April 17, 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

         
Kurtz leaves Skadden for Lazard
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Bankruptcy Reform:

U.S. Senate not 'constructive' on bankruptcy
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Investors, Bankers At Odds over US, IMF Bankruptcy Proposals

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Enron:

Enron executive grilled on retention bonuses
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Judge OKs Enron Retention Bonuses
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Enron utility PGE says Enron owes it $74-mil

Is There Anything Enron Didn't Do?
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Enron Staff Is Biding Time at a Company That Isn't There
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ISDA Stresses Derivatives Not At Fault In Enron Demise
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Texas Attorney General: Enron Defense Payments Should Go to Creditors
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Ex-Enron Workers Cry For Help From New CEO
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Enron gets go-ahead to pay 2001 property taxes
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Enron acknowledges PUC inquiry
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Enron's Mariner E&P arm lost $12.4-mil in 2001

NewPower says considering liquidation
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Enron Workers Stampede the Exits
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Lawmakers aim to prevent Enron-like disasters
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Enron employees are flocking to exits at one-per-hour rate
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Conn. Sues Andersen for Failed Deal
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GE unit wins Questron assets
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Friede Goldman Halter Records Large Non-Cash Write Downs in 2001
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Royal Ahold-Big V faces antitrust scrutiny
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AppliedTheory Plans To File For Chapter 11 Bankruptcy
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F'd Companies: Temporary amnesia
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TBM unit files for bankruptcy
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Roadhouse Grill files bankruptcy plan
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US Diagnostic Inc. Reports 2001 Financial Results, Possible Bankruptcy Warning
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More of an entrance than an Exodus
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Conseco Extends by 5 Days Campaign to Delay Repayment of Bonds
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Adelphia:

Clock Ticks as Adelphia Delays Filing of 10-K
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Adelphia Misses 2nd SEC Deadline, May Adjust Its Guidance for 2002
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Standard Automotive, Banks Close To Cash Collateral Pact
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The Wackenhut Corporation Reports Losses Related To Bankrupt Chilean Operations
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ComSpace files Chapter 7 bankruptcy
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Bankrupt Oklahoma City-Based Grocer Homeland Reports Third Consecutive Unprofitable Year
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  Kmart:

Kmart's 2001 sales dropped
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Court OKs Kmart, Penske Agreement
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Kmart officers got big loans before it filed for Chapter 11
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Kmart's Top Officers Got Big Loans Before Retailer Filed for Chapter 11
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Kmart drops to third place
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Kmart paid millions in 2001 severance
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IRS Calls for More Higher-Income Audits
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Telecoms:

Goldman Sachs May Be a Big Loser in Metromedia Fiber Bonds
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Bankrupt Firm Rhythyms Sells Denver Building, Built for $15 Million, for $5 Million
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Flag Telecom Bondholders Say Funds Transfer 'Fraudulent'
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New default could finally doom Metromedia Fiber
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Telecom Troubles Reverberate Through Industry's Suppliers
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XO progresses with lenders, Icahn
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Marconi May Offer Cash for Bondholders to Take Equity
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Global Crossing breaks lease, closes flagship property
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Auditor Raises Going Concern Doubt About Metawave Communications
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Los Angeles May Revoke WinFirst Franchise
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ICG stems losses from 2000 levels, but revenue dips - Signs point to end of bankruptcy
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Globalstar Reports Results For Fourth Quarter And Full Year 2001
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Hutchison makes play for Asia Global Crossing
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PSINet Europe for sale
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New Global's reorganization plan gets OK
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Burgoyne pulls motion to sell out
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Accounting:

Criminal settlement tied to civil lawsuits
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Andersen talks still on, but deals look less attractive
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Andersen, E&Y to combine French operations
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Andersen U.S. Audit Practice May Splinter Into Pieces

Andersen Loses First U.S. Group to KPMG
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Settlement Deal for Andersen Is Imperiled by New Disputes
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Conyers again calls for new Enron probe
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PWC To Launch Joint Hong Kong, China Co With Andersen July 1
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House Panel Backs Auditor Bill, Leaving Reform in SEC's Lap
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More Client Defections: Bio-Imaging, Russ Berrie & Co., Luigino's, Weyerhauser, Northern Trust, InterDigital, Titan Corp
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New Bankruptcy Opinions
(No new opinions today)

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

Bondholders Fume Over Bankruptcy Magic - Aggressive Chapter 11 filings aren't sitting well with investors
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Revered Owner Is Struggling To Save Malden Mills From Being Sold Off
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Former Rental Equipment Owners Sue Bankrupt NationsRent over Competition Clause
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Auditor Doubts Merex's Going Concern Ability
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Audit Questions Whether Charleston, S.C., Fabric Maker Polymer Can Stay in Business
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Group drops offer to buy bankrupt Jazzland theme park
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Bankruptcy trustee pursues records on Hunter's life policy
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Steel:

Bankrupt Steel Giant's New Owners to Re-Enter Market Slowly
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A Sturdier Structure for Steelmakers
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Team Communications/Ch 7 -2: Has Warned Of Possible Bankruptcy
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Wisconsin-Based Electronics Equipment Maker Makes Deal with Banks on Debt, Ch. 11 Likely
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HQ Global Gets Court Approval For $3.6M Retention Plan
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Exide Tech Wins Interim Court OK Of $200 Million DIP Loan
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Highlands Group Considers Filing Chapter 11 Bankruptcy Protection
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NextCard likely to file for bankruptcy protection
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ZAP Moves Forward With its Plan of Reorganization; Files Plan and Disclosure Statement With the Bankruptcy Court
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OECD Removes Niue From Tax Haven List
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England:

Young ring up debts
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NTL's shareholders wiped out by $10.6bn debt-for-equity swap

NTL: The winners and the losers of the restructuring game
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NTL's $10.6 Billion Debt Default Brings Out the 'Vultures'
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Moving Fast, NTL Has Plan to Reorganize
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Japan:

Japanese Retailer Becomes 15th Business Failure in '02
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Korea:

GM head to sign Daewoo accord
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Germany:

Murdoch to help Kirch?
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German medium business face tough year
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