January 29, 2001  

Daily Bankruptcy News

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Also available on the Web (with links to the news stories)  at:  http://bkinformation.com/News/DailyNews.htm

         
Power Utilities:

Bush Focuses on California Power Crunch
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California considers paying off power company debts (DBN Subscription Required)

Audit Finds California Utilities Can Recoup Billions by Raising Rates
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Eyes of Texas on California power
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California's power woes used to lure business elsewhere (DBN Subscription Required)

Denver grapples with Calif. crisis - Bad timing for city's investment in SoCal
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California power crisis zaps elderly investors who own utility stocks
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Sacramento: PG&E asset transfer questioned
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Bankruptcy issues not so clear when it's a utility at stake
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Power failure

Lawmakers Race To Get Power Plan Up And Running
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California Groups Vow To Derail $6 Billion Utility Recoup
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California's utility officials gather as state's power crisis continues
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Utilities' claim of $12 billion debt in question
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Pacific Northwest dragged into Calif. crisis
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How S&L debacle, energy crisis are linked
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If It Works, Bonanza; If Not, No Gain for State
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Calif. Wind Power Producers Struggle On (DBN Subscription Required)

SEC Sees 'No Emergency' for Mutual Funds from California Power Woes
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Calif. power contracts spark interest
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Consumer Advocates Urge State to Buy Grid
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California's power woes used to lure business elsewhere (DBN Subscription Required)

Deregulation adds complexity to a fund sector that once was considered a sure thing
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Utilities Scramble to Persuade Public of Need for Rate Hikes
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No power for electric cars
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Utility Fund Investors Hit by California Crisis: Mutual Funds
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Massachusetts: Power rates up, but officials insist deregulation working
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Davis Hints at Chance of Higher Rates; Leaders Agree on Crisis Plan
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Top Bush Aide Takes Up "Fix It Yourself' Refrain

Calif. Lawmakers Doubt Power Plan
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Who were the power brokers?
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Calif. gasoline pipeline sees no more power cuts
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Statement by Allan Zaremberg, President of the California Chamber of Commerce, on California's Energy Crisis
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Understanding the California Energy Nightmare
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Consumer Role in Utility Bailout Plan Debated
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Hey, Who Turned Off the Lights?
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Consumer Advocate's Equivocal Pose in Electric Crisis
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Silicon Valley in no hurry to mend its profligate ways with electricity

Proposals swirl as Calif. power crisis grinds on
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Investors bet Davis won't let utilities go bankrupt

Reliant misses 4Q earnings projections, despite high California prices
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Many Californians React to Power Crisis With Nonchalance
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Retracing PG&E's path to disaster
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Texas lawmaker's bill could delay deregulation
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Dotcoms:

BusinessMall.com settles bankruptcy for $600K
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Facing threat of bankruptcy Priceline founder Walker tries to stay on his feet
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Pseudo's curtain call a $2 million firesale
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Bankrupt GovWorks assets to be sold for $2.5 million
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Zaring Says American Homestar's Bankruptcy May Affect Co
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  TWA:

TWA Head Testifies That Bankruptcy Was American's Idea
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Federal Judge Clears Way for Auction of TWA's Assets, Approves Financing
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Bankruptcy Court Ruling Is Victory For Twa, American Final Deal Could Be Closed By May 31, Compton Predicts
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Judge Approves Auction of TWA Assets
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Bowing To Strong Opposition From Creditors, TWA says to sell Worldspan separate from American (DBN Subscription Required)

Final bankruptcy hearings for TWA take off (DBN Subscription Required)

American modifies asset purchase of TWA
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Commercial paper costs may be sending some firms to banks
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Adding new fees, raising old ones sent credit card profits soaring
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Lernout & Hauspie:

Lernout & Hauspie Severs Ties With Law Firms Involved in Audit
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Bankruptcy Reform:

Bankruptcy reform bills as soon as next week
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Privacy group seeks review of Net access to court files
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NYT: free registration required)

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US Office Products faces $150M deadline
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Economy:

Bankruptcy woes may grow in 2001
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Wall St. Rally, Rate Cut Expected
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Salaries and Benefits For Workers Slowing - sign of cooling economy
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Debt trap!
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Telecoms:

Telecom Firms' Woes Growing on Several Fronts
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Gloom Ahead for Long Distance
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Austin, TX: Vectris - $40M debt - DSL provider's listed creditors in bankruptcy protection filing include Cisco, Comdisco units
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Urban Media may be out of business
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Worldcomm: 10,000 Layoffs Expected Soon
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Airwaves Sale: Stopgap For Wireless Carriers
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Wireless auction licenses could face legal jeopardy
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Optical Cable's Fiber Snaps
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Low Orbit: Loral Chief Schwartz Seeks One More Feat: salvaging Globalstar
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Computer Learning Center:

Computer Learning Center Moves to Liquidate Assets, Appeal Payment
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Trustee Appointed in Computer Learning Centers Bankruptcy
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Tech school declares bankruptcy - Government officials offered to help students displaced by Computer Learning Centers' closing
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Bagel company hopes to control Einstein Bros.
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Reliant Building Products, Inc. Takes Major Step Toward Emergence From Bankruptcy
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Is bigger really better in banking?
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Sunbeam plummets on NYSE delisting fear

T&W Financial liquidation delayed
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Asbestos:

Buyout firm KKR's long-held investment in Owens-Illinois may prove a bad bet
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Has Armstrong's bankruptcy reduced the payroll of a New York law firm?
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Golf Stores Packing Their Bags
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Heilig-Meyers Stockholders Lose Bankruptcy Representation
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U.S. Automotive Manufacturing Files Bankruptcy, Sells Assets
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Boston: NationStreet shuts down, files Chapter 7
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Kansas City: Bidders sniff around TNT bankruptcy asset auction
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New Bankruptcy Opinions
(No new opinions today)

Tired Of Having To Type In Your Password Repeatedly?

For 'Vulture' Firms, It's the Best of Times
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Japan:

Japan's Mizuho to waive nearly $1 bn Sogo loans
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England:

Asbestos claims to cost billions
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Bankruptcy is on the rise
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Raids on homes in pension funds hunt
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Desperate debtors making firms rich
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Israel:

Bankruptcies rise 84% in 2000, worst in the north
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Movie Theater Industry:

Wehrenberg Theatres Files Bankruptcy
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Wehrenberg's future is not all in company's hands
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Exhibs Escape Court
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AMC to close 80 movie theaters
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Loews Cineplex plans to keep running despite default
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AMC plans to close 300 screens in 4 years
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Sad Story Line for Loews, Other Film Chains
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Loews Cineplex in liquidity talks with banks
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U.S. movie theater closings blow to mall owners
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Virginia Beach: Surf 'N Sand movies closing at Beach
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Firm Defaults, Ends Payments to Injury Victims - Company secretly used bonds as collateral on loans that it failed to repay.
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Complaints Against Brokers Hit New High
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Restructuring . . .

DaimlerChrysler to Cut 20 Pct of U.S. Workforce
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Chrysler to Slash Dealer Payments
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Companies That Plan Layoffs Discover It Pays To Be Gentle
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Colorado: State tech layoffs at 1,700 and growing
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Major Job Cuts for Sara Lee, J.C. Penney
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Massive auto-parts layoffs predicted
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Steel Industry:

Bush Stalls New Effort by U.S. Steel Industry to Fight Imports
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LTV head says company had no idea it was headed toward bankruptcy
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US Pension Benefit Corp. Takes Over Laclede Steel Plans
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Pro Air:

Pro Air must prove financial soundness to regulators
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FAA approval of Pro Air sends shivers of fear through Warren
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Legend Airlines:

Legend's legacy: $18.7M owed - If the startup goes Chapter 7, unsecured creditors will be forced to eat some losses
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Creditors fight loan approval for Legend
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Last Hurdle Cleared For Liberty House Back Taxes Capped At $14 Million
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Vlasic:

Vlasic Seen Close to Bankruptcy
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Heinz Set to Buy Struggling Vlasic's Pickles Business for $200 Million
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Heinz to buy Vlasic pickles

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Master Graphics:

Master Graphics hopes to sell eight units
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Master Graphics' Reorganization Plan Approved by Delaware Bankruptcy Court; GE Capital Provides $60 Million Exit Financing Commitment; Calvin W. Aurand, Jr. Elected as Chief Executive Officer
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