June 25, 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

         

Airlines:

UAL requests federal loan guarantee
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United seeks $2 billion loan backing - Carrierís request is largest of any airline since Sept. 11 attacks
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United Seeks $1.8 Billion In Federal Loan Backing
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US Airways to Defer Some Payments
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US Airways Announces Strategic Payment Deferrals
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US Airways Revamps Chap 11. Strategy
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A Climbing America West
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United Seeks $1.8B Federal Loan
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Japanese airline Air Do to file for bankruptcy
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Obese Passengers Demand Right To Eat Person In Next Seat -Policy Would Solve Overcrowding and Spare In-Flight Food Problems
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Enron:

Dutch firm accuses RBC of collaboration
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Royal Bk, Rabobank Dispute Raises Enron Concerns Anew
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Insurers sue J.P. Morgan over Enron - Bank accused of helping too hide energy firmís financial woes
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Enron Subsidiary Draws More Scrutiny
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Tripled Severance OK'd for Enron Workers
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Enron critic faces deportation for felony
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Cash worries NewPower unsecureds
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NewPower Panel Asks Crt To Reconsider Cash Collateral Use
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Potential buyers lining up for bankrupt BryLin Hospitals
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Accounting:

Lawyers fear legal impact of Andersen - They ask if advice might be a crime
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Accounting Fight Finally Finds FASB
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Companies pay more for audits in wake of Enron
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BDO Seidman Nears End of Case Involving Criminal Charges

Audit Firm Survives Criminal Charge, $16 Million Later
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Arthur Andersen Government Contracts Consulting Practice Acquired byNavigant Consulting
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Conflict of Interest -- The Big Five continue their restructuring to separate consulting from accounting
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Economy:

Fed facing prospect of stalled recovery
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Will Greenspan offer a ray of hope? - Fed seen leaving rates unchanged, but as stocks slide, analysts look for central bank to offer optimism on economy
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Old economy up in smoke
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Harvard housing study predicts continued industry prosperity
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The Imperial Chief Executive Is Suddenly in the Cross Hairs
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Remaining US CEOs Make A Break For It
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  Telecoms:

Global Crossing Says Records Destroyed at Offices After Warning
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Probe of Global Crossing Intensifies
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Congress Ready to Hold Hearings Into Global; Telecom: The possible shredding at the firm is only one reason for the panel's interest in the firm's collapse
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House panel likely to hold Global Crossing hearings
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Primus, Running A Leaner Telecom - Founders Say Shedding Debt Was Key
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Bankrupt StarBand Puts On A Brave Face
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Adelphia Aside, Worst Seems Over for Telecom Lenders
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XO and Global Crossing compound telecom gloom
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Global Crossing settles lawsuit
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WorldCom Sinks to Fresh Low As Analyst Grubman Cuts Rating
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WorldCom's Downgrade by Salomon Signals Bankruptcy Near to Some Investors
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Williams Commun To Give Creditors Info On Williams Cos
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KPNQwest struggles on
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Teleglobe unit gets access to $ 40 million U.S. in credit
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Teleglobe fire sale gets court approval
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Banks call for KPNQwest scrutiny
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Telecom woes keep Call-Net's new life on hold
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Banks want probe of KPNQwest accounts
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Metromedia shutters data centers
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Lawmakers Turn Out In Support Of NextWave
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Pa. suing former Reliance executives
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Adelphia:

Adelphia's Ch. 11 on hold
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Adelphia bankruptcy filing delayed
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Verizon, Adelphia Cable TV Sale Killed
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Adelphia deal too risky for potential rescuers
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Adelphia needs more time to file for bankruptcy
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Adelphia to File for Bankruptcy; Financing Deal Keeps Firm Afloat
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Embattled Adelphia Promises Service
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Electricity:

Dynegy to sell assets, cut dividend, take charge
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Power producers face credit crunch - Backlash from trading abuses could bring more blackouts
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Consultant: Enron's use of reserves 'makes sense'
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Lamaur files for Chapter 11
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Bankrupt Software Company Executives Are Charged with Fraud in New York Court
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 132 Jobs- Last Updated June 24, 2002
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Bankruptcy Court Web/Pacer Site Directory

Metals USA creditors OK terms of reorganization plan
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Kmart:

Kmart Shareholders Ask for Adviser
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Bidding war looms over Polaroid
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Harvard Industries sells two units
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Amtrak:

Rail commuters get reassurance
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Amtrak fights for funds
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Law Firms:

Philly Office Filling Up - "Our creditor practice group within the firm is very strong"
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The Quest: A 2L's Cautionary Tale
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Hot Climate, Hotter Legal Economy
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Florida Associates Still Getting Six Figures
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Weil Gotshal's Loss Is LeBoeuf Lamb's Gain
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Weil Gotshal Snatches Lateral From Faltering Firm
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ACT:

Bid made to buy ACT
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ACT Manufacturing to lay off workers
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QServe Communications Inc. Files for Bankruptcy
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Bankrupt popular Internet religion site runs on faith alone - BeliefNet finds that heavy visitor traffic doesn't automatically mean financial stability
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Bankrupt Minnesota Brewing closes its doors
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Lenders to tighten reins: analysts; Companies will struggle, go under, in quest for more financing
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Did Martha sweep dirt under the rug?
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Indonesia:

Probe set for Manulife allegations - Indonesian court looks for possible bribery
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DPR to expedite amendment of contentious bankruptcy law
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Canada Official Urges Jakarta To Replace Manulife Receiver
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Canada increases pressure on Indonesia in Manulife case
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Manulife Seen as Indonesia Business Lesson
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Brazil:

Financial markets conspire to make Brazil's economic crisis even worse
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Argentina:

IMF, Argentina at loggerheads as economic crisis spreads
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