June 13, 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

         
Creditors Are Challenging Banks' Dual Roles
(NYT: separate free registration required)

Accounting:

Andersen Jury Deadlocks in Enron Shredding Trial
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The Lawyers Chill in Houston
(WSJ: separate paid subscription required)

Judge urges Andersen jurors to end deadlock, reach a verdict
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Jury leaves Andersen trial on tenterhooks
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SEC adds more accounting rules
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Vertex grabs Andersen software unit
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CEOs may have to vouch for reports
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Law to clean up US accounting stymied by political dissent

SEC plan: CEOs vouch for company reports
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Omnicom tumbles 33% - Advertising company tries to ease worries about its bookkeeping.
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Arthur Andersen Continues to Lose Accounting Business in Denver Area
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Telecoms:

PSINet facility fetches $11M bid
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Impsat seeks fast turnaround
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Struggling Viatel plots comeback with restructuring
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Williams Communications Creates $30 Million Fund to Retain Employees
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European telcos pick over KPNQwest
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Global Crossing’s April loss narrows to $163m from March
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Court approves pay deal for Global Crossing CEO
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Kaiser:

Kaiser Aluminum Seeks Extension of Exclusivity Period for Plan of Reorganization
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Utility seeks refund from Kaiser
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Economy:

Fed report tempers US growth optimism
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Economy Maintains Growth, But Its Pace Remains Uneven
(WSJ: separate paid subscription required)

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Group not ready to cede control of casino
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Egghead pieces up for auction
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Wareforce bankruptcy galls losing local bidders
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ImClone:

Ex-ImClone CEO Arrested for Insider Trading
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Martha Stewart Livid
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Comdisco: Winners will get bonsuses simply for sticking around - Losers will get pink slips
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  DIP Dimensions: Provell Inc.
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A Rolling Enron
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Keen Realty Announces Bankruptcy Auction Date Set For 76.6 Acres Hudson River Property
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Letter from Delaware: Reviving the restructuring
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Enron:

Enron severances to be paid by early July
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Ex-Enron Workers Pursue Bonuses Given to Executives Before Collapse
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Arkansas joins other states in suit against Enron
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Groups back plan to change PGE ownership
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MBA hopefuls look to Enron for lessons in failure
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Archibald sours, gets DIP loan
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Adelphia:

Buffalo group might bail out Sabres
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Adelphia's Chapter 11 cloud
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Adelphia Sinks on Bankruptcy Concerns
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Cable unit's Chapter 11 no big deal locally
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FrontLine Capital files for Chapter 11
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Airlines:

United chairman: Carrier will seek loan guarantee if employee concessions are won
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Delta Air Lines Sees $170 Million Loss
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Siegel's style eases concession talk

United Seeks Employee Concessions
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Kmart:

Kmart releases restated earnings
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Joint venture bids for leases on 53 closed Kmart stores
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Three MCA Financial Execs Charged With Fraud
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Power Utilities:

US FERC sets hearing on part of PG&E bankruptcy plan
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Prosecuting Traders Won't Fix California's Energy Market
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Davis: Tech firms must help pay to fix energy deregulation
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Executive at Nevada Power's Parent Company Denied 'Round-Trip' Energy Trades
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Dynegy expected to announce layoffs, says spokesman
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Dynegy ex-CEO sold nearly $34 mln of stock in May
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Tulsa, Okla.-Based Williams Cos. to Scale Back Energy Deals
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WFRC Subsidiary Files for Chapter 11 Bankruptcy
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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

A question of leadership - Has the time come for bondholders to get some representation of their own?
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The Dirt A Bull Market Leaves Behind
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Insurance for Management Errors Can Fail if a Firm's Insurer Does
(WSJ: separate paid subscription required)

New Power:

Southern to buy NewPower assets
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Southern tries gas power play
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New Power’s bankruptcy leaves Waco customers with different electric company
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Weese-case trustee seeks 'sham' assets
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Alan Brill To Sell 22 Newspapers
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The Executive Suite Goes Sour - Aura Is Tarnished As Scandals Arise And Stocks Fall
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Former Workers Seeking Benefits from Bankrupt Locomotive Shop in Paducah, Ky.
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Court Denies Holder Motion To Dismiss Polaroid Ch 11 Case
(WSJ: separate paid subscription required)

SEC plans formal investigation of Tyco
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Consumer Lending Continues Modest Upswing
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Level Propane files for bankruptcy
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As Companies Neared Bankruptcy, Analysts Still Cried "Buy"
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Genespan Corp. files for Chapter 7 bankruptcy
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Roman Catholic Church Faces Questions About Finances
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Evansville, Ind.-Based Media Firm Owner Aims to Keep Assets
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Daewoo Motors' Warranties Could Be Up in Air
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Builder seeks to shed debt
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Germany:

More of Kirch Group topples
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Argentina:

New money for Argentina 'unlikely'
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IMF demands new austerity measures in Argentina
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Canada:

PMO put heat on grant bosses to bail out bankrupt companies
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Japan:

Shadow management
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Problems mount for Koizumi as clock ticks on reforms, popularity plunges
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