February 1, 2002 Daily Bankruptcy News

February 1, 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

Enron: The Enron watch Houston, we have a problem Minutes From a 1997 Meeting Reveal Enron Brass Were in Partnership Loop (WSJ: separate paid subscription required) In Houston, A Cry From The Heart Motions filed for former Enron workers Enron Says It Can't Supply Data Enron's Lawyers: Eyes Wide Shut? Enron Bosses Remain Jet Set as Firm Sinks Experts Split On Best Course For Enron Creditors (WSJ: separate paid subscription required) Probe likely to blame former execs Enron's India power plant goes under the hammer Enron Canadian assets may be tough to sell Enron Report Ties Firm's Demise To Those Who Formed Partnerships (WSJ: separate paid subscription required) Enron execs pocket big bonuses Enron exec concedes he gave poor advice Dynegy takes control of Enron pipeline Lawyer opposes Enron access to funds Enron, Global Crossing Collapses Cost Pension Fund $121m Skilling and Fastow agree to testify Stock or Stake for Enron Creditors At Lay hearings, lawmakers out to lift 'shroud of secrecy' Enron Collapse Took The Energy Out Of Bandwidth Trading Barclays Hires Ex-Enron Executives To Run New Energy-Trading Venture Enron Using Co Jets To Send Employees To Hearings (WSJ: separate paid subscription required) Lays' Assets Are Still Substantial Creditors Will Mull Enron Plan Smaller Enron can be saved, new CEO says Enron Vacates Most of Its California Offices White House Got Candidate Names From Ex-Enron Boss Enron's web of complex hedges, bets Enron Has Failed to Provide Information on Partnerships, Senator Says Enron Exposes Campaign Finance Myths Firm sues Wall Street giants for role in Enron New Texas Suit Filed Against Former Enron Execs, Andersen (WSJ: separate paid subscription required) Enron Employee Aid Fund Raises Funds Ex-Enron officer Kopper subpoenaed by House Energy panel Huge bets paved way to Enron's downfall Sale of Enron's Power Unit In India Could Take Years (WSJ: separate paid subscription required) New Enron probe launched Chattanooga, Tenn., Steel-Plant Operator Has Unique Agreement with Enron Bush to Propose Post-Enron Limits on Stock Sales New T-shirts capitalize on Enron's woes Enron director steps down as head of UK watchdog Few of Lay Family's Real-Estate Assets Are on the Block, Listing Records Show (WSJ: separate paid subscription required) Enron boss had memo writer's computer seized, her lawyer says FERC to focus on Enron's role in Calif. energy crisis Economy, Enron Debacle Pressure Surety Bond Market Calif Gov Says Enron Influenced Opponent's Energy Policy (WSJ: separate paid subscription required) MSN High-Speed Plans Delayed by Enron Woes Dems to Slam Elizabeth Dole Over Enron Enron Pension Participants Hope To Cash in on Insurance Policy (WSJ: separate paid subscription required) Ex-Enron officer is mourned ________________	Telecoms: It's official: McLeodUSA goes bankrupt Verizon not keen on distressed telecom assets Chap. 11 plan gives firm control of McLeodUSA Next for NextWave: Sink or Swim Lucent Says Global Crossing Owes More Than Is Listed in Court Filing (WSJ: separate paid subscription required) Forstmann in control after bankruptcy Hill probes mum on work taken from Global Crossing Get Off the Telecom Toboggan Bankruptcies continue to rise in telecom service segment ____________________ North Charleston, S.C.-Based Fabric Maker Take Steps Toward Restructuring Despite Recession, Perks for Top Executives Grow Tyco-Comdisco deal could fizzle Pillow fight comes from unlikely source Zilog expects bankruptcy plan for next quarter Public company failures hit record in 2001 Mighty J.P. Morgan in the Hot Seat A $600,000-in-debt horror story Bankrupt Rental-car chain to trim sites Airlines: Senator asks for federal help for former TWA pilots As United Air Struggles, Talk Among Analysts Turns Downbeat (NYT: separate free registration required) More Losses for Ailing Airline Industry America West Revenue Drops 30% As Sept. 11, Recession Pinch Results (WSJ: separate paid subscription required) __________________ Credit Derivatives See Resurgence As Asian Banks Seek to Buy Debt (WSJ: separate paid subscription required) Wall Street's new red flag: Management changes Firms Keep Closer Eye on Accounts; Ratings Agencies See Clout Increase (WSJ: separate paid subscription required) State Title liability murky Spin on tech financial results comes under more scrutiny Chattanooga, Tenn., Auto-Parts Maker Wheland Heads Back to Bankruptcy Court Derby Cycle Gets Court Confirmation Of Liquidation Plan (WSJ: separate paid subscription required) Loan guarantees spell bankruptcies for four Texas-Based Inspire Insurance Solutions May Soon Run out of Cash Accounting: Regulators move to speed accounting overhaul Extra Services Pay Off Big for Auditors of Some of America's Biggest Companies Accounting organization yet to see need for wholesale changes in wake of Enron Despite Clear Conflict of Interest, Many Accountants Join Firms They Audit McCall asks 7-year limit for accountant firms Audit Firms Are Set to Alter Some Practices (NYT: separate free registration required) _______________ Federal Pension Agency Meets with Retirees, Former Workers of Engine Company PhyCor plans short stay in bankruptcy Law Firm Restructuring: New Partners Pillsbury Gives (Most) Associates a Salary Boost The State of the Economy: How Bad Is It? ___________________ TreeSource Industries, Inc. Emerges From Voluntary Chapter 11 Proceeding Applicast Reorganizes PhyCor Files Pre-Negotiated Chapter 11 Petition to Facilitate Restructuring Insurance firms defend use of credit reports	New Bankruptcy Opinions (No new opinions today) Bankruptcy Jobs - updated 1/29/2002 (DBN Subscription Required) Bankruptcy Court Web/Pacer Site Directory Treasury's O'Neill urges sovereign bankruptcy tool Closing Books on Dot-Coms Steel: LTV gets interest, but doubts linger 6 preparing bids for LTV steel mills LTV Plant Deal Postponed by Customer's Woe WCI Steel's Losses Surpass $100 Million at End of Fiscal Year Steel interested in bidding on parts of LTV Union spokesman calls news ‘surprising under these conditions.’ ___________________ WebLink Wireless files reorganization plan Providian Delays 4Q Announcement Polaroid Retirees, Creditors Face Uncertainty Breast implant compensation cash due this month Implant women seek right to sue Dow 4 Audit Firms May Ease Role in Consulting Kmart: Red light special for Kmart Martha Stewart sticks by Kmart -- for now Shoppers pick Wal-Mart, Target over Kmart Survey shows struggling retailer wasn't preferred by any demographic group Small creditors likely to lose out with Kmart Kmart Shoppers Find a 'Bargain' Kmart: Will Continue Newspaper Ads Kmart Sees Bankruptcy Emergence in July 2003 Kmart fans rally support Kmart to Reveal Closings in March Secret Shoppers Hit Kmart and Its Rivals in Detroit Area __________________ Hospital downplays bounced paychecks Tiny Computers files for bankruptcy in Britain Ubrandit.com says files Chapter 7 Power Utilities: PG&E Wants Reorganization Approval PG&E Submits Filing to Securities and Exchange Commission _________________ Japan: Analysts consider possibility of large-scale crash Civil Rehab Law For Failed Fincl Entities (WSJ: separate paid subscription required) FSA to apply new law to failed banks ________________ England: Select committee blames Blair over rail crisis NTL Says It Plans to Restructure Debt, Finally Confirming Investor Suspicions (WSJ: separate paid subscription required) UK mobile software maker RTS calls in receivers ________________ Netherlands: UPC to Convert Debt Into Stock, Defaults on Payment ___________________ Canada: Stelco outlines woes in letter to workers ___________________ Argentina: Argentines scramble to buy dollars Argentina's Talk of New Aid `Premature,' IMF Says ____________________