January 3, 2001 Daily Bankruptcy News

January 3, 2001 Daily Bankruptcy News Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet AND BKCLAIMS Marketplace - The Online Market For Bankruptcy Claims Also available on the Web (with links to the news stories) at: http://bkinformation.com/News/DailyNews.htm

Retailing: Retailer Shakeout Seen Extending Into 2001 Dec. Sales May Disappoint Retailers ___________ Economy: Rating agencies predict spike in corporate debt defaults U.S. Corporate-Credit Quality Tumbled in 2000 Credit card delinquencies, losses to rise in '01 -S&P Slump in U.S. manufacturing deepened in December ___________ Power Utilities: Utility PG&E Says It May Run Out of Cash Later This Month FERC says cost-based rates would exacerbate Calif. power crisis California Reportedly on Verge of Approving Short-Term Rate Increase Public Utilities Comm. Is Expected to OK Electric Rate Hike FERC to respond to Southern California Edison lawsuit Learn from Calif. mistake Calif. power woes hurt all of PG&E and Edison Intl., including unregulated subsidiaries Calif. Biomass Plants See Own Crisis ___________ Movie Theater Industry: United Artists Theatre Circuit, Inc. Delays Rent Payment On 1995 Leveraged Lease Transaction Edwards Theatres Files Motion to Assume Entertainment Properties Trust Leases __________ Asbestos: Auto supplier, Federal Mogul, finances asbestos claims _____________ Steel Industry: Wheeling-Pittsburgh Steel President Criticizes Loan Guarantee to Chinese Steel Maker Steel OK, retiree leader says ____________	Legend Air: Legend Air returns Dallas-Based Legend Airlines Clears Another Hurdle Group stands to gain 35% of Legend _____________ Bankruptcy Reform: Wait For Right Bankruptcy Bill ___________ Outboard Marine Navigates Choppy Waters Pacific Gateway: Disaster Of The Day: Pacific Gateway Exchange Pacific Gateway stock halted pending 'additional information' ____________ LTV: LTV Retirees Worry About Pensions Focus On The Forbes 500s: LTV LTV's Hoyt Lakes plant may close this week LTV Closings Would Add to Youngstown, Ohio, Woes NYSE says moving to delist LTV Layoffs May Be On Way At LTV Steel ______________ Dotcoms: Dot.com deaths Crime news site loses top talent over pay concerns As the technology bubble bursts, tech speak is getting an ironic tweak as Internet workers and investors turn to humor to cushion the fall Famine Strikes Foodline.com As Company Files For Bankruptcy LetsBuyIt Drops Over 50 Pct As Firm Seeks Savior Pets.com to Hold Special Meeting to Seek Stockholder Approval of Plan of Complete Liquidation and Dissolution of the Company and Change of Corporate Name News Corp. Backpedals From WebMD Deal Letsbuyit.com -- Good Idea, Bad Market ___________	New Bankruptcy Opinions (No new opinions today) Korea: Hyundai Engineering Will Slash 28% of Work Force __________ Italy: Italy's Banca Novara to sue PricewaterhouseCoopers over alleged 100 billion lira accounting error _____________ Japan: Doom, gloom gather over nation's economy ____________ Plainwell Inc Gets Court OK For $55 Million DIP Financing Trucking Firm Intrenet to Halt Operations Vlasic May Have to Opt for Bankruptcy Caremark Rx says to record $70 mln charge in Q4 due to KPC Medical bankruptcy Apple partner falls from the tree, a victim of Apple's declining sales Pillsbury Madison & Sutro and Winthrop, Stimson, Putnam & Roberts Complete Merger Restructuring. . . Bayou Steel makes deep cuts in survival bid Covad Slashes Another 400 Jobs Pegasystems slashes 75 jobs as 4th qtr revenues fall Viador says to lay off staff, take Q4 charge Jacobson Resonance Enterprises, Inc. Approves Corporate Restructure ____________ Imperial Home Decor Group Inc. Closes Plant to Optimize Global Manufacturing PBGC Takes Over Defunct Grand Union Pensions Veritas hopes to scavenge bankrupt Stellex Shares of Credit-Card Firms Hurt by Profit-Taking, Economic Concerns Weather Forecast: Enter City, State, or Zipcode: