July 11, 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

         
WorldCom:

WorldCom bondholders call in help
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Deutsche Bank Faces Rising Loan Losses From WorldCom
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The pennysaver
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Net should survive WorldCom
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WorldCom Faces Service Outages in Europe
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Justice Department: WorldCom Probe to Be Handled From New York, Not Mississippi
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WorldCom retirement plans lost $1.1 bln
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WorldCom Faces Interest Payment Around $80 Mln Monday
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Stay Out of Debtor's Prison
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Law Firms:

Law Firm Revenues in 2001: The Regional Roundup
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Texas Associates Speak Out on Quality of Life - Survey reveals cheers, jeers for Texas firms
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More Philly Firms Making National Impact
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Atlanta Firms Stay Afloat in 2001
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Anna Nicole can't pay for trial transcript

Waste Systems International Emerges From Chapter 11
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How To Rate A Broker's Integrity
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US Trustee Seeks To Convert Holt Group Case To Chapter 7
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Telecoms:

Icahn seeks to buy XO debt
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Criminal investigation against Qwest
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Hutchison, SingTech say won't bid for Global X'ing
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Global Crossing Asset Sale Looks Tough
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Verizon May Not Make Global Crossing Bid
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Bankrupt Northpoint Is Seeking $1 Billion From Verizon Over Failed Deal
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More Details Seep Out on Objections to Netia Debt Reduction Deal
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Gores to bid for Global Crossing
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Metromedia Fiber Creditors Want CEO To Head Reorganization
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Network Gear Makers Set for Another Painful Quarter
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SureWest Bid for WINfirst Accepted by Bankruptcy Court
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Icahn Makes New Bid for XO Communications
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KPNQwest suffers surfeit of annual reports
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One Man's Quixotic Quest for Telecom Glory

Regulation pushes telecom funds further into storm
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US Trustee Opposes Globalstar Plan Disclosure Statement
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Togut to be trustee as Moe Ginsburg liquidates
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Bankruptcy Reform:

Experts debate merits of IMF bankruptcy idea
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$215 million later, start-up Pluris shuts down
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Litigators Wait and See On Suits Against Underwriters
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Corporate Reform:

Senate Approves Leahy Amendment on Securities Fraud
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Bush Vows Crackdown On Corporate Corruption Unless It Happened In 1990
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Investing in corporate governance
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Corporate crooks face new heat from Senate

O'Neill calls for greater SEC clout
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Business Executives Seem Relieved Bush's Proposals Aren't Tougher
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A New (Election-Year) Vigilance on Corporations
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Anti-fraud plan has no teeth
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Electricity:

CFTC prepared to prosecute Enron, others
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Perot to be grilled about alleged market gaming in California
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Aquila, Senate Agriculture Leaders Back Energy Derivatives Bill
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Western Power Price Cut Ups Blackout Fear
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US bill would boost energy trading penalty to $1 mln
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Airlines:

US Airways' Bid for Federal Aid Approved - Board Puts Conditions On Loan Guarantees
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Airline to get $900m loan, pending wage cuts
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Conditions Set for the U.S. to Back Loans to US Airways
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Kmart:

NYSE may suspend Kmart trading
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Adelphia:

Wellington fund sells off 8.3 pct Adelphia stake
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DIP Dimensions: Adelphia Business Solutions
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Trustee in Evergreen Security Ltd. Case Sues Bahamas Man, Asks $50 Million
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Outlook grim for bonds nearing junk status
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US junk bond default rate edges down in June
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Regulators close 800,000 online bank NextCard's accounts
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Steel:

Steel workers' benefits in peril
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Two firms vie for Republic Tech
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Northwestern Steel Case Converted To Chapter 7
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No. 2 steelmaker in U.K. seeks bankruptcy protection
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President Bush said to be irked by Big Steel's inactivity
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Kaiser Aluminum Seeks Court Approval For Retention Plan
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Economy:

Battered Dow falls below 9,000
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Stocks' Relentless Slide Begins To Touch Many Investors' Lives
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 115 Jobs - Last Updated July 8, 2002
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Bankruptcy Court Web/Pacer Site Directory

Letter from Delaware: Fleet week
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Miller Era Ends at Weil, Gotshal & Manges
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Accounting:

No accounting for taste with this promotion
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DOJ & IRS Battle Accounting Firms
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Supreme Court Rules Earnings Should Be Protected As "Art"
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New Questions at Hanover Compressor
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US threatens audit clash
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Auditors caught unaware - Lax accounting contributes to $1.3 trillion in stock losses
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Suit accuses Cheney, firm of fraudulent accounting
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Cheney Praises Andersen in Video
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Audit reform prospects wane
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Greate Bay Casino Wins Confirmation Of Chapter 11 Plan
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Selig: No more bailing out teams - One team may not meet payroll
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Trustee, creditors pan Mpower plan
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RedZone files Chapter 11
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Enron:

Indian state agrees to restart buying Enron power
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Primer: Enron's Downfall
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Qwest trade with Enron questioned
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Enron probe 'stymied' by workers not talking

Think you can run Enron? Play the game
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Court Approves York Research Employee Retention Plan
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Jacobson's:

Jacobson's prepares employees for possible liquidation
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Jacobson's final days draw near
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Tyco reviews executive retention deals
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Korea:

Business circle urges regulation changes for bankruptcies, M&As
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Japan:

Banks planning fund to rehabilitate Daiei
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Niue:

Niue faces bankruptcy unless costs are cut
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England:

Decision on Railtrack a blow for E&Y
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Rogue advisers worry insolvency profession
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Russia:

Russia Passes Law to Protect Firms From Rigged Bankruptcy
(WSJ: separate paid subscription required)

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