December 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

         
Cashing out to cash in: Corporate bankruptcies are soaring, and some firms are emerging stronger
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Telecoms:

EDS agrees to WorldCom payout
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Pay package for Capellas on thin ice
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Supra gets chance to prove its profitability
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Lightyear settles $14 million debt owed to Tulsa firm: Reorganization plan expected to be submitted by March
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Our big fat dysfunctional economy
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Airlines:

Divided, United Airlines falls
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Caught in United's Downdraft
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Yes, It Was a Dismal Year for Airlines. Now the Bad News
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United Air Stock-Option Administrator Opposes Sale Limits
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Bank One tallies UAL exposure
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Critics of U.S. Bankruptcies Point to Australian System
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At bankrupt United, regrets and anger
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Don't blame ESOPs for United bankruptcy
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USAir-United accord shaken
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My Family, My Airline
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Continental Airlines CEO Makes No Apologies for Working to Discredit United
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United Airlines' employee stock ownership program had troubles from start
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Creditor panel picked / 13 representatives from unions, banks, trade partners to supervise bankruptcy
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Experts Question United CEO's Plan to Create Budget Carrier
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From Mechanics to Executives, United Employees Affected by Bankruptcy
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United needs to cut wages twice as much as before bankruptcy
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Rep. Hyde Urges ATSB To Give UAL Another Shot At US Aid
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Ryanair flies into subsidy storm
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US Airways Pilots Back Cuts in Bankruptcy-Exit Program
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Let United Bankruptcy Run Its Course
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Delta pilots open to talks over salaries
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United you stand - but only just
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United's cash problems stall SF runway plan
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United Airlines Has Few Role Models for Successful Reorganization
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Unions among 13 Groups Named to Creditors' Committee for UAL Corp.
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Labor costs not only factor in United bankruptcy
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Here's what to weigh in deciding whether your next flight's on United
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Analysts consider how United's costs soared so quickly
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City loses bid for a seat on United panel
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What future holds for United fliers / Fewer routes, restrictions loom, but not this year
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Airlines lowering the boom on luggage
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Dying airline dinosaurs fail to adapt
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Significant pay reductions required, United CFO says
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US Airways Pilots Accept Pay Cuts
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Deposition may wait if Ch. 11 filing is put off
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Frequent Fly Perks Plummet To Earth
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To save an airline, you need the whole crew
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How United can bail itself out
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Virginia lawmakers ask bankruptcy judge to keep hospital open
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CoServ Emerges From Bankruptcy; Agrees to Begin Repaying CFC
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Travel slump forces Bentley's luggage to pack up
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Orlando, Fla.-Based Transit Group Emerges from Bankruptcy
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Energy:

Banks Unlikely To Push Energy Cos Into Bankruptcy -Fitch
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Small businesses sue for refunds from energy suppliers
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California Battles to Get $8.9 Billion in Refunds from Energy Companies
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Debt Crunch Seen In US Power Sector
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California agrees to drop energy lawsuits
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California Power Tab $1.8 Billion Too High, Judge Says
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Scrutinized Actrade files for Ch. 11
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Former J&L Structural employee stake compensation pitch to court: Attempting to force a Chapter 7 liquidation
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Accounting:

KPMG lays off Houston employees
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SEC regs require CEOs to take ownership of their companies' financials
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More cases of accounting problems lurking
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CFOs face new challenges in wake of scandals
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Official: SEC Must Target Accounting Cos.
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Ernst & Young faces investors lawsuit
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Bankruptcy Counsel Gets $300K Fee Enhancement

Home decorators filing for personal bankruptcy
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Speeding through bankruptcy: Westpark's leaders knew they had to move fast to keep the confidence of the company's aerospace customers
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Consumers' rising debt poses threat
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Enron:

Bolivia backs $220 million in loans to Enron
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Ex-Enron auditor sentencing delayed - Andersenís David Duncan still speaking to prosecutors
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Enron For Dummies
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Would-be buyer of Enron tower gets cracking with leasing effort
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Was Sherron Watkins Really So Selfless?
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Enron subsidiary stays alive with sale to group
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$55M-Plus in Enron Legal, Consulting Fees Approved
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Cleaning Off a Money Launderer's Name
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Asbestos:

Halliburton asbestos case continued
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Can Sealed Air Wrap Up Its Problems?
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Planet Hollywood trying to emerge from bankruptcy
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Seeking bankruptcy protection may help Sabres dodge woes
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Conseco:

$6 Billion Acquisition Haunts Conseco
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Board of Conseco will see makeover
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Questions and answers for Conseco insurance customers
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Med Diversified can tap cash
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Courts OK EOTT Energy pact with Enron
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IA suspends business: Cash-strapped software company is weighing liquidation
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Boston Archdiocese:

Forgive Us Our Debts - The Boston Archdiocese may file for Chapter 11 bankruptcy
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Legal troubles remain for Boston diocese
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Report Discusses Boston Diocese Payments
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Cardinal Law's temporary replacement in Boston Archdiocese calls for healing, reconciliation
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Law's Quitting Won't Aid Church Finances
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Failure squeezes old-line concern
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Ocean Power, long adrift in red ink, files Chapter 11: Firm's bankruptcy petition lists 200 unsecured creditors
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New Hartford, NY: Suspended surgeon files for bankruptcy
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New Bankruptcy Opinions
(1 new opinion 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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Chapter 11? Or Time to Close the Books?
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Court OKs Aetna Industries' Ch.11 Disclosure Statement
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In role change, brokers helping tenants get out, not in
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Irving, Texas-Based Craft Retailer Files for Chapter 11 Again
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Bankruptcy judge clears way for sale of President Casino on the Admiral
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Rate Hikes Hit Transferred Accounts from Failed San Francisco-Based NextCard
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Losing Bidder Challenges VisionLand Park Sale
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North Carolina Law Prohibits Debt Adjusting
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From Anything Goes to Everything Goes at Brothel
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Problem loans hurt Bank of New York
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Corporate Reform:

Penalizing the Street: Pick a Fine
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Life Without a Jet, and Other Laments
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Wall Street's Fine Mess
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Angling for a Board Seat? - Companies are prowling for independent directors
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Year of the Whistleblower
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The Year Ahead In Retail Real Estate
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Charge It And Yule Be Sorry
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Health plan bounced out of bankruptcy court
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Corporate bankruptcy and credit insurance
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How credit report sparked a crusade
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Law Firms:

Federal Judge Orders Lawyers to Surrender Internal E-Mails
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Billing Rates Remain High
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Law Firms Firing With One Hand, Hiring With the Other
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Nine associates lose jobs at Dechert's District office
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Marketing specialist can coordinate business plans
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Law firms stress the sale: In a shrinking sector, cross-selling, networking lawyers look to grab business
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Young lawyers receive valuable training on site
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Law firms strut their expertise in corporate governance
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Law firms mine ways to expand finance-related services
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Small business, outside counsel make a winning duo
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Lawyer says she has a good shot at 'Miss USA'
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2 landlords still courting big law firm
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Best Of: Dallas - Law Firm
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Economic gravity hauls down hallowed law firms
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Law firms help pubcos get right with the feds
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France:

Credit Agricole Set to Bid for Lyonnais
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BNP and the Heated Battle for Lyonnais
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England:

Equitable: Is it now at breaking point?
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Will my bank help if my business struggles?
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Frustrating problem? That'll be the Daewoo
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Japan:

Bad loan ax may chop 650,000
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Japan's Cracked Banking Colossus
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Switzerland:

A Questioning Voice at ABB
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