July 17, 2000

CareFirst BlueCross BlueShield, which operates in the Washington, D.C. area, said that it will shut down its Medicare health-maintenance organization at the end of the year. Plagued by rising medical costs, CareFirst has lost $25 million on its Medicare HMO business over the last four years.

English & American Insurance Co. Ltd.  A 7/26 hearing has been scheduled to consider the application to modify the injunction on the scheme of arrangement in the English & American Insurance Co. Ltd. Chapter 11 bankruptcy.  For further information contact the debtor's attorney, Dennis Drebsky, at 212-878-8000.

In-Flight Corp.  An 8/7 deadline has been set for filing objections to confirmation of the reorganization plan in the In-Flight Corp. Chapter 11 bankruptcy.  For further information contact the debtor's attorney, Mark Collins, at 312-658-6541.

Mondi of America Inc. An 8/4 deadline has been set for receiving ballots to vote on confirmation of the reorganization plan in the Mondi of America Inc. Chapter 11 bankruptcy.  In addition, an 8/9 deadline has been set for filing proof of claims in the case. For further information contact the debtor's attorney, Jeffrey Sabin, at 212-756-2000.

Orbcomm, a Dulles, Va. maker of commercial satellite systems, said that it reduced its payroll by 112 employees (20% of its workforce). Orbcomm, a unit of Teleglobe of Toronto, Ontario, has suffered financial setbacks lately and recently announced it had to delay production of one of its systems.

Reese Interiors, Fort Worth, Tx., has now filed Chapter 7 in the U.S. Bankruptcy Court in Dallas listing assets and liabilities of between $500,000 and $1 million each.

Technology Business LLC, McLean, Va., has now filed Chapter 7 listing assets of only $14,000 and liabilities of $718,000.

United Cos. Financial Corp.  An 8/15 hearing has been scheduled to consider confirmation of the reorganization plan in the United Cos. Financial Corp. Chapter 11 bankruptcy. For further information contact the U.S. Bankruptcy Court for the District of Delaware at 302-573-6174.

Webvan Inc., a Foster City, Ca. online grocer, reported a second quarter loss of $74.4 million. The loss, more than triple the loss in the year-earlier period, stemmed from expansion-related expenses. Its revenue surged from only $383,000 to $28.3 million as it nearly doubled its customer base.

July 18, 2000

AutoInfo Inc., a Stamford, Ct.-based automotive-financing company which is operating under protection of the U.S. Bankruptcy Court in White Plains, N.Y., has signed an agreement to acquire Sunteck Transport Inc. along with Sunteck's wholly-owned Ubidfreight.com unit for 10 million shares of AutoInfo's common stock. According to AutoInfo's reorganization plan, the 10 million shares are about 37% of the common stock of AutoInfo after it's reorganized. The acquisition, which needs approval from AutoInfo's unsecured creditors and the U.S. Bankruptcy Court, also depends on the company getting about $2 million in financing.

Binns Machinery Products Co., Cincinnati, Oh., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Ohio under case number 00-13337. The firm listed assets and liabilities of between $500,000 and $1 million each.

Burnside-Tolland LLC, Bridgeport, Ct., has now filed Chapter 11. No schedules were listed in the filing. 

CARA Collision and Glass Inc. in Vadnais Heights, Mn., which recently Chapter 7 in the U.S. Bankruptcy Court in Minnesota, has now listed assets and liabilities of $9.5 million and $9.9 million respectively. The case number is 00-32595. Also filing for liquidation in separate filings were its four operating units: CARA Collision and Glass of Minneapolis LLC, which listed assets and liabilities of $168,000 and $491,000 respectively; CARA Collision and Glass of Milwaukee LLC, which listed assets and liabilities of $510,000 and $1.5 million respectively; CARA Collision and Glass of Eden Prairie Inc., with assets and liabilities of $1.3 million and $4.2 million respectively; and CARA Collision and Glass of Wisconsin Inc., which listed assets and liabilities of $174,000 and $491,000 respectively.

Corel Corp., the beleaguered Ottawa, Ontario software company, has swapped its Graphic Corp. unit and a stock of digital images for a 23% stake in Hemera Technologies Inc., a producer of digital images in Quebec. Corel has been selling off some assets in order to reduce operating expenses and focus on its core WordPerfect, CorelDraw and Linux-based desktop software products.

International Total Services Inc When it went public nearly two years ago, International Total Services Inc. vowed to triple its revenue to about $500 million under a plan to acquire other companies. Unfortunately, the Independence, Oh.-based aviation-services company ran into a string of difficulties that forced it to restate its earnings for the last three years. The firm's troubles have caused its stock price to plummet from a high of $24/share to less than $1 in recent weeks. ITS, which for its fiscal year ended 3/31 reported a loss of $13 million on revenue of $215 million, is now reviewing all of its contracts, many of which it is losing money on. In fact, the company's chief executive officer recently stated that the only way to reverse its fortunes is to find a merger partner. For a free copy of an article about International Total Services call 800-407-9044.

Riese Organization, a Manhattan, N.Y. operator of Dunkin Donuts, Pizza Hut, KFC and other fast-food restaurants, is reportedly ready to soon emerge from Chapter 11 bankruptcy protection.

July 19, 2000

One Up Golf Inc., a privately-held Clearwater, Fl.-based retailer, was forced to close its stores and liquidate after its biggest secured creditor, Paragon Capital of Needham, Ma., called in a $4 million note, despite the fact that the sporting-goods retailer had not fallen behind on its payments. One Up Golf had reportedly wanted to expand, but when it raised $250,000 for the expansion, Paragon Capital insisted that the money be used to pay down debt. The company's sixty or so unsecured creditors are unlikely to recoup their money.

Aqua-Chem Inc., Milwaukee, Wi., has had enough with its financially-troubled Seawater & Industrial unit. After incurring a $3.1 million charge last year for writing down the value of Seawater & Industrial's assets, Aqua-Chem, a privately-held maker of industrial boilers and related equipment, has now decided to either discontinue or sell Seawater & Industrial in order to focus on its core operations. For a free copy of an article about Aqua-Chem call 800-407-9044.

Stone Diamond Inc., Montgomery, Al., has now filed Chapter 7 in the U.S. Bankruptcy Court for the Northern District of Alabama. The case number is 00-03742.  No schedules were listed in the filing. 

Lakeview Marketing Inc., Albert Lea, Mn., has now filed Chapter 7 in the U.S. Bankruptcy Court in St. Paul. The firm listed assets and liabilities of $195,000 and $913,000 respectively. The case number is 00-32687.

South Bay Diversified Systems Inc. in Hayward, Ca., which does business as U.S. Fabrication, has now filed Chapter 11. No schedules were listed in the filing.

Custom Call Services Inc., Bessemer, Al., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Alabama. The case number is 00-03770.  No schedules were listed in the filing. 

Young Technology Inc., Livermore, Ca., has now filed Chapter 7 listing assets of less than $3,000 and liabilities of $2.7 million and $1.5 million.

Passport Distribution LLC, Maryland Heights, Mo., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. The case number is 00-44837. The firm listed assets of less than $50,000 and liabilities of between $1 million and $10 million     

United Outdoor Stores, a Fridley, Mn. retailer of outdoor and recreational products, has now filed for Chapter 11 protection. In conjunction with the filing, United Outdoor will close six of its Twin Cities stores, in Burnsville, Coon Rapids, Eagan, Minnetonka, St. Cloud and Maplewood.

July 20, 2000

American Dyeing Inc./Pacific Apparel Inc., South Gate, Ca., has now filed Chapter 11. The case number is LA00-26157-SB. No schedules were listed in the filing.  For further information contact the debtor's attorney, David Poitras, at 310-277-0077.

BJC Health System, a St. Louis, Mo. hospital operator, has seen its finances take a toll on its debt rating, with Moody's Investors Service recently rating downward BJC's $490 million in long-term debt. Partly hit by Medicare-payment cutbacks amid increased costs for drugs, BJC has lost money on its insurance plan and its doctors' practices, resulting in a 1999 operating loss of $24.5 million.

Corel Corp., the beleaguered Ottawa, Ontario company, warned that it might run out of cash by the end of next month and that it might spin off other product lines and sell some of its minority investments in order to remain solvent. Corel recently swapped its Graphic Corp. unit and a stock of digital images for a 23% stake in Hemera Technologies Inc. The software company, which reported a second quarter loss of $23.6 million, expects a similar loss for its third quarter.

Landels Ripley & Diamond LLP, San Francisco, Ca., has now filed Chapter 11. No schedules were listed in the filing. 

National Garment Co., St. Louis, Mo., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Missouri. The case number is 00-45317. The firm listed assets and liabilities of $650,000 and $4.6 million respectively.

Paging Network Inc. of Dallas, Tx. has received an offer to be acquired by Metrocall Inc. of Alexandria, Va. for nearly $750 million. Metrocall would also assume another $750 million of Paging Network's debt. The wireless paging and messaging company, which had earlier received an offer from Arch Communications Group, is operating under Chapter 11 bankruptcy protection.

Thomas & Betts Corp., Memphis, Tn., has revamped its top management by adding a post of president and chief operating officer in order to let its chief executive, Clyde Moore, focus on the firm's core electrical-supplies operations. The company is trying to revive itself after disappointing investors in recent months. Among recent problems has been its recently installed order-management system. The new system has resulted in shipment delays, lost sales and expenses, which some analysts estimate could result in extra costs of as much as $70 million in the fourth quarter alone. Thomas & Betts manufactures electric accessories, wire devices, lighting products, fiber optic systems and other electronic equipment.

West Coast Windows & Doors, Pacifica, Ca., has now filed Chapter 11. No schedules were listed in the filing. 

July 21, 2000

CellNet Data Systems Inc. An 8/16 hearing has been scheduled to consider confirmation of the reorganization plan in the CellNet Data Systems Inc. Chapter 11 bankruptcy. For further information contact the U.S. Bankruptcy Court for the District of Delaware at 302-573-6174.

Innovative Clinical Solutions Ltd An 8/23 hearing has now been scheduled to consider the disclosure statement and prepackaged reorganization plan in the Innovative Clinical Solutions Ltd. Chapter 11 bankruptcy. For further information contact the debtor's attorney, Jeff Marwil, at 312-902-5200.

L&M Manufacturing & Trade Inc., Cedar Grove, N.J., has now filed Chapter 7 in the U.S. Bankruptcy Court in New Jersey. The case number is 00-36021. No schedules were listed in the filing. 

Leisure U.S.A. Inc., a Sun Valley, Ca. light manufacturer, has now filed Chapter 11 listing assets and liabilities of $1.4 million and $1.3 million respectively. The case number is SV00-15346-GM. For further information contact the debtor's attorney, Joseph Buchman, at 213-236-0600.

Medical Resources Inc. An 8/21 deadline has been set for filing proof of claims in the Medical Resources Inc. Chapter 11 bankruptcy.  For further information contact the debtor's attorney, Willkie Farr & Gallagher, at 212-728-8000.

New Global Tool and Die Corp., Holmdell, N.J., has now filed Chapter 7 in the U.S. Bankruptcy Court in New Jersey. The case number is 00-56562.  No schedules were listed in the filing. 

Restaurant Enterprises Inc., Oradell, N.J., has now filed Chapter 11 in the U.S. Bankruptcy Court in New Jersey. The case number is 00-36012. No schedules were listed in the filing. 

Scolite International Corp., Troy, N.Y., has now filed Chapter 11 in the U.S. Bankruptcy Court in Albany. The case number is 00-00-13445.

Semmens Construction Inc., Sherman Oaks, Ca., has now filed Chapter 7 listing liabilities of more than $1.1 million. The case number is SV00-15221-KL. For further information contact the debtor's attorney, James Tenner, at 818-760-4700. 

Silver Lake Foods Inc., East Camden, N.J., has now filed Chapter 11 in the U.S. Bankruptcy Court in Camden. No schedules were listed in the filing.  The case number is 00-15328.

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