December 12, 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:

Pilots union, US Air in pact
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Concessions seen as key to exiting bankruptcy
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US Airways seeks pay cuts - Airline hopes other unions follow pilots' deal on concessions
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EDS Objects to US Airways' Exam Request, Seeks More Time
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Airline bailout funds aid helicopter tours
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Bank One Needs Healthy UAL To Save Credit-Card Business
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United's workers prepare to feel bankruptcy's brunt
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UAL creditors await details of damage
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United faces overseas challenge
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Deal puts execs 'in a very tight box'
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UAL Secures Bankruptcy Court Order on Operating Losses
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Congressmen say ATSB is bungling its job
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Managers, unions discuss concessions
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Bombardier to deliver jets despite UAL filing
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United and its unions
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Little United stock left for employees / Shares sold from 401(k), ESOP
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Airline troubles spur shift to new destinations
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United Airlines Must Consider a Think-Small Strategy
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United's ESOP fable
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Atlantic Coast Airlines Update on Payments From United Airlines, Inc. and Aircraft Deliveries
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UAL Employee Stock Plan Sells Shares Into Chapter 11
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UAL Stops Sales by Big Stakeholders
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United Names New Executive Vice President
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Turbulent Times For Aerospace Expected To Persist
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Test of employee ownership at United fails, too
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Delta making changes in SkyMiles program
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Once an airline is reported to be in financial trouble, customers start using up their free air tickets en masse
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United Airlines Must Meet Financial Goal to Stay Afloat During Reorganization
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Telecoms:

Two Judges On Bench In WorldCom Case Seen As Rare Event
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Feds scrutinize Global Crossing sale
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Telecom Company Vanion Stops Service
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Impsat reorg plan OKed
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Judge to Consider Bills for Williams Communications' Bankruptcy
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Cappellas faces cut to WorldCom package
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WorldCom Pursuing Ebbers Assets for Sale
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Judge slams WorldCom CEO pay plan
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Telecom Firm General DataComm Asks Bankruptcy Court to Extend Exclusivity Deadline
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Amid Telecom Ruins, a Fortune in Fiber-Optic Cable Is Buried
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Lawmakers attack 'dead peasant' policies
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Help Sought to Buy Consolidated Freightways
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Suitors ogling Kasper before emergence
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Energy:

PG&E Trading wants $19 mln Calif credit letter returned
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Downgrade Pushes Dynegy Closer to the Brink
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  Circuit breaker
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Letter from Delaware: Reform redux
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HOT JOBS: Bankruptcy attorneys
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Boston Archdiocese:

Vatican won't help dioceses in fiscal straits
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Bankruptcy may cost church its reputation
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Groups Express Concern at Archdiocese's Threat to File Bankruptcy
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Grand jury subpoenas cardinal, 7 bishops
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Bankruptcy and Law's future are likely focus in Rome
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Vatican mulls life after Law
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Accused U.S. pedophile priest freed on bail
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The Pope ordered US priest moved to avoid child sex abuse scandal
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Household Debt May Threaten Spending
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Enron:

‘Enron four’ stand firm on client privilege
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Enron was told strategy in Calif. could be illegal
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Citigroup: Adhered to Law in Enron Deal
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Enron deals bring rebuke
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Millions made, lost in just days - Enron's dominance led to mind-boggling profits
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Enron loan called 'phony' scheme to duck Canadian taxes
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Enron 'scam' hit N.S.
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Senate grills banks on Enron and seeks crackdown
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Enron bankruptcy a fee-for-all
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Asbestos:

Halliburton Says It's Close to a Deal on Asbestos Suits
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A New Twist in Halliburton's Asbestos Tangle
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Halliburton to Pay as Much as $4.2 Billion in Asbestos Accord, Lawyers Say
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Halliburton asbestos court proceeding postponed
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Asbestos suits may end
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Dotcoms: Back in Black - Now What?
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Med Diversified Wins Interim OK Of Deal To Fund Business
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Schools face pressure over some benefactors
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Law Firms:

Know-How: A Valuable Thing to Waste - Most U.S. firms give little more than lip service to knowledge management
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'Periscoping' for Outside Counsel
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Big Firm, 'Big' Words
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Hammonds to spin off bulk work
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Norton Rose offers 20 trainees £10k to defer
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Morley named new A&O chief
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Gloomy outlook for wannabe lawyers
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Metals USA distributes new common stock
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Avatex Corp Files For Chapter 11
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Robertson Band Claims Fleet Owes Some Bonuses
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Almont Shipping Plans to Emerge from Bankruptcy, Pay Creditors
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Napster history sold for a song - Scores attend, hundreds log on to bankruptcy auction in Santa Clara
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 784 Jobs - Last Updated December 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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DIP Dimensions: Oakwood Homes Corp.
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Apparel Firm Tropical Sportswear International Says Ex-CEO Spent Millions on Personal Items
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As benefits dry up, unemployed struggle
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Biotechnology Firm Immune Response Raises $8 Million, Avoids Bankruptcy
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Farmland:

Farmland may have little left
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Shareholders Hear Somber Message about Farmland Industries' Future
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Grumman Olson can tap DIP
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AGY:

Debt unravels Advanced Glassfiber Yarns
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AGY Files for Reorganization; Receives Commitment For $15 Million in DIP Financing
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Glass yarn maker files bankruptcy
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Tyler Technologies Announces Approval of Plan of Reorganization for Swan Transportation Company
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Environmental Oil files for Chapter 11
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Steel:

Weirton Steel focused on growth despite failure of investor plan
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Exemplar Manufacturing lays off 55 and may shut down, official says
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Dallas Hospital Shuts Down with Little Warning
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Bankruptcy Calendar: Dec. 2002
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Court Approves Settlement Between Westmoreland Resources, Inc. and Washington Group International
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Corporate Reform:

No Confidence - Changing the role of attorney from zealous advocate to paranoid watchdog is no way to improve corporate governance
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Senator seeks strict oversight of advisers
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Accounting:

Former KPMG Consulting lays off 4% of staff
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Ex-Executives Tell How Bristol Burnished Its Financial Results
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SEC Choice Has the Good, But Does He Have the Grit?
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Trucking company emerges from Chapter 11
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Desa International seeks OK of $185M asset sale
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England:

Diageo Aims for Burger King Deal by Fri.
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Japan:

An airline `crash lands': Is U.S. bankruptcy code a model for Japan?
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Life insurers cracking under pressure to fund safety net
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Japan’s crisis defies easy solutions
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Acom Admits Overcharging Customers, Denies Co-Wide Scandal
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Germany:

Alarm spreads as Germans question who is at the helm
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Canada:

High bankruptcy rate to rise, experts warn
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