December 4, 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

         
Energy:

U.S. Trustee Says Bankrupt California Power Executives Overpaid Themselves In Violation of Court Orders
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AES poised to post debt-swap results, bankruptcy possible
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PGE denies FERC's Enron trading allegations
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Contact Energy ceases purchase talks with NRG
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Judge Limits Calif. Power Contract Case
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PG&E campaign missed deadline on $800,000 in donations
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UPC:

Bankrupt UPC targets March exit
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United Pan-Europe Lists $10.1 Billion Debt In Chap 11 Petition
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Banks fined over e-mail
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Boston Archdiocese:

Advisers to weigh bankruptcy option
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Church may discuss bankruptcy today
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40 years of abuse detailed in church papers Boston Archdiocese releases documents showing history of rape, drugs, coverups
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Is the church above the law?
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Bankruptcy raises more questions
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More clergy abuse, secrecy cases
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A bankrupt archdiocese?
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Law Firms:

Trans-Atlantic legal cultures clash
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Sidley's Hired Help
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Firm Freezes Non-Lawyers' Pay, Offers Buyouts
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Bush Restores Bonuses for Some Government Lawyers
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UK Partners Quit Firm for Being Too English
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Lawyers Accused of Destroying Evidence in Antitrust Investigation
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Judge Denies International Paper Box Machine's Building Sale Request
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American Tower amends provisions to loan agreement, continues to deny bankruptcy rumors
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Genuity:

Level 3 may shrink deal with Genuity
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Genuity sale agreement calls for $10M breakup fee
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Genuity Receives Court Approval of `First Day Motions' to Conduct Business as Usual
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Economy:

Refinancing Boom May End, Hurt Growth
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Safety-Kleen:

Safety-Kleen seeks exit financing
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Safety-Kleen Files Reorganization Plan
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SEC Scores Initial Victory In Interbank Case
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Wallace's bankruptcy suit to go forward
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Hard times batter hospitals
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Zaxis Intl Filed For Chapter 7 Bankruptcy In November
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Flier program in flux
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ANC Rental Wins 2-Month Extension of Cash-Collateral Use
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  Airlines:

United Closing in on Special Financing
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Attacks fly in fight over aid to airline
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Why United Should Go for Broke
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UAL's debt obligations greater than expected
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Ryan seeks state help for UAL
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To Save United, Pull the Plug On Employee Ownership
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European Airlines See Threat in Aid to United
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Bankruptcy Would Strike UAL Pilots Especially Hard
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UAL shares feel fears of bankruptcy
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It's crunch time for United
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United Is a Poor Model for Employee Ownership
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State leaders warily consider ways to keep United from bankruptcy
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Tension Mounts Between United and Machinists
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United's unions in vote limbo
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United to Cut Execs' Pay, Pilots' Jobs
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United Airlines is laying off 352 more pilots, 8 executives
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United defers paying $875 million in loans
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US Airways' Emergency Financing in Danger
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US Air flight attendants list conditions
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US Airways Group Posts $45.6 Million Net Loss For October
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Vanguard seeks to liquidate $2 million in inventory
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Delta's status better than United, observers say
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Midway Airlines to Reemerge through US Airways Deal
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Enron:

J.P. Morgan lawyer grilled on Enron partnership
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Enron 'Tilted E' Is Auction Bargain
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Fastow attorneys resist move of case to Harmon's court
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Enron task force slowly moves in on targets
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Enron's future tied up in bankruptcy court
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How questionable business decisions and a culture of corruption did Enron in
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Finance workers dodge Enron fallout
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Chase lawyer testifies he did circular oil deals
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Enron risk was known, court told
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Enron smashes record for bankruptcy fees
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Legal fees take toll on creditors 1 yr after Enron bankruptcy
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Second Enron auction draws sparse crowd
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JP Morgan and insurers cross swords in court
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Chinese company buys out Enron joint venture shares
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Judge orders Madster to disable servers
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Imperial Sugar:

Imperial unit goes to Hormel
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Sugar Processor to Close Texas Facility, Sell Unit, Lay Off 326 People
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Slimmer sugar all about old debt
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Kmart:

Kmart Seeks Further Protection Of Deposition Materials
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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:

Roadblock looms for Global Crossing
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MCI plans additional rate hikes
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Wisconsin, Milwaukee Public Employee Pension Funds File Suit against WorldCom
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Telergy auction proceeds go to banks
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After Bailout, Scanner Maker Still Faces Uncertain Future
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National Century:

National Century Says SEC Is Investigating Company After Bankruptcy Filing
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Role Of Safeguarding ABS Market Scrutinzed Post-NCFE
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Indiana's Mortgage Foreclosures Lead Nation
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Accounting:

Accounting Firms May Face A Ban on Selling Tax Services
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'Forensic' audits could help ferret out funny numbers
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Audit Fraud Not the Real Problem
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Conflict of interest no bar to E&Y's 1.5m Wickes trial fee
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Expect Sarbanes-Oxley to affect all business's creatures, big and small
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Webster to Leave Accounting Board by Jan.
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SEC reporting requirements challenge executives
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Suit Questions PwC's Relationship with Kmart
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Oversight Board Gearing Up to Run Own Inspections
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Congressman Visits Laid-Off Durango Workers
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Rogue Broker Costs Lehman a Bundle
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Former Rhode Island Broker Files for Bankruptcy Protection
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Corporate Reform:

Governance Stinks
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Asbestos:

Lawsuits over asbestos cost 52,000 jobs
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Trustee Appoints Oakwood Homes Unsecured Creditors' Committee
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Korea:

South Korea credit card lending soars
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Japan:

Specter of bank nationalization spooks life insurers
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Ireland:

Easing the pain for bankrupts
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England:

Blotting your copybook
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UK corporate profits fall dramatically
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Canada:

In B.C., creditors free to seize bankrupts' retirement assets
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Irwin Toy owes $46M
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