April 3, 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

         
A Business Workshop Stages Dramas
On Salvaging Investments Gone Sour
(WSJ: separate paid subscription required)

New Jersey Bankruptcy Lawyers Get Option of Filing Documents Online
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Enron:

Bonus issue may decide Enron fate
(DBN Subscription Required)

The Heat Is On - Energy In-Housers Discuss Disclosure, Compliance and Trust in Post-Enron World
(DBN Subscription Required)

Enron's outside counsel says not to blame for ruin
(DBN Subscription Required)

NewPower's viability questioned in SEC filing
(DBN Subscription Required)

Enron's ethics code reads like fiction
(DBN Subscription Required)

State Street Bank Plans to Review Pension Management Deal With Enron
(DBN Subscription Required)

Enron Workers Struggle to Rebuild after Firm's Collapse
(DBN Subscription Required)

Enron Backer Got $2 Million in 2001
(WSJ: separate paid subscription required)

Sempra unit makes third Enron asset buy
(DBN Subscription Required)

Company backs out of deal on retirement plan
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Dirty business finds its way to center spread

HC to control Dabhol’s assets
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Lawsuit to Widen Enron Allegations
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Creditors threaten to seize Dabhol's assets
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U.S. OPIC Agency Seeks Help in Probing Enron
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Early in game, lawyers seek $18 million in Enron case

Pursuit of corporate crime can't end with Enron
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_________________

NTL:

NTL to pay $19m bond interest owed by subsidiary
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NTL default shows who runs refinance show
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___________________

PR exec found to have concealed assets - Blames lawyer for problem
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Telecoms:

Can Icahn convince bondholders of XO's value?
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Icahn Raises XO Bid, Offers $550 Million
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Global Crossing delays SEC filing, blames Andersen probe
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Hutchison says Global X'ing bid unaffected by delay
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WorldCom Plans to Cut Up to 10%
Of Staff Amid Telecom Meltdown
(WSJ: separate paid subscription required)

S&P Cuts Williams Communications Group Rating
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Metromedia moves towards bankruptcy after interest default
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Hotels See Distress, Foreclosures Despite Signs of Travel Rebound
(WSJ: separate paid subscription required)

Airlines:

2 charged with cheating AccessAir
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Bankrupt Freedom Forge considers sale of company
(DBN Subscription Required)

Ripple Affects of Granite City Steel Bankruptcy Continue

Revere Woman Charged with Bankruptcy Fraud, Reports U.S. Attorney
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Sept. 11 and a Recession Add to NY Sublet Vacancies
(NYT: separate free registration required)

Trial against Former Officers of Bankrupt Eugene, Ore., RV Dealer Begins
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Owner of 2 Incinerators On Long Island Files for Chapter 11
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Fitch Monitoring Muni Solid Waste Debt in Connection with Covanta Chapter 11 Filing
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  Kmart:

Kmart challenges tax assessment for third straight year
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Kmart's Rescue Firm Jay Alix Gets Mixed Results
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Bankruptcy Reform:

IMF Crisis Plan Torpedoed
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IMF backs off state bankruptcy
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Bush Pushes Different IMF Proposal
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US call for limited reforms will deal blow to IMF plan
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Polymer, bondholder group talking again
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Dynegy addressed cash-flow fears with complex accounting tactics
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Accounting:

Andersen's Retired Partners Fear Benefits May Slip Away
(NYT: separate free registration required)

SEC Broadens Accounting-Practices Inquiry
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SEC Broadens Accounting Inquiries,
Opening a Record Number of Cases
(WSJ: separate paid subscription required)

Baptist Foundation lawyers strive to save Andersen settlement
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Auditors Knew of Raptor Losses
(WSJ: separate paid subscription required)

Andersen Facing Arizona Charges
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Gemstar Falls 37% on Accounting News
(WSJ: separate paid subscription required)

Deferral Talk Reported in Andersen Case
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Andersen defections from KPMG plan increase
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Andersen, KPMG Drop Global Merger Talks
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Memos: Enron muffled auditor
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Andersen Singapore Plans to Merge
Its Operations With Ernst & Young
(WSJ: separate paid subscription required)

Reform roadmap
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Enron split Andersen executives
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Dobbs's Defense of Andersen Causes Stir
(WSJ: separate paid subscription required)

Defections at Andersen derail KPMG's takeover
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Document Retention Policies Help GCs Sleep at Night
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Auditors Still Perform Nonaudits
(WSJ: separate paid subscription required)

Andersen partner raised Enron alarm in '99
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Spanish Companies May Not Clash With Auditors After Enron
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____________________

Ocean Journey:

A fine kettle of fish
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Bailout looks fishy to some
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Saving Ocean Journey an adventure

__________________

Power Utilities:

Reeling stock prices could spell doom for Nevada Power's future, Bankruptcy speculation
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___________________

NYSE suspends trading in bankrupt Kaiser Aluminum
(DBN Subscription Required)

Tax Cheats, Victims, Prosecutors To Tell Their Stories to Senators
(WSJ: separate paid subscription required)

Jore's saga, future head to court

High-Cost Lenders Dominate in Black Areas, Study Finds
(NYT: separate free registration required)

Grand Eagle Bankruptcy Auction
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - Last Updated April 1, 2002
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Bankruptcy Court Web/Pacer Site Directory

More hidden Adelphia debt alleged - Report: Company has $2.7 billion in off-balance-sheet loans
(DBN Subscription Required)

Gray grabs 22 stations out of Chapter 11
(DBN Subscription Required)

What's next after bankruptcy? - Credit history needs rebuilding
(DBN Subscription Required)

Prime Realty:

Outlet-mall kingdom forced to sell pieces of its empire - Headed toward "an intimate and enduring relationship with the U.S. Bankruptcy Court?"
(DBN Subscription Required)

Prime Group Realty Off 35% On Debt, Going Concern Issues
(WSJ: separate paid subscription required)

_________________

Law Firm Restructuring:

Half of Kelley Drye's DC Litigation Dept. Leaves
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Cooley Godward: We Don't Want O'Melveny Merger
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________________

ACT Manufacturing, Inc. Provides Update on Reorganization Proceedings
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CSFB cuts 300 banking jobs
(DBN Subscription Required)

Tokheim Corporation and Its Lender Group Reach Accord
(DBN Subscription Required)

Palm Springs, Calif., Hotel Falls into Bankruptcy
(DBN Subscription Required)

Network Commerce in need of a lifeline, may face bankruptcy
(DBN Subscription Required)

US Plastic's Auditor Doubts Co's Going Concern Ability
(WSJ: separate paid subscription required)

ITS Completes Bankruptcy Sale of Aviation Non-Preboard Business
(DBN Subscription Required)

Canada:

Skeena Cellulose inches closer to sale
(DBN Subscription Required)

____________________

Germany:

Fairchild Dornier files for bankruptcy
(DBN Subscription Required)

German-American Aircraft Maker Fairchild Dornier Files for Protection From Creditors
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KirchMedia faces imminent insolvency filing
(DBN Subscription Required)

___________________

Brazil:

Brazil airlines Varig, Vasp deny bankruptcy report
(DBN Subscription Required)

____________________

Japan:

Bankruptcies help Japan credit derivatives catch on
(DBN Subscription Required)

Japanese graduates find contest for jobs getting tougher
(DBN Subscription Required)

____________________

Argentina:

Argentina chokes on 'tough love'
(DBN Subscription Required)

Jobless resort to roadkill in beef capital of the world
(DBN Subscription Required)

___________________

England:

Two bids arrive for Railtrack assets
(DBN Subscription Required)

League Gives ITV Ultimatum
(DBN Subscription Required)

_____________________

Hong Kong:

Defaults squeeze lenders
(DBN Subscription Required)

_____________________

Madagascar:

Madagascar's Economy Implodes
(NYT: separate free registration required)

____________________

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