April 16, 2002 

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

         
Airlines:

New Owner Takes Over Sun Country
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Group Buys Name, Trademark, Assets of Sun Country Airlines
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Cash and Burn - Government handouts won't be enough to save all of the nation's airlines
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Canada 3000 cheques (almost) in the mail - Credit card firms have reimbursed many, most others likely covered
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Royal Ahold-Big V faces antitrust scrutiny
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Sale of Viasource assets completed
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Leiner's reorganization plan OK'd
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Law Firms:

Will LLP Status Really Protect Partner Assets?
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Gimme Shelter - The Andersen case has some law firms looking hard at their partnership structures
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Gibson, Dunn Names New Firmwide Managing Partner
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Hiring Rate up at New Jersey's Bellwether Firms
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Bay Area Firm Closing 2 Offices
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Easyriders signs asset agreement
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Telecoms:

Global Crossing Protests Losing $450 Mln Contract
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Asia Global Crossing Delays Payment
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Telecom Firms Cut Back More
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Doubts emerge over auditor's UPC warning
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Most PSINet employees to be laid off
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Citigroup misses estimates
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Higher Profits at 2 Big Banks
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Sanctions OK - In Theory
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Jacksonville: Financial turmoil undermines HealthScreen America
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Special Metals:

Special Metals gets $60M DIP
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Special Metals gains access to operating funds
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Kentucky Metals Plants' Firm May Have Loans Needed During Reorganization
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Steel:

Bankruptcy sends retirees reeling - Steelmaker drops former workers’ health benefits
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`Let's Make Steel!' - USWA Hails Return to Work at Former LTV Operations
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Plan would link aid to retired steelworkers to Alaska drilling

Former owner interested in bankrupt steel plants
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Riverside, Calif., Medical Center Leaves Long List of Local Creditors
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Citigroup Sees Loan Delinquencies Peaking This Year
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Big Banks Overcome Bad Loans
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Anchor Glass:

Anchor Glass shatters
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Tampa manufacturer Anchor Glass Container files for reorganization
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Anchor Glass Says Bankruptcy Filing Won't Affect Warner Robins, Ga., Plant
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Bankruptcy - Chasing Billion-Dollar Babies
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Largest Bankruptcies Filed, Busiest Judges, Busiest Industries

Power Utilities:

Bankruptcy: A Light Touch - Handling the politically charged Pacific Gas and Electric bankruptcy took an easygoing manner and a bit of diplomacy
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CPUC Puts PG&E Bailout On Shareholders' Shoulders
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CPUC wants PG&E to reimburse creditors
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Bankrupt Utility Opposes Proposal
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Utility commission reorganization plan would halt PG&E dividends
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Pacific Gas And Electric Company Makes Preliminary Rate Case Filing For Distribution of Gas And Electricity-Filing Will Not Raise Electric Rates
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Pacific Gas And Electric Company Issues Statement on CPUC's Alternate Plan of Reorganization
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Exide Technology loses its juice
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Kmart:

Kmart Files 10,000 Bankruptcy Pages
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Kmart Won't Honor ICIP Certificates
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Exide Technologies' Chapter 11 filing lists $2.52 billion in debts
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Bankrupt insurer's patients get sued

Startup mopping up after meltdowns
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Comdisco Begins Trading on the Over-the-Counter Market; Will File Plan of Reorganization by April 18, 2002
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Retired Justice Byron White dies at 84 - April 15, 2002
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Hourly Fees Gain Currency Among Advisors
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Accounting:

Settlement Likely for Andersen
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Equitable Life sues ex-auditors E&Y for 2.6bn
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Prosecutors, Andersen strike deal
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Accenture Says Deal Will Delay or Stop Two Enron-Related Suits
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Accounting Acrobatics - Forget Enron. Companies still play games
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The battle for Arthur Andersen clients has taken a turn in a new direction
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School Out at Andersen's Campus?
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Calif. Audit Reforms To Be Proposed
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Justice, Andersen to announce deferred settlement Wednesday
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Accountants at Andersen in Denver Plan to Join Rival
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Shareholder in Gazprom of Russia Sues Auditor
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More Businesses Drop Arthur Andersen
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The Informer - Arthur Andersen LLP partners who leave to become chief financial officers of a corporation get lower base salaries
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Client departures continue: Westport Resources, Guardian International, SureBeam, BroadVision, North Bay Bancorp, LSI

Andersen Merges With E&Y in Baltics
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Arkansas Banks Lose Tens of Millions Yearly to Personal Bankruptcy
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Plan to Sell Aladdin Vegas Resort Postponed
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Furniture.com, Redux?
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IRS, States Begin Crackdown on Partners' Tax Returns

DCT's demise draws federal interest
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Orbimage Sees Recovery After Bankruptcy Restructuring
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - Updated April 8, 2002
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Bankruptcy Court Web/Pacer Site Directory

Dealmakers of the Year - Bankruptcy Lawyers Shine
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Enron:

Trial-tested, plaintiff-approved
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John Hancock files suit against Enron, Arthur Andersen
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Despite Efforts to Break Free, Enron Web Traps V&E
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Enron Seen Getting Court Approval for New Retention Plan
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Lawmaker requests lending disclosures
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Representatives from Enron, Andersen to meet
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Sins of Enron Could Hurt Portland General Electric
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U.S. Inquiry Tracks Insiders at Enron
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Dallas: EarthCare files for bankruptcy
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Bankrupt Building-Supply Retailer's Colorado-Based Employees Sue for Wages
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CMI Industries emerges from bankruptcy
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Adelphia:

Unsecured creditors committee named for Adelphia Business Solutions
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Adelphia Communications Announces Continuing Review
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Pinnacle Holdings Inc. Announces It Is Pursuing Extension of Limited Forbearance On Senior Credit Facility
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Judge to Rule on Name of Tama, Iowa, Beef Packing Facility
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Payday Awaits 300 California Farm Workers Left in Lurch by Bankruptcy
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Auditor Doubts PSC Inc's 'Going Concern' Ability
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EBIZ Enterprises Inc. Gains Confirmation of Its Plan of Reorganization
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Tesco gets approval for Chapter 11
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Auditor Doubts Navidec Inc's 'Going Concern' Ability
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NTL's $11.5B debt-for-equity swap moves closer
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NTL to split into two as it restructures debt
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England:

Bond holders seize pay TV operator

As ITV restructuring falters, sale more likely
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Germany:

Bankruptcies and the Doldrums in the German Election Campaign
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Kirch — once the rising star of Europe's media industry — faces ruin as its debts continue to grow
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Kirch rescue talks stall
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Japan:

Bad loans likely to grow, says Bank of Japan governor
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Japan Licks Wounds After S&P Cut
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___________________________

Mexico:

Mexican Construction Firm Iconsa To File For Bankruptcy
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