August 28, 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

         
Judge To Rule On Motion For Suit To Proceed Against USG
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Airlines:

UAL has 75-80% risk of bankruptcy, analyst says
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US Airways' fate hinges on labor talks
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Nonrefundable Becomes Nonnegotiable
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Travelers Irked by US Airways Changes
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US Air Tightens Ticket Rules As Part of Cost-Cutting Effort
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US Air looks to cancel labor pacts
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United nears Chapter 11
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Vanguard seeks extension of financing deal
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VisionAire bankruptcy request granted
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Sun Country loses $4.5 million in second quarter
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Adelphia Moves to Stop Founder
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Metals USA:

Bankrupt Metals USA looks for exit financing
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Metals USA Announces Filing of Its Plan of Reorganization
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Exide Tech Seeks More Time To File Reorganization Plan
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Breast Implant Settlement Reached
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Economy:

Recovery Held Back By Overcapacity
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Ex-exec To Keep $42m Fruit Loot
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Consumer Groups Blast Insurers' Credit Scoring
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Polaroid:

Unsecureds sift through Polaroid spoils
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Unsecured Creditors in Polaroid Bankruptcy To Be Paid With Shares of Stock of Purchaser
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"Condominium" Luxury Liner On Verge Of Bankruptcy
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Accounting:

Judge Says KPMG Lawsuit Can Proceed
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KPMG's U.S. Unit Faces Fraud Trial
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University of California Win Settlement from Arthur Andersen Affiliates
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Andersen loans scare for Coutts
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San Antonio: Former Handy Andy owner files for bankruptcy
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Daewoo Motor To Submit Company Operations Split, Debt Plans Thursday
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Degrees of Debt - AmeriTrain's Abrupt Closures Leave Students in Lurch
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PG&E bill just keeps owing
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  Enron:

Enron launches $10B asset auction
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Enron Begins Auctioning Assets
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Fastow: The Heat is On
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$28 million severance deal near for 4,200 Enron ex-workers

Enron assets sales could mean end of company
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Enron to Sell Major Units to Raise Cash for Settlements
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Enron opens bids on 12 businesses to pay creditors
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Andersen settles some Enron suits
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Enron tests waters for big assets

Enron Holders in Pact With Andersen Overseas Firms
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2 partnership investors are not targets of probe

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Farmland Industries to sell $11 million in assets
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Corporate Reform:

SEC approves Sarbanes-Oxley rules
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SEC Shortens Deadlines For Filing Financial Reports
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Steel:

Bethlehem Steel To Close Pipe Mill Facility In Steelton, Pa
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Feds Nix Additional Steel Tariffs
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Mixed reaction to latest steel tariff decision
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Bankruptcy Court Approves LTV-Hazelwood Site Sale
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Bethlehem Steel takes $2.5 million hit
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Bankruptcy Judge Allows Bid for Corry, Pa.-Based Steel Firm to Advance
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Baseball:

Ballpark Vendors Face Hard Times, Unemployment if Baseball Players Strike
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Law Firms:

How Firms Decide Who Gets What
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NY Lawyer Punished For Filing Groundless Counterclaim
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Weil Gotshal bolsters PE practice with Hutchins, Wheeler additions
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Clarks takes Morgan Cole insolvency partner
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Baldwins Industrial's U.S. units go bankrupt
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Debtors Turn to Home-Equity Option to Reduce Burden of Repayment
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The Hard Consequences of Easy Loans
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When is an assignee or judgment creditor taxed on partnership income?
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Rosemont seeks to block settlement between state and Emerald
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Many Seniors Can't Retire
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 58 Jobs - Last Updated August 26, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Kmart:

Kmart Copes With Empty Aisles After Refilling Shelves
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Napster offer to get court hearing
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WorldCom:

Judge Blasts WorldCom for Ignoring Monitor, Lining Up Pacts with Rival Banks
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Judge Questions WorldCom Payouts
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Bank 'granted shares' to WorldCom chiefs
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Internal Rifts Threaten WorldCom
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Sullivan Indictment Nears As Plea Talks Break Down
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Salomon Made IPO Allocations Available to Its Favored Clients - At WorldCom, Ebbers Got Nearly a Million Shares; Two Dozen Other Telecom Officials Got Thousands
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Z-Score Bankruptcy Predictor Gets Good Marks From Investors
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Telecoms:

Judge enforces XO rescue package
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Williams Communications Asks Court to Stop SBC From Ending Pact
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360networks' Canadian creditors overwhelmingly approve plan of reorganization
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Global Crossing's Initial Bid To Settle SEC Case Is Rejected
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Struggling British Telecom to Pay $115 Million For Advisors, Employee Retention Bonuses
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U.K. companies unprepared for telecom woes
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Winners and Losers in the Telecom Sweepstakes
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Glenoit creditors may see cash
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Deadbeat Profiteers
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Capitol Communities Corporation Subsidiary to Emerge From Chapter 11
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Mobile Mechanic shops ordered to pay Hurricane Allison victims, Owner files bankruptcy

Regent gets OK to buy 12 Brill radio stations
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Weakening Retail Sales Could Damage Hopes for Economic Recovery, Experts Say
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Uniroyal gets court OK to use DIP
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Japan:

Inside Japan's 'Zombie' Firms - Banks Keep Firms Alive To Minimize Bankruptcies
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New Zealand:

Bad debt can leave you high and dry
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