June 28, 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

         
WorldCom:

Worldcom Picks Counsel
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Hobson's choice for WorldCom creditors
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Lenders Retain Control Of WorldCom's Future
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Lenders Are Said to Shut Off Crucial Source of Financing
(NYT: separate free registration required)

Subpoenas for Top WorldCom Officials
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Worldwide web of debt unraveling

Playing the WorldCom Blame Game
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How internal auditor found expenses wrongly booked
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WorldCom unraveled as top execs' bond crumbled
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WorldCom Bankers Debate Amount, Terms of New Loan
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Banks Mull Action on Credit Loans
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WorldCom Customers Aren't Bailing Yet
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WorldCom Mess May Wreck Industry
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Directors May Be Ensnared in Scandal
(WSJ: separate paid subscription required)

Pension fund loses $330m on bonds
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Loss of customer brings few fears as Asian firms eye likely defections by leading clients Hopes high for WorldCom rivals
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WorldCom crackdown urged: O'Neill
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Directors asked how they failed to spot fraud
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Thanks, Worldcom: Cable Stocks Tank in Wake of Telecom Disaster
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Over 100 Leases For Local Space
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Internet users fear virtual standstill
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Worldcom's Aching Banks
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Findings Sadden WorldCom Auditor
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Order issued to stop WorldCom records being destroyed
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CEO vows to fine-tune WorldCom as it faces possible bankruptcy
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It was once a feared watchdog. So why did the SEC fail investors?
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Goldman Will Help WorldCom Sell Assets
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State pension funds feel bite of WorldCom
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Mellon loaned $100 million to WorldCom 

WorldCom crisis not seen as an immediate threat to Internet and long distance
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WorldCom says huge Internet unit will keep running
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WorldCom bosses don't answer phones
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Miss. Tries to Save WorldCom Trail
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Will More Corporate Transparency Result from WorldCom Scandal?
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WorldCom Bonds Send `Distressed' Call; Vultures Circle
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_____________________

Omna liquidation approved
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Rule Crusader - His target: court opinions that aren't officially published
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Enron:

'Women of Enron' photos draw fans
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Workers likely to accept new Enron severance deal
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British Bankers Charged with Enron-Related Fraud
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Enron fraud charge for British bankers
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___________________

Glasstech reorg plan OK'd
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Sun Capital closing on Tutor Time
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Auction for Friede unit set to go
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Orlando: Mercado Village seeks bankruptcy protection
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Big Bankruptcy Bid Appears Invalid - Aces Still Looking: Ebay Bid Of $2.3 Million Raises Hopes
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  Bankruptcy Judge Rips Government for Harassing Debtor for 14 Years
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Bonuses Meant to Retain Talent Now Risk Anger
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Polaroid:

One Equity gets Polaroid
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One Equity $255 Bid Wins Polaroid
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U.S. Businesses Dim as Models for Foreigners
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Internal Corporate Probes Prove A Growth Industry for Lawyers
(WSJ: separate paid subscription required)

Telecoms:

Judge puts off Williams shareholder committee ruling
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Motorola to Cut 7,000 Jobs
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AT&T drops out of KPNQwest bidding
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Scandal Casts More Clouds on Telecoms
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KPNQwest set to be broken up
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ANC Looks At Novel Financing, Even While In Bankruptcy
(WSJ: separate paid subscription required)

Adelphia:

Buyout firms salivate over Adelphia
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Adelphia's Preferred Shareholders Form Committee
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Adelphia's chief says bankruptcy filing won't interrupt its cable TV service
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Adelphia: Auditors have work cut out 

HBO And MTV Owed Millions By Adelphia
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Court Approves Adelphia's `First Day Orders' in Filing for Chapter 11 Reorganization
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___________________

Kmart:

Bankrupt retailer Kmart may need backup plan if Stewart's troubles get messier
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Kmart Says Promotions Key to Strategy
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Board mix fails Kmart, critics say
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Kmart's image could suffer from Martha Stewart's case
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______________________

Big V:

Wakefern finally lands Big V
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Bankruptcy Court Confirms Plan of Reorganization For Big V Supermarkets, Inc.
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_______________________

Stocks Worldwide Slump in 1st Half; Investors Lose Trillions
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Gloom and gleam at retailers' meeting 

Law Firms:

Pillsbury Lays Off 10 Staffers in San Francisco, N.Y. Offices
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South Florida Climate Good for Law
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____________________

Amtrak:

Bailout Of Amtrak Hinges on Job Issues
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Amtrak Halt Only Delayed, Many in Congress Suspect
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The train now departing - The trains that criss-cross the US may be about to stop running, with Amtrak on the brink of bankruptcy

Bankruptcy the solution for Amtrak
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____________________

Bankruptcy Court Approves Condor Systems, EDO Deal
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SEC's Pitt Fires Volley At White-Collar Criminals
(WSJ: separate paid subscription required)

Airlines:

Most Big U.S. Airlines Shun Federal Loan Program
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Can United Rise Again? - The airline claims a $1.8 billion loan guarantee and a three-year employee pay-cut package will help it get back on its feet
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____________________

Board weighs Emerald Casino proposal
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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

Are we a nation of greedy cheaters?
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Smile, we've been bezzled
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Bankrupt Pinnacle closer to exit
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Accounting:

Andersen staring bankruptcy in the face…
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Improperly Booked Revenue At Xerox Exceeds SEC Estimate
(WSJ: separate paid subscription required)

Cap Gemini to Cut 5,500 Jobs
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FASB reform bill in the works
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GM denies accounting rumors
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BDO Stoy Hayward red-faced - And called to account over legal fees mix up
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Appeals Court ruling revives suit against Ernst & Young
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Pricewaterhouse, IRS settle case - Feds push for info on tax shelters, clients
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Adelphia vs. Deloitte in a Game of Blame
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U.S. accounting model is questioned abroad
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Few Argue With Pitt's Proposal for CEO Accountability
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____________________

Investors, insurers battle over Ponzi bills
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Scandal Sheet
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Bankruptcy judge rules on Phar-Mor bidding
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Steel:

Farrell group wins Freedom Forge
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____________________

The System Works
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D.C. Pols Summon Disgraced Business Execs
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Jacobson's:

Jacobson's poised to close
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Bankrupt Jacobson's puts remaining 18 stores up for sale
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_______________________

High-tech hangover worsens for venture firms
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England:

Corporate scandals boost UK campaign for effective non-executives
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Britain will escape scandal wave, Brown insists
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BoE warns banks over latest corporate crises
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Bank warns of more Enron-style collapses
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The price of American leadership is on the slide
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WorldCom scandal prompts Bank of England to warn of credit crunch risk
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______________________

Japan:

Firms roll out excuses on shareholders' big day
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Shinsei Offers Own Schedule For Daiei to Repay Its Loans
(WSJ: separate paid subscription required)

__________________

Canada:

Skeena Cellulose contractors get paid
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WorldCom fallout continues for Canadian companies; pension plans also exposed
(DBN Subscription Required)

_______________________

Australia:

Firms to face tough accounting standards
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Australia Pride Faces Bankruptcy
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_____________________

Indonesia:

Manulife Indonesia Permitted to Resume Business
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