December 4, 2000

Aris Industries Inc., a Manhattan, N.Y. apparel maker, reported its nine month loss nearly doubled--to $16 million. The firm now has a working-capital deficit of $15.7 million and has now reportedly fallen out of compliance with certain debt agreements.

Focal Inc., a Lexington, Ky.-based maker of medical devices, is hoping that its new product will assure future profits and growth. The company recently received approval from the U.S. Food and Drug Administration to sell its FocalSeal-L product, a sealant used in surgery that prevents leakage in the lungs, even as they expand and contract with breathing. Focal needs a big success, losing $16.8 million last year and racking up a total deficit of $86.1 million. For a free copy of an article about Focal Inc.'s hopes for success with its new device call 800-407-9044. 

L.A.P. Trucking, Cleveland, Oh., has now filed Chapter 13 in the U.S. Bankruptcy Court in Cleveland. No schedules were listed in the filing.  The case number is 00-18628.

Legend Airlines of Dallas, Tx., with losses of $45 million since starting up four years ago, has now shut down its operations. It isn't clear whether Legend will resume flights at some future point. The carrier has been trying to compete with American Airlines for business traffic in the Dallas/Fort Worth area.

Qualitech Steel, a maker of steel products for the automotive and equipment industries, will lay off between 100 and 125 employees. The Pittsboro, In. company, which filed Chapter 11 last year, has been trying to find another company to buy it.

R&T Transport Inc., Clearwater, Fl., has now filed Chapter 7. No schedules were listed in the filing.  

Victoria Alloys Inc., a Cleveland, Oh. metals broker, has now filed Chapter 11 in the U.S. Bankruptcy Court in Cleveland under case number 00-18761. The company listed assets and liabilities of between $1 million and $10 million each.

Xerox Corp. got more bad news when Moody's Investors Service downgraded nearly $11 billion of its debt to junk-bond status. The Rochester, N.Y. company has to somehow cover $110 million in derivatives contracts by the end of this year and by February it must refinance more than $300 million in accounts receivable. Xerox now has only $600 million left of its $7 billion line of credit and could see that dwindle to $175 million if it has to pay for repurchasing certain obligations required by the Moody's downgrade. Xerox, which lost $175 million in its third quarter, has said that it will remain in the red until 2001.

December 5, 2000

Bocconcino Food Products Inc., Moonachie, N.J., has now filed Chapter 11. No schedules were listed in the filing. 

Cascade Pacific Co., Beaverton, Or., has now filed Chapter 7 in the U.S. Bankruptcy Court in Portland. No schedules were listed in the filing.  The case number is 00-38949.

Cosmetic Manufacturing Resources LLC, Paterson, N.J., has now filed Chapter 11. No schedules were listed in the filing. 

D.C. General, a Washington, D.C. hospital that is undergoing a plan to be privatized, said that it will have to shut its doors in January unless it raises as much as $50 million in cash beyond its annual subsidy from the city. D.C. Hospital is hoping to increase efficiency by building a new facility and by setting up partnership with other healthcare institutions. For a free copy of an article about D.C. General's plan to succeed call 800-407-9044.

Emerald Solutions, a Portland, Or. provider of software and Web-design services, is apparently in a holding pattern as it waits for the stock market to resume its strength. Emerald, which in recent months has laid off seventy employees in an attempt to conserve cash, is causing analysts to wonder whether it can survive long enough for the stock market to pick up enough steam so that Emerald can undertake an initial public offering. The firm had hoped to raise $48 million through an IPO to reduce its debt. Last year Emerald lost $5.4 million on revenue of $34.7 million.

Master Graphics Inc  A 12/13 auction has been scheduled to consider the sale of certain assets in the Master Graphics Inc. Chapter 11 bankruptcy. For further information contact the debtor's attorney, John Butler, at 312-407-0700.

Memorial Medical Center of South Amboy Inc., South Amboy, N.J., has now filed Chapter 11. No schedules were listed in the filing. 

Promise Group of Orlando Inc., Lake Mary, Fl., has now filed Chapter 7. No schedules were listed in the filing.  The firm also does business as Powersource Ltd of Florida and

R&J Electronics Ltd. 

Rosebar Textile Co. Inc., Clifton, N.J., has now filed Chapter 11. No schedules were listed in the filing. 

Tultex Corp  A 12/8 deadline has been set for filing objections to the sale of certain property in the Tultex Corp. Chapter 11 bankruptcy. For further information contact the debtor's attorney, Bruce Matson, at 804-783-2003.

World Wide Computer Supplies Inc., Voorhees, N.J., has now filed Chapter 7. No schedules were listed in the filing. 

Xybernaut, a Fairfax, Va. developer of wearable computers, raised $18 million through an institutional placement of its common stock. Yet with observers wondering when Xybernaut will start to show a profit, the investors demanded warrants to buy Xybernaut stock at a preset price just in case the firm's results don't pan out. Xybernaut has burned up $18 million in the first nine months of this year amid sales of only about $7 million. At the same time, the company has seen its accounts receivable more than double--to $3.8 million--over the past year.

December 6, 2000

American National Home Mortgage Inc., Nashville, Tn., has now filed Chapter 11 in the U.S. Bankruptcy Court in Nashville listing assets and liabilities of between $1 million and $10 million each. The case number is 00-09940.

Business Networking Resources Inc., Troy, N.Y., has now filed Chapter 7 in the U.S. Bankruptcy Court in Albany. The case number is 00-15504. No schedules were listed in the filing. 

Corrections Corp. of America of Nashville, Tn. has agreed with a bank group to raise $100 million in cash by next June by selling stock, debt and/or assets. The agreement, which also limits the way Corrections Corp. can use the money it raises, allows the firm to avoid defaulting on its secured credit facility of $1 billion. The firm's bank group is led by Lehman Commercial Paper Inc.

Daleah's Specialty Food Corp., Albany, N.Y., has now filed Chapter 7 in the U.S. Bankruptcy Court in Albany. The case number is 00-15830. No schedules were listed in the filing. 

Decora Industries Inc., the Fort Edward, N.Y. maker of Con-Tact shelf paper, has now filed Chapter 11 in the U.S. Bankruptcy Court in Delaware. The company listed assets and liabilities of $123 million and $225 million respectively. The filing was prompted by the company's inability to service its debtload after it missed an interest payment on $113 million in notes. Decora hopes to emerge from bankruptcy protection in the spring under a plan whereby certain noteholders would end up with all the equity in the reorganized company.

Hudson Valley Coffee Co. Ltd., Castleton on Hudson, N.Y., has now filed Chapter 11 in the U.S. Bankruptcy Court in Albany. The case number is 00-16020. No schedules were listed in the filing.  The company also does business as Hudson Valley Specialty Foods and Barrie House & Northeast Region.

Imax Corp., the Toronto, Ontario-based big-screen movie-theater operator, has had its debt rating lowered to junk status by Moody's Investors Service. The downgrading was prompted by questions as to whether Imax will be able to collect on its $27 million order backlog amid a sharp downturn in the movie-theater industry. The Moody's downgrading could also make it more difficult for Imax to raise money.

Professional Forest Products Inc., Statesville, N.C., has now filed Chapter 7 in the U.S. Bankruptcy Court in Charlotte under case number 00-51459. The company listed assets and liabilities of $2 million and $2.3 million respectively.

December 7, 2000

Alfresco Inc., Birmingham, Al., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Alabama. No schedules were listed in the filing.  The case number is 00-06991.

Cargo Masters Inc., Kearney, Mo., has now filed Chapter 7 in the U.S. Bankruptcy Court in Kansas City, Mo. No schedules were listed in the filing.  The case number is 00-43640. 

DRS Development Ltd., Salt Lake City  Ut., has now filed Chapter 7 as part of a plan to liquidate. The filing, made in the U.S. Bankruptcy Court for the District of Utah, listed assets and liabilities of between $1 million and $10 million each.

Eden-Mine International, Union City, Ca., has now filed Chapter 7 in the U.S. Bankruptcy Court for the Northern District of California. The case number is 00-46802. The firm listed assets and liabilities of $423,000 and $570,000 respectively.

Empire Industries Inc.  A 1/3 creditors' meeting has been scheduled in the Empire Industries Inc. Chapter 11 bankruptcy.  For further information contact the U.S. Bankruptcy Court for the Southern District of Florida at 954-769-5700.

ETC Enterprises Inc., Overland Park, Ks., has now filed Chapter 7 in the U.S. Bankruptcy Court for the District of Kansas. No schedules were listed in the filing.  The case number is 00-22630.

Hudson Valley Coffee Co. Ltd. of Castleton on Hudson, N.Y., which recently filed Chapter 11, has now listed assets and liabilities of $1.7 million and $1.1 million respectively. The filing, made in the U.S. Bankruptcy Court in Albany, was under case number 00-16020. The company also does business as Hudson Valley Specialty Foods and Barrie House & Northeast Region.

Southeastern Meats Inc., a privately-held Ensley, Al. meat-processing firm with annual sales of about $50 million, has now filed Chapter 11. No schedules were listed in the filing.  Included in the filing were four of its company-owned retail outlets. Franchised stores were not included in the filing. The firm's chairman, who blames Southeastern's problems on increased competition, hope to reorganize in order to repay its creditors.

Tenth Street Medical Inc., Topeka, Ks., has now filed Chapter 11 in the U.S. Bankruptcy Court for the District of Kansas. No schedules were listed in the filing.  The case number is 00-22182.

December 8, 2000

Dimac Holdings Inc  A 12/19 hearing has been scheduled to consider the sale of certain assets in the Dimac Holdings Inc. Chapter 11 bankruptcy. For further information contact the debtor's attorney, Mary Walrath, at 212-310-8000.

Ice Skating Rink, Sylmar, Ca., has now filed Chapter 11 listing assets and liabilities of $4.3 million and $2.2 million respectively. The case number is SV00-19132-GM. For further information contact the debtor's attorney, Barry Sisselman, at 818-901-1500.

M.E. Charney Electrical Contractors Inc., Linthicum, Md., has now filed Chapter 11 in the U.S. Bankruptcy Court in Baltimore. The firm listed assets and liabilities of $281,000 and $1 million respectively.

Millennium Food Management, North Arlington, N.J., has now filed Chapter 7 in the U.S. Bankruptcy Court in New Jersey. The case number is 00-40820.

One World Botanicals Ltd., Shrewsbury, N.J., has now filed Chapter 11 in the U.S. Bankruptcy Court in New Jersey. The case number is 00-61506.

Panorama Diagnostic and Imaging Inc., Van Nuys, Ca., has now filed Chapter 7. The company listed assets of only $180,000 and liabilities of nearly $1.2 million. The case number is SV00-19079-GM. For further information contact the debtor's attorney, Howard Speyer, at 818-886-3302.

Penn Traffic Co., a Syracuse, N.Y.-based supermarket chain, reported a third quarter net loss of $28.3 million. The results included nearly $37 million in charges related to accounting and interest expenses. The operator of 220 stores said its revenue edged up slightly--to $611 million.

Spanvision Inc., Ridgefield, N.J., has now filed Chapter 11 in the U.S. Bankruptcy Court in New Jersey. No schedules were listed in the filing.  The case number is 00-40846.