TCR_Public/991227.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, December 27, 1999, Vol. 3, No. 249
                     
                     Headlines

ABRAXAS STEEL & WIRE: Applying for Guaranty Under New Act
ACME METALS: Joint Application For Payments of Trade Claims
AMERICAN BANKNOTE CORPORATION: Case Summary
CENTENNIAL COAL: Seeking Extension To Assume/Reject Leases
CODON PHARMACEUTICALS: Seeks Extension of Exclusivity

FEDCO: Confirmation of Plan
FILENE'S BASEMENT: Motion To Approve Agreement
FILENE'S BASEMENT: Taps ML Strategies, LLC
FIRSTPLUS FINANCIAL: Seeks Approval fo Compromise
FIVE PARK AVENUE: Case Summary and 10 Largest Unsecured Creditors

FORCENERGY: Seeks Court OK To Assume Joint Operating Agreements
GANTOS: Fails To File Latest Financial Statements
GENEVA STEEL: Fourth Quarter Results
IRIDIUM PROMOTIONS, INC.: Case Summary
JUMBOSPORTS: Notice of Rejection of Leases
LENOX HEALTHCARE: Needs Time To File Schedules and Financials

LENOX HEALHCARE: Seeks Extension To Assume/Reject Leases
LIBERTY HOUSE: Board Of Directors Taps Watson Wyatt
LIBERTY HOUSE: Seeks Order Extending Time To Assume/Reject Leases
LOIS USA: Taps Citrin Cooperman as Accountants
METROTRANS: Announces Chapter 11 Filing

ML CLO XII PILGRIM: Moody's Downgrades Class B and C Notes
MONDI OF AMERICA: Seeking Time to File Schedules and Financials
NATIONAL RESTAURANTS: Seeks Extension of Exclusive Period
NEXTWAVE: Nextel's Proposal for NextWave Reviewed by DCR
NEXTWAVE: Statement on Court Opinion of December 22, 1999

ONCOR INC: Seeks Extension of Exclusivity
PLANET HOLLYWOOD: Order Approves Disclosure Statement
SEMI-TECH: Last Date To File Proofs of Claim
SGL CARBON: Settlement of Antitrust Claims
SPORTS AUTHORITY: Moody's Confirms Sports Authority's Sub Notes

STAR NEWCO: Seeks Entry Of Interim Financing Order
STAR NEWCO: Seeks Extension of Exclusivity
TECHNICLONE: Company's Continuation Dependent On Financing
TELEGROUP, INC: Order Fixes Hearing Date For Disclosure Statement
TRANSTEXAS GAS: Revenues and Losses Down

BOND PRICING FOR WEEK OF DECEMBER 20

                    *********

ABRAXAS STEEL & WIRE: Applying for Guaranty Under New Act
---------------------------------------------------------
Since early calendar 1999, Abraxas Steel & Wire Company has been
attempting to finance its long-term strategic plan primarily
consisting of the construction of a new, more efficient, low cost
structural rolling mill.

As yet the company has not been able to obtain the necessary
financing, due, according to Abraxas, to the poor operating
results caused largely by imports and because of the
deterioration in the credit markets which traditionally provide
funding to steel companies.

Consequently, the company has decided to apply for a guaranty
under the Emergency Steel Loan Guarantee Act of 1999. Under the
Guarantee Act, domestic steel companies may apply for a United
States government guarantee of up to 85% of the principal amount
of a loan or loans of up to $250,000. According to the Guaranty
Act regulations published on October 18, 1999, applications for
guarantees under the Guarantee Act must be submitted to the
United States Department of Commerce on or before January 31,
2000, and guarantees are anticipated to be awarded approximately
six to eight weeks after the application deadline.

In January, 2000 Abraxas anticipates filing a guarantee
application that would allow it to raise approximately $170,000
in new senior debt. If the company is able to obtain a guaranty
under the Guarantee Act in an acceptable amount with acceptable
terms, it intends to use the proceeds of the guaranteed loan to
finance its long-term strategic plan.

Net sales for the company were $87.1 million on shipments of
284,493 net tons for the three months ended October 31, 1999,
compared to $113.5 million on shipments of 295,059 net tons for
the three months ended October 31, 1998. The company recorded a
net loss for the quarter of $8.1 million, which included expenses
of over $1.0 million associated with the anticipated new mill
construction . In the first quarter of the prior year, the
company announced the exit from a significant portion of its wire
business, resulting in a net loss for the quarter of $24.6
million.


ACME METALS: Joint Application For Payments of Trade Claims
-----------------------------------------------------------
The debtor, Alpha Tube Corporation, and its Official Committee of
Unsecured Creditors filed a joint application for an order
permitting payments to satisfy allowed trade claims of consenting
creditors, and authorizing related relief.  A hearing to consider
the application will take place on January 20, 2000.

Alpha Tube made a settlement proposal regarding the treatment of
Trade Claims, which proposal was accepted by the Alpha Committee.

The most fundamental economic aspect of the Settlement Proposal
concerns the compromise and payment of the Trade Claims asserted
agaisnt Alpha Tube's estate at a 15% discount from the allowed
principal amount of Trade Claims and the elimination of any
postpetition interest. The decision by individual holders of
Trade Claims to participate in the Settlement Proposal is
completely voluntary.  Any holder declining to participate will
retain whatever rights it may have against Alpha Tube's estate on
account of its Trade Claim and will be treated as part of the
joint reorganization plan.  The Settlement Proposal also requires
the dissolution of the Alpha Tube Committee and the discharge of
Togut, Segal & Segal LLP; Connolly, Bove, Lodge & Hutz; Wolf,
Block, Schorr and Solis-Cohen LLP and Belisle & Associates LLC.


AMERICAN BANKNOTE CORPORATION: Case Summary
-------------------------------------------
Debtor:  AMERICAN BANKNOTE CORP.
         410 Park Avenue
         New York, New York 1002-4407

Petition Date: December 8, 1999
Chapter 11
Court:  Southern District of New York   
Judge: Prudence Carter Beatty

Debtor's Counsel:  
Kayalyn A. Marafioti
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
(212) 735-2552

Total Assets:   $ 207,785,000
Total Debts:     $ 188,034,000


CENTENNIAL COAL: Seeking Extension To Assume/Reject Leases
----------------------------------------------------------
The debtors, Centennial Coal, Inc. seeks to extend the period
within which the debtors may assume or reject unexpired leases of
nonresidential real property for approximately 90 days, to and
including April 6, 2000. A hearing on the motion will be held on
February 4, 2000 at 9:30 AM.

The debtors are parties to in excess of 100 unexpired leases of
nonresidential real property that relate to property constituting
the core of the debtors' mining activities and coal reserves.  
The debtors are also parties to certain unexpired leases of
nonresidential real property that relate to property used by the
debtors for administrative offices, coal-site offices, storage
and otherwise in furtherance of their mining activities.

The mining leases constitute the most important asset of the
debtors' estates.  Pursuant to their mining leases, the debtors
are authorized to undertake mining activities on property owned
by various lessors.  Without the mining leases the debtors could
not operate their business and conduct their mining activiites.

The debtors' new executive management team has continued the
process of familiarizing itself with the debtors' mining leases
and additional leases and has continued to work toward making
reasoned business decisions concerning particular mining leases
and additional leases.  However until a certain adversary
proceeding against Kentucky Emerald Land Company, LLC and Summit
Coal Company, LLC are determined, the debtors submit that it
would not be possible to shape a meaningful plan of
reorganization unless and until the issues underlying the Summit
Sublease Litigation are resolved.  In addition, the debtors are
in negotiations with its other principal lessor concerning
royalty rates and other issues arising under the related Mining
Leases.  These proceedings and negotiations have delayed the
business decisions concerning the mining leases and additional
leases.  The debtors are seeking an extension of approximately
ninety days to and including April 6, 2000.  The debtors believe
that the additional 90 days will afford their executive
management team important and necessary time to intelligently
assess each Mining Lease's and Additional Lease's ultimate value
and usefulness to the debtors' operations and estates.


CODON PHARMACEUTICALS: Seeks Extension of Exclusivity
-----------------------------------------------------
The debtors, Codon Pharmaceuticals, Inc. and Oncor, Inc. seek an
extension of the debtors' exclusive period within which to
solicit acceptances to their Chapter 11 plans with the US
Bankruptcy Court for the District of Delaware.

The debtors seek a 60-day extension, from December 31, 1999
through and including February 29, 2000 of the period during
which the debtors will maintain the exclusive right to solicit
acceptances of their respective plans.  The debtors have filed
their plans and the cout has approved their Disclosure Statement.  
The debtors are in the process of soliciting votes, and claim to
need the extension out of an abundance of caution.  The debtors
note that after lengthy negotiations, the Creditors' Committee
supports the plan.


FEDCO: Confirmation of Plan
---------------------------
On December 6, 1999, the court entered its order confirming the
plan of Reorganization, as amended, proposed by Federal
Employees' Distributing Company and its Official Creditor's
Committee.  The Plan's Effective Date will be December 17, 1999.  
The court has set January 14, 2000 as the deadline for filing any
claim arising as a result of the rejection under the plan of an
executry contract or unexpired lease  or asserting a cure amount
under such contract or lease.

Fedco's Counsel:
Richard Levin & Peter W. Clapp
Skadden, Arps, Slate, Meagher & Flom LLP
300 South Grnad avenue - Suite 3400
Los Angeles, CA

Committee's Counsel:
Jeffrey N. Pomerantz
Pachulski, Stang, Ziehl & Young
10100 Santa Monica Blvd. - Suite 1100
Los Angeles, Calif.

United States Trustee:
Ron Maroko & Alvin Mar
Office fo the United States Trustee
Sutie 800
221 No. Figueroa Street
Los Angeles, CA 90012


FILENE'S BASEMENT: Motion To Approve Agreement
----------------------------------------------
The debtors, Filene's Basement Corp. and Filene's Basement, Inc.
filed a motion seeking entry of an order authorizing the debtors
to enter into an agreement relating to the sales of jewelry at
various locations with Ultra Stores, Inc. and Gordon Brothers
Retail Partners LLC.  

Prior to the commencement of these cases, the debtors and Ultra
entered into a certain licensing arrangement which provided inter
alia for the use of space at certain of the debtors' locations to
run jewelry concessions subject to payment to the debtors of
various charges, including a commission equal to 10.5% of all
gross sales made by Ultra at these concessions.  Ultra continues
to sell jewelry at various locations in which it has concessions.

In connection with its GOB sales, the debtors and Ultra wished to
continue with Ultra's existing sales of jewelry at the Phase I
and Phase II GOB stores.  As a result, the debtors, Ultra and
GBRP agreed to enter into an agreement to allow Ultra to remain
in its concessions during the GOB sales, provided that Ulta
compensates Gordon Brothers for various costs and charges,
including use and occupancy charges.  The parties agreed that
Ulta should compensate Gordon Brothers in the amount of 50% of
the commission amount paid by Ultra to the debtors or 5.25% of
gross Ultra Jewelry sales.  Pursuant to the Jewelry Agreement,
the remaining 50% of the commission shall be paid to the debtors.
The debtors now seek court approval of the agreement.


FILENE'S BASEMENT: Taps ML Strategies, LLC
------------------------------------------
The debtors, Filene's Basement Inc. and Filene's Basement Corp.
seek authority to retain and employ Nancy J. Sterling and ML
Strategies, LLC as the debtors' special public relations
consultant.  The firm will manage bankruptcy-related press and
generate positive media coverage for the purpose of maintaining
the debtors' public image while they undergo their Chapter 11
reorganization.  


FIRSTPLUS FINANCIAL: Seeks Approval fo Compromise
-------------------------------------------------
The debtor, FirstPlus Financial Inc. seeks approval of a
compromise of controversy with Teachers Insurance and Annuity
Association, Putnam Investment Management, Merrill Lynch and
American Express Financial Corporation(the "NIMS Bondholders")
and Western Interstate Bancorp.

The compromise generally provides for:

The continued payment by Western Interstate Bancorp of the
Servicer Fee Income into the NIMS Trust and the assumption of the
obligation to pay the Servicer Fee Income into the NIMS Trust by
any subsequent purchaser of WIB's servicing business.

Recognition and acknowledgement of the NIMS Trust's interests and
Beal Bank's interests in the Servicer Fee Income.

The adjustment of required principal payments under the NIMS
bonds.

The payment of $7 million to the NIMS Trust from collections
under the Western Interstate Bancorp Note.

The adjustment of certain events of default under the documents
and instruments establishing the NIMS Trust.  

Cancellation of the $30 million demand note.

US Bank, as indenture trustee, has stated that its claims against
the debtor may total well in excess of $100 million.  US Bank has
also filed an objection to the debtor's plan and Disclosure
Statement.

The debtor claims that litigation against the NIMS Bondholders
would be very complex, time consuming and expensive.  Each of the
issues raised by US Bank in its Proofs of Claim would have to be
separately litigated and resolved.  Such litigation would require
substantial expert testimony and accounting analysis.

The debtor believes that the proposed compromise is in the best
interest of all creditors of the estate.  Among other things, the
NIMS Bondholders' Agreement to adjust principal payments under
the NIMS bonds and to cancel the $30 million demand note confers
a substantial benefit to the estate.


FIVE PARK AVENUE: Case Summary and 10 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Five Park Avenue, LLC
    200 East 60th Street
    New York, NY 10021
            Tax id: 13-3996335

Type of Business: Developing and operating a first class
restaurant

Petition Date: December 10, 1999 Chapter 11

Court:  Southern District of New York
Judge: Jeffry H. Gallet

Debtor's Counsel:  
Ellen Werfel-Martineau
Stein Riso Mantel Haspel & Jacobs LLP
254 S. Main Street
New City, NY 10956
(914) 634-1010

Total Debts:   $ 1,016,680.00

10 Largest Unsecured Creditors:

Advocate Consulting Group Inc.          
Clevenger-Frable-Lavalle                
Harmin-Jablin                              
Marino Gerazounis & Jaffe Associates, Inc     
Metropolitan Life Insurance Co.                      
Mohoney, Cohen                                          
NYS Dept. of Tax & Finance                          
Schneck Weltman & Hashmall                       
Sperger, Dennenberg, ESQ.                           
Winchester Properties, Inc.,                           


FORCENERGY: Seeks Court OK To Assume Joint Operating Agreements
---------------------------------------------------------------
The debtors and Transworld Exploration and Production, Inc. seek
approval of an agreed order concerning the assumption of joint
operating agreements.


GANTOS: Fails To File Latest Financial Statements
-------------------------------------------------
Gantos Inc. has failed to timely file, with the Securities &
Exchange Commission, its latest financial statements, at least in
part, according to the company, because of its financial
condition and in part because of the consolidation of most of the
company's financial staff in Stamford, Connecticut, several
members of the company's financial staff resigned during the
third quarter of fiscal 1999, including its general ledger
manager.  During November and early December, the company's
remaining accounting staff was involved in preparing information
in connection with the company's Loan and Security Agreement,
dated November 18, 1998, and various audits relating to that loan
agreement, and in preparing budgets and projections relating to
that loan agreement, in addition to its preparation of the
quarterly financial statements and analysis for the October 30,
1999 financial statements.

In addition, in July 1999, the company appointed Deloitte &
Touche LLP as its new independent public accountants to audit and
report on its financial statements for the year ending January
29, 2000. Despite these factors, the current financial
information was expected to be filed mid-December.


GENEVA STEEL: Fourth Quarter Results
------------------------------------
Geneva Steel reported  a net loss of $63.5 million, or a loss of
$3.78 per dilutive common share, for the fourth fiscal quarter
ended September 30, 1999.  This compares with a net loss of $21.6
million, or a loss of $1.51 per dilutive common share (after
accounting for dividends on preferred stock), for the same period
last year. The operating loss for the fourth fiscal quarter was
$27.8 million, compared with an operating loss of $14.8 million
during the same period last year.  The net loss for the three
months ended September 30, 1999 included $38.4 million of
provisions relating to the Company's Chapter 11 proceeding,
including for professional fees, write-off of deferred loan fees
on the senior notes and for certain executory contracts expected
to be rejected.

Sales and tons shipped during the quarter were $89.7 million and
316,400 tons, respectively, compared with sales and tons shipped
of $157.8 million and 443,900 tons, respectively, for the same
period last year.

For the fiscal year ended September 30, 1999, the Company
reported a net loss of $185.1 million, or a loss of $11.33 per
dilutive common share (after accounting for dividends on
preferred stock).  This compares with a net loss of $18.9
million, or a loss of $1.90 per dilutive common share (after
accounting for dividends on preferred stock), for the same period
last year. The operating loss for the year ended September 30,
1999, was $128.9 million, compared with operating income of $21.4
million during the same period last year.  Sales and tons shipped
during the year were $314.7 million and 1,100,300 tons,
respectively, compared with sales and tons shipped of $720.5
million and 2,003,200 tons, respectively, for the same period
last year.

As of February 1, 1999 (the date of the Company's Chapter 11
filing), the Company discontinued accruing interest on its senior
notes and dividends on its redeemable preferred stock.  
Contractual interest on the senior notes for the fourth fiscal
quarter of 1999 was $8.3 million, which is not included in the
Company's financial statements.  Contractual dividends on the
redeemable preferred stock as of September 30, 1999 were
approximately $36.9 million, which is $8.4 million in excess of
dividends accrued in the Company's balance sheet.

Recent Operating Results:  Concurrent with reduced production
demand, weighted average sales price per ton of plate, pipe,
sheet and slab products decreased by approximately 23.9%, 10.2%,
10.6% and 12.6%, respectively, as compared to the fourth fiscal
quarter last year.  Prices for the Company's products and the
volume of orders have, however, recently begun to improve.

In response to improving market conditions, the Company started a
second blast furnace in September 1999, and expects to return to
more normal operating levels in the second quarter of fiscal year
2000.  Higher operating levels associated with a two-blast
furnace operation has created additional working capital needs
for the Company.  These working capital needs will increase over
the first and second quarters of fiscal year 2000 as production
and inventory levels increase.  There can be no assurance that
market conditions will continue to justify a two-blast furnace
operation, that pricing and order volumes will continue to
improve, or that the Company will be able to obtain the requisite
working capital from vendor credit, expanded borrowing capacity,
or other sources to support increased production levels.

The Company's operating costs per ton increased as compared to
the same quarter last year.  The overall average cost of sales
per ton shipped increased primarily as a result of production
inefficiencies associated with operating at levels that are
significantly less than capacity.  The recent surge in steel
imports and resulting low level of orders, together with other
market factors, caused production levels to decline.  Operating
costs per ton increased in part because fixed costs were
allocated over fewer tons.  In addition, the Company,
in response to falling prices and higher costs, wrote- down the
cost of its inventories to market prices, resulting in an
adjustment of approximately $3.5 million, which increased cost of
sales in the fourth fiscal quarter of 1999, as compared to the
same period in the previous year. The Company has undergone
several rounds of personnel reductions and other cost cuts in an
attempt to at least partially offset the adverse cost effects of
lower production rates. During most of fiscal year 1999, the
Company also attempted to minimize production inefficiencies by
limiting its production to a full, one-blast furnace level.

As of December 21, 1999, the Company had $9.9 million available
under the credit facility, with $43.4 million in borrowings and
$2.4 million in letters of credit outstanding. Until recently,
the Company's production activities were consuming cash. During
the two months of October and November 1999, the Company's
operations generated slight positive cash flow.  Further
improvement in market conditions will likely be necessary
for the Company's production activities to become significantly
cash flow positive.  A reversal in the current market trend or a
disruption in the Company's operations would likely cause the
Company to return to negative cash flow.

The Company is currently developing a plan of reorganization (the
"Plan of Reorganization") through, among other things,
discussions with the official creditor committees established in
the Chapter 11 proceeding.  The objective of the Plan of
Reorganization is to restructure the Company's balance sheet to
(i) significantly strengthen the Company's financial flexibility
throughout the business cycle, (ii) fund required capital
expenditures and working capital needs, and (iii) fulfill those
obligations necessary to facilitate emergence from Chapter 11.  
In conjunction with the Plan of Reorganization, the Company
intends to file an application in January 2000 for a government
loan guarantee under the Emergency Steel Loan Guarantee Program
(the "Loan Guarantee Program").  The application will seek a
government loan guarantee for a portion of the financing required
to consummate the Plan of Reorganization, with the
remaining financing being provided through other means.  In
connection with preparing the loan guarantee application, the
Company is in the final phase of selecting and negotiating terms
with a major bank to serve as the primary lender under the Loan
Guarantee Program.  There can be no assurance that the Company
will be selected to participate in the Loan Guarantee Program or
that, with or without a guarantee, the Company can obtain the
necessary financing to consummate the Plan of Reorganization.

The Company requested and received an extension of its Chapter 11
exclusivity period, which now expires February 28, 2000.  
Management expects that a Plan of Reorganization will be
completed and ready to file with the bankruptcy court during the
first calendar quarter of 2000.  The Plan of Reorganization will
be conditioned on the Company being approved for a guarantee
under the Loan Guarantee Program.  There can be no assurance as
to the actual timing for the filing of the Plan of Reorganization


IRIDIUM PROMOTIONS, INC.: Case Summary
--------------------------------------
Debtor:  Iridium Promotions, Inc.
            1575 Eye Street, N.W.
            Washington, DC 20005
            Tax id: 52-2120341


Petition Date:  December 16, 1999            
Chapter 11
Court:  Southern District of New York         
Judge:  Cornelius Blackshear

Debtor's Counsel:  
Erik R. Markus
Wilmer, Cutler & Pickering
2445 M Street, NW
Washington, DC 20037
202-663-6733


JUMBOSPORTS: Notice of Rejection of Leases
------------------------------------------
The debtor, JumboSports, Inc. and its affiliate debtors provided
notice of reject of the following non-residential leases:

196 Centre at Riverchase, Birmingham, AL
5035 Harding Place, Nashville, TN
3500 Southside Blvd., Jacksonville, FL
9225 N. May, Oklahoma City, OK
3071 N. Rainbow Blvd., Las Vegas, NV
8221 -S East 61st Street, Tulsa, OK
7300 E. Independence Blvd., Charlotte, NC
2500 Williams Blvd., Kenner, LA
2075 Semoran Blvd., Winter Park, FL
1293 Shreveport/Barksdale Hwy., Shreveport LA
2084 Sherwood Forest Blvd., Baton Rouge LA


LENOX HEALTHCARE: Needs Time To File Schedules and Financials
-------------------------------------------------------------
The debtors, Lenox Healthcare, Inc. are seeking a court order
authorizing the debtors to file schedules and statement of
financial affairs on consolidated basis in lieu of separate
schedules for each of the debtors.

The debtors state that consolidated schedules will provide
adequate and sufficient disclosure of the debtors' financial
affairs.


LENOX HEALHCARE: Seeks Extension To Assume/Reject Leases
--------------------------------------------------------
The debtors, Lenox Healthcare, Inc. are seeking a court order
extending the time within which the debtors may assume or reject
unexpired leases of nonresidential real property.  A hearing is
scheduled for January 6, 2000 at 9:30 AM. The debtors seek an
order extending the time to assume or reject leases by
approximately 120 days, through and including May 1, 2000.  

The debtors are lessees under numerous leases for faciltes that
are used to conduct the healthcare, assisted living, hospital,
and administrative functions that comprise the debtors'
businesses, and are assets of the debtors' estates.

Given the number of leases, the complexity of the cases, and the
size of the task of evaluating the unexpired leases, the debtors
simply have not yet been able to assess the value of the
marketability of the unexpired leases and make determinations
with respect to which unexpired leases should be assumed and
which, if any, should be rejected.


LIBERTY HOUSE: Board Of Directors Taps Watson Wyatt
---------------------------------------------------
The Board of Directors of Liberty House, Inc., seeks an order
authorizing the debtor to employ Watson Wyatt & Company as the
debtor's employee compensation, benefit and retention consultant.  
The debtor has experienced significant losses of senior
management employees.

The firm will conduct a comprehensive compensation and benefits
survey.  The Board desires that the debtor employ Watson Wyatt to
provide independent professional consulting services relating to
Liberty House's employee compensation practices and policies.


LIBERTY HOUSE: Seeks Order Extending Time To Assume/Reject Leases
-----------------------------------------------------------------
The debtor, Liberty House, Inc. seeks order extending time to
assume, assume and assign, or reject unexpired nonresidential
real property leases. The debtor asserts that although it has
made significant progress in evaluating the leases, the debtor
needs additional time and hereby requests the entry of an order
extending the deadline to assume, assume and assign, or reject
each of its leases until May 31, 2000.  The debtor is evaluating
a variety of reorganization alternatives, and the debtor does not
want to assume or reject leases piecemeal, if in fact there is a
deal to assume or reject all of the leases at once.


LOIS USA: Taps Citrin Cooperman as Accountants
----------------------------------------------
The debtors, Lois/USA, Inc., Lois/USA Chicago, Inc. and Lois/USA
New York Inc. seek to retain Citrin Cooperman & Company LLP as
accountants for the debtors.  Lois/USA is a full service
advertising and marketing communications company with offices in
New York, Los Angeles, Chicago, Houston, Austin and Dallas.  The
firm's services will generally include tax return preparation,
SEC compliance and assisting the debtors' personnel in the
preparation of the monthly operating reports required by the
United States Trustee.  


METROTRANS: Announces Chapter 11 Filing
---------------------------------------
Metrotrans Corporation (OTC Bulletin Board: MTRN) announced today
that it has filed a voluntary petition for reorganization with
the United States Bankruptcy Court for the Northern District of
Georgia under Chapter 11 of the Federal Bankruptcy Code. The
Company's decision to seek Chapter 11 protection was due to
its continuing operating losses, past debts, and its inability to
obtain additional asset- based financing.  The Company continues
in possession of its property and continues to operate and manage
its business and financial affairs as a debtor-in-possession
under the supervision and orders of the United States Bankruptcy
Court for the Northern District of Georgia.  An interim financing
arrangement with Bank of America has been submitted for Court
approval which would allow the Company to maintain current
operations.  As previously announced, the Company engaged the
services of Legacy Securities Corporation in order to explore
strategic alternatives related to satisfaction of its
indebtedness, potentially including a sale of the business.  As a
result of Legacy's activities, interest has been shown by a
number of potential buyers in acquiring some or all of the
Company's assets in the near future, subject to Court approval.

Additionally, the Company announced that Patrick L. Flinn and
William C. Pitt III resigned from the Company's Board of
Directors effective December 14 and 17, 1999, respectively.

Metrotrans designs, manufactures and distributes shuttle and mid-
size touring buses through Company operated sales centers and
independent distributors in the United States and Canada and
Puerto Rico.


ML CLO XII PILGRIM: Moody's Downgrades Class B and C Notes
----------------------------------------------------------
New York, December 22, 1999 -- Moody's Investors Service has
downgraded the rating of the U.S. $47,916,803 Class C
Subordinated Notes due 2009 (rated as to principal only) and the
$131,000,000 Class B Second Senior Secured Notes due 2009 issued
by ML CLO XII Pilgrim America (Cayman) Ltd. According to Moody's,
the downgrades result from continued deterioration of the credit
quality of the collateral pool. Since Moody's last took action on
the Class B and Class C Notes, the portfolio experienced
additional defaults (par amount of approximately $14.5 million),
primarily in the long-term health care industry. The rating
agency noted that, including Defaulted Securities, more than 25%
of the collateral pool is currently rated Caa1 or lower.
According to the rating agency, the transaction continues to
violate the Weighted Average Rating Test and the Class B
Overcollateralization Test and, therefore, the expected loss
associated with the Class C Notes, with respect to principal
only, and the Class B Notes has increased to a point no longer
consistent with ratings of Caa2 and Ba1, respectively.

Moody's noted that the Collateral Manager has demonstrated an
ongoing commitment to improve the credit quality of the rated
Notes. Accordingly, Moody's is confirming the rating of the
Senior Notes and is removing the Class B Notes from the negative
Watchlist.

RATING ACTION: DOWNGRADE
Issuer: ML CLO XII Pilgrim America (Cayman) Ltd.:
Tranche description: $131,000,000 Class B Second Senior Secured
Notes due 2009;
Previous Rating:Ba1
New Rating:Ba3

RATING ACTION: DOWNGRADE
Issuer: ML CLO XII Pilgrim America (Cayman) Ltd.:
Tranche description: $47,916,803 Class C Subordinated Notes due
2009; Previous Rating:Caa2 (with respect to principal only)
New Rating:C (with respect to principal only)


MONDI OF AMERICA: Seeking Time to File Schedules and Financials
---------------------------------------------------------------
The debtors, Mondi of America, Inc. seeks an order extending time
to file schedules, lists and statements of financial affairs.

As a result of the inventory liquidation, the upcoming lease
auction, the size and complexity of the debtors' businesses, the
diversity of their operations and assets and the limited staffing
available to gather, process and complete the schedules, the
debtors require additional time to bing their books and record up
to date and to collect the data needed for the preparation and
filing of the schedules.  The debtors are seeking an extension to
and including December 23, 1999.


NATIONAL RESTAURANTS: Seeks Extension of Exclusive Period
---------------------------------------------------------
National Restaurants Management, Inc., et al., debtors, seek
entry of an order extending the 180 day exlcusive period of the
debtors.

The debtors seek a one month increase of the 180 day exclusive
period from January 3, 2000 to and including February 3, 2000.  
Kahn Consulting Inc. is financial advisor to the Committee, and
Dewey Ballantine is counsel to the committee.  Kahn and Committee
Counsel have undertaken a comprehensive investigation of the
financial condition of the NRM Companies in order to determine
the value of the debtors. The valuation process has involved an
analysis of the profitability of the operations of the NRM
companies and the valuation of more than one hundred leases and
executory contracts in order to determine the liquidation value
of the NRM Companies.  The debtor agreed to wait for the
Valuation Analysis before seeking approval of their Disclosure
Statement.  However, the debtors need this extension while they
wait. With the extension the exclusive period would be increased
to and including February 3, 2000.


NEXTWAVE: Nextel's Proposal for NextWave Reviewed by DCR
--------------------------------------------------------
Duff & Phelps Credit Rating Co. (DCR) has preliminarily reviewed
Nextel's filing that requests the Federal Communication
Commission (FCC) clarify its policies regarding the receipt of
waivers critical to Nextel in its efforts to acquire the debt and
equity of NextWave Telecom Inc.  It also outlines a proposed
tender offer for NextWave's creditors and shareholders.  Nextel
Finance Company's secured bank facility is rated 'BB' (Double-B).  
Nextel's senior notes are rated 'B+' (Single-B-Plus) and its
preferred stock is rated 'B-' (Single-B-Minus).

Nextel's proposal for NextWave would total $8.3 billion,
including a $2.5 billion stock component.  Under the proposal,
$5.3 billion in cash would be used to pay down NextWave's FCC
license debt principal and interest as well as a bidding credit
that was initially granted to NextWave as a Designated Entity
(DE) licensee.  The remaining $3.0 billion would go toward
NextWave creditors ($ 500 million in cash) and shareholders ($2.5
billion in Nextel stock).

Although it is still uncertain how Nextel's spectrum strategy
will unfold, our current ratings incorporate certain assumptions
regarding Nextel's pursuit and development of additional
spectrum.  In terms of the cost and funding sources that would be
used for the spectrum alone under the new proposal, DCR believes
that it would result in only modestly higher leverage than DCR's
prior expectations.  However, the company has not yet
communicated how it will use the spectrum, which will in turn
impact the incremental buildout costs and operating cash needs.  
Nextel's buildout and marketing plans related to the new
spectrum, coupled with the type of the funding sources (debt vs.
equity) that would be used for these incremental cash
requirements, will be critical factors influencing Nextel's
prospective credit quality.  Regardless, a substantial
spectrum acquisition of NextWave's size would enhance Nextel's
competitive position, significantly improve capital efficiency
and provide operating flexibility.

DCR notes that a large number of variables remain unresolved with
the NextWave bankruptcy, including: the ongoing court
proceedings; NextWave's attempts to gain new backers and to
formulate a more palatable reorganization plan; and the DE
license transfer restrictions.  If Nextel's plan is successful,
control of NextWave may be subject to competing bids -- though
there are no other major existing wireless operators that would
be eligible to bid under current FCC license cap rules.

Nextel had nearly 4.1 million digital subscribers at September
30, 1999. Nextel and Nextel Partners, of which Nextel owns a
minority stake, have SMR licenses covering 250 million pops
nationwide.  Nextel's wholly owned unrestricted subsidiary,
Nextel International, owns wireless investments in North America,
Latin America and Asia.  Nextel's indentures contain significant
restrictions on cash infusions to Nextel International.


NEXTWAVE: Statement on Court Opinion of December 22, 1999
---------------------------------------------------------
NextWave received the opinion of the United States Court of
Appeals for the Second Circuit. Although we had hoped for an
affirmation of the District Court's decisions, nevertheless,
consistent with the opinion received, we are fully positioned to
work closely with the Federal Communications Commission (the
"FCC") to implement a market-based solution that results in the
immediate assumption of the full amount of the original debt
obligation, immediate payment of all accrued interest and
principal to date while presenting a plan to the FCC and the
bankruptcy court that is fully compliant with the FCC rules.
NextWave has assembled a world class team -- comprised of
strategic partners, financial institutions and highly qualified
vendors -- to begin deploying one of the first of the third
generation IP-based packet switched wireless networks in the
world and put the licenses into productive use in the
very near-term.


ONCOR INC: Seeks Extension of Exclusivity
-----------------------------------------
The debtors, Codon Pharmaceuticals, Inc. and Oncor, Inc. seek an
extension of the debtors' exclusive period within which to
solicit acceptances to Chapter 11 plans with the US Bankruptcy
Court for the District of Delaware.

The debtors seek a 60-day extension, from December 31, 1999
through and including February 29, 2000 of the period during
which the debtors will maintain the exclusive right to solicit
acceptances of their respective plans.  The debtors have filed
their plans and the cout has approved their Disclosure Statement.  
The debtors are in the process of soliciting votes, and claim to
need the extension out of an abundance of caution.  The debtors
note that after lengthy negotiations, the Creditors' Committee
supports the plan.


PLANET HOLLYWOOD: Order Approves Disclosure Statement
-----------------------------------------------------
The US District Court for the district of Delaware has approved
the First Amended Disclosure statement for the first amended
Joint Plan of Reorganization of Planet Hollywood International,
Inc. and certain of its subsidiaries.  A hearing to consider
confirmation of the plan and any objections thereto will be held
before the Honorable Joseph J. Farnan Jr, US District Court
Judge, at the US District Court for the District of Delaware, J.
Caleb Boggs Federal Building, 844 King Street, Room 2313
Wilmington, DE 19801 on January 20,2000 at 2:00 PM.


SEMI-TECH: Last Date To File Proofs of Claim
--------------------------------------------
All persons and entities holding claims of any kind against one
or more of the debtors that arose on or before the Filing Date
are required to file a singed original of a completed proof of
claim form in respect of such claim so that it is actually
received not later than 5:00 PM NYC time on January 14, 2000.


SGL CARBON: Settlement of Antitrust Claims
------------------------------------------
The debtor, SGL Carbon Corporation, is engaged in the business of
manufacturing, marketing and distributing certain carbon and
graphite products.  The debtor seeks the court's approval of
various Graphite Electrodes Settlement Agreements.  Although the
debtor denies any involvement in the alleged conspiracy
underlying the alleged antitrust claims, the debtor has
negotiated and executed the settlement agreements.  Each graphite
electrodes customer that executes a settlement agreement has an
allowed claim against the debtor.  The largest percentage of
aggregate purchases agreed to as a settlement amount between the
debtor and any graphite electrodes customer is 23.6% of aggregate
purchases.


SPORTS AUTHORITY: Moody's Confirms Sports Authority's Sub Notes
---------------------------------------------------------------
New York, December 22, 1999 -- Moody's Investors Service lowered
the rating of The Sports Authority Inc.'s ("TSA") senior secured
credit facility to B2 from B1 after the amount of the line was
increased to $275 million from $200 million with no change in the
collateral package. TSA's other debt ratings were confirmed as
follows:

Issuer rating at B3

Convertible subordinated notes at Caa2

TSA's senior implied rating remains B2. The rating outlook on all
debt remains negative. The new rating of the bank debt reflects
the potential for additional borrowings on a flat or declining
base of collateral. The bank debt is secured by TSA's inventory
and accounts receivables. The amendment allows for a significant
increase in the amount of debt without an increase in the total
amount of security, which reduces asset coverage from prior
levels. Moody's also believes that the ongoing level of bank debt
could be generally higher if bank borrowings are needed to
finance working capital or other operating needs.

The increase in the bank lines has benefitted vendors and holders
of the subordinated notes by providing increased liquidity to
finance working capital and necessary operating costs in the near
term. Bank lenders are protected by a borrowing base formula
which limits outstandings to 80% of credit card receivables plus
the lesser of 67.5% of the cost value of eligible inventory (with
an increase to 70% during peak periods), or 80% of appraised
value of eligible inventory. TSA does not have to meet any
financial covenants as long as borrowing availability remains
above $25 million.

The confirmed ratings and the bank rating continue to reflect
Moody's concerns about the deterioration of TSA's franchise among
consumers; the expectation that fixed charge coverage is unlikely
to improve in the near term; and Moody's belief that TSA's
inventories were heavy going into the fourth quarter. Moody's
believes that the Summer Olympics in 2000 and the company's
merchandising and company efforts with regards to merchandising
and store configurations could boost sales in the coming year.

The rating outlook on all debt remains negative. Moody's is
concerned about the potential for soft holiday sales and the
performance of winter sports goods and apparel as a result of the
warm weather to date in many parts of the U.S. This could result
in greater than expected low-margin clearance of inventory early
in 2000.

The Sports Authority, Inc., headquartered in Fort Lauderdale,
Florida, operates 201 specialty sports stores throughout North
America, and licenses its name for 18 stores in Japan. Sales are
anticipated to be about $1.5 billion in 1999.


STAR NEWCO: Seeks Entry Of Interim Financing Order
--------------------------------------------------
The debtor, Star Newco, Inc. seeks to amend the November 10
Financing Order to extend the time within which the Committee may
commence an adversary proceeding against the Lender.  The motion
also seeks to further amend the November 10 Financing Order to
provide that the Expiration Date as defined in the November 10
Financing Order shall be extended to December 29, 2000; the
Overadvance Period shall be increased and shall mean the period
commencing on the Effective date and ending on December 29, 2000;
the Overadvance Amount shall be increased to $1.8 million the
"Line of Credit" shall be reduced to $5.8 million, the monthly
amortization payment shall be decreased to $15,000 per month; and
the Pre-petition agreements shall be extended from February 7,
2000 to December 29, 2000.


STAR NEWCO: Seeks Extension of Exclusivity
------------------------------------------
The debtor, Star Newco, Inc. seeks an extension of the period
within which the debtor shall have the exclusive right to file a
plan of reorganization and to solicit acceptances thereof.  The
debtor seeks an extension of the Exclusive Filing Period of 180
days, through and including July 3, 2000, and an extension of the
right to solicit acceptances through September 1, 2000.

Extending the debtor's exclusive periods will, according to the
debtor, enable it to consult with the Creditor's Committee and
other creditor constituencies, to continue to prosecute the
environmental litigation in which the debtor is involved, to see
whether a negotiated resolution can be achieved in the
litigation, and to determine whether the debtor's streamlined
business operations can function effectively and profitably now
that the debtor has sold its Elgen Division and refocused its
efforts on its core business.


TECHNICLONE: Company's Continuation Dependent On Financing
----------------------------------------------------------
Reporting only income from interest and "other" income
Techniclone Corporation shows net losses of $5,663,000 on $61,000
income in the three months ended October 31, 1999 and net losses
of $8,653,000 on income of $124,000 in the six months ended that
same date.  By comparison, in the three months ended October 31,
1998, the company had net losses of $3,504,000 on income of
$84,000 and net losses of $7,352,000 on income of $161,000 in the
six months ended that date.

The company must raise additional funds to sustain research and
development, provide for future clinical trials and continue its
operations until it is able to generate sufficient additional
revenue from the sale and/or licensing of its products. The
company plans to obtain required financing through one or more
methods including, obtaining additional equity or debt financing
and negotiating additional licensing or collaboration agreements
with another company. There is no assurances that it will be
successful in raising such funds on terms acceptable to it, or
at all, or that sufficient additional capital will be raised to
complete the research, development, and clinical testing of the
company's product candidates. The company's continuation as a
going concern is dependent on its ability to generate sufficient
cash flow to meet its obligations on a timely basis, to obtain
additional financing as may be required and, ultimately, to
attain successful operations. Currently, the company does not
have sufficient cash on hand to meet its obligations on a timely
basis and is operating at significantly reduced levels.  
Management knows that additional capital must be raised in the
near term to support the company's continued operations and other
short-term cash needs. If the company does not raise additional
cash by December 31, 1999, it may have to file for protection
under the laws of bankruptcy and may have to adopt the
liquidation basis of accounting.


TELEGROUP, INC: Order Fixes Hearing Date For Disclosure Statement
-----------------------------------------------------------------
A hearing on approval of the Disclosure Statement of the debtor,
Telegroup, Inc., shall be held on January 27, 2000 at 10:00 AM
before the Honorable William F. Tuohey at the US Bankruptcy
Court, King Federal Building, 50 Walnut Street, 3rd Floor,
Newark, NJ 07102.


TRANSTEXAS GAS: Revenues and Losses Down
----------------------------------------
TransTexas Gas Corporation, debtor-in-possession, experienced net
losses in the nine months ended October 31, 1999, of $46,134 on
revenues of $77,043.  The comparable period in 1998 saw net
losses of $155,372 on revenues of $137,699.

In the three month quarter ended on the same date, October 31,
1999, the company had net losses of $4,773 on revenues of
$29,405; while in the same quarter of 1998 the net losses were
$147,763 on revenues of $32,793.

The company has filed its second Amended Plan of Reorganization
with Court hearings in November.  In the meantime efforts for Y2K
readiness finds the company reporting some shortcomings which
they are hastening to rectify.

Despite TransTexas' best efforts to ready its systems and
infrastructure for the Year 2000, there are many factors outside
of TransTexas' control that could affect readiness for the Year
2000. Failure of significant third parties to complete their Year
2000 compliance programs could interrupt the supply of materials
and contract services needed for TransTexas' operations.
Disruptions to natural gas, condensate and NGL transportation
systems controlled by third parties could result in reduced
production volumes delivered to market. Such occurrences could
have a material adverse effect on TransTexas' business, results
of operations and financial position. Although the company does
not currently anticipate any such problems, TransTexas is
developing contingency plans to identify alternative suppliers of
goods and services in the event of such third party nonreadiness.


BOND PRICING FOR WEEK OF DECEMBER 20
------------------------------------
DLS Capital Partners Inc. provides
Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                12 - 15 (f)
Amer Pad & Paper 13 '05               8 - 12 (f)
Asia Pulp & Paper 11 3/4 '05         84 - 85
E & S Holdings 10 3/8 '06            37 - 40
Fruit of the Loom 8 7/8 '06           5 - 7 (f)
Geneva Steel 11 1/8 '01              11 - 13 (f)
Globalstar 11 1/4 '04                60 - 62
Hechinger 9.45 '12                   10 - 12
Integrated Health 9.45 '12            7 - 9 (f)
Iridium 14 '05                        5 - 6 (f)
Loewen 7.20 '03                      51 - 53
Pillowtex 10 '06                     45 - 48
Planey Hollywood 12 '05              28 - 30 (f)
Purina Mills 9 '10                   24 - 26 (f)
Revlon 0 '01                         19 - 21
Rite Aid 6.70 '01                    86 - 88
Sunbeam 0 '18                        15 - 16
TWA 11 3/8 '06                       39 - 40
United Artists 9 3/4 '08             20 - 24
Vencor 9 7/8 '08                     20 - 22 (f)

                    *********

A listing of Meetings, Conferences and Seminars appears each
Tuesday in the TCR.

Bond pricing, appearing each Friday, is supplied 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., Trenton, NJ, and Beard
Group, Inc., Washington, DC.  Debra Brennan, Yvonne L. Metzler,  
Marlen O. Del Mar and Ronald Ladia, Editors.  

Copyright 1999.  All rights reserved.  ISSN 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR subscription rate is $575 for six months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 301/951-6400.

        * * *  End of Transmission  * * *