iii) eliminate certain obsolete provisions related to
restrictions on the transfer of Common Stock.
6.  To approve the issuance of additional shares of Common
Stock to Ing. C. Olivetti & Co. S.p.A. ("Olivetti") in
connection with the acquisition by the Company of the
Services and Solutions Business of Olivetti ("Olsy") on
March 17, 1998.
Stockholders of record at the close of business on March
29, 1999 will be entitled to notice of and to vote at the
meeting or any adjournment thereof.

WIRELESS ONE: Applies to Retain Nations Media Partners
Wireless One, Inc., debtor, seeks entry of an order
authorizing the debtor to retain, employ and compensate
Nations Media Partners, Inc. as the debtor's representative
for the sale of certain assets, including wireless towers
and related assets.  If a proposal is accepted and the
transaction is consummated, the debtor agrees to pay
Nations a commission of 5% of the first $5 million of the
gross sale price plus 1% of the gross sale price in excess
of $5 million.

Meetings, Conferences and Seminars
April 26-27, 1999
      Bankruptcy Sales, Mergers & Acquisitions
         The Mark Hopkins, San Francisco, California
            Contact: 1-903-592-5169 or   

April 28-30, 1999
      INSOL Bermuda '99 Conference of the Americas
         Castle Harbour Marriott Resort

April 30-May 4, 1999
      Annual Meeting and conference, including a one-day
      program on cross-border insolvencies
         Shangi-La Hotel, Bangkok, Thailand
            Contact: 011-66-2-233-0055

May 13-15, 1999
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Securities, and Bankruptcy Conference
         Savannah, Georgia
            Contact: 1-800-CLE-NEWS

May 28-31, 1999
      51st Annual New England District Meeting
         Equinox Resort, Manchester Village, Vermont
            Contact: 1-413-734-6411   

June 3-6, 1999
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800

June 17-19, 1999
      Fundamentals of Bankruptcy Law Conference
         Crowne Plaza Hotel, Seattle, Washington
            Contact: 1-800-CLE-NEWS

July 1-4, 1999
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 1-770-535-7722
July 10-15, 1999
      105th Annual Convention
         Chateau Mont Tremblant, Mont Tremblant, Quebec
            Contact: 1-312-781-2000 or

July 15-18, 1999
      Northeast Bankruptcy Conference
         Mount Washington Hotel & Resort
         Bretton Woods, New Hampshire
            Contact: 1-703-739-0800

August 4-7, 1999
      Southeast Bankruptcy Workshop
         The Ritz-Carlton, Amelia Island, Florida
            Contact: 1-703-739-0800

August 26-18, 1999
      Real Estate Defaults, Workouts and Reorganizations
         San Francisco, California
            Contact: 1-800-CLE-NEWS

August 29-September 1, 1999
      1999 Convention
         Grove Park Inn, Asheville, North Carolina
            Contact: 1-803-252-5646 or

September 16-18, 1999
      Southwest Bankruptcy Conference
         The Hotel Loretto, Santa Fe, New Mexico
            Contact: 1-703-739-0800

September 27-28, 1999
      Conference on Corporate Reorganizations
         Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or   

October 6-9, 1999
      73rd Annual Meeting
         San Francisco Marriott, San Francisco, California
            Contact: 1-803-957-6225

December 2-4, 1999
      Winter Leadership Conference
         La Quinta Resort & Club, La Quinta, California
            Contact: 1-703-739-0800

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to are encouraged.  

The Meetings, Conferences and Seminars column appears in
the TCR each Tuesday.  Submissions via e-mail to 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

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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