July 3, 2002 

PG&E creditors get plan OK from court
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PG&E says creditors may offer own bankruptcy plan
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Judge reduces legal fees at U.S. Trustee's final court appearance
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PG&E revises plan to pitch reorganization
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Bankruptcies, Utilities' Reduction in Spending Takes Toll on Houston-Based Quanta Services
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Accounting:

WorldCom cloud may darken Andersen case

Latest Accounting Scandal (Vivendi) Adds to Investors' Anxiety
(WSJ: separate paid subscription required)

Accounting Fears Jar WorldCom Again
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Andersen offices to close in Texas

VCs face accounting demons
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Vivendi's Chief Quits, and Shares Fall on Accounting Fears
(NYT: separate free registration required)

FASB Proposes Accounting Treatment For SPEs
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Judge Dismisses SEC Proceeding Against Auditor Ernst & Young
(WSJ: separate paid subscription required)

Holding a profession to account - To remove accountants' responsibilities is an error
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FSA chief calls for Big Four competition probe
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KPMG hits out at PwC over Xerox
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Telecoms:

U.S. to Investigate Possible Shredding at Global Crossing
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360networks continues to defer issuing financial results as it develops a reorganization plan
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After WorldCom, Colorado Telecom Firms Feel Pinch from Lenders
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Users worry about life after Worldcom, KPNQwest
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Telecom Industry Leads U.S. Layoffs
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AremisSoft Announces Confirmation of Plan of Reorganization
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Kmart:

The fall of Kmart: Enriched ex-CEO left company struggling; new man in charge vows full inquiry and says Kmart will rebound
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Many want to know how Kmart fell so fast
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Peregrine's future in doubt - Cash crunch?
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Steel:

Republic Provides Update on Asset Sale Plans
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Coho Energy Announces the Results of the Auction for the Sale of Its Oil and Gas Properties
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Hawaii: Bankruptcies fall 11% in first half
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Automakers in U.S. Win Appeal Barring Judge From Hearing Asbestos Cases
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WorldCom CEO: bankruptcy not imminent
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Bankruptcy Looms for WorldCom As Scandal Ruins Creditors' Faith
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WorldCom Bond Default Would Roil Collateralized Debt
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Prosecutors Gain Key Witness In Criminal Probe of WorldCom
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WorldCom internal auditor to testify; co's value may be only $8 billion
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WorldCom's Sidgmore Shows a Stiff Upper Lip
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SEC Chairman Hits WorldCom Report, Company Sees Possible New Accounting Problems
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Sleaze and the Slump
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WorldCom Debacle Adds to Speculation about Survival in Telecom Industry
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WorldCom Assets Have Plummeted
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Bankrupt WorldCom called a security risk
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WorldCom: Internal auditors want major overhaul
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CEO blames past officers at WorldCom

WorldCom's Troubles Could Deal Huge Blow to Banks
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Account-hungry competitors circle - Baby Bells in particular move to snap up worried WorldCom customers
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More Layoffs Are Likely
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Worldcom CEO to Press Case for Survival
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Internet design should save network from problems even if WorldCom goes under, analysts say
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WorldCom chief says he will tell all
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WorldCom Angers Regulators As Accounting Scandal Widens
(WSJ: separate paid subscription required)

IDT makes $5bn offer for WorldCom units
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McCall sues WorldCom over pension fund loss
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WorldCom CEO unsure if Ebbers had a role
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WorldCom tells SEC of more trouble
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Bankrupt VisionLand's attendance far below projections
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Bankruptcy Partner Switching Firms
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Beyond.com sells gov't software unit
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Layoff roundup: Week ended June 27
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Navarre to pay $10M for bankrupt Encore assets
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Congress aims to clean up corporations
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Monarch Dental notes liquidity problems
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Warnaco may seek to emerge from bankruptcy as standalone company
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Accenture, Monday Ltd. Seek Tax Havens for Some Units
(WSJ: separate paid subscription required)

Bankrupt Brill Media Looks to Sell Radio Stations
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 83 Jobs - Last Updated July 1, 2002
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Bankruptcy Court Web/Pacer Site Directory

Jay Alix renamed AlixPartners
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Moody's may cut Electronic Data Systems
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Enron:

Enron goes after smaller DIP
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Rating agencies' post-Enron reforms cause headaches
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Judge approves Enron finance package
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Bank sues 11 insurers over Enron

Enron theft charges
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California Senators Will Examine Enron Disks for Subpoena Breach
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Enron gives FERC more data on possible sham power trades
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Airlines:

US Airways gets a 'D' for debt
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Pennsylvania Attorney General Fisher Asks President Bush to Support US Airways Loan Guarantee
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Analysts:

Bear Stearns adopts Spitzer's reforms - Latest Wall St firm to tackle conflict of interest
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Financial Firms Must Adopt Merrill Reforms
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Adelphia:

Adelphia accountants feared documents were fabricated
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Connecticut Cable TV Provider May Be Financially Liable in Adelphia Bankruptcy
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Law Firms:

Brobeck Associates Vote for Layoffs Rather Than Pay Cut
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O'Melveny & Myers LLP and O'Sullivan LLP Announce Intention to Merge
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O'Melveny Grabs O'Sullivan, a Top N.Y. Private Equity Firm
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Four Hot Practice Areas From 2001 Retain Warmth
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Lewis, D'Amato Has New Name, Office, Partners
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What Makes DC's Top 20 Firms Tick
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Ex-Atlas Pearlman Partner Claims Two Looted Firm's Assets
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Japan:

Tokyo gets tough on delisting
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Major foreign banks suffer losses in Japan
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Australia:

Bankrupt barristers are again in the sights of the Attorney-General, Bob Debus
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