December 11, 2000

Bland Freight Contractors, Pembroke Pines, Fl., has now filed Chapter 7. No schedules were listed in the filing.  

Boston Biomedica Inc., a West Bridgewater, Ma. drug developer, has found a reprieve from its recent losses, recently agreeing to spin off a majority stake in its Panacos Pharmaceuticals Inc. unit to Ampersand Ventures of Wellesley, Ma. and A.M. Pappas & Associates of Durham, N.C.  The $3 million investment from the two venture companies will keep Panacos operating. The firm needs a lot of money to develop its antiviral drugs and an AIDS vaccine. Boston Biomedica has reported losses for three consecutive quarters. Last year it reported a fiscal loss of $800,000 on sales of $29.3 million. For a free copy of an article about Boston Biomedica and Panacos call 800-407-9044.

Empire of Carolina Inc., a Delray Beach, Fl. maker of toys and decorative items, faces increasing losses as it tries to reorganize under Chapter 11 bankruptcy protection.  For its most recent quarter the firm reported a net loss of $2.8 million, while its sales fell by nearly half--to $10.7 million. The firm filed Chapter 11 in November in the U.S. Bankruptcy Court in West Palm Beach, Fl. along with its wholly owned Empire Industries subsidiary. Soon thereafter, the firm's chairman resigned his post.

Florida Carpet Brokers Inc., Hollywood, Fl., has now filed Chapter 7. No schedules were listed in the filing.  

Hit or Miss Inc., a bankrupt Stoughton, Ma. operator of more than 200 women's-apparel stores, has received a $12 million credit line from Paragon Capital LLC of Needham, Ma.

Paul Harris Stores Inc. has hired Retail Consulting Services Inc. of Manhattan, N.Y. as a special real-estate consultant. The bankrupt Indianapolis, In.-based women's-apparel retailer, earlier retained Keen Realty LLC to help it auction off certain leaseholds.

South Pacific Seafoods Inc., Miami, Fl., has now filed Chapter 11. No schedules were listed in the filing. 

United Artists Theatre Group, an Englewood, Co.-based operator of movie theaters and eating establishments, insists that it's making progress on turning itself around so that it can emerge, on schedule, from Chapter 11 bankruptcy protection early in 2001. While UA's recent results showed continued losses and a shrinking audience, overall for the year so far the company's restructuring is showing positive results. Having closed some theaters, UA has seen its admissions per theater rise 9% and concession sales increase 13%. The bankruptcy filing, made in September, was made in part to get out of money-losing leases.  By now the firm has got out of seventy leases and is negotiating to get out of at least another thirty. The privately-held company is now hoping to continue cutting costs and have its reorganization plan confirmed toward the end of January.

December 12, 2000

Art Crafters Inc., Hales Corners, Wi., has now filed Chapter 7 in the U.S. Bankruptcy Court in Milwaukee under case number 00-30764.  No schedules were listed in the filing. 

Golden Miracle Jewelry Inc., Philadelphia, Pa., has now filed Chapter 11 in the U.S. Bankruptcy Court in Philadelphia. The case number is 00-33971. No schedules were listed in the filing. 

Simon Brothers Wisconsin Inc., Green Bay, Wi., has now filed Chapter 11 in the U.S. Bankruptcy Court in Milwaukee under case number 00-30850. No schedules were listed in the filing. 

UniCapital Corp., a Miami, Fl. computer-equipment leasing and financing company, has now filed Chapter 11, listing assets and liabilities of $1.3 billion each. The company last month decided to not enter into any more lease deals so that it could focus on its existing contracts, but UniCapital will apparently wind down its business through a "liquidating Chapter 11", according to the firm's chief executive officer. UniCapital lost $378 million in its third quarter.

Webvan Group Inc., according to some industry observers, is showing serious signs that it may not be able to make it through the upcoming year. At its current burn rate of about $125 million per quarter, the grocery-delivery company's $377 million in cash will barely get it through three quarters. Some analysts are wondering whether the Foster City, Ca.-based firm will survive if it doesn't get a capital infusion of at least $80 million.  While the firm has been trying to save money, in part, by putting off expansion plans for New Jersey, Maryland and Washington, Webvan has also been plagued by the downturn of its business in its home market in Oakland and the Bay area, where it is now working at less than 30% of capacity. For a free copy of an article about Webvan's chances for survival call 800-407-9044.

West Pharmaceutical Services Inc., a Lionville, Pa. drug-packaging company, is closing two facilities in Puerto Rico, shutting down an office in Cleveland, Oh. and reducing its payroll by 200 positions (4% of its workforce) as part of its efforts to reduce costs.  West Pharmaceutical, which recently saw its third quarter earnings fall by nearly half, retained an outside investor to help it consider strategic options.

World Trade & Export Corp., Bridgeport, Pa., has now filed Chapter 7 in the U.S. Bankruptcy Court in Philadelphia. The case number is 00-34341.  No schedules were listed in the filing. 

December 13, 2000

Annex Computer Technology Inc., Redmond, Wa., has now filed Chapter 11 in the U.S. Bankruptcy Court in Seattle. No schedules were listed in the filing.  The case number is 00-11169.

S.K.B. Industries Inc., Lilburn, Ga., has now filed Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Georgia listing liabilities of nearly $1.3 million. No assets were listed in the filing.  The case number is 00-74891.

Snack Food Management Inc., Philadelphia, Pa., has now filed Chapter 11 in the U.S. Bankruptcy Court in Philadelphia. The case number is 00-34287. No schedules were listed in the filing.  The firm also does business as Cinnamon Bun Factory and Philadelphia Water & Ice.

Software Surgery Inc., Sterling, Va., has now filed Chapter 11 in the U.S. Bankruptcy Court in Alexandria under case number 00-14312. The company listed assets and liabilities of between $1 million and $10 million each.

Telemate.Net Software Inc., which laid off about fifty employees two months ago after a nearly yearlong slide in its stock price, may have some observers worried about its future. Nonetheless, the company's chief executive, Rich Mauro, is upbeat, pointing out that the firm has left its worst troubles behind it and is now continuing to restructure its product lines and reduce costs. Atlanta, Ga.-based Telemate.Net, which makes call-accounting and Web-tracking software, is now reportedly marketing its products better to a more focused list of potential customers. Mr. Mauro also points out that his firm still has about $30 million left from the $42 million which it raised in its initial public offering. That should be enough money to carry it through another six to eight quarters. Telemate's call-accounting software is used by companies to track employees' phone use while its Web software keeps detailed information on employees' Web-surfing habits.

December 14, 2000

C.Y.A. Video Services Inc., Grafton, N.Y., has now filed Chapter 11 in the U.S. Bankruptcy Court in Albany under case number 00-16146. The firm listed assets of only $11,000 and liabilities of $948,000.

Carpet Bargains Supermarket Inc., an Orlando, Fl. company that does business as Carpet Mill Direct, has now filed Chapter 7. No schedules were listed in the filing.  

MGM Enterprises LLC, Garden City, Ks., has now filed Chapter 7 in the U.S. Bankruptcy Court in Wichita under case number 00-14595. The firm listed assets of only $35,00 and liabilities of $726,000.  

Michaels Fast Food Corp., Paramus, N.J., filed Chapter 11. No schedules were listed in the filing. 

Total Tire Recycling of Sacramento, Ca., which last month filed Chapter 11 amid lawsuits stemming from a fire at one of its tire dumps, is hoping to refinance its operations and emerge from bankruptcy protection within four months. The company is reportedly solvent on an operational basis but was financial wiped out by having to fight lawsuits that were filed against it by the state's attorney general and others.

United Mailing & Packaging Inc., Dumont, N.J., filed Chapter 7. No schedules were listed in the filing. 

Wooding Technologies New Jersey Inc., Southampton, N.J., filed Chapter 7. No schedules were listed in the filing. 

December 15, 2000

American Gypsum Technology Inc., Landing, N.J., has now filed Chapter 11 in the U.S. Bankruptcy Court in Camden under case number 00-19594. No schedules were listed in the filing. 

Ameriserve Food Distribution Inc.  A 1/20 deadline has been set for filing certain administrative claims in the Ameriserve Food Distribution Inc. Chapter 11 bankruptcy.  For further information contact the debtor's attorney, James Sprayregen, at 312-861-2000.

Brandon Diagnostic Center Inc., Tampa, Fl., has now filed Chapter 11. No schedules were listed in the filing.  

Episcopal Hospital, a Philadelphia, Pa. medical center, is reportedly receiving $12.6 million in state and federal subsidiaries so that it can keep operating. The hospital has faced heavy losses as a result of uncompensated costs to the tune of $10 million per year.

GST Telecom Inc.  A 1/31 deadline has been set for filing proof of claims in the GST Telecom Inc. bankruptcy case.  For further information contact the U.S. Bankruptcy Court for the District of Delaware at 302-252-2900, or contact GST's creditor hotline at 877-518-4247.

Penn Process Technologies Inc., Plumsteadville, Pa., has seen an involuntary Chapter 7 petition filed against it in the U.S. Bankruptcy Court in Philadelphia. The case number is 00-34580. No schedules were listed in the filing. 

Towerview Motors Inc., Lake Wales, Fl., has now seen a $127,000 federal tax lien filed against it.  In addition, the company saw two state of Florida tax liens filed against it totaling about $450,000.