TCR_Public/990909.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, September 9, 1999, Vol. 3, No. 174                                              
                             
                   Headlines

AMERICAN BANKNOTE: Nonpayment Of Interest On Senior Notes
BOSTON CHICKEN: Seeks Approval of 4th Amendment To DIP Facility
BOSTON CHICKEN: Taps Lazard Freres As Investment Banker
CAI WIRELESS: Zero Holdings By Tudor & Raptor
DAILEY INTERNATIONAL: Acquired By Weatherford International, Inc.

EAGLE CAPITAL: Hearing on Disclosure Statement
ELDER BEERMAN: New Merchandising Head and Share Repurchase Plan
FILENE'S BASEMENT: Receiving Shipments Again
FWT,INC: Applies To Employ Navigant Consulting
GENEVA STEEL: Names New Operations Head

GOLDEN STAR RESOURCES: Stock Ownership Reported
GOSS GRAPHIC: Expects To Emerge From Bankruptcy In 2 To 4 Months
IMPERIAL HOME DECOR: Financial Reports For 3 & 6 Month Periods
IONICA PLC: Nortel Networks Seeks to Dismiss Case
JUMBOSPORTS: Order Extends Exclusivity

LL KNICKERBOCKER: Attorney Chosen To Represent Committee
LL KNICKERBOCKER: Stock Delisted; Involuntary Petition Filed
LOEWEN: Seeks Extension of Exclusivity
LOEWEN: Seeks Approval of Key Employee Retention Program
MEDIA LOGIC: Meeting of Creditors

MOA HOSPITALITY: Deteriorating Trend In Operating Results
NEXTWAVE: Second Circuit Stays Plan Consummation
OLDENBURG BREWERY: Silver Creek Brewing Makes Offer
PHILIP SERVICES: Loss Deepens In Second Quarter
RAND ENERGY: Disclosure Statement Hearing

RHA/PRINCETON HOSPITAL: Case Summary & 20 Largest Creditors
SEMI-TECH: Files for Protection From Creditors
SERVICE MERCHANDISE: Seeks To Grant Protection To Federal Home
SHOE CORP: Receives Financing  
SIRENA APPAREL GROUP: Seeks To Establish Bar Date

SYSTEMSOFT CORP: Continuance of Hearing On Disclosure Statement
THORN APPLE VALLEY: Assets Sold To IBP, Inc. For $109 Million
URL: Owners Put URL Up for Sale

                  **********

AMERICAN BANKNOTE: Nonpayment Of Interest On Senior Notes
---------------------------------------------------------
American Banknote Corporation announced that the applicable
30-day grace period for payment of interest on its 11 5/8%
Senior Notes due August 1, 2002 has expired and that the
company will not make the interest payment on the notes.

The company's advisor, the Blackstone Group, continues to
hold discussions with an informal committee of the 11 1/4%
Senior Subordinated Note holders, who hold more than 85%
of those notes, on the terms of a consensual restructuring
converting all or a substantial portion of that debt to equity.
There is no assurance that the company will be able to reach
any agreement with the debt holders.

American Banknote Corporation is a leading global full-service
provider of secure transaction solutions in carefully selected
markets along three major product groups: Transaction Cards &
Systems, Printing Services & Document Management, and Security
Printing Solutions.


BOSTON CHICKEN: Seeks Approval of 4th Amendment To DIP Facility
--------------------------------------------------------------
The Debtors seek the Court's approval of a Fourth Amendment to
their DIP Financing Facility, pursuant to 11 U.S.C. Sec. 364.  
The Debtors suggest that Amendment No. 4 is necessary to continue
the business operations in a manner that will enable management
to sustain its business turn around plan and to pursue the
various sale and investment opportunities presently being
explored.  As a general proposition, the Debtors explain to Judge
Case, the terms of the amendment provide greater flexibility with
respect to availability of previously segregated liquidity
reserves.  The terms of the amendment also make the Lenders'
support the Debtors' request for an extension of their
exclusivity periods explicit.  

As of August 27, 1999, the Debtors estimate that the aggregate
outstanding principal amount of all Revolving Loans was
$43,289,699.00.  

General Electric Capital Corporation continues to serve as the
Administrative Agent; Bank Of America, N.A. continues to serve as
the Collateral Agent.  The current lending syndicate is comprised
of Bank of America, N.A.; Fleet Business Credit Corporation;
LaSalle National Bank; and Hour LLC, by Paloma Partners Company
LLC, its Manager. (Boston Chicken Bankruptcy News Issue 16;
Bankruptcy Creditors' Service Inc.)


BOSTON CHICKEN: Taps Lazard Freres As Investment Banker
-------------------------------------------------------
Following Alex. Brown's acquisition by Deutsche Bank, Barry W.
Ridings and his team of professionals working on Boston Chicken's
restructuring departed Deutsche and joined Lazard Freres & Co.
LLC.  BT Alex. Brown has said publicly that it will exit the
restructuring advisory business.

The Debtors are in the critical stages of their cases, and rather
than start anew with a different group of advisors and
consultants from BT Alex. Brown, who are totally unfamiliar with
the Debtors, Debtors believe that the retention of Lazard is in
the best interest of all concerned. Accordingly, the Debtors
request that this Court grant this Application to retain Lazard.

Lazard has agreed to provide, without duplication of the services
previously provided by BT Alex. Brown, these generally described
investment banking services:

(a) A review and analysis of the Company's business, operations
and financial projections, with the results communicated to the
Company in writing and/or orally;

(b) Evaluating the Company's debt capacity in light of its
projected cash flows;

(c) Assisting in the determination of an appropriate capital
structure for the Company;

(d) Determining a range of values for the Company on a going
concern basis;

(e) Advising the Company on tactics and strategies for
negotiating with the holders of the Existing Debt Obligations
(the "Lenders");

(f) Rendering financial advice to the Company and participating
in meetings or negotiations with the Lenders in connection with
any restructuring, modification or refinancing of the Company's
Existing Debt Obligations;

(g) Advising the Company on the timing, nature, and terms of new
securities, other consideration or other inducements to be
offered pursuant to the Restructuring;

(h) Advising and assisting the Company in evaluating potential
capital markets transactions, including public or private debt or
equity offerings (a "Financing Transaction") by the Company, and,
on behalf of the Company, evaluating and contacting potential
sources of capital as the Company may designate and assisting the
Company in negotiating such a Financing Transaction;

(i) Assisting the Company in preparing documentation required in
connection with the Restructuring of the Existing Debt
Obligations;

(j) Assisting the Company in identifying and evaluating
candidates for a potential Business Combination, advising the
Company in connection with negotiations and aiding in the
consummation of a Business Combination including the undertaking
of any appropriate financial analysis in connection therewith;

(k) Advising and attending meetings of the Company's Board of
Directors and its committees;

(l) Providing testimony, as necessary, in any proceeding before
the Bankruptcy Court; and

(m) Providing the Company with other appropriate general
restructuring advice.

As consideration for Lazard's services, the Company agrees to
pay:

(1) A monthly fee of $150,000 per month for the period commencing
from the date specified in any Order of the Bankruptcy Court
approving the retention of Lazard (which date may be
retroactive);

A cash fee based on the Aggregate Consideration calculated as:

Aggregate Consideration        Incremental Fee Percentage       
-----------------------        --------------------------
Up to $100,000,000                    1.25%
$100,000,000 to $200,000,000          0.75%
Greater than $200,000,000             0.25%

subject to a $1,000,000 minimum.  Aggregate Consideration means:  
     
(x) the total amount of cash and the fair market value (on the
date of payment) of all of the property paid or payable
(including amounts paid into escrow) in connection with the
Business Combination (or any related transaction),
including amounts paid or payable in respect of convertible
securities, preferred equity securities, warrants, stock
appreciation rights, option or similar rights, whether
or not vested, plus

(y) the principal amount of all indebtedness for borrowed money
of the Company and any subsidiary or, in case of the sale of
assets, all indebtedness for borrowed money assumed by the
third party.

For purposes of calculating Aggregate Consideration,

(i) all shares will be deemed transferred where a Business
Combination is effected by the transfer of shares,

(a) constituting 30% or more of the then outstanding equity
securities of or equity interest in the Company, or

(b) possessing 30% or more of the then outstanding voting
power of the outstanding equity securities of or equity
interest in the Company, and

(ii) the value of securities (whether debt or equity) that are
freely tradable in an established public market will be
determined on the basis of the average closing price in such
market for the 10 trading days prior to the closing of the
Business Combination (the "Valuation Date"); and the value
of securities that have no established public market or
other property will be the fair market value of such
securities or other property on such Valuation Date and any
restricted stock (i.e., stock in a public company not freely
tradeable) received shall be valued at 85% of the public
market price of such stock. "Aggregate Consideration" shall
also be deemed to include pension liabilities and guarantees
of monies borrowed assumed by the acquiror. If the Aggregate
Consideration is subject to increase by contingent payments
related to future events, the portion of our fee relating
thereto shall be calculated by us in good faith and paid to
us upon consummation of a Business Combination. (Boston Chicken
Bankruptcy News Issue 16; Bankruptcy Creditors' Service Inc.)


CAI WIRELESS: Zero Holdings By Tudor & Raptor
---------------------------------------------
Cai Wireless Systems Inc. has reported that the following
entities no longer hold any stock in the company: Tudor
Investment Corporation, Paul Tudor Jones, II, Tudor BVI Futures,
Ltd., Tudor Proprietary Trading, L.L.C., The Raptor Global Fund
L.P., The Raptor Global Fund Ltd. and The Upper Mill Capital
Appreciation Fund Ltd.


DAILEY INTERNATIONAL: Acquired By Weatherford International, Inc.
-----------------------------------------------------------------
On August 20, 1999, the United States Bankruptcy Court for the
District of Delaware entered an order confirming the second
amended Joint Plan of Reorganization for Dailey International,
Inc. and its debtor subsidiaries.  The effective date of the
Plan was August 31, 1999.

The Plan in its original form had been filed by the company
and the debtor subsidiaries on May 28, 1999 along with
petitions for relief under Chapter 11 of the Bankruptcy Code,
in accord with the terms of the acquisition agreement between
the company and Weatherford International, Inc. dated May 21,
1999. The acquisition agreement and the Plan had contemplated,
among other things, that the company's outstanding $275 million
9 1/2% Senior Notes due 2008 indebtedness would be exchanged
pro rata for $185 million in market value of Weatherford
common stock and that all outstanding shares of common stock
of the company would be exchanged for $10 million in market
value of Weatherford common stock.  On August 31, 1999, the
transactions contemplated under the acquisition agreement
were completed.  At that point in time Dailey International
Inc. became a wholly-owned subsidiary of Weatherford.

On the effective date, as planned, $185 million in shares
of Weatherford common stock were issued for distribution,
pro rata, to the holders of Senior Notes in full and final
satisfaction of all unpaid principal, interest and other
claims owed under, or on account of, the Senior Notes.

Shortly after the petitions were filed, the company and the
debtors subsidiaries obtained an order of the Bankruptcy Court
to pay their creditors all pre-petition claims and debts in
the ordinary course of business, except for the holders of
the Senior Notes.  The Plan also provides that administrative
and priority claims will be paid in full in cash.

For full details on the transaction access
http://www.sec.gov/cgi-bin/srch-edgar?0000950129-99-003985
on the Internet, without charge.


EAGLE CAPITAL: Hearing on Disclosure Statement
----------------------------------------------
A hearing to consider approval of the Disclosure Statement for a
plan of reorganization filed by the Chapter 11 Trustee, Walter
O'Cheskey, will be held at the Courtroom of the Honorable Harold
C. Abramson, US Bankruptcy Court, US Courthouse, 1100 Commerce
Street, Dallas, Texas 76242 on October 12, 1:45 PM.


ELDER BEERMAN: New Merchandising Head and Share Repurchase Plan
---------------------------------------------------------------
The Daily News Record reports on August 30, 1999 that Elder-
Beerman Stores Corp. was under pressure from an investment group
to name a new head of merchandising, and to announce a $ 24
million share-repurchase plan in order to strengthen its
business.

Although the moves could be seen as a response to D3 Family Fund
of Camas, Wash., a major shareholder that wants the company to
fire top management or else put itself up for sale, Scott J.
Davido, executive vice-president and CFO, said that was not the
case. "These are decisions that were set into motion far in
advance of the D3 filing. These are the best things for the
company," he said referring to a Securities and Exchange
Commission filing on Aug. 16. "The important thing is that we're
committed to increasing shareholder value." D3 currently owns 5.3
percent of Elder-Beerman's stock.

The Dayton, Ohio-based department and shoe store operator
promoted Charles P. Shaffer to a newly created position of
executive-vice president for merchandising and marketing.
Shaffer, who joined Elder-Beerman in 1985, will report to
Frederick J. Mershad, chairman and CEO, and will be responsible
for all merchandising and sales promotion. Shaffer was most
recently senior vice-president and GMM of cosmetics and home.

The company said it believed the shares are "significantly
undervalued" as it announced the two-year repurchase plan.

In addition to Shaffer's appointment and the stock buyback,
Elder-Beerman's turnaround efforts include:

The rollout of a planner-distributor structure, already in place
at three of its 13 merchandise divisions, to five more divisions
this fall. The structure is expected to increase sales by
allowing the store to be in-stock more often.

An increased emphasis on moderate merchandise.

Taking several steps to revitalize its credit card business.

Increasing profitability with a new, smaller, more efficient
store format.

Focusing on teens with a new area, "The Zone."

Continued pursuit of acquisitions.

The company reported a loss of $ 1.3 million in the second
quarter ended July 31, against earnings of $ 239,000 a year ago.
Revenues rose 11.9 percent to $ 147.3 million from $ 131.6
million. Same-store sales at its 60-unit department store
division slid 1.1 percent.


FILENE'S BASEMENT: Receiving Shipments Again
--------------------------------------------
Credit lines are opening up again for bankrupt Filene's Basement
as factors and a credit reporting service are telling clients
it's okay to resume shipping. As reported, Filene's Basement last
week filed for Chapter 11 bankruptcy court protection in Boston.
The distressed retailer on Tuesday received bankruptcy court
approval of its $ 135 million debtor-in-posession financing
facility with GE Capital Corp. and Paragon Capital, according to
the retailer. A final hearing on the DIP package is set for Sept.
9.

Having a DIP package in place puts the retailer on firmer
financial ground because vendors are likely to ship merchandise
when they know they'll get paid.
     

FWT,INC: Applies To Employ Navigant Consulting
----------------------------------------------
The Official Unsecured Creditors Committee of FWT, Inc., is
seeking to retain Navigant Consulting, Inc. as its financial
advisors.  Navigant's engagement will be limited to an
investigation and examination of the transactions involving the
sale of the debtor to FWT Acquisition, Inc. in November, 1997.


GENEVA STEEL: Names New Operations Head
---------------------------------------
American Metal Market reports on August 16, 1999 that
Geneva Steel Co., Vineyard, Utah under Chapter 11 bankruptcy
protection since Feb. 1, has brought in a new man to head its
steelmaking operations and reassigned its former manufacturing
vice president to a customer service position.

Geneva Steel said late last week that its board of directors had
approved the hiring of Birchel S. Brown as senior vice president
of operations.

At the same time, the company said, Timothy R. Clark, its current
vice president of manufacturing, was assigned to the newly
created post of vice president of customer service.  Brown is a
steel industry veteran with more than 33 years of steel
manufacturing experience with both integrated and mini-mill
plants. The majority of his career was spent with Inland Steel
Co., Chicago. Most recently, he was senior vice president of
steel and wire operations at Northwestern Steel & Wire
Co., Sterling, Ill.

At Geneva Steel, Brown will be responsible for directing the
company's steel operations with "an emphasis on restoring
profitability and improving customer service." Brown also will be
involved in other finance-related issues at Geneva Steel,
including working on the development of a team-based partnership
among management, the United Steelworkers union and union-
eligible employees.  Clark will be in charge of pre- and post-
manufacturing functions related to order fulfillment, including
customer interface, inside sales, product development, planning,
testing, distribution, transportation and shipping.


GOLDEN STAR RESOURCES: Stock Ownership Reported
-----------------------------------------------
Elliott Associates, L.P., a Delaware limited partnership,
with sole voting & dispositive power over 1,185,000 shares
of common stock of Golden Star Resources Ltd. holds 3.2%
of the outstanding shares.  Westgate International, L.P., a
Cayman Islands limited partnership and Martley International,
Inc., a Delaware corporation, hold the same number of shares
as Elliott Associates but share voting and dispositive power
with one another.  Paul E. Singer and Braxton Associates,
L.P., a Delaware limited partnership, which is controlled by
Singer, are the general partners of Elliott.  Hambledon, Inc.,
a Cayman Islands corporation, is the sole general partner of
Westgate.  Martley is the investment manager for Westgate.
Martley expressly disclaims equitable ownership of and
pecuniary interest in any common stock.

Elliott beneficially owns a total of 1,185,000 shares
of common stock, consisting of 290,000 shares of common
stock held outright and warrants to purchase an additional
895,000 shares of common stock.  Westgate and Martley together
beneficially own a total of 1,185,000 shares of common stock,
consisting of 290,000 shares of common stock held outright
and warrants to purchase an additional 895,000 shares of
common stock. Therefore, Elliott, Westgate and Martley
together beneficially own an aggregate of 2,370,000 shares
of common stock, consisting of 580,000 shares of common stock
held outright and warrants to purchase an additional 290,000
shares of common stock.  Elliott, Westgate and Martley's
aggregate beneficial ownership of 2,370,000 shares of common
stock constitutes 6.2% of all of the outstanding shares of
common stock of Golden Star Resources Ltd.


GOSS GRAPHIC: Expects To Emerge From Bankruptcy In 2 To 4 Months
----------------------------------------------------------------
Goss Graphic Systems, Inc. produces newspaper, insert,
and commercial printing press systems.  The company's net
sales for the fiscal quarter ended June 30, 1999 decreased
by 22.8% or $47.5 million to $160.6 million compared to the
quarter ended June 30, 1998 when net sales were $208.1 million.
Net sales for the first six months of 1999 were $309.9 million,
a decrease of $36.3 million or 10.5 % from the first six
months of 1998 when net sales were $346.2 million.

Net losses for the period were $39.2 million and $55.6 million
for the three- and six-month periods of 1999 compared to
net losses of $10.0 million and $35.8 million for the same
periods of 1998.

On July 30, 1999 Goss, GGS Holdings, Inc. (its parent
company), and a U.S.  subsidiary filed voluntary petitions
for reorganization under Chapter 11 of the U.S. Bankruptcy
Code in the Bankruptcy Court for the District of Delaware.

Goss, its lenders under the prepetition bank credit facility,
and holders of at least two-thirds of Goss's 12% Senior
Subordinated Notes Due 2006 entered into a Forbearance,
Lock-up and Voting Agreement dated July 28, 1999.  Under that
agreement, the lenders and the noteholders who are party to the
agreement agreed to forbear from exercising their rights and
remedies under the credit agreement and the indenture until the
filing of the Chapter 11 case, and agreed to vote their claims
in favor of a plan of reorganization. Under the agreement, the
noteholders will exchange the $225 million principal amount
of notes currently outstanding for a new $112.5 million note
issue and certain new stock of GGS Holdings Inc. Certain of
the company's lenders and Stonington will jointly provide an
additional $100 million of liquidity and capital.

The parties agreed to implement the agreement through
a prearranged Chapter 11 proceeding initiated in the
U.S. Bankruptcy Court for the District of Delaware. Goss's
European and Asian subsidiaries are not included in the
Chapter 11 proceeding.

Goss has entered into a debtor-in-possession credit facility
with certain of its prepetition bank lenders and the principal
shareholder of its parent company, Stonington Partners. The
DIP Facility provides for up to $50 million of financing. The
Bankruptcy Court approved the DIP Facility on an interim
basis on July 30, 1999.

Goss says it expects to emerge from the Chapter 11 proceedings
within the next two to four months. In the interim, the company
plans to continue to pay employee wages, salaries and benefits
as usual. The company will pay for the post-petition delivery
of goods and services in the ordinary course of business. Under
the restructuring plan, the claims of all creditors, including
trade creditors, will either not be impaired by the plan or
will be paid in full over time.


IMPERIAL HOME DECOR: Financial Reports For 3 & 6 Month Periods
--------------------------------------------------------------
Imperial Home Decor Group Inc. has two primary operating
segments: wallcovering products and flexible vinyl films and
sheeting. The wallcovering products segment includes
residential and commercial wallcoverings and heat transfer
paper. This segment operates worldwide but primarily in the
United States, Canada, and the United Kingdom. The flexible
vinyl films and sheetings product segment includes calendered,
flexible PVC sheeting, printed sheeting and laminated products.
This segment operates in the United States and Canada.

The company as it currently exists is the result of the
recapitaliza- tion of the company and the combination of
its residential wall- coverings and PVC sheeting businesses
with the wallcoverings businesses of Imperial.  Before the
recapitalization and combination, the company was substantially
wholly owned by Borden and was known as Borden Decorative
Products Holding, Inc. and Imperial was owned by Collins &
Aikman Corporation.

The company's results of operations for the six months ended
June 27, 1998 include approximately 15 weeks of Imperial's
results of operations due to the acquisition of Imperial
in March 1998. Because of the recapitalization and Imperial
acquisition, the company's results of operations and financial
condition reported here are not necessarily indicative of
the company's future results of operations.

Net sales were $112.2 million and $218.6 million for the three
and six months ended June 26, 1999, respectively, compared
to $119.1 million and $215.0 million for the same periods
in 1998, representing a decrease of $6.9 million, or 5.8%,
and an increase of $3.6 million, or 1.7%, respectively. For
the six months ended June 26, 1999, the consolidated results
reflect the inclusion of a full six months of Imperial sales
in 1999, an increase of $21.1 million. For the three and six
month periods, the company experienced sales declines in the
U.K., Eastern Europe and Russia of $4.0 and $15.1 million,
respectively, due to adverse market conditions in those
geographic areas. Weaker foreign currencies in the periods
presented versus the same periods a year ago resulted in lower
reported sales of $2.4 million and $4.7 million for the three
and six months ended June 26, 1999, respectively. In North
America, declines during recent periods were stabilized. North
American sales were flat for the three months where increased
promotional activity offset a generally weaker North American
wallcoverings market.

A net loss of $10.0 million for the three months and $20.4
million for the six months ended June 26, 1999 were reported,
compared to net loss of $7.4 million and $22.4 million for
the comparable periods in 1998.

The company's Integration Plan is expected to be complete
by the end of 2000. The costs of that plan are expected to
decrease over this period.  The Integration Plan is intended
to substantially improve company results of operations.


IONICA PLC: Nortel Networks Seeks to Dismiss Case
-------------------------------------------------
Nortel Networks plc is seeking an order dismissing the chapter 11
date of Ionica plc and staying examination or discovery of Nortel
and its affiliated entities pending the determination of this
motion.

Nortel asserts that Ionica plc has no meaningful connection to
the United States, it dies not reside in the U.S., does not have
a domicile or place of business in the U.S. and does not have an
economic interest in any property in the U.S.

Secondly, the court should dismiss the case because the estate is
diminishing and cannot be rehabilitated.  And third, in view of
Ionica's pending UK Administration and its lack of any business
operations in or nexus to the US, this court should dismiss or
suspend all proceedings in the Chapter 11 case under the
principal of comity.  Also, Nortel argues that the case was filed
and prosecuted without the prerequisite good faith.


JUMBOSPORTS: Order Extends Exclusivity
--------------------------------------
The US Bankruptcy Court for the Middle District of Florida, Tampa
Division, entered an order extending the time by which the
debtors, JumboSports, Inc. must file a plan of reorganization.  
The date is extended through and including January 21, 2000.

The debtors' exclusive right to file a plan of reorganization is
extended through the earlier of the following dates:

a)January 21, 2000 or

b)Ten days after the date of the termination of the employment of
Alfred Fasola, Michael Worrall, and Thomas Noonan.

If the debtors file a plan on or before January 21, 2000, then
they will have the exclusive right to obtain acceptances of any
such filed plan through and including March 21,2000.

If they file a plan after the termination of employment of the
persons above describe then they shall continue to have the
exclusive right to obtain acceptances of any such filed plan
sixty days after the filing of such plan.


LL KNICKERBOCKER: Attorney Chosen To Represent Committee
--------------------------------------------------------
Leonard Shulman, managing partner of the firm Marshack Shulman &
Hodges LLP has been chosen to represent the Usnecured Creditors'
Committee in the LL Knicerbocker Co., Inc. bankruptcy case.  The
Committee was assembled to monitor the debtor's operations and
formulate an exit strategy during the pendency of the case.


LL KNICKERBOCKER: Stock Delisted; Involuntary Petition Filed
------------------------------------------------------------
LL Knickerbocker was notified by Nasdaq Listing Qualifications
Panel that their common stock was delisted from the Nasdaq
National Market effective on the close of business on August 25,
1999.  In addition the company was informed thqat an involuntary
petition in bankruptcy has been filed by three of its Far East
creditors.


LOEWEN: Seeks Extension of Exclusivity
--------------------------------------
Against the backdrop of the size and complexity of the Debtors
businesses, corporate structure and financing arrangements, and
in light of the reorganization effort that must be completed,
Loewen tells the Court that it is unrealistic to expect that any
party -- whether the Debtors, any creditor or other party-in-
interest -- would be in a position to formulate, promulgate and
build consensus around a reorganization plan at this early
juncture or in the near future.  

Accordingly, pursuant to 11 U.S.C. Sec. 1121(d), the Debtors
request that their exclusive period during which to file a plan
of reorganization be extended through February 29, 2000 and that
their exclusive period during which to solicit acceptances of
that plan be extended through April 28, 2000.  

The Debtors remind the Court of their progress to date during the
first 3 months of their insolvency proceedings:

(A) putting a $200 million DIP financing facility in place;

(B) implementation of pre-petition cost-cutting measures;

(C) assumption of key supply contracts and restoration of
ordinary trade credit with vendors;

(D) undertaking the review of more than 10,000 executory
contracts to which the Debtors are parties;

(E) formulation and proposal of a Key Employee Retention Program;
and

(F) establishing effective lines of communication with the
Creditors' Committee and other parties in interest.

The Debtors indicate that the Creditors' Committee lends their
full support to the requested five-month extension of the
exclusive periods.  (Loewen Bankruptcy News Issue 11; Bankruptcy
Creditors' Services Inc.)


LOEWEN: Seeks Approval of Key Employee Retention Program
--------------------------------------------------------
One of the keys to their successful restructuring, the Debtors
say, is their employees -- the individuals who are intimately
familiar with the Debtors' businesses and industries and who have
the experience and knowledge necessary to revitalize the
Company's performance and profitability.  Retention of highly
talented individuals who contribute specialized knowledge and
skill in their respective areas of responsibility is critical to
the reorganization effort.  

With the assistance of William M. Mercer, retained as their
employee compensation consultants, and the approval of the
Creditors' Committee, the Debtors propose their Key Employee
Retention and Severance Program designed to encourage employees
to remain in the Debtors' employ, assume additional
responsibilities and facilitate the restructuring effort.  

The Debtors divide the Company's management into five Tiers:

    Tier     Population       Position
    ----     ----------       --------
     I            14          Senior Corporate Executives
     II           74          Corporate Staff members
     III           4          Operations Country Management
                              personnel
     IV           33          Cemetery Regional Operational
                              Management
     V          1,146         Funeral Home Regional and Location
                              Operations Management personnel
     
To retain these Management Personnel during the course of their
restructuring, the Debtors propose Retention Incentive Payments -
approximating $3,000,000 in the aggregate -- equal to a
percentage of each participant's annual salary.

Additionally, the Debtors ask for the ability to pay up to
$500,000 of additional Retention Inventive Payments on a case-by-
case basis.  

To encourage employees to continue devoting their energies to
improving the Debtors' business operations and financial
performance, the Debtors propose:

(A) a Corporate Incentive Plan paying a percentage of annual
salary -- estimated to aggregate $1,900,000 to $3,900,000 -- for
achieving budgeted financial performance goals for Fiscal 2000.
        
(B) a Fiscal 1999 Operations Incentive Plan paying a percentage
of annual salary -- estimated to aggregate $3,700,000 to
$10,000,000 for Fiscal 1999 -- for achieving budgeted financial
performance goals.

(C) a Fiscal 2000 Operations Incentive Plan paying a percentage
of annual salary -- estimated to aggregate $5,100,000 to
$12,700,000 for Fiscal 2000 -- for achieving budgeted financial
performance goals.

To encourage employees responsible for the formulation and
implementation of the Debtors' restructuring plan, either through
confirmation of a plan of reorganization or a sale of
substantially all of the Debtors' assets to a third party, the
Debtors propose to pay approximately $1,700,000 of Confirmation
Incentive Payments.(Loewen Bankruptcy News Issue 11; Bankruptcy
Creditors' Services Inc.)


MEDIA LOGIC: Meeting of Creditors
---------------------------------
A bankruptcy case concerning the debtor corporation, Media Logic,
Inc. was filed under Chapter 11 on November 12, 1998 and was
converted to a case under chapter 7 on July 27, 1999.  The
meeting of creditors for the debtor will be held on September 27,
1999 at 9:30 AM in the Office of the US Trustee, Franklin Square
Tower, 600 Main street, Suite 202, Worcester, MA 01608.


MOA HOSPITALITY: Deteriorating Trend In Operating Results
---------------------------------------------------------
Reporting a net loss for the three and six months period ended
June 30, 1999 MOA Hospitality Inc. has shown lessened net
income as well.  Net income for the three months ended June
30, 1999 was $27,263 compared to $31,875 in the same period
of 1998.  The net loss for the three month period of 1999 was
$1,241 compared to net income in the same time period in 1998
of $8,756.  For the six month period of 1999 net income was
$48,995, while in 1998 the six months reported net income
was $57,534.  Net loss in the 1999 six months was $5,149
compared to a net gain of 5,843 in the six months of 1998.

As of June 30, 1999 MOA, directly and through subsidiaries,
owned 117 lodging facilities in 38 states. The company owns
a 100% interest in all but two of its properties and also
operates all but thirteen of its motels, which are leased to
third party tenants pursuant to operating leases. The company
separately evaluates the performance of each of its motels.

MOA has a $3.9 million mortgage note payable that originally
matured on May 31, 1999. The note is secured by four motel
properties.  The bank holding the note extended the maturity
date to July 15, 1999, however, currently the bank has indicated
it does not desire to provide any further extensions.
The company is in the process of seeking other financing.
As of August 12, 1999, no firm financing commitments had been
obtained.  The company says it believes it has or will be able
to obtain adequate resources to meet its near-term maturing
debt and other obligations.  Although, the deteriorating trend
in operating results noted above could adversely affect the
company's ability to meet its maturing debt obligations in
2004 and 2005, including the maturity of the $80 million 12%
Senior Subordinated Notes in 2004.


NEXTWAVE: Second Circuit Stays Plan Consummation
------------------------------------------------
The U.S. Court of Appeals for the Second Circuit in New York has
further delayed NextWave Personal Communications Inc.'s
reorganization efforts by granting the Federal Communications
Commission's request for a stay blocking consummation of the
company's reorganization plan. The Second Circuit also stayed
enforcement of NextWave's $3 billion fraudulent conveyance
judgment against the commission, pending an expedited appeal of a
district court order upholding the award. (The Daily Bankruptcy
Review and ABI Copyright c September 8, 1999)


OLDENBURG BREWERY: Silver Creek Brewing Makes Offer
---------------------------------------------------
Silver Creek Brewing Corp., Sellersburg, Ind., has offered
$450,000 to buy the Oldenberg Brewery in Ft. Mitchell, Ky.,
according to Business First. Because Oldenberg filed for chapter
11 protection in June, the sale is subject to the bankruptcy
court's approval.


PHILIP SERVICES: Loss Deepens In Second Quarter
-----------------------------------------------
With second-quarter revenue falling 37.5 percent, Philip
Services Corp. posted a net loss of nearly $ 61.7 million vs. a
first-quarter loss of $ 40.5 million and a loss of just $ 3
million in the same period last year.

Depressed selling prices for ferrous scrap was cited as a main
reason for the financial hemorrhage by Hamilton, Ontario,-based
Philip Services, the parent of such U.S. scrap companies as Luria
Brothers, Cleveland, Steiner-Liff Group, Nashville, Tenn., and
Luntz Corp., Canton, Ohio.

Philip has filed for protection from creditors under Chapter 11
of the U.S. bankruptcy law and similar protection under Canadian
law (AMM, June 30).

Philip Widman, chief financial officer, said that the second
quarter "continued to be affected by the concerns of our
customers and suppliers as we approached the end of (the) June
reorganization filing."

Widman added, however, that "with the financial reorganization
under way, and the receipt of court approval on motions that
provided for continued payments to ongoing trade suppliers, our
situation has begun to stabilize." (American Metal Market -
August 17, 1999)
                  

RAND ENERGY: Disclosure Statement Hearing
-----------------------------------------
The continued hearing on the Disclosure Statement of Rand Energy
Company is adjourned until September 17, 1999 at 1:30 PM.


RHA/PRINCETON HOSPITAL: Case Summary & 20 Largest Creditors
-----------------------------------------------------------
Debtor: RHA/Princeton Hospital
1800 Marcy Drive
Orlando, Florida 32309

Court: US Bankruptcy Court
       Middle District of Florida
       Orlando Division

Case: 99-00041 Filed:09/03/99

Debtor Attorney: Stichter, Riedel, Blain & Prosser, PA
                 110 E. Madison St.
                 Suite 200
                 Tampa, FL 33602

Total Assets: $25,000,000
Total Liabilities: $59,606,511

Fixed, liquidated secured debt 49,100,000 - 2 holders
Fixed, liquidated unsecured debt 11,506,511 - 544 holders

Type of business: Hospital

List of Creditors Holding 20 Largest Unsecured Claims:

Creditor                                Amount
--------                                ------
New Care Hospital Corporation        1,125,000
Affiliated Princeton                   416,564
General Electric Company               257,580
McKesson                               212,853
Siemens Credit Corporation             134,600
Ameris Health Care Net                 100,000
Cambo Medical Group                    100,000


SEMI-TECH: Files for Protection From Creditors
----------------------------------------------
Semi-Tech Corporation ("Semi-Tech") announced today
that it, along with two of its subsidiaries, filed for protection
from creditors under Chapter 11 of the United States Bankruptcy
laws on September 7, 1999. Semi-Tech's petition was filed in the
United States Bankruptcy Court for the Southern District of New
York shortly after two of its affiliates, Graeme Limited
("Graeme") and ISTM Investments (Barbados) Inc., filed
similar petitions. Semi-Tech will continue to operate its
business pending reorganization.

The bankruptcy petition was triggered by the recent German
bankruptcy filing of G. M. Pfaff A.G. ("Pfaff"), a German
subsidiary of The Singer Company, N.V. Semi-Tech, through Graeme,
owns 49.6% of Singer's outstanding common stock. Under the
indenture governing Semi-Tech's public debt, a bankruptcy filing
by a significant subsidiary of Singer, including Pfaff, may be
construed as an "event of default", thereby permitting
Semi-Tech's creditors to accelerate the debt obligation.

Semi-Tech Corporation is a Canadian-based multinational company
engaged in the global marketing and distribution of consumer
products for the home, principally through its subsidiaries and
affiliates. Semi-Tech's shares are listed on The Toronto Stock
Exchange (Class A: SEM.A, Class B: SEM.B).
  

SERVICE MERCHANDISE: Seeks To Grant Protection To Federal Home
--------------------------------------------------------------
Federal Home Life Insurance Company is the holder of a $3,600,000
loan to H.J. Wilson Co., Inc., one of Service Merchandise's
debtor-affiliates, evidenced by a 1995 Promissory Note and
secured by a Mortgage, Assignment of Rents and Leases and
Security Agreement.

Federal has made it clear that it will move for relief from the
automatic stay unless it receives adequate protection of its
security interests.  The Debtors have concluded that they need
Federal's Collateral.  Accordingly, the Debtors ask Judge Paine
to find that Federal's interests will be adequately protected if
the Debtors (i) pay interest on the loan each month at a rate of
$23,231, (ii) insure the property and pay all real estate
taxes, and (iii) respond to Federal's reasonable information
requests.  (Service Merchandise Bankruptcy News Issue 9;
Bankruptcy Creditors' Service Inc.)


SHOE CORP: Receives Financing  
-----------------------------
Shoe Corp. of America Columbus, Ohio, has entered into a debtor-
in-possession financing agreement with its lenders; the agreement
extends through the end of the year financing to enable
the company to implement its recovery plan, according to Business
First. Shoe Corp., which operates licensed shoe departments in
specialty and department stores, filed for chapter 11 in
June.


SIRENA APPAREL GROUP: Seeks To Establish Bar Date
--------------------------------------------------------------
The Sirena Apparel Group, Inc. seeks a court order establishing
December 6, 1999 as a bar date for the filing of proofs of claim
and proofs of interest.


SYSTEMSOFT CORP: Continuance of Hearing On Disclosure Statement
---------------------------------------------------------------
The emergency hearing on the Disclosure Statement of the debtor,
Systemsoft Corporation, will be continued until October 9, 1999
at 2:00 PM.


THORN APPLE VALLEY: Assets Sold To IBP, Inc. For $109 Million
-------------------------------------------------------------
On August 26, 1999, Thorn Apple Valley, Inc. completed
the sale of substantially all of its assets to IBP, Inc.
The consideration for the transaction was approximately $109
million, which was used to repay certain creditors of Thorn
Apple Valley and to pay certain costs and expenses associated
with its bankruptcy proceeding.  IBP also assumed certain
liabilities of Thorn Apple Valley and its subsidiaries in
connection with the transaction.  Thorn Apple Valley had
filed a voluntary petition for relief under Chapter 11 of
the Federal Bankruptcy Code in the United States Bankruptcy
Court for the Eastern District of Michigan, Southern Division
on March 5, 1999.


URL: Owners Put URL Up for Sale
-------------------------------
The owners of Endpoint! put their URL, http://www.isales.com,up  
for sale yesterday in an effort to avoid bankruptcy, according to
a newswire report. The Cupertino, Calif., developer of sales
automation software is facing a heavy debt load, increased
competition and the loss of several key employees. In addition,
costs associated with a major glitch in a supplier's software
package have complicated the financial situation. Endpoint!
President Neal Amsden said that its URL may be one of its most
valuable assets. He said the isales.com URL "could work for
hosted sales software, an auction site, e-commerce tools or any
number of general online retail ventures. It's a great URL."
Endpoint! will auction the URL late this month.

                  **********

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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, Yvonne L. Metzler,
Editors.  Copyright 1999. All rights reserved. ISSN 1520-9474.

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