June 18, 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

         
Telecoms:

XO plan may invite cramdown
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Did Williams Dupe Ex-Unit With Bankruptcy?
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Filing puts XO in league of debt-swollen telecom firms
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Global Crossing extends deadline for bids, auction
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Telecom Outlook: First the Bad News, Then the Bad News
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Troubled Qwest parts company with two top executives

KPNQwest threatened as bidders line up
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Qwest sees bumpy road ahead
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XO Communications files for Chapter 11
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360networks continues to defer issuing financial results as it develops a reorganization plan
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STT, Hutch keeping options open on Global X'ing
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PSINet Plan to Liquidate Is Approved
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Bankrupt Williams Communications' Deadline for 'Lockup' Agreement Tentative
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Aiming at Bankers
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Enron:

Senate Panel Probes Enron Bonuses From Tax Angle
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Enron about to battle fraud charges
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Enron Releases Report on Finances, Criticized as 'Monopoly Money
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Will Auditors Catch the Next Enron?
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Enron prosecutors target Chewco's role in collapse
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Before Enron's Collapse, a Windfall for Officials
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Enron's financial filing criticized
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Enron Paid Top Executives $744 Million
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Enron Awards to Officials Outrage Laid-Off Workers
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Enron generous to creditors before collapse
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Indian Utility Might Run Enron Plant
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In the wake of Andersen conviction, prosecutors will turn to individuals and the big target, Enron
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Verdict may make Enron case difficult
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Andersen Is 1 Spoke in Enron Wheel
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Rosemont wants to force Emerald into bankruptcy
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Electricity:

PG&E Corp. lawsuit going to state court
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FERC Failed to Ensure Fair Power Prices
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Portland utility describes "Death Star" trades
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Aquila to Cut Jobs, Dividend
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Papers Put New Focus on Power Woes
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Vote Will Give 74,000 Creditors a Say on PG&E Payment Plans

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Ames Completes New Financing Agreement With GE Capital and Kimco Realty
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Erpenbeck - Banks, builders may pick up pieces
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Angeion Noteholders to Convert $20.2 Million in Notes to Equity; Transaction Structured as a Jointly Filed Chapter 11 Bankruptcy
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Bad times mean good business for asset auction companies
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  Accounting:

A Post-Andersen Lesson Plan
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Investors' lawyers pledge to pursue Andersen
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Last man standing at Andersen Legal
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Desperately seeking better accounting
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Accounting Reform Showdown Nears in Senate
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Andersen lawyer crucial to jury verdict was relative newcomer
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Andersen trial judge denies defense mistrial motion

Rivals and Lawyers Set to Pick Over Andersen
(NYT: separate free registration required)

E-Mail From In-House Lawyer Convinced Andersen Jury of Intent
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Andersen's days are numbered
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Focusing In On Arthur Andersen's Lawyer

Temple defends her Andersen role - Lawyer says Andersen attorney crucial to jury verdict was just trying to do her job
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The Flaw in the Andersen Verdict
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Alteration of Internal Document Led to Finding Against Andersen
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SEC 'deeply troubled' by Andersen conviction
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SEC's Pitt to Introduce a Panel With Teeth to Oversee Auditors
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Accountants figure out cost of Andersen's conviction
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US disclosure overhaul rumoured - SEC behind value reporting revolution?
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Company Fading From Big 5 Picture

Looking Out for No. 1 - Math Theory Suggests Looking for 1s Can Help Detect Cooked Books
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Honest accounting
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Omnicom says gives auditor information to SEC
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Accounting bill moves to key vote
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Few Jobs Await Andersen Stafff
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SEC on ‘unparalleled reform crusade’ - US Commission plans to introduce new rules for accounting if legislative reform fails
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Jurors turned on Andersen

Building A Case? - Andersen Verdict May Not Aid Enron Prosecution
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Serial accounting
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Andersen Workers Bemoan Verdict
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Andersen's War Over, but Battles Persist
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PwC CEO offers plan to regain investor confidence
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Low morale of accountancy profession - One in 10 fear adverse effects of Enron on their careers
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Guilty verdict forces Andersen to give up clients
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After Andersen, accounting worries stick
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Wall St. Firms Seek to Bar State Probes of Analysts
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What and when did ratings companies warn of?
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Farmland cuts 103 jobs
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Steel:  

Group's bid would save Republic's Lackawanna mill
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Rep. Ney to Introduce Federal Predatory Lending Legislation, RESPA Reform
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 149 Jobs - Last Updated June 18, 2002
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Bankruptcy Court Web/Pacer Site Directory

Adelphia:

Adelphia still treading water
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Adelphia Misses Bond Interest Payment
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18 people who worked for Rigases fired by Adelphia
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Adelphia: Deloitte Withdraws Certification Of Results
(WSJ: separate paid subscription required)

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Once kingly CEOs are brought to heel
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Kmart:

Firm asks to change way leases are sold - Ohio company seeks hearing before auction
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Top Corporate Ethics Officers Tell Conference Board That More Business Ethics Scandals are Ahead
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Tyco Sues Ex-Officials Over $55M
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Asbestos:

Murray's bill takes lead in new round against asbestos
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Ziff Davis secures a deal to complete the restructuring of its $250 million of 12 percent senior notes
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Airlines:

Growing Investment Risks Haunt Regional Airlines
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More Turbulence Awaits American Airlines, Pilots' Union
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Law Firms:

O'Melveny & Myers LLP Names New Chief Operating Officer
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Clifford Chance Shaking Up Management
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Associate Survives Stabbing by Spouse
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More Firms Offering Retirement Plans
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Canada:

Ottawa backs insurer in Indonesian dispute
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Signs point to bumpy road ahead for banks
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England:

Telewest's bondholders demand hearing on debt restructure plan

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Germany:

KirchMedia officially goes under
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Sony May Look for a New Partner to Bid for KirchMedia
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Court clears way to allow core Kirch unit to seek restructuring
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Korea:

Dishonored Bill Ratio Hits 12-Year Low in May
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______________________

Hong Kong:

Hong Kong Banks Feel Heat From Credit-Card Defaults
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_____________________

Austria:

Debt Forces Austria's Libro To Make Bankruptcy Filing
(WSJ: separate paid subscription required)

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