June 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

         
Enron:

Enron to Pay $28.8 Mln to Fired Workers, Lawyer Says
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Deal may lift Enron staffers' severance

Enron sues Nevada utilities
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Statement of the Enron Employment-Related Issues Committee on the Proposed Severance Agreement between Enron and Former Enron Employees
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Another Try for Post-Enron Reform Bill in Senate
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Accounting:

Wait for Andersen verdict puzzling to both sides
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Accounting Lawsuits Broke Records in 2001

Elton John renews claim against PwC
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Grant Thornton completes transaction with Andersen US - 38 partners and 330 staff join and there’s more where they came from
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EC considers inquiry into Andersen break-up
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Andersen Minneapolis Workers Defect
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Law Firms:

The Hottest IP Property? Brobeck Team - Brobeck IP partners are getting bombarded with calls from eager firms
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Virginia Bar to Consider Allowing Lawyers, Accountants to Form Partnerships
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U.S. Firms Wooing London Mates to Merge
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Southern Firms Leap Into the N.Y. Briarpatch
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Mintz Levin Lays Off Associates
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Clifford Chance Wages Battle for California Clients
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Summer Associate Hiring Drops at Top Jersey Firms
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NewPower:

NewPower files for Chapter 11
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NewPower Files Voluntary Petition for Chapter 11
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NewPower files for bankruptcy, pulls plug in Texas
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Power Utilities:

Sierra Pacific's Plan to Buy Power from Duke Is a Financial Lifeline
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SEC to vote on accountability rules
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Labor Department Shuts Former American Tissue Paper Mill
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Department of Justice May Target Lenders with High Foreclosure Rates
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Kmart:

Kmart Strategy May Target Minorities
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Archibald Candy to file for Chapter 11 bankruptcy protection

Banks honor Farmland checks
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  Adelphia:

Adelphia closer to Ch. 11
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Adelphia board members set to resign
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For Adelphia, a Litany of Woe
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Adelphia Crackup
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Debt trader says disclosures complicate Adelphia situation
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Adelphia Business Dirs OK $350,000 Payment To James Rigas
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Telecoms:

Phone companies can renegotiate 3G terms
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Impsat Fiber Networks Secures Support From Majority of Creditors and Proceeds With Chapter 11 Filing as Expected
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Pay Pact Offers Incentives To Global Crossing's CEO
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Telecom Companies Vie for 800 Customers of Bankrupt CLEC
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Armstrong upbeat over US telecoms market
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MobilCom at risk as France Telecom pulls out
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Bankruptcy: Who do you trustee?
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AT&T still after KPNQwest?
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The Phone's New Clothes: A platinum handset can't hide the naked trouble with telecom
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Winnick courts investors - Global Crossing founder seeks backing to pull telecommunications firm out of bankruptcy
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Ebone fraud suit could taint KPNQwest
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Tyco:

Boies Allegedly Engineered Tyco GC's Ouster
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The Tyco Tragedy
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Tyco Paid up to $2 Million a Year To Employer of Director Berman
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Here's how to restore corporate credibility and help reinvigorate the stock market
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Glenoit lender could recover 75%
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Steel:

No other bidders for Republic
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Bethlehem Steel Dropped From NYSE
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Republic bid not challenged
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Computer Firm's Bankruptcy Galls Losing San Diego Bidders
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Federal Banking Agencies Determine that Covenants Tied to Supervisory Actions in Securitization Document are an Unsafe and Unsound Banking Practice

Credit Suisse cuts 500 private banking jobs
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Power Utilities:

Perot Systems hit by shareholder suit
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 152 Jobs - Last Updated June 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

Transcom files for bankruptcy protection
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SEC seeks to make chief executives vouch for financial reports
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Southern Pastor Works to Deliver His Flock From Credit-Card Debt
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NTL:

NTL restructuring 'on track'
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NTL debt restructure costs fifth of earnings
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Customers desert bankrupt NTL after cutbacks
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NTL warns re-financing could fail
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Airlines:

Vegas company optimistic about loan guarantee
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S&P comments on US Airways Inc
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New Panel Faces Long Haul To Changing Air Industry
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No Guarantee for US Airways
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US Airways pushes ahead with labor talks
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Film Production Studio Tries to Stage Bankruptcy Comeback
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Ha-Lo Indus Gets OK For Mktg Unit's Amended Bid Procedures
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Don't bet your money on a bankruptcy
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A junk bond conundrum--More risk, less yield
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NationsRent Seeks Reorganization Plan Extension
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Everybody's Picking On Household
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Valeo Sees Unit Exiting Chapter 11 In 2H
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How did business get so darn dirty?
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England:

Numerica appointed forensic accountant to Railtrack shareholders
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Telewest chiefs defiant over bonuses

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Hong Kong:

Concern as Hong Kong bankruptcies treble
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Germany:

Kirch Holding, Investment Arm Seek Bankruptcy Protection
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Kirch delays bankruptcy
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Argentina:

Banco Galicia delays bond interest payment
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IMF, Argentina agree to start talks this week
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