December 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

         

Safety-Kleen unsecureds lambaste plan
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Asbestos:

Sealed Air settles asbestos claims for $838M
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Asbestos settlements may affect W.R. Grace
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Boston Archdiocese:

Boston Archdiocese mulls bankruptcy
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Bankruptcy option puts archdiocese in tricky position
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Bankruptcy talk stirs Boston Catholics
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Church in Murky Waters
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Boston Archdiocese to file for bankruptcy
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Insurers tied to diocese options
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Sex abuse bankruptcy threat angers victims
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Abuse victims dismiss 'bankruptcy bluff'
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Boston Archdiocese: Bankruptcy Talk 'Premature'
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Lawyers For US Abuse Victims Seek Assurance Church Will Not Go Bankrupt
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Enron:

Final chance to buy a vowel
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Enron smashes record for bankruptcy fees
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Odd Job of CEO at Postcrash Enron
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Fee Requests In Enron Bankruptcy Attacked
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Probe Sees No Link Between Enron Ex-CFO Fastow, Fire
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Enron Creditors Take Aim at Law Firms
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J.P. Morgan, Insurers Joust At Trial Over Enron Risk
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Ripples From Enron's Fall Keep Spreading
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Chase, insurers do battle over Enron-related losses
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Judge denies JP Morgan motion on memos
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J.P Morgan "deceived" over Enron, insurers say
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Court approves Navan payments to Enron
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Bank pursues Enron's insurers for $1bn
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Bankruptcy Tangles Enron's Future
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A whole lot and not much at all
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Mixed results in restoring investor confidence in post-Enron era - Year of false starts in Enron aftermath
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Wall St. bonuses shrinking
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Law Firms:

The Memo Heard Round the World
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In a radically altered climate, the tech law firms play out an end game
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Trophy Fees
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International Firms See More at Stake in NY Offices
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List of the Winners of the Huge Fees
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Associates Lash Out at Partners in Good-Bye Memos
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How Many Lawyers?
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National Firm Acquires NY Litigation Boutique
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Brobeck Accentuates the Positive As It Hunts for Merger Partner
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F. Lee Bailey Fights to Keep His License to Practice Law
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Icahn takes stake in Insignia Financial
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Corporate Reform:

After Year of Scandal, Some Shareholders Decide to Get Involved
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Opening Up the Credit-Rating Club?
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A Rudderless S.E.C.
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  UPC files for bankruptcy protection
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Airlines:

Labor pact unlikely to save UAL
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UAL May Use Bankruptcy for Cost Cuts
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Despite Labor Pact, UAL's Future Remains Uncertain
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United Airlines delays debt repayment
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UAL Uses Grace Periods To Avoid Debt Payments
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Some Mechanics for United Airlines Have Run Out of Sympathy for Employer
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United, IAM announce 2nd wage cut plan
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Minimal fine-tuning may help mechanics save face
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Mechanics' New Vote May Not Keep UAL Aloft
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SkyWest Under Pressure to Make Concessions to United, Delta
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Time Running Out for United Airlines to Avoid Bankruptcy Decision
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United Airlines Cuts New Deal with Union
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United Fights to Avoid Bankruptcy Court
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United Airlines mechanics to vote again on wage cuts
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Industry in Distress: Airlines
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Frontier Airlines Unsure of Impact from United's Flirtation with Bankruptcy
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Tokheim to sell all units
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Kmart:

Kmart seeks year-end boom
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CGI closes INSpire buy
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Turnaround Consultant Knows Risks, Rewards of Keeping Firms Alive
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Steel:

Bethlehem Steel Seeks to Help Unit Restructure $70 Million Loan
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Operas, symphonies face economic woes
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Austin: Heep Ranch co-owner files Ch. 11
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Pension Crisis Will Worsen in 2003
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Bankrupt Ecusta asks union to resume negotiations
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Hicks Muse to Start $1.5 Billion European Buyout Fund
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Bonuses: Stuff in the Stockings?
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Ocean Power Corp Files For Chapter 11 Bankruptcy In NYC
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Bankrupt Ocean Power seeks auction
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Sunbeam comes out of bankruptcy
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The holidays find some hardheaded and in debt
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Bankruptcies Leave Utilities Holding Bag
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Louisiana Issues Guidelines for Contracts With Debt Collectors
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Accounting:

Businesses back audit reform - Over 55% of business leaders say auditors shouldn't offer non-audit services
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KPMG prays for more merger work
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Accounting Firms Report Slower Revenue Growth
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CFOs Favor More Regulation, Displeased With Acctng Associations
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How High-tech Fraud Squads Dig for Corporate Dirt
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Companies Opt to Disclose More Information than Necessary to Avoid Litigation
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Industry to face disciplinary shake up
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Inflation might affect cost of second bankruptcy
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 265 Jobs - Last Updated November 25, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Telecoms:

Global Crossing noteholders balk at plan
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Metromedia Fiber Gets OK For Rules For $41.5 Million Sale
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WorldCom's new CEO begins his first day with no fanfare
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WorldCom gets OK for amended Blockbuster deal
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WorldCom, EDS Matter Must Wait For District Court Ruling
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WorldCom offers local hangar for sale
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Telcos fear the 'stupid network', says US analyst
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Tulsa, Okla.-Based Telecommunications Firm Gets FCC Nod on Licenses
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VarTec sues BCE over sale of Teleglobe unit
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Scrooge-like spending season?
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Retailers' Strong Start May Not Make Up for Shorter Shopping Season
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Adelphia:

Adelphia freezes Rigases' assets
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Adelphia asks for deadline extension on financial filing
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Judge rules Sea Dog sale to mystery buyer can continue
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Energy:

El Paso, Calif Spar Over Natgas
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Energy firm's future hangs on hearing
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El Paso Waits for a Decision After FERC Hearing Ends
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El Paso ratings cut to junk status by S&P
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Williams says got $180 million cash from Leucadia
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New Players in Energy Trading
(Business Week: separate paid subscription required)

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National Century:

FBI Sifts Wreckage Left by Health Bonds King
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National Century Misses Payments on Asset-Backed Debt
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Trustee: Court Holding Up National Century ABS Bond Payments
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Canada:

Irwins Toys seeks bankruptcy protection
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Argentina:

Argentina Lifts Its Freeze on Most Bank Accounts
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Japan:

Yes, Japan has broken banks and crummy companies. But the real problem is unproductive workers
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UK Paper Repeats Japan Okuda Forecast Bank Nationalization
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Crunch time for Japanese contractors
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Japan Adviser Doesn't See Quick Recovery
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Japan banks hit with 2t yen in new bad loans
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Want a Coffee? Buy 100 Mln Yen Bills, Wait 3 Months
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Germany:

Giving Till It Hurts
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German Aircraft Maker to Be Broken Up
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