July 9, 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

         

Business Is Booming For Weil Gotshal's Bankruptcy Team
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Corporate Reform:

Pressure builds for reforms after Senate finds Enron directors knew of crisis
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Jail urged for corporate crime
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Bush forced to defend his business past ahead of speech on corporate America
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Congress Queries 13 Corporate Boards
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A Rally Crumbles, a Debt-Doomsday Warning Appears
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Telecoms:

Log On America says to file bankruptcy
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Telia buys KPNQwest's French unit for E3m
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FLAG Telecom Files Plan of Reorganization
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So far, telecom layoffs higher this year than last
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Telecom Sector Is Too Risky For Buyout Firms Used to Risk
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Troubled telecom carriers face stiff competition, deep debt loads - "It is pretty ugly out there"
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Telecoms: saved by the Bell?
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'Telecom Junkie' Is Unmoved
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KPNQwest had much wider 2001 loss than reported
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Jacobson Stores to liquidate
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Adelphia:

Adelphia Slams Deloitte & Touche
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Congress orders Adelphia records
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Adelphia Says It Withheld Data
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Airlines:

US Airways Offers U.S. An Equity Stake
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Pilots, US Airways reach tentative agreement
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SAS bankruptcy feared
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Insurers lost big in 2001
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Cedar Chemical gets bankruptcy extension
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Economy:

Consumers' Borrowing Rose By Sharp $9.5 Billion in May
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Summit Manufacturing LLC Files Chapter 11 Petition
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Bankruptcy Judge OKs Sale of General DataComm's Former Headquarters
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  WorldCom:

Ex-WorldCom Executives Won't Testify
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WorldCom blame game starts in Washington
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Internal Memos Show Sullivan's Plan
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WorldCom Execs Accuse Auditor, Ex-CEO Pleads Fifth
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Improper Accounting
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Despite Access, Star Analyst Missed WorldCom Trouble Signs
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All eyes on WorldCom International
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Bank Ducks WorldCom Punch
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WorldCom, Auditors Collide
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WorldCom grilling turns up no definitive answers
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Georgia's Revenues from WorldCom on Collect Calls from Jails Is in Jeopardy
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WorldCom's Sidgmore Rules Out Government Aid, Not Much Else
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Fired CFO tried to delay review of company books
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Sprint Tells Pentagon WorldCom Should Lose Contract
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Accounting:

Sarbanes, Gramm clash over audit reform
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Key Senators See Audit Bill Passing as Debate Starts
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IRS Will File Actions Against Two Firms Over Tax Shelters
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Cash-Flow Hocus-Pocus - This seemingly simple number can be anything but straightforward
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Big Four come out fighting as audit changes loom after Andersen scandal
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Republicans to Back Accounting Bill
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WorldCom disaster seals the fate of US accounting firms
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Stocks tumble, bonds rise on accounting fears
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Citigroup's Weill Urges Reforms
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CEOs Back Plan to Sign Results
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Farmland has full DIP access
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Kmart:

Kmart records sought
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Stewart's Broker Subpoenaed
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AES' Colombian unit is bankrupt
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AES Subsidiary Files Chapter 11
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New Bankruptcy Opinions
(1 new opinion today)

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

Enron:

Enron Trader Had a Year to Boast of, Even If . . .
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BIS speaks out on Enron affair
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Enron Asks Bankruptcy Judge to Change Ruling on Funding of Employees' Counsel
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Oregon group eyes Enron asset
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Wakeham facing more lawsuits over Enron bankruptcy
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Web exchange ICE to buy ex-Enron trading software
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Southern Co. Garners No Competition In Bid For New Power
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Law Firms:

Down to a Trickle - Corporate firms doing a fraction of the deals they did in prior years
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Brobeck's Staff Still Shrinking; Some Undecided
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Orrick Staffers Taking to Country Roads - Life is less expensive and more relaxed for firm’s West Virginia team
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White & Case Sued Over Raid on Competitor
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The AmLaw 100 at Ground Zero
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Disintegration of World's Second Largest Law Firm Completed
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Desa Intl In Default Of DIP Loan After Judge's Ruling
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Steel:

No new bidders in Republic Technologies auction
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Bankruptcy Court Mulls Fate of Republic Technologies
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U.S. eyes more steel exclusions before July 19
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Indonesia:

Manulife ruling overturned
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Indonesia Top Court Decides Insurer Isn't Really Bankrupt
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Manulife Indonesia wins bankruptcy appeal
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Australia:

Alarm over rise in debt collection
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India:

Banking Reforms May Hasten Cleanup of India's Bad Loans
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Daily Bankruptcy News is published each business day by BKINFORMATION.COM, L.L.C.  You can reach us at 281-242-6208 or at admin@bkinformation.com