December 5, 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

         
AmeriKing:

AmeriKing files for Chapter 11
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Big Burger King franchisee files for Chapter 11 bankruptcy protection
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AmeriKing, 7 Affils File For Ch 11 Bankruptcy Protection
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Diageo Expects Burger Deal Soon
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AmeriKing Latest Example Of Franchising Over-Expansion
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Ch. 11 cuts into fast-food line
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Steel:

DIP Dimensions: Wheeling Pittsburgh Steel Corp.
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Valley City Steel gets interim DIP
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Law Firms:

The Distasteful Medicine of De-Equitization
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The Gadget Factor
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Gouldens drops merger bombshell
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For elite corporate defenders, business is booming
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A&O candidates back New York expansion
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Magic circle firms commit to 50,000 starting salary benchmark
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Two partner hires boost Morgan Cole
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Osborne Clarke international head resigns
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Weil Gotshal set for Paris launch
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Fulbrights raids boutique for NY arm
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Freshfields cancels party to cut costs
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Boston Archdiocese:

Boston Archdiocese OKs Bankruptcy Filing
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Law given authority to seek Ch. 11
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The Church and Chapter 11
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Tough Judge at Center of Boston Archdiocese Suits
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Disclosures astound church, parishioners
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Documents show Boston archdiocese's light hand with its troubled priests
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Perils of the priesthood
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Files on 'protected' priests yield sordid sex tales
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Kmart:

Kmart wants secret testimony - Board is reviewing cause of bankruptcy
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Steel:

Valley City Steel seeks bankruptcy
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Shiloh Indus Comments On Valley City Chapter 11
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Nonprofit Hospital Exposure To National Century Limited
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Asbestos:

Asbestos Suits Costs U.S. Businesses Up to $275 Billion
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Past Messes Like Asbestos Continue to Haunt Insurers
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Thousands more losing their jobs
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Enron:

Insurers slow to probe J.P. Morgan on Enron deals
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Current and Former Enron Employees Reunite on December 5
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Enron sells Sichuan power plant at discount
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White-Collar Layoffs, Downsized Dreams
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Laid Off? You Qualify for a Discount
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Credit repairers: Creditworthy?
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ING may buy $510 mln National Century unit bonds
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National City says risk-taking to pay off in 2003
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Airlines:

U.S. loan board rejects United Airlines bailout
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Obscure agency, in effect, decides United, industry future
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United Loan Guarantee Denial Not Final
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Decision on United Continues a Hands-Off Policy
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Workers brace for job cuts as initial shock wears off
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United mechanics cancel planned vote on wage cuts after loan guarantee fails
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"Mechanics might get a fairer shake and United might do better if somebody other than current management and union leaders were calling the shots"
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United in Name Only - Mechanics Tire Of Airline's Appeals
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Bitter bankruptcy feared - Workers, travelers would lose; rivals stand to gain
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Competitors, Savoring Vote, Look for Way to Benefit
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Unions' concessions too little, too late
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UAL Gets Clipped By Feds' Refusal - Bankruptcy filing may come as early as today
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Why United Must Rethink Next Phase
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Tilton: Mechanics Dealt 'Blow To Our Cause'
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United Airlines Says Will Still Fly
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In Short Term, Probably Business as Usual
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Daily Frustrations Grow for United's Workers
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Flying into a cash-strapped uncertain future
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United foes press fight to the end
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United woes may benefit Continental
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Fate of Disney's United Investment Up in the Air
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United facing bankruptcy after losing loan guarantee bid
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US rebuffs United Airlines
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Fallout could hit airline industry, Boeing
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Key developments in United Airlines' history
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Q&A About United's Future
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United Airlines faces bankruptcy
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United bankruptcy could be adversarial
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United bankruptcy could help reshape, revitalize industry
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Grudges May Unravel United's Recovery
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The mechanics are really, really angry
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U.S. Airways Pays the Rent: But Skimping Causes Some Bonds to Default
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Alabama retirement fund renegotiating US Airways deal
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United's Miles Will Still Count
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American to Cut 5 Pct of Flight Attendants
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Air Canada chief warns of more cuts
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Tokheim:

Judge Grants Radiant Systems Injunction Against Tokheim
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Ruling threatens Tokheim product
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WSNet Bankruptcy Slammed
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Recovery Rates On Bank Loans Declining
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Congress examines asbestos
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Trusts amend Shilo bankruptcy complaint
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SunTrust Sees Few Buys On Horizon, Credit Improves
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US Diagnostic Completes Sale to Presgar Diagnostic
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Bankruptcies can hurt your pension plans
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After 64 years, trucking firm finds end of road
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Charles Jourdan USA, Inc. Retaining Keen Realty, LLC in Chapter 11 Court Proceedings; Keen to Assist in the Liquidation of U.S. Retail Lease Portfolio
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Cogent Neuroscience Files for Bankruptcy, Plans to Liquidate
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New Bankruptcy Opinions
(No new opinions 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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Letter from Delaware: Adult supervision
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Close loopholes in bankruptcy laws
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As Consumer Debt Piles Up, So Does The Business At This Company
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Bankruptcy Calendar: Dec. 2002
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Fifth Circuit Provides Lenders With a Surprise: Fiduciary Liability
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Conseco:

Conseco Says Didn't Make $4.7 Million Of Guarantee Payments Monday
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S&P, Fitch cut Conseco Finance ratings to default
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Affidavit: $1,000 to rough up debtor
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Telecoms:

Global Crossing defends reorg plan
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Supra to hang up on call center
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WorldCom's New Ad Campaign Offers No Salve to Ex-Employees
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Funds request filed by telecom
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US Wireless Carriers Get OK to Withdraw from NextWave Sale
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AT&T Latin America gets CFO from turnaround firm
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Park Pharmacy Files For Chapter 11 In Dallas
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"Fallen angels" boost the asset-backed securities market
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Energy:

El Paso Trader's Arrest Isn't Expected To Be The Last
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Allegheny can transfer Calif contract to new unit
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Lawsuits target Allegheny parent
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Accounting:

PwC changes audit wording to lower liability to banks
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SEC Proposal Seeks to Redefine Accounting Firms
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International Board to Unveil New Merger Accounting Rules
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Accountancy shake-up puts goodwill in short supply
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Andersen selling, auctioning off art
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IARCE Operations Suspended; Options Include Chapter 7
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Black Hawk offers casinos major upside
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Politician Jailed For Bankruptcy Fraud Gets $7.25 Million
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Corporate Reform:

Several SEC Candidates Surface
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Power without responsibility
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Disappointing November At Federated Stores
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Germany:

Germany corporate failures to rise
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Australia:

Insolvency Notices
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England:

Rising tide of individual tax investigations as Christmas nears
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Mexico:

33% of companies in bankruptcy proceedings are from manufacturing sector
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Japan:

Japanese contractors face collapse
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Banks in Japan Lean on Old Friends
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