June 7, 2001  

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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

Prior editions available at http://bkinformation.com/bankruptcy_news.htm

         
Bankruptcy Reform:

Extension of Chapter 12 OK'd by House
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A Kinder, Gentler Bankruptcy Bill? - With Democrats in charge of the Senate, controversial provisions aimed at small businesses and individual consumers appear doomed

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Cross-border bankruptcies are a mess
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General Time Corp. Closes Down, Bankruptcy Likely
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Sheinfeld Maley to Close Offices by Mid-July
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Latham bolsters NY insolvency with hire from Simpson Thacher
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A legal system insulated from logic: A new surge of asbestos lawsuits is bankrupting US businesses and exposing the failings of the law
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Court Upholds Complaint in IN RE Safety-Kleen Rollins Shareholder Litigation
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Smoker Awarded $3.0 Billion
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Midland Food Services suit may hurt bankruptcy plan
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Lernout & Hauspie:

L&H creditors approve reorganization plan
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Fortis's Davignon leaves Lernout & Hauspie board to avoid conflict of interest
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Fed:

Greenspan faces rough ride from banking critic
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Fed Says Economic Slowdown Not Over
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More trouble ahead for Greenspan: Senate critic takes charge
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King Mill:

Workers Allege Loan Violations by GE Capital at Spartan International Mills, Facing Involuntary Bankruptcy
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King Mill health benefit complaint advances in bankruptcy court

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Bankruptcy on the rise in Alabama
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Baldwin Piano to cut workforce by more than 27
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Regent operating ahead of expectations as bankruptcy sale nears
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San Jose: McWhorter's stores fold
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Restructuring . . .

Raytheon Aircraft Cutting 470 Jobs
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Excite@Home retrenches in Europe
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Russell to Cut 800 Jobs
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Volvo to Cut 950 Jobs
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Lucent to Offer 10,000 Early Retirement Packages
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Ingram Micro Lays Off 1,000 Workers
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Interest in MarchFirst site
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Farmers Co-op awaits bankruptcy auction
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Country Fest Producers File Bankruptcy
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Bankrupt Black Diamonds baseball club may be replaced by new team
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ElderTrust Addresses Bankruptcy Reorganization Plans Filed by Genesis and Multicare
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  Telecoms:

Disclosure of Bankruptcy Risks By NEON Communications Inc. Prompts Filing of Liens
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Covad finds a CEO at last
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C&W Cuts, Then Restores PSINet Peering Hookup
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Lucent's week goes from bad to worse
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Users Caught in Battle Between Virginia, Britain Internet Providers
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ICG to halt residential phone service
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PSINet Europe not included in PSINet Inc. Chapter 11 filing
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WorldCom looks for solution
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Tulsa, Okla.-Based Williams Communications Sees Stock Sink After Bankruptcy Prediction
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ICG CEO Disputes Fraud Reports
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Wash. Grp alleges Raytheon fincl statements are erroneous
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Finova:

GE Capital sweetens Finova bailout offer
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GE boosts offer for Finova
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Unsecureds to fight Genesis/Multicare health care merger
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Wilkinson's plight a lesson to politicians
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Business on Rise for 9 Out of 10 Turnaround Firms
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Imperial Sugar's disclosure plan cleared
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Steel:

Lenders to Pay Ohio Edison for Shuttered Steel Mill's Electric Usage
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He's baaaack! And that's scary for steel trade
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Steelmakers fear US quota move
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Americans From Steel Communities Dramatize Need for Immediate And Comprehensive Action to Stop Illegal Dumping of Foreign Steel
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Evans tells steel rally administration will fight for U.S. industry
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Bush Inquiry into Steel Importers' Practices Could Hurt Milwaukee, Mayor Says
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Steelworkers Plead for More Help
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Wells Fargo Posts $1 Billion Loss
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Bridge:

Judge OKs latest Bridge motions
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Judge approves Bridge's request to delay reorganization plan

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Denver Financier Snaps Up Cinema Shares
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Gildan cited as potential buyer of Fruit of the Loom
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MetalSite shuts down indefinitely

N.J. workers lose jobs in Marketing Specialists bankruptcy
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Willow Grove, PA: Wife of accused fire company official declares bankruptcy
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Baldwin cuts jobs at 2 sites
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New Bankruptcy Opinions
(1 new opinion today)

Power Utilities:

Senator Fires Warning Shot on Power Costs
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California Power Crisis May End Sooner Than Expected, Some Say
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PG&E woes push down shares of power generators
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'Spot cost' has PG&E worried about bills

GOP Abandons Calif. Energy Bill
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Southern California Edison Turns Elderly Investors into Frightened Lobbyists
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'Frontline' Report on Energy: We're Doomed
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US Justice Department probes energy cos' pact to limit new power plants
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SoCal Edison may be imperiled by regulators' delay
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Independent Power Producers in Need of Octane Boost Lately
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Electricity Price Caps Favored in Poll
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Power players agree to court order on energy bills
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L.A. power customers awash in cheap energy

Power-Hungry Calif. Owes TEP $16m
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Utility Averts $1 Billion in Costs
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Developments in California's energy crisis

U.S. Senate's Bingaman says Congress 'ill-equipped' to set power prices
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State Would Bungle Edison Ownership
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California's Economy at Risk
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Japan:

Sogo Ex-Chairman Indicted For Concealing Assets
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S&P says Japan bank risk high, steps needed
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Finland:

Wapit wraps it up
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Canada:

Retailers eye Chapters stores
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Reisman wins battle for retail book empire: Chapters merger approved
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Ottawa bankrupting church with lawsuits, Anglicans charge
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New Economic Data: Japan on Brink of Recession
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Australia:

Leading barrister tells bankruptcy court he paid no tax for 40 years

Lawyer had a few drinks to blot out his $1m tax debt

Broke businesses told: it's your fault  

Blitz on bankrupts targets credit cards  

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Israel:

Rubber-stamp arrests - The law on debtors lands the defenseless in jail and ought to be changed, say lawyers fighting the system

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France:

AOM-AIR Liberte reportedly may declare bankruptcy by June 23
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at admin@bkinformation.com 

Copyright 2001  [BKINFORMATION.COM]. All rights reserved.