TCR_Public/990913.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
       
       Monday, September 13, 1999, Vol. 3, No. 176                                              
                             
                   Headlines

ALTA GOLD: Announces Several Court Decisions  
CENTENNIAL COAL: Settlement of Claims Between Debtors and Sunrise
CRIIMI MAE: Apollo Real Estate Advisors Support Reorganization
CRIIMI MAE: Committee Opposes Exclusivity Extension
FORCENERGY: Order Authorizes Assumption of Drilling Contract

GEMCOR: Files For Bankruptcy When Russian Fails To Pay
HARNISCHFEGER: Papermaking-Equipment Company to Close 2 Factories
HVIDE MARINE: Refinancing $240 Million in Debt
ICO GLOBAL: Tougher Climb Than Iridium To Emerge From Bankruptcy
IRIDIUM: Chooses To Litigate Bankruptcy Cases in Manhattan

MAIDENFORM:  Expects To Generate Wholesale Sales of $250M
NEWCARE: Nursing Homes To Stay Open
PAN AM: Announces Details of Renewed Passenger Service
RAND ENERGY: Seeks Approval of Bid Procedures
SA TELECOMMUNICATIONS: Seeks Approval of Litigation Counsel

SINGER: Russian Deal Could Ruin Company
SOUTHERN MINERAL: Considers Bankruptcy
STUART ENTERTAINMENT: Committee Seeks Stay For Payments
SUN TV: West Virginia Attorney General Cuts Deal
TELEPAD CORP: Trustee Seeks To Employ Law Firm

WSR CORP: Seeks To Extend Time To Assume/Reject Leases
YUTE AIR: Submits Plan To Escape Bankruptcy

BOND PRICING FOR WEEK OF September 7, 1999

                  **********

ALTA GOLD: Announces Several Court Decisions  
--------------------------------------------
Alta Gold Co., Las Vegas, announced yesterday that the bankruptcy
court has taken the company's motion to dismiss its chapter 11
case off calendar, pending the resolution of the proposed sale of
an interest to Olinghouse, according to a newswire report. Alta
Gold also said that the court has denied its motion to extend the
exclusivity period and has appointed a sales agent to assist in
raising additional capital through the sale of various assets.
Alta Gold is continuing negotiations with Olinghouse. (ABI 10-
Sept-99)


CENTENNIAL COAL: Settlement of Claims Between Debtors and Sunrise
-----------------------------------------------------------------
The debtors, Centennial Coal, Inc. and its affiliated debtors
seek approval of a settlement of claims between the debtor and
Sunrise Coal Inc.

The controversy between the parties arose from a certain Coal
Washing and Service Agreement.  The Settlement Agreement provides
that Centennial shall receive payment of $745,832 from Sunrise.  
Sunrise shall purchase certain equipment from Centennial for a
purchase price of $135,000.  The Coal Washing Agreement shall be
assumed by Centennial and any plan of reorganization shall  
incorporate the terms of the Settlement Agreement.


CRIIMI MAE: Apollo Real Estate Advisors Support Reorganization
--------------------------------------------------------------   
Criimi Mae, Rockville, Md., announced yesterday that it has
entered into a stock purchase agreement with an affiliate of
Apollo Real Estate Advisors IV L.P., under which Apollo will
purchase $50 million of a new series of convertible preferred
stock, according to a newswire report. The stock would be part of
the financing of an approximately $910 million reorganization
plan to enable Criimi Mae to emerge from chapter 11 protection.
The agreement, subject to the bankruptcy court's approval, has
unanimous support from Criimi Mae's Board of Directors. The
agreement and plan also call for about $435 million of debt
financing, some of which would come from existing debtholders,
and $425 million of additional amounts, most of which would
result from the sale of certain commercial mortgage-backed
securities. Criimi Mae has filed a motion to extend its
exclusivity period by 60 days; a hearing is scheduled for today.
Criimi Mae and two affiliates filed chapter 11 on Oct. 5, 1998.
(ABI 10-Sept-99)


CRIIMI MAE: Committee Opposes Exclusivity Extension
--------------------------------------------------------------
The Official Committee of Unsecur3ed Creditors of Criimi Mae,
Inc. oppose the motion filed by the debtors, seeking a further
sixty day extension of exclusivity until November 10, 1999.  The
Committee state that the grounds in support of this opposition
are stet forth in a confidential Memorandum, containing nonpublic
information.  The Committee seeks a n order permitting the
Committee to file a plan of reorganization even if the debtors
file a plan on or before September 10, 1999.


FORCENERGY: Order Authorizes Assumption of Drilling Contract
------------------------------------------------------------
The US bankruptcy Court for the Eastern District of Louisiana
entered an order authorizing Forcenergy to assume an amended
drilling contract with Pool Company.

Forcenergy is authorized to cure the defaults existing under the
Drilling Contract by executing a promissory note in favor of Pool
in the amount of $3.6 million.  Pool claim under the Original
Contract is allowed as a general unsecured claim in the amount of
approximately $7.6 million.

Demobilization charges under the Amended Contract, presently
estimated by the parties at $400,000 will be reduced by 12 1/2%
for each sixth through the eighth wells that may be drilled under
the debtor's Gulf of Mexico drilling program for 1999-2000.


GEMCOR: Files For Bankruptcy When Russian Fails To Pay
------------------------------------------------------
The Buffalo News reports on September 6, 1999, that Gemcor, the
West Seneca aerospace fastener manufacturer that had planned to
more than double its work force when it moved to a new plant in
1997, has filed for bankruptcy protection after a Russian
customer failed to pay for $ 2 million in orders.

Gemcor, which is located at 100 Gemcor Drive in West Seneca, said
it will continue to operate under current management after filing
to reorganize its finance under Chapter 11 of the U.S. Bankruptcy
Code.

The company, which makes equipment that the aerospace industry
uses to install the fasteners and rivets that are used on
commercial airplanes, now employs more than 100 workers, down
from a peak of about 200.

Gemcor executives said the company also has been squeezed by a
slowdown in the aerospace industry, which led to a drop in the
number of factories that are installing new capital equipment,
like the automatic fastening systems that Gemcor makes.
"The business downturn has required retrenchment by the company
over the short term," Gemcor said in a prepared statement.

Gemcor managers said the company previously has endured downturns
within the industry, which caused the firm to start cutting costs
after the slowdown became apparent.

But those cost-cutting efforts could not prevent the bankruptcy
filing after the company wasn't paid for two big systems ordered
by a major Russian customer, who couldn't raise enough foreign
currency to pay for the equipment as the depressed Russian
economy continued to weaken.

"We would not have been forced to file to obtain court protection
if the company had been paid in full for two, very large,
completed systems manufactured for delivery to Russia," Gemcor
said.

The systems now are in storage while the company awaits payment.
Gemcor, which said it has more than $ 14 million in assets and
roughly the same amount in liabilities, indicated that it is
current in its obligations to the company's secured creditors.
But the company, whose formal name is General-Electro Mechanical
Corp., said it will have to restructure its debts to trade
creditors.

The company said the bankruptcy filing relieves Gemcor "from the
distraction and expense of pending litigation. This court
protection enables the management to focus on the business plan
for the company."

Gemcor executives said the company has made considerable
investments in recent years to develop new technology that is 25
percent faster than conventional systems in addition to being
easier to assemble and maintain.


HARNISCHFEGER: Papermaking-Equipment Company to Close 2 Factories
-----------------------------------------------------------------
THE MILWAUKEE JOURNAL SENTINEL reports on September 9, 1999,
floundering Beloit Corp. said Wednesday it will close all its
manufacturing operations in Beloit and Rockton, Ill., costing
about 350 workers their jobs by early next year.

The cuts follow five years of depressed pulp and papermaking
equipment sales, a slump deepened last year by the Asian economic
crisis. The move also comes barely three months after Beloit
Corp.'s parent, Harnischfeger Industries Inc., filed for Chapter
11 bankruptcy protection.

With the cuts, St. Francis-based Harnischfeger will have trimmed
3,750 jobs in a little more than a year.

Beloit Corp. plans to close its PerformPro Pipe Roll Shop in
Beloit, trimming about 40 hourly jobs, and shutter its Blackhawk
plant in nearby Rockton, laying off more than 250 hourly workers.
The remaining 60 jobs to be cut will be support positions at the
two sites, including some white-collar jobs.

Peter Rosenberg, Beloit Corp.'s director of corporate
communications, said the shutdowns will be complete by Jan. 30
and that the layoffs of about 290 union employees will not occur
for at least 60 days. He said jobs will be phased out as work is
completed at the plants.

"We don't understand, and we are very angry about it," said Mike
Hornby, business representative for District 10 of the
International Association of Machinists and Aerospace Workers,
which represents the union employees.

"This is the heart and soul of Beloit Corp.," Hornby said.

He added that no severance package has been offered and that
fewer than 20 workers would be eligible for retirement benefits.
The cuts will leave the union's Local 1197 with about 50 members
at Beloit Corp.'s research and development and field services
operations in the area.

Rumors of the layoffs had been strong for the last two months,
Hornby said, but the union was not notified of the move until 9
a.m. Wednesday. Workers were told shortly thereafter.
In the past year, the union has already lost nearly 200 members
to downsizing at Beloit Corp. Those jobs were among roughly 3,400
trimmed by Harnischfeger worldwide. The majority came from the
Beloit end of the business; Harnischfeger's mining business
suffered fewer cuts.

The latest trims leave Beloit Corp. with about 750 employees in
its Beloit offices and 150 at its Rockton R&D center. An
additional 30 work in Beloit Corp.'s Deerfield, Ill.,
headquarters. Beloit has about 5,000 workers worldwide.

Rosenberg said the work previously done in the Beloit area would
be spread between the company's plants in Poland and Brazil.
Beloit Corp. also has facilities in Italy, England and France,
all of which have been downsized in the last year.

Mark Readinger, Beloit Corp.'s president and chief operating
officer, said in a statement that the closings were a result of
the depressed market for the company's products, which created
excess capacity for all manufacturers of papermaking equipment.

The company noted that its main competitor, Valmet-Rauma Corp. of
Finland, expects its 1999 earnings to be half those of 1998. In
addition, the down market has led to 17,200 job cuts in the U.S.
pulp and paper industry, the largest single-year loss since a
downturn in 1983.

Readinger added that the market for large papermaking machinery
"is not expected to return for at least 18 to 24 months."

Beloit Corp. has seen its sales sag from nearly $ 1.3 billion in
1997 to about $ 830 million last year. Bookings to make new
products dipped nearly 30 percent in the first three months of
this year. The decline at Beloit Corp. has been a major
contributor to 115-year-old Harnischfeger's mounting losses,
which hit $ 90.7 million in the first six months of fiscal 1999,
just before the company filed for protection.

Analysts also have said that a soured Beloit Corp. deal in
Indonesia cost the company about $ 300 million, ultimately
driving Harnischfeger into bankruptcy.

The latest trims, analysts said, are in keeping with the
company's attempts to cut costs and capacity to more nearly match
market demands. Earlier this summer, Harnischfeger closed its
Princeton Paper Co. plant in Fitchburg, Mass., which was losing
$ 2 million a month. The move cost 140 workers their jobs.

Harnischfeger executives were at an off-site meeting Wednesday
and could not be reached to comment on the Beloit Corp. layoffs
and their long-term impact on the company.

The stock market barely took note of the announcement, with
Harnischfeger shares closing at $ 1.375, up 6.25 cents a share.
The firm's stock has barely moved in price since a few weeks
after the bankruptcy filing.


HVIDE MARINE: Refinancing $240 Million in Debt
----------------------------------------------
The Sun-Sentinel reports on September 10, 1999 that with its
coffers nearly bare and no way to make an already overdue payment
to bond holders, Fort Lauderdale-based Hvide Marine said Thursday
it filed for Chapter 11 protection from creditors in bankruptcy
court, as it reorganizes its
troubled finances.

The marine services company said business would continue as usual
while it refinances about $ 240 million in debt. Banks will
extend a $ 60 million, debtor-in-possession credit to keep
operations running. And if all goes as planned, Hvide said it
expects to emerge from Chapter 11 by early next year.

"Today's filing helps remove the cloud of uncertainty that has
hung over the company for the last several months and gives us
time to put our financial house in order," said Jean Fitzgerald,
the industry veteran named CEO in June to help turn around the
debt-ridden company.

Restructuring and trimming debt should "strengthen our operating
capabilities and enable us to be a financially sound and
competitive enterprise going forward," Fitzgerald said.

Wall Street analysts were not shocked by the move. In mid-August,
after Hvide missed a $ 12.5 million interest payment to
bondholders, the company warned that it might be forced to seek
bankruptcy protection in September unless it could restructure
its debt or sell new bonds.

"I think they did pretty much what they could do," said Jim
Rollyson, an equity analyst with Raymond James & Associates in
St. Petersburg. "They couldn't refinance the debt, cash was
running thin, and they could only sell assets today at depressed
prices."

The big question now is how fast Hvide can restructure and emerge
from the Chapter 11 filing it made Wednesday night at U.S.
Bankruptcy Court in Delaware.

One point in its favor: Oil prices and drilling activity are
picking up. That augurs for higher prices and more bookings for
Hvide's services carrying supplies and crews to offshore oil
rigs.

"As long as crude prices remain firm, and oil field activity
continues to increase, which I believe it will, then it's very
possible Hvide can emerge from bankruptcy in early 2000," said
Robert Ford, an equity analyst with CIBC Oppenheimer in Houston.

Hvide got into financial trouble partly because it loaded up on
debt to buy ships to serve the oil rig market. When oil drilling
plummeted last year, the company faced a cash crunch.

To address the problem, Hvide this summer tried to sell nearly
$ 300 million in new bonds, but found few takers. It then asked
existing bondholders to swap debt for stock, with no luck.

Hvide seeks to swap bonds for new shares, refinance bank credit
and give current stockholders either new shares or warrants to
buy them. Current stockholders will see their holdings
substantially diluted under the plans, said Hvide.

"That's the risk of equity investing. You're the last one to get
anything out of the deal," said CIBC's Ford. "There's been such a
strong stock market for so long that sometimes we forget."

Hvide's stock did not trade Thursday. It closed Wednesday at 56
cents.


ICO GLOBAL: Tougher Climb Than Iridium To Emerge From Bankruptcy
----------------------------------------------------------------
Aviation Week and Space Technology reports on September 6, 1999
that ICO Global Communications could face an even tougher climb
than Iridium does to emerge from bankruptcy, because the company
still needs another $ 1.7 billion just to get its medium-Earth-
orbit constellation up and running, financial analysts say.

The $ 4.7-billion satellite telephone venture, a commercial
spinoff of the London-based Inmarsat consortium, filed for
Chapter 11 protection in U.S. Bankruptcy Court in Delaware on
Aug. 27, exactly two weeks after competitor Iridium filed for
protection in the same court.

The big question now is whether ICO prime contractor Hughes and
other investors will ante up more money or cut their losses and
run -- even as several of ICO's 5,700-lb. spacecraft are nearing
completion at Hughes' factory in Los Angeles.

Hughes is under a $ 2.4-billion contract to build a dozen ICO
satellites, including two spares, based on the HS 601 platform.
The first of those had been scheduled for delivery this week for
launch later this year. Two additional spacecraft are in system
testing, a fourth is assembled, and the remaining eight
are in various stages of assembly, ICO said.

Commercial operations had been scheduled to begin in the second
half of 2000, with the satellites relaying telephone calls across
the globe. It was unclear last week how the bankruptcy would
impact ICO's launch schedule. The company has contracted for 12
direct injections to an orbit 10,390 km. (6,450 mi.) above Earth,
with five launches on the Delta III, four on the Proton, two
on the Atlas IIAS and one on Sea Launch.

HUGHES' EXPOSURE ON the project is about $ 500 million, which
could be reduced to $ 300 million after tax writeoffs, the
company said. That includes $ 60 million already invested as part
of an agreement to take a 4% stake in the project and the value
of satellite work that has not yet been paid for. TRW holds a 7%
share it received to settle a patent infringement lawsuit against
ICO.

ICO's bankruptcy filing represents a reversal of fortune for a
company that had been thought by some analysts to have a better
business plan than Iridium. The medium-orbit ICO design permits
global coverage with just 10 large satellites. By contrast,
Iridium's low-Earth-orbit system requires 66 much smaller
satellites. And ICO's spacecraft are designed to last for 12
years, compared to as little as five years for the Iridium
satellites. Robert B. Kaimowitz, an analyst at ING Barings,
estimated earlier this year that Iridium would have to wholesale
its service at $ 1.40/min. to break even, while ICO could do the
same for just 23 cents/min.

Tim Logue, a space and telecommunications analyst in Washington,
said ICO was so popular when it was being formed that it turned
back $ 1 billion in extra commitments. But investors soured on
the entire mobile satellite industry early this year after
Iridium's financial woes came to light. Iridium already had its
constellation in place and Globalstar, a satellite telephone
venture that plans to start phasing-in service later this year,
was able to complete its financing after Loral guaranteed a $
500-million loan.

Third-to-market ICO, however, was caught $ 1.7 billion shy of the
$ 4.7 billion needed to finish its system. ICO failed to raise $
500 million in a public rights offering. The company then sought
to sell a $ 600-million stake to Hughes and other investors. But
those negotiations faltered, leaving the company unable to meet a
hefty interest payment due on Sept. 2.

Financial analysts were somewhat split on ICO's future prospects.
On the positive side, the company can afford to wait until
Globalstar proves the validity of the market, said Citibank's Eva
Hale Leighton. ''ICO has all kinds of time,'' she said at a
Euroconsult conference in Paris last week. Despite the
bankruptcy filing, Salomon Smith Barney is maintaining the
bullish outlook it issued on ICO in early August. ''It's
encouraging that key strategic investors continue to show strong
support for the project,'' said analyst John Coates.
''It was more a question of timing and terms than getting
investors to agree'' to put up more money. He added that the
fundamentals of the project remained sound.

But others were more bearish, noting that ICO still has to raise
much more money than Iridium does. ''In terms of restructuring,
all you've got to do is put $ 500 million or so into [Iridium] to
get to cash flow break-even,'' Banc of America Securities analyst
J. Armand Musey told Aviation Week. ''With ICO, you need to put
in $ 1.5-2 billion . . . and you have all the technical risks.''

Moody's recently downgraded ICO's debt rating from B3 to Caa 2,
compared to Caa 3 for Iridium, and is reviewing a further
downgrade.

William Kidd, an analyst at C.E. Unterberg Towbin, said ICO faces
a "very, very difficult" challenge. He said the venture's fate
may rest on how well Globalstar performs commercially. "If
Globalstar goes incredibly well on Day One, maybe [ICO] can put
together a round of financing," he said. "But Globalstar may take
time to be successful." ICO CEO Richard Greco expressed
confidence the bankruptcy filing would provide the company "the
extra time needed to reorganize, recapitalize, and complete our
financing."


IRIDIUM: Chooses To Litigate Bankruptcy Cases in Manhattan
----------------------------------------------------------
After weeks of weighing its options, Iridium LLC has chosen to
prosecute its Chapter 11 proceedings in the U.S. Bankruptcy Court
in Manhattan, citing the locale's convenience to all parties
involved. In an answer to the involuntary petitions filed in
Manhattan against the company's Iridium Operating LLC and Iridium
Capital Corp. subsidiaries on Aug. 13, Iridium stated that it is
consenting to the jurisdiction of the court and is seeking to
transfer the voluntary cases filed by the parent company and
eight subsidiaries in Delaware on Aug. 13 to the New
York venue.  (The Daily Bankruptcy Review and ABI September 10,
1999).


MAIDENFORM:  Expects To Generate Wholesale Sales of $250M
--------------------------------------------------------------
WWD reports on August 30, 1999 that Maidenform was weighed down
with a litany of misfortunes over the past several years, which
included Chapter 11 bankruptcy proceedings, sparse funding for
product development, piece goods or deliveries, and a pack of
corporate competitors who ate up market share and retail space.

The 77-year-old Maidenform -- known by many as the grand dame of
the foundations industry -- has emerged with the sense
of relief that often accompanies the end of a crisis.

Maidenform Worldwide exited Chapter 11 status in late July,
securing $ 60 million in asset-based financing from GE Capital.
The company, which filed for bankruptcy protection in July 1997,
expects to generate wholesale sales of $ 250 million in 1999,
said Maurice Reznik, president.

Reznik said, "I believe one of the reasons we survived is because
Maidenform is an extraordinarily resilient brand," he continued.
"And I think consumers have been unaware of the situation at the
company. It's amazing how a lot of people still think the 'I
Dreamed...' ad campaign is still going on. Some brands transcend
reality."

Maidenform's 1999 ad budget, which excludes co-op ads and in-
store support, is $ 2.5 million, said Reznik, adding that the
budget in 2000 will be " significantly higher." In 1996, the
annual budget was $ 5 million.  Maidenform's financial woes
apparently did not rub off on its consumer image. According to
the 1997 Fairchild 100, a national survey of apparel brands
conducted with The NPD Group, a research firm, Maidenform rated
30th out of 100 top brands, scoring higher than marquee names
like Vanity Fair intimate apparel, Eddie Bauer sportswear and
Rolex watches. In the 1995 Fairchild 100, Maidenform ranked 29th.

At its height in the early 1990s, the company -- then headed by
third-generation owner Elizabeth Coleman -- generated estimated
annual volume of around $ 395 million. It was the most powerful,
privately held innerwear firm in the U.S.

As so many independent operations over the past decade,
Maidenform was squeezed by huge overhead costs in a shrinking
market as Fortune 500 companies such as Sara Lee, VF and Warnaco
began launching a barrage of acquisitions and mergers.
Maidenform's troubles began after its ill-fated purchase of 92
percent of NCC Industries in 1994 and its Lilyette full-figure
bra brand, which could have made Maidenform a formidable force.

But it proved to be a money pit. In the transaction, Maidenform
had sold a 28 percent stake of its common stock to NCC's major
shareholder, Triumph International. Triumph, based in Germany, is
Europe's largest lingerie maker, with estimated yearly sales of
over $ 2 billion.  When Maidenform's debt began to balloon in
late 1995 and 1996, and deliveries started to become sporadic,
industry observers erroneously assumed that Triumph would be
Maidenform's white knight. But Triumph officials have
never commented. One Maidenform executive, though, privately said
Triumph was "turned off by the promotional atmosphere at U.S.
stores and working with American retailers."

Over the past two years, the company has used a three-tiered
strategy to get back on track: a restructuring of its financial
and marketing units that resulted in several hundred job cuts
throughout the company; aggressive new product introductions
teamed with updated point-of-sale materials; an advertising
campaign that included ads on kiosks and buses for the first
time, and a seasoned management team, including Paul Mischinski,
chief executive officer, and Reznik.

Outlining how Maidenform turned the company around, Reznik noted,
"The company couldn't function like a normal company. Basically,
the company had to reinvent itself. It was a very dusty brand.
The competition got stronger, so it raised the bar for us. We had
to have bigger, better and more focused product introductions.


NEWCARE: Nursing Homes To Stay Open
-----------------------------------
A Bankruptcy Court examiner has agreed to keep 27 nursing homes
owned by an Atlanta-based chain open through September while
efforts continue to sell them. The ruling affects homes owned by
the NewCare Health Corp. in Massachusetts, Georgia, Florida,
Texas, Tennessee and Kansas.

NewCare, which sought Chapter 11 protection in June, acquired its
four Massachusetts homes in a bankruptcy sale in December.
The homes include Pine Manor Nursing Home in Springfield, Elms
Manor Nursing Home in Chicopee, Oak Manor Nursing Home in Holyoke
and Meadowood in South Hadley.
   
State and federal officials have said they are investigating
allegations that the company pocketed money withheld from workers
pay for health insurance and quietly emptied a $ 500,000 escrow
account it had been required to post to get an operating license
in Massachusetts.

The company removed the money from an escrow account it
established in January with a Boston law firm two days after
state health officials confirmed the account had been
established, according to a spokeswoman for the state
Health Department.

State officials said the department did not learn the money had
been removed until August.


PAN AM: Announces Details of Renewed Passenger Service
------------------------------------------------------
Pan American Airways today announced the details of its
scheduled passenger service from Portsmouth, NH to
Orlando/Sanford International Airport. Flights will begin October
7, 1999. Dave Fink, President of Pan Am said, "Pan Am's return to
scheduled service is an exciting milestone for the airline, and
we intend to offer comfort unseen on other airlines and
convenience unavailable at major airports."

The original Pan Am, founded in the late 1920's by Juan Trippe,
set the standard for modern air travel worldwide as the operator
of the famous Pan Am Clippers and, later, as the first to fly the
Boeing 747. Along the way, Pan Am's blue globe became one of the
most recognized logos in the world.

The new Pan Am was acquired by the owners of New Hampshire-based
Guilford Transportation Industries under a Plan of Reorganization
approved by a Miami, Florida Bankruptcy Court judge in June of
1998. The new owners relocated the company's headquarters from
Ft. Lauderdale to Portsmouth in December of 1998. At Portsmouth,
the company operates a 220,000 square foot maintenance facility,
as well as other aviation related businesses.


RAND ENERGY: Seeks Approval of Bid Procedures
--------------------------------------------------------------
The debtor, Rand Energy Company, seeks entry of an order
approving bid procedures in connection with the sale of certain
of the debtor's West Texas and Eastern New Mexico oil and gas
properties. The debtor and Fagadau Energy Corporation entered
into a letter of intent to sell these certain oil and gas
properties.  Under the terms of the Letter Agreement, the debtor
will receive base cash consideration of $475,000. The debtor
seeks an order approving the following procedures (among others)
relating to the sale:

Rand shall not actively market, sell negotiate to sell or attempt
to sell the properties to any person other than Fagadau prior to
the date on which the bankruptcy court commences a hearing to
consider approval of the Purchase Sale Agreement.

If Rand ultimately sells to an entity other than Fagadau, the
sale must be for a minimum base purchase price of $525,000.


SA TELECOMMUNICATIONS: Seeks Approval of Litigation Counsel
--------------------------------------------------------------
The debtors, SA Telecommunications Inc. and its affiliates and
the Official Committee of Unsecured Creditors seek entry of an
order approving the selection and retention of litigation counsel
as contemplated by the chapter 11 plan.

The Disclosure Statement has not yet been approved and the plan
has not yet been confirmed.  The debtors expect such confirmation
prior to November 19, 1999.  After conducting substantial
inquiries, the debtor sand the Committee have determined to
separately select and retain Whitman Breed Abbott & Morgan LLP
and Bragar Wesler Eagel & Morgenstern, LLP as litigation counsel
to pursue such matters in a non-duplicative fashion.

The Bragar Wesler firm will be responsible for the pursuit of
potential claims against one or more of the debtors' directors
and officers, some of which claims may be covered by applicable
insurance coverages.  Such retention specifically excludes the
pursuit of potential claims against such persons for preferences
and fraudulent conveyances.  The firm's retention is expected to
encompass two levels of engagement - investigation and, if
appropriate, the pursuit of claims.  

The Whitman Breed firm will be employed as special litigation
counsel to handle all other causes of action and litigation
matters that fall within the plan's definition of "causes of
action," specifically excluding matters upon which the firm is to
be engaged.

The initial funding of the Litigation Counsel shall be in the
amount of $150,000.


SINGER: Russian Deal Could Ruin Company
---------------------------------------
The Guardian (London) reports on September 10, 1999 that Singer,
the world's best-known sewing machine manufacturer, is threatened
with financial collapse after becoming embroiled in a highly
questionable Russian deal.

The company has appointed one of New York's leading law firms to
investigate its purchase of Podolsk, an industrial complex near
Moscow. Its auditors, Deloitte and Touche, are refusing to
approve last year's accounts largely as a result of the
acquisition.

Among the questions raised by the investigation is the
involvement of Semi -Tech Global, the previous owners of Podolsk
and a subsidiary of Semi-Tech, the Canadian conglomerate which
owns almost 50% of Singer. The investigation is also
looking into the use of Kellerman, a company based in the British
Virgin Is lands and three Cypriot firms.

The highly unusual nature of the purchase prompted Jerry
Hostetter, a spokesman for Singer, to deny any involvement with
what is expected to be the world's biggest ever money laundering
operation involving the Bank of New York and the Russian mafia.
Problems have arisen for Singer because of its payment
of $50m for the Russian operation at the end of 1997. The company
is understood to have been bought or transferred from Semi-Tech
Global. Singer renegotiated this payment last month and announced
that it expects to receive some $ 23.6m back from the deal by the
end of September. So far, it has received just $ 6m and the
seller failed to pay $ 1.5m due 10 days ago.

In a statement the company said it had appointed Skadden, Arps,
to investigate the Russian deal.

Analysts believe that Singer faces bankruptcy unless it gets the
money. Singer is understood to be facing demands from its own
pension fund as well as bankers in the next 30 days.

Semi-Tech itself filed for Chapter 11 bankruptcy protection
earlier this week after facing increased demands from creditors.
The company, which is officially based in Hong Kong, is run by
the reclusive Chinese Canadian businessman, James Ting. As a
result of its difficulties, analysts believe that Singer, which
has 18,000 employees around the world, could be put up for sale.
After sharp falls this week, its shares dropped to just above $ 1
yesterday, valuing the 148-year-old company at just $ 95m.

It recorded a net loss of $ 207m in its unaudited 1998 accounts
on sales of $ 1.26bn.


SOUTHERN MINERAL: Considers Bankruptcy
--------------------------------------
Southern Mineral Corp., Houston, announced that it has received
an extension until Sept. 30 for the repayment of a $2.9 million
Tranche A obligation under its domestic credit facility,
according to a newswire report. Following the sale of its
interest in the Texan Gardens Field on Aug. 31 and a reduction in
staff by about 50 percent, the company is considering numerous
financing sources to restructure its domestic bank debt. Southern
Mineral said it may need to sell additional oil and gas assets or
obtain additional financing from current or new lenders to raise
the funds to meet the Sept. 30 payment deadline. If it is not
able to raise sufficient funds, it will consider a merger,
additional financing or equity sources, further reductions in
costs and bankruptcy. Southern Mineral has oil and gas properties
along the Texas Gulf Coast, Canada and Ecuador. (ABI 10-Sept-99)


STUART ENTERTAINMENT: Committee Seeks Stay For Payments
-------------------------------------------------------
The Official Committee of Unsecured Creditors of Stuart
Entertainment, Inc. is seeking a court order staying the debtor
from making payments to its pre-petition vendors and suppliers.

The Committee is seeking the order to stop the debtor from paying
virtually all pre--petition unsecured creditors holding claims on
account of providing pre-petition goods and services to the
debtor.  

The Committee states that the previous Payment Order was obtained
inappropriately and without proper notice.   The Committee
alleges that the impression created by the debtor through its
pleadings and representations inaccurately conveys the impression
that the plan is a consensual one that resulted form extensive
negotiation between the debtor and its creditors.  The Committee
is advised that the debtor negotiated the plan with one creditor,
Contrarian.   The debtor asserts that Contrarian is a large
holder of notes with a face value in excess of $50 million.

The Committee complains that although the Indenture Trustee was
known to the debtor, the Indenture Trustee was not invited to
participate in any of the negotiations which resulted in the
filing of the plan.  The Committee also complains that the
debtor's largest unsecured trade creditor and the holder of 20%
of the 12-1/2% subordinated notes were also excluded from any
negotiations with respect to the plan.  The Committee has
concluded that the debtor's plan is not confirmable, in part,
because of the treatment of Contrarian and the benefits afforded
to it that are not enjoyed by similarly situated creditors.  And
secondly, by virtue of the Payment Order, pre-petition vendors
and suppliers will have received cash payment s in the full
amount of their claims, while noteholders, other than Contrarian,
will receive illiquid stock in a private company.


SUN TV: West Virginia Attorney General Cuts Deal
------------------------------------------------
West Virginia Attorney General Darrell McGraw announced a new
agreement with TransAmerica Bank so that customers who bought
merchandise from now bankrupt Sun TV and Appliance can have
warranties honored, according to a newswire report. TransAmerica
Bank will provide customers with prorated credits or refunds for
the warranties. Sun operated stores in Charleston, Beckley,
Huntington and Parkersburg, W.V. (ABI 10-Sept-99)


TELEPAD CORP: Trustee Seeks To Employ Law Firm
----------------------------------------------
The Chapter 11 trustee in the case of Telepad Corporation, Kurt
F. Gwynne, seeks authorization to employ the law firm of Klett
Lieber Rooney & Schorling as gneeral general bankruptcy counsel.  
The Trustee is an associate with the firm.


WSR CORP: Seeks To Extend Time To Assume/Reject Leases
------------------------------------------------------
The debtors, WSR Corp filed a motion seeking an order to extend
the debtors' time to assume or reject unexpired leases of
nonresidential real property.

A hearing to consider the motion will be held on September 22,
1999 at 3:30 PM.

The debtors claim that they need additional time before being
compelled to make a decision to assume or reject nay or all of
the unexpired leases.  Granting the relief requested will provide
the debtors with the time and flexibility they need to coordinate
the assumption or disposition of their leases with the efforts of
CDG to identify potential acquirers and the debtors' efforts in
formulating and implementing a business strategy, both of which
are predicates to the formulation of a confirmable plan of
reorganization.  The debtors wish to extend the period within
which they must assume or reject the unexpired leases to December
6, 1999.


YUTE AIR: Submits Plan To Escape Bankruptcy
-------------------------------------------
The Anchorage Daily News reports on September 9, 1999
That bush carrier Yute Air Alaska submitted a plan to get out
from under bankruptcy protection in federal court Tuesday.

Having cut costs and sold seven planes, the Anchorage-based
company managed to secure $ 1.5 million in credit, according to a
plan filed in U.S. Bankruptcy Court in Anchorage. With the money,
Yute will be able to keep operating and begin paying off its
creditors, including $ 1.1 million owed to a state lending
agency, $ 355,000 owed National Bank of Alaska and $ 162,000 owed
the Internal Revenue Service.

Last month, Yute planned to sell a seven-seat commuter plane to
pay the tax bill. The day the deal was to close, the buyer pulled
out and a $ 100,000 check to the IRS bounced, according to court
documents.

This week, the IRS filed a motion to force Yute to liquidate its
holding, said Steve Warnke, vice president of finance for Yute.
The court will act on that motion by Sept. 28, Warnke said.
"The IRS is rattling its saber a little bit," Warnke said. "We'll
most likely avoid that with this plan."

Yute's plan still needs to be approved by creditors and the
court. Yute has cut overhead costs by $ 15,000 per month, trimmed
its fleet of planes by one-third and is making a bid for the
profitable business shuttling passengers between Anchorage and
Kenai, according to court filings. Yute was started by pilot and
businessman Will Johnson with one plane in Dillingham in 1990.  
Six years later, Johnson had 20 aircraft connecting Bush
villages to larger Western Alaska towns like Kotzebue, Aniak,
Dillingham, Bethel and King Salmon, according to court documents.

In 1997, Johnson bid for the next rung in the airlines business -
- flights connecting Anchorage and those larger Western Alaska
towns. Yute leased planes from Texas-based Merlin airlines.
In the summer of 1997 and again in 1998, Western Alaska suffered
poor salmon runs. That meant many of its potential customers
lacked the cash to travel much. At the same time, Yute claims
that Merlin failed to supply enough maintenance personnel or
pilots. Poor service hurt business, which hurt Yute's ability to
pay bills.

During 1998, Merlin pulled its aircraft, according to Yute's
court documents. The company claims Yute owes it $ 1.7 million --
a figure Yute disputes. After the Merlin pullout, Yute was left
with a large debt load and only the thin business in the salmon-
poor Bush to support the company. In January, Yute filed
for Chapter 11 bankruptcy protection to buy time while the
company reorganized.

Since January, Yute has had a net loss of $ 30,000, according to
court documents. But Yute has also sold seven planes and plans to
sell two more. The company has also cut overhead costs. Breaking
into the Anchorage-Kenai business would also help. The route is
the busiest and most profitable in the state, according to Yute.

Under Yute's bankruptcy plan, Nations Credit will supply Yute
with the $ 1.5 million loan. Warnke said he hopes the company
will emerge from court protection by Nov. 1. If the business goes
as planned, company officials Yute will see a profit of $ 75,000
for the second half of 1999.


BOND PRICING FOR WEEK OF September 7, 1999
==========================================
DLS Capital Partners, Inc., bond pricing for week of September
7,1999

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                 17 - 20 (f)
Amer Pad & Paper 13 '05               57 - 59
Asia Pulp & Paper 11 3/4 '05          67 - 69
E & S Holdings 10 3/8 '06             49 - 51
Geneva Steel 11 1/4 '04               13 - 15 (f)
Globalstar 11 1/4 '04                 63 - 64
Hechinger 9.45 '12                    10 - 13 (f)
Integrated Health  9 1/2 '07          25 - 28
Just for Feet 11 '09                  29 - 33
Loewen 7.20 '03                       54 - 56 (f)
Planet Hollywood 12 '05               26 - 28 (f)
Purina Mills 9 '10                    24 - 27
Samsonite 10 3/4 '08                  83 - 85
Service Merchandise 9 '04             18 - 19 (f)
Sunbeam 0 '18                         17 - 18
TWA 11 3/8 '06                        64 - 66
United Artists 9 3/4 '08              31 - 34
Vencor 9 7/8 '05                      28 - 30 (f)
Zenith 6 1/4 '11                      21 - 23 (f)


                  **********

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

Bond pricing, appearing in each Friday edition of the TCR, is
provided by DLS Capital Partners, Dallas, Texas.

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter, co- published by
Bankruptcy Creditors' Service, Inc., Princeton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
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,
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