July 23, 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:

Based In Mississippi; Bankrupt In New York
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WorldCom viable? Tough sell
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Record WorldCom Bankruptcy Lands Before Enron Judge
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Bankruptcy Lawyers Rev Up for WorldCom - A half-dozen firms have already been retained
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Bondholders Jockey For Position In WorldCom Bankruptcy
(WSJ: separate paid subscription required)

WorldCom Retirees' Savings Take Beating
(WSJ: separate paid subscription required)

DIP loan lifeline will not come cheap
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WorldCom Bondholders, Now In Charge, Inherit A Headache
(WSJ: separate paid subscription required)

Telecoms Rush to Toot Own Horns
(WSJ: separate paid subscription required)

Pact by Creditors to Work Together Falls Apart
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Own network helps with filing
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WorldCom seeks OK to pay ex-employees $23.7 mln
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WorldCom CEO: Out in 9 months
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New York Mayor, Industry Experts Doubt Quick Bankruptcy Recovery for WorldCom
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Bankruptcy Judge Approves Interim WorldCom Financing - Grants Examiner Request
(WSJ: separate paid subscription required)

Smaller Telecommunications Firms Feel Pain of Giants' Woes
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In aftermath, who gets what?
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'Business as usual' as WorldCom files biggest ever bankruptcy
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The biggest losers are the nation's lenders
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Happy Ebbers After
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The Lessons of WorldCom
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Baby Bells petition FCC for fee hike to make up WorldCom losses
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Main Carrier in India Bracing for Damage
(NYT: separate free registration required)

MCI service goes on, but some leery
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Email From Sidgmore to Employees
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Clients examine possible effects on service levels
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Co. Faces Lawsuits, $52b In Owed Debt
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Government wants examiner to review WorldCom bankruptcy
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Bankruptcy cuts America's heart
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Email From Sidgmore to Employees
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With WorldCom as Major Employer, Colorado Springs, Colo., Economy Will Suffer
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Rivals Eye WorldCom's Clients, Assets, While Bells Fear Loss Of Connect Fees
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Individual investors, retirees take body blow
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Extra Level of Scrutiny in WorldCom Bankruptcy
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Can Sidgmore handle it?
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Bracing for the storm
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WorldCom Seeks Court Approval of Funding
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VSNL says paid 3 bln rupees by WorldCom
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Troubled carrier losing government, corporate contracts to rivals
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WorldCom Heaps Misery on Suffering Banks
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WorldCom could exit Asia
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WorldCom Fights on 2 Fronts
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Family and future main concerns of WorldCom employees
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WorldCom Seeks Court Approval of DIP Pact
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Upside, Downside
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Tennessee and Mississippi WorldCom Employees Could Lose Severance Pay
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The network is safe for now but a protracted restructuring could lead to future instability, experts say
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Bankrupt WorldCom rises, but its bankers' shares fall
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Enterprise Value at WorldCom Remains Mystery
(WSJ: separate paid subscription required)

Banks Face Massive Losses over WorldCom Bankruptcy
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$40bn in debt - and counting
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FCC says WorldCom needs permission to halt service, sell units
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WorldCom loses hero status in Mississippi town
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Bankrupt WorldCom dogged by doubters
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The WorldCom bust
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(cont. in 2d column)

________________

  Big Bankruptcies Approach His Bench
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Weil Gotshal Cleans Up in Bankruptcies
(WSJ: separate paid subscription required)

Polaroid:

Polaroid hit over employee benefits
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Move to block Polaroid sale
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____________________

Penn Specialty Completes Reorganization
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County to seize inventory of bankrupt Donovan Industries for late taxes
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Ames cleared to sell stores to Kimco
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Telecoms:

High-Profile Bankruptcy Brings High Fees to Firms
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WorldCom, BellSouth News Adds to Telecom Gloom
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The Last Telecom Standing
(WSJ: separate paid subscription required)

Pacific Crossing files for bankruptcy
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Grubman Touted Winstar's Shares Even as the Telecom Bubble Burst
(WSJ: separate paid subscription required)

Salomon Smith Barney Telecom Analyst Faces Investigation, Many Complaints
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XO Restructuring Plan Achieves Several Important Milestones At Recent Court Hearing
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Argentina's Telecom Business Succumbs to Economic Crisis
(WSJ: separate paid subscription required)

Regional Bell Giants No Longer Invulnerable
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NASD investigating high-profile Salomon analyst
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Telecom debt: is state help the answer?
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Regulator moves in on Grubman
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Kaysville, Utah-Based Wireless Phone Retailer to Restructure Debt
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Skeptics Question Globalstar's Plans
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___________________

Steel:

Bethlehem Steel Operating Results Improve
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Secured Lenders Agree to Continued Access of Geneva Steel LLC To Cash Collateral
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____________________

Electricity:

Williams Sees a Big Loss, Cuts Dividend
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__________________

Kmart:

Kmart posts $137 million loss in June
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Kmart to cut more jobs - Retailer to slash spending again as losses mount
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_____________________

Electricity:

Judge knocks CPUC's plan for PG&E
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PG&E Issues Statement After Bankruptcy Court Denies CPUC'S Request to Have Utility Pay for UBS Warburg's Fees
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California Energy Specialists See No Evidence of Wrongdoing by Perot Systems
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Williams may shed Canadian assets
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Williams Is Unable to Renew Credit; Energy Company Expects a Big Loss
(WSJ: separate paid subscription required)

_______________

Bankruptcy Reform:

Moran's Conduct No Impediment To Incumbency
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_____________________

WorldCom (cont.):

CEO Predicts Fast WorldCom Recovery
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SNET Parent Seeks Assurance Of Payment
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WorldCom sees hope in Chapter 11
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Ill economy may help WorldCom's survival
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WorldCom Reorganization to Last Through 1st-Qtr 2003 - Executive Bonuses Suspended, But "Compensation To Be Decided By Bankruptcy Judge"
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Bankruptcy judge orders WorldCom probe
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WorldCom Loses Namesake PGA Event
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Bankrupt WorldCom shoulders half the world's Net load
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Public shouldn't worry about phone service because of WorldCom
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Net weathers WorldCom fallout
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Justice Dept. Wants Independent Probe
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WorldCom's bankruptcy has long tentacles
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WorldCom bonds touted as buy, but speculators wary
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WorldCom set to spin off assets
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___________________

 

New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 90 Jobs - Last Updated July 22, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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The Quiet Storm - San Francisco is experiencing its highest commercial real estate vacancy rate ever. So why aren't bankruptcy lawyers more busy?
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Regulators to clamp down on credit card companies
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U.S. Regulators Tighten Policy on Problem Loans
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Adelphia:

Adelphia looks to keep company intact
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Adelphia CEO says wants to keep L.A. operations
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CEO of Bankrupt Adelphia Communications Wants to Restore ``Integrity
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___________________

Accounting:

Andersen Worldwide, Deloitte plan to merge ops in Germany
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Audit Firms Miss Many Irregularities
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Deloitte to Create Model For Investigating Business Failures

Accounting Bill Would Aid Market, Bush Says
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__________________

Corporate Reform:

A fool's paradise for CEOs
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Compensation of Top Corporate Counsel Continued to Rise in 2001, Despite Shrinking Profits and Cool Economy
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Bush's attempt to talk up markets falls on deaf ears as confidence evaporates
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Did Iacocca ruin American business?
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Lobbyists Lose Clout
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______________________

Insurance Companies Hike Premiums on Corporate Litigation-Protection Policies
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Economy:

Bush optimistic but has no advice for investors
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Another Rout on Wall Street
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WorldCom stings markets
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Stocks Tumble, and the Fallout Is Going Global
(NYT: separate free registration required)

Plunging markets fuel fears about economy
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Analyst Says Stock Market's Bottoming Process May Take Months
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_______________

Congress Considering Elimination of State Taxes on Interstate Commerce

Enron:

Citigroup said to mould deal to help Enron skirt rules
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Citigroup, J.P. Morgan Marketed Enron-Type Deals to Other Firms
(WSJ: separate paid subscription required)

Citigroup shares plunge amid Enron-linked woes
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Enron suit may be going to state court

Citigroup Shares Fall 11% On Eve Of Hearing
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Records Show Big Legal Tally in Enron Case
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Enron Employees' Assertions Were Generally Shunted Aside
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___________________

Owners of Stockton, Calif., Seafood Restaurant File for Bankruptcy
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Baseball:

Is bankruptcy baseball's best solution?
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_____________________

Bank Stocks Take Outsize Beating
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Economic woes hit agency that safeguards pensions
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Law Firms:

NY Firm Pulls Off Euro Bankruptcy Raid
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Firms That Won The Biggest Verdicts in 2001
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Firms Talk Merger While Rumors of Defections Circulate
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__________________

Asbestos:

Halliburton to take asbestos charge
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_________________

Bankruptcy Court rules against Phoenix Group in Intrepid case
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Banks Remain On The Defensive In Corporate Lending Mkt
(WSJ: separate paid subscription required)



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