July 18, 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

         
Scient:

Scient goes under
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E-Biz Integrator Scient Files For Bankruptcy; Scraps Gobbled Up
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Internet-technology consultant Scient files for Chapter 11
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Large Ch. 11 bankruptcies spotlight DIPs
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Telecoms:

Mpower to exit bankruptcy at end of month
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Mpower Recapitalization Plan Approved by the Court
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Judge Delays Ruling On Trustee Objection To Mpower Plan
(WSJ: separate paid subscription required)

McLeodUSA confirms $271M telecom sale to Homebase
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Level 3 Posts Smaller Loss
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Roots of carrier collapse lie in '96 Telecom Act
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Sale of Global Crossing Faces Trouble Amid Paucity of Bids
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Telecommunications Vultures Eye Depressed Assets, Weakened Rivals
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Williams Cos near end of telco tangle
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Credit card stocks dive on consumer default fears
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Economy:

Housing buoys U.S. recovery: Greenspan: Dow ends losing streak
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Once `magnificent,' bankrupt Hub lawyer gets prison for client rip-offs
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Liberal Lending Contributes To Bankruptcy Rise
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Airlines:

US Airways, Midway Airlines announce affiliation
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Bankruptcies possible as airlines' losses continue
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Phar-Mor:

CVS wins Phar-Mor auction
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Phar-Mors slated to close
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Merrill faces fresh lawsuit
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Boston Business School Stands to Lose Arthur D. Little Name
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Law Firms:

Firm Expands Into Delaware
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Lawsuit Says Salomon Gave Special Deals to Rich Clients
(NYT: separate free registration required)

Law Degree Is Worth $4.4 Million
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  Letter from Delaware: The big chill
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DIP Dimensions: Milton D. Meyer - more troubles than most in securing its DIP financing
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WorldCom:

WorldCom banks must wait in line
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Court Approves Asset Freeze for WorldCom
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Lawyer: WorldCom Bankruptcy Possible
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West Virginia pension funds sue WorldCom
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WorldCom's Bank Lenders Near Partial Deal
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Worldcom Awarded More Time
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WorldCom offers not to sell assets
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WorldCom Looks to Calm Creditors
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WorldCom Fallout Unclear
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Want to avoid the next WorldCom or Enron?
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Federal-Mogul wins filing extension
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Suitors Line Up to Buy 18 Jacobson's Stores
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Bankruptcy Reform:

Abortion Stalls Bankruptcy Bill
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Hyde's offer rejected
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Pentacon sale plan approved
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Corporate Reform:

Do Companies Need More Rules?
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Corporate Accountability A Must
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For Silicon Valley, Stocks' Fall Upsets the Culture of Options
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Corporate Reform Backers Fear Excess Compromise
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Electricity:

PG&E formally objects to regulators' rescue plan
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Pacific Gas Creditors' Plan Filing Move Not A Power Grab
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Silicon Alley consultancy files for bankruptcy
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Steel:

Canadian Co. to Buy Ohio LTV Plant
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Florsheim Asks Crt OK For Deal To End Retirement Benefits
(WSJ: separate paid subscription required)

Defaults Continue Ascent In First Half Of 2002
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Bankrupt lawyer has murder case reassigned
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US Bankruptcy Court Ups SIPC Payments To MJK Customers
(WSJ: separate paid subscription required)

 

New Bankruptcy Opinions
(3 new opinions today)

Bankruptcy Jobs - 89 Jobs - Last Updated July 15, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Fade away - No rage against the dying of the light
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Closed bank probed for fraud - Hamilton seized by U.S. in January
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Enron:

FERC orders Enron natgas pipeline refund to Sempra
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Enron switches, wants to pay fees

Army secretary to face Senate panel investigating his Enron ties
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Enron-N.Y. Times Co. Deal Highlights Media's Dilemma
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Lender facing loss on Enron unit deal
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Adelphia:

Adelphia Biz seeks final $15M DIP
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Slimmed-down Adelphia Is Likely To Survive Woes
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Kmart:

Judge will delay ruling on Kmart board law firm
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Accounting:

SEC Announces Settlement With PwC in Auditing Probe
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PwC to pay $5m to settle audit case
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Clown princes of accounting
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Group to enforce tougher auditing rules
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Profits Up at Citigroup, J.P. Morgan
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Japan:

Greenspan: Bad bank loans a problem for Japan
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Canada:

TK investors likely to recoup all money
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Germany:

Germany's Corporate Landscape a Gallery of Failures
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Mexico:

Liquidation of Banca Quadrum will cost IPAB more than US$100mn
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Italy:

Fiorentina to request player wage cuts in bid to beat bankruptcy
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