July 12, 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

         
Bankrupt Restaurant Chains Sold for $32.5 Million to Creditors
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Baseball:

Team Payroll 'Crisis' Solved
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Situation Not as Bad as Selig Described It

2 Teams Faced Close Call on Payroll
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Tigers strapped for cash
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Tigers: Finances are OK
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Payroll problem averted
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Source: Tigers Needed $ Help
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Rite Aid 4 plead not guilty
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Telecoms:

Global Crossing draws a crowd
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Global Crossing extended deadline for bids for just a few hours
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Bankrupt Global Crossing gets bids as deadline passes
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Global Crossing Bidding Process Has Its Market Doubters
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Bankruptcy Crt Limits Metrocall Shr Trading By Some Hldrs
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Sale of E.spire Assets Approved by Judge
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Telco jobs must go - one way or another
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Verizon seeks to toss NorthPoint claim
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Titan to Liquidate Telecommunications Unit
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Accounting:

Audit bill zaps attorneys
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Nervous auditors call clients to account
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KPMG sets up its own watchdog
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When all else fails, form a committee
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McCain Accounting Proposal Scuttled - Senate Rejects Listing Of Stock Options as A Corporate Expense
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Get the right cover, accountants are warned
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Accountancy stocks tumble to new lows
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Global corporations are ‘beyond audit’
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Bristol-Myers Says SEC Investigating Reported Sales
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Probes launched into Qwest and Bristol-Myers
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We aren't bloodhounds says KPMG boss
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Sunbeam:

Sunbeam insurance settlement with Chubb insurers brings total to $141 million
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"Living it up in Boca Raton, managing his personal investments"
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Kmart:

SEC asks for extension to file claim in Kmart bankruptcy
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How Kmart fell: Leaders made decisions without planning, were viewed as arrogant
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Minnesota Brewing assets to be liquidated by bankruptcy court
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EPIQ purchases California company
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FleetBoston Is Reorganizing Its Wholesale Banking Business
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  Bankruptcy Reform:

Homes Remain Rogue Executives' Castles Under Loophole
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Speaker likes bill on fraud penalties, bankruptcy reform still on agenda for September

Bankruptcy Bill Would Change Child Support Rules
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Senate Accounting Reform Includes Bankruptcy Aspects
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Economy:

Investors' Despair Deepens to Give Market Big Losses and Leaving It Vulnerable to More
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Station Holding noteholders set for payday
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WorldCom:

WorldCom Lawyers: Ebbers Knew
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WorldCom rescinds MCI dividend
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Lawyers Blast Waiver of Workers' Rights
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Commitment of WorldCom's Latest Chief Is Questioned
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Congressional Deadline Passes for Salomon Smith Barney to Deliver Documents
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WorldCom closer to filing for bankruptcy
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WorldCom chief warns of bankruptcy
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The WorldCom debacle: Through one director's eyes
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Embattled Telecom Drops Dividend
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Pension Fund Sues WorldCom, Banks Over $1.25B Bond Issue
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Sidgmore Says Internet Assets Not For Sale
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Enron:

Indian lenders reject utility plan for Enron power
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Former Enron star launches own energy trading fund
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After Enron - The Effect on UK Trading Agreements
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eLOT Files Consensual Reorganization Plan
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Merck buys Gliatech's assets
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Cytomedix, Inc. Announces Completion of Plan of Reorganization and Emergence From Chapter 11
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Corporate Reform:

Color-coded chart for white-collar crime
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Boards Can't Decipher Books
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Once fat and forgiven, loan perks for execs dry up
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Stock Options Lavished on Executives Come Under Fire
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American Tissue to auction 2 mills
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Robotics star RedZone files for Chapter 11
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Anchorage Aces:

The wheel stops at Chapter 7 - "We need someone the creditors can trust."
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Agreement reached to buy Aces
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Archibald Candy Wins Approval Of $45M DIP Loan
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Credit Cards for College Kids
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Creditors Challenge NTL Ch 11 Plan Disclosure Statement
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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

Weird News
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Turnaround Business Remains Strong, According to Turnaround Management Association Survey
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IRS Releases Names of People In Disputed KPMG Tax Shelters
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Airlines:

Can US Air stay aloft?
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US Airways pilots seek 20 percent stake for givebacks
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US Airways Agrees to Give Pilots Stake in Company for Wage, Benefit Cuts
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Loan guarantee just one factor in US Airways equation
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Judge Sets Deadline for Possible Midway Airlines Reorganization Plan
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BAPs Have Authority to Issue Writs of Mandamus
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Electricity:

UBS slammed for PG&E fees
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PG&E Files Opposition to CPUC's Request to Have Utility Pay for UBS Warburg's Fees
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Perot Says Co. Not to Blame for Calif. Energy Mess
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Chicago: Bankruptcy lawyer indicted
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Guilford Mills files plan to reduce debt
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Steel:

KPS-Hunt gets Republic Tech for $460M
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Republic Announces Bankruptcy Court Approval for Purchase of Assets by RT Acquisition
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Possible buyers nibble, but LTV won't reveal any bites
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Feds Announce Steel Tax Exclusions
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Bankruptcy Court Mulls Fate of Steel Company
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Union official says negotiations with Steel needed
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Crowd Packs Court for Bankruptcy Hearing involving Fairlawn, Ohio, Steel Maker
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And then there were 3
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Union votes on bidders for Phar-Mor stores
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Adelphia:

N.J. firm asks court to freeze assets of Rigases
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Viacom, HBO key members of Adelphia creditors panel
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Japan:

9,872 firms go bust in 1st half of 2002
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Japan's Economic Woes Sent 1,439 Companies Bankrupt in June
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England:

Students in debt consider bankruptcy
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Students fearful of more debt
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These Days, 'Names' at Lloyd's Find Investing Can Be Costly, Contentious
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Stakeholders complicate insolvency process
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