November 26, 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:

Congress possibly to address stripped out parts of bankruptcy reform bill (scroll down)
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No time for reform
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Recession is latest setback for bankruptcy reform bill
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Reforming bankruptcy: New rules for Chapter 11 filings mean more work for Dallas-Fort Worth lawyers -- and more protection for Metroplex debtors and creditors
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A Debt Trap for the Unwary - Credit counselors pose as nonprofit saviors, but some only get consumers deeper into the hole
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Sulzer Medica Faces Court Date, May Seek Protection
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Major Tour Operator Files for Bankruptcy
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Power Utilities:

PG&E attacks Calif. counties in bankruptcy case
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Different energy crisis for California - Unused electricity expected to cost ratepayers billions
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Calif. ISO offers plan for $1 bln in overdue bills
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Utility, Regulator Go for the Throat
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California power officials won't play ``Grinch'' with holiday lights this season
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State expects losses on excess power supplies
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City Claims SCE Owes It $8.5 Million
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Fruit of the Loom:

Fruit of the Loom Sale Procedures Denied by Court
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Fruit of the Loom's survival depends on Warren Buffett getting court go-ahead
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Buffett bid for Fruit of Loom hits legal snag
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Steel:

Kucinich Wants LTV Top Management Fired
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Ohio Congressman Offers Plans to Save Cleveland-Based Steel Maker
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Anatomy of a meltdown
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Politicians move to keep LTV open

Nucor buys bankrupt Trico Steel
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Congressman to ask court to replace LTV Steel management

The LTV plan
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LTV Steel shutdown could aid industry
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U.S. Steel Makers Press Government for Assistance in Form of Tariff on Imports
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LTV Liquidation Won't Hurt Steel Supply
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Cuts at US steel firm 'threaten 7,500 jobs'
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Health care, pensions at risk for LTV retirees
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Republic Technologies May Cease Operations If Wage Increase Delay Is Not Approved.
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Chicago: 3,500 here to lose jobs if LTV mill closings OKd
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LTV workers concerned about future at coke plant

Cleveland-Cliffs Assessing LTV Decision
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Most of Marquette County mine's workers to be idled
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Cleveland leaders scramble for ways to stave off LTV closure
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Indiana OKs loans to cover county steel taxes
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Steelmaker RTI warns it may halt operations in December
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Steel industry steps up pitch to Congress for help
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Nucor Agrees to Purchase Trico Steel Assets
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Detroit: Mortgage company executive pleads guilty to mail fraud
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Crown Cork & Seal shares fall on Moody's downgrade - Analysts Predict Bankruptcy
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Lernout & Hauspie:

Auction nears for L&H's last assets
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L&H Gets Bid From Dictaphone Unit For Some Assets
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Dotcoms:

Buying dead domain name may be cheap, but risky
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New economy denizens join ranks of bankruptcy filers
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Stock Rise Fails to Lift Silicon Valley - Industry Fears Tech Recovery Far Off
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Lendnetwork, online auto loan firm, runs out of gas
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Fairmount Chemical Doubts Ability To Stay A Going Concern
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National Record Mart Begins Going Out of Business Sales On November 23 At 113 Stores
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Thermadyne Sets Plan To Emerge From Bankruptcy ; Lawyers Say Quick Exit Appears Possible ...
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Retailing:

Clothing industry on the rack: Weakest sales season in 30 years forecast to hit US retailers
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Lots of shoppers, not much buying
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Closing out: Some stores face final holiday season
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Glut of Bargains Cheers Shoppers but May Take Toll on Economy
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Shopping season under way amid worries
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Trump starts talks on debt restructuring, to pay interest
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Golden Books: Rut-Roh
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Bill to level class action playing field
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Bankruptcies soar at publicly traded firms
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Bankruptcy rolls rising in Colorado
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  World Plunges Into Recession

U.S. Business Bankruptcies at Record Pace in Economic Slowdown
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It's almost official: the economy is in recession
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Short, Mild Downturn Now Expected
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New Orleans: Bankruptcy scandal rips family apart
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Many Industries Plead for Help from Congress citing War, Anemic Economy
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Telecoms:

Lucent may block Winstar payouts over suit
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At Home talks down to the wire
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Savvis defaults on naming rights deal, ponders bankruptcy
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Conspiracy Theory - Did AT&T want ExciteAtHome to fail?
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WinStar to Auction Assets in December
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Winstar Execs To Bid For Firm
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Chapter 11 bankruptcy may be in XO's future
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Banc Of America Says XO May File For Bankruptcy
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Redstone running out of cash
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Vacation Village auctioned for $17.8 million
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Enron wins breathing space from lenders
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Comdisco:

Comdisco break-up fee protested
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Comdisco Asks For Time To File Exclusive Chapter 11 Plan
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Phoenix Restaurant's Final DIP Hearing Moved To Nov. 28
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Troubled drug chain seeks reorganization
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3 Firms Set to Take Over John Wayne Airport Taxi Service After Bankrupt Taxi Service Loses Cars
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Airlines:

Bankrupt Air Cargo Firm Kitty Hawk Warns It May Go Out of Business
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Airline workers to get final pay: Court OKs plan to compensate staff of Canada 3000
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Belgium Says Swissair Suits Seek Almost $1.75 Billion
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United Airlines Steers Through Crisis
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Are your frequent-flier miles in danger?
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Air Lib forced to cut workforce and fleet
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Belgian govt, Sabena sue Swissair for $A3.3 billion
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Airline EU warning
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Ticket holders can claim loss
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Kinnear planning a comeback with new airline: 10-plane domestic service
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Final attempt to salvage Alitalia
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Air Lib once more in financial difficulty
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Ontario Govt Fund To Lessen Passengers' Canada 3000 Losses
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Small airlines adapting more quickly, with better success, to industry crisis
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Restructuring . . .

Deere takes $320 million loss, will cut 500 jobs
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Valley Media lists assets/debts in bankruptcy filing
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Bankruptcy courts have been busy
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Miami: Philharmonic raises funds to avoid bankruptcy threat
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Sale of Regent bringing changes
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Foreclosures rising in Central Texas
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Enron:

Enron Gets Extension on $690 Mln Note Due Next Week
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Enron crisis deepens, bankruptcy shadow looms
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Dynegy under pressure on Enron - Stock price slide pushes acquirer to renegotiate or walk away
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Circling the Wagons Around Enron
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Dynegy mulls renegotiating merger terms as banks extend debt note
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Enron Bleeds as Dynegy Deal Doubts Grow
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Enron still optimistic of averting financial meltdown
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Employees sue Enron over 401(k)
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Enron SEC filing contained information Dynegy was unaware of
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Enron seeks survival pact from lenders to aid Dynegy's Dollars 9bn rescue
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Enron crisis poses threat to Oregon utility
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Enron stock free-fall continues despite debt reprieve
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Dynegy's Decision to Buy Enron Hits
Crossroads on Rising Financial Woes
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Dynegy Scrambles to Save Enron Deal
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Enron avoids junk status, but observers wonder how
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Borden Chemicals and Plastics Limited Partnership Files Amended Financial Statements, Concludes Investigation of Financial Reporting Issues
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House2Home:

Bankrupt Home Decor Store to Honor Gift Cards
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House2Home Demise a Costly Surprise
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Ha-Lo to restate results for 3 years
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs
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Bankruptcy Court Web/Pacer Site Directory

Bankruptcy expertise is a hot commodity
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Seeking Relief - Lenders play prominent role as South Florida companies enter Chapter 11
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Law Firm Restructuring:

Cravath's Bad (& Good) Bonus News
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Summer Associates See Offers Fizzle
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Legal challenges in the tech corridor - Law firms in Northern Virginia forced to adjust as tech clients hit hard times
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Court Approves Phar-Mor's Incentive Payment Package
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McCook Metals trustee predicts sale

Bankruptcy threatens radioactive cleanup
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Economic woes bleed printing firms dry
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Malden Mills - Whether altruism makes good business sense?
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GolfGear's Loss Reflects Plight of Small Firms in the Industry
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Budget Rent-A-Car's troubles seen increasing
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More Arizonans led to bankruptcy
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FBI said to subpoena records in case of top MBTA manager who allegedly perjured herself in bankruptcy court
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$8.75 million expected as opening bid to buy cattle-feeding business
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Kushner-Locke Files Chapter 11 Petition In Los Angeles
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Key lenders force auction at idled motorcycle maker
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Australia:

First Insolvency Law Changes Unveiled
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Flak flies over worker rights/insolvency changes
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It's Rumpled of the Bar, and he's not happy
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Damages in Bond case could reach $A1b
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Broker clues - finance papers found in storage
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UnitedGlobalCom in default
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Downturn Next Year Could Bankrupt Young Australians
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Slow paying barristers owe $44m in taxes

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Norway:

Yukos Pays Early to Save Kvaerner
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Aker Maritime's Kvaerner plan rejected on bank debt conversion demand
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Kvaerner shareholders to vote on rival plans
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Aker challenges plan to save Kvaerner
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Aker Maritime/Kvaerner merger vote to be held on Nov. 29
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Rokke ready to ditch Kvaerner rescue plan
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Arnkvarn begs for agreement
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Kvaerner could fail within days
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Kvaerner says bankruptcy still possible next week despite Yukos payment
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France:

The wheels come off Prost - Mounting debts have forced the French team into receivership
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Bad formula
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Bankrupted Prost pledges to fight on
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Brandt: court to hear presentations from four candidates
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Germany:

Pessimism worsens among German firms
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Kinowelt to file for insolvency if no credit deal with ABN Amro before end-Nov
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Japan:

Taisei Fire to File for Bankruptcy on U.S. Attacks
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Insurance collapse adds drama to Japan's crisis
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Mycal Corp. Chooses Aeon Corp. To Sponsor Reconstruction
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Japanese insurer files for bankruptcy protection
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Japan faces growing army of jobless
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Big risks ruined Taisei Co.
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Japan Must Ease Rules, Allow Failures, Retail Group Chief Says
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Obayashi warns of big loss after writedown
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England:

Railtrack worse than thought, Blair told
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Extra Pounds 3.5bn 'needed' for Railtrack
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SSSB had Railtack rescue plan
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Railtrack hit by exodus of key staff
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Standstill offer on Railtrack bonds
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Distressed debt may bring cheer over time
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Byers warns on Railtrack timetable
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Canada:

Knowledge House drama gets three new players
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Bank delivers jolt to Battery Plus - Laurentian forces electronics chain into receivership
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Ailing travel agencies facing bankruptcy get relief
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Korea:

Bankrupt Firm's Artwork to Be Auctioned Off
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