June 3, 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

         
Kmart:

Some Kmart creditors decide to cash out
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Kmart Store Bids Due Next Week

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Telecoms:

Asset fight in Global bankruptcy
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CLECs: The View Post-Bankruptcy
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SEC to Probe Stock Sales, Purchases of Global Crossing's Top Executives
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Teleglobe's U.S. operations bleeding
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New Concerns at Global Crossing
(NYT: separate free registration required)

Dutch telecom collapses on debt, low sales
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Asia Global Crossing Receives Two Bids by Proposal Deadline
(WSJ: separate paid subscription required)

WINfirst expects 2 suitors: SureWest, 2nd group seek operating license
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KPNQwest files for bankruptcy at last
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KPNQwest to be sold for next to nothing
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KPNQwest Plans Fire Sale of Assets, After Its AT&T Deal Falls Through
(WSJ: separate paid subscription required)

Softbank Fund Isn't Bidding for Asia Global Crossing
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Grubman link to telecom detailed
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Bondholders square up to Telewest on 6bn debts

Global Crossing Restructuring Plan Gives Creditors a Bigger Stake
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Beleaguered KPNQwest may have to shut data network
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StarBand Files for Chapter 11
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Gilat's StarBand in Chapter 11: We've been unattractive investment vehicle
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Law Firms:

Fall From Grace - Arizona law firm was adviser to charity that faces charges
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Clifford Chance Wanted to Make Peace With Brobeck
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N.J. firm pressing ahead in Philadelphia
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Two midsize legal firms rebound after defections
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Bryan Cave wants to buy Robinson Silverman law firm: Purchase of 170-person N.Y. firm would make Bryan Cave one of 25 largest in country
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Bankruptcy case was a golden goose for some
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Steel:

Path is cleared for RTI to get financing
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KPS, Hunt win preferred status
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Beth Steel retirees worry
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Republic Announces Progress in Sale Plan
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Bankruptcy Judge OKs Midcoast bid
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World Kitchen:

Pyrex maker breaks down
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Pyrex Dish Maker Files for Chapter 11
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Airlines:

US Airways Sees Trouble If Congress Curbs Emergency Loans
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Fasten your seat belts / US Airways is threatened by turbulence

US Airways fears bankruptcy looms without bailout
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Legend Airlines: 'Shameful' request
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Trim the fat - What does Alaskan halibut have to do with US Airways?
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Frontier Flying Service's Request For Loan Guarantee Is Rejected
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Not the time to hoard flier miles
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Veteran team has new ideas for Arrow Air
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Air cargo industry waiting for economy to fly again
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Fine should be lifted, reorganized airline tells judge
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Harrah's gets court backing in control of casino
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Adelphia:

Adelphia near Ch. 11 filing
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Adelphia defaults on bank loans
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Adelphia Board Puts Off Decision on Bankruptcy
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Adelphia unit's DIP back in play
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Adelphia in disarray after bank reprieve
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Claims, casualties on rise as Adelphia woes mount: Piecemeal sale of assets could become a flood
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Charter Ends Talks to Buy Adelphia Cable Systems
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Investors see cable pioneer as firm's potential savior
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Bankruptcy seems more and more likely for Adelphia
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Adelphia's Last Hope
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If bankruptcy looms for Adelphia, it may not be such a bad thing
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Pressure continues to mount against Adelphia
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Three Adelphia Shareholders Oppose Quick Sale of Cable Assets
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Nets May Lose MSO's Fees
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The Movie Adelphia's Investors Paid For
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Adelphia Communications Investors Want Top Executive Replaced
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Napster to File for Bankruptcy as Soon as Monday
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Open Plan Systems, Inc. Files for Chapter 11 Bankruptcy Protection
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Clean Harbors has funds for Safety-Kleen unit
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Power Utilities:

Nevada Power Strapped for Cash
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Sierra Pacific soon could run out of cash for power purchases
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It's best to play by the rules
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Bankruptcy calendar - June 2002
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Medical-billing.com files for Chapter 7
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Accounting:

Andersen Partners May Be Targets in Enron Creditors' Push to Collect
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Defense Tries to Explain Andersen Shredding Routine
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Fugitive Billions
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Andersen Trial Enters Home Stretch
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Enron Held Too Much Influence Over Andersen, Partner Says
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Andersen acquittal could damage prosecution of Enron
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Andersen witnesses aid both sides
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Timing of Policy Reminder Could Seal Andersen's Fate, Experts Say
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Andersen Witness Packs Big Punch
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Deloitte under threat from TV zombie
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Duncan aide tearfully tells of boss's firing
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A day-by-day review of the trial
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Qwest to drop Andersen as probe continues
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Andersen 'kept records of Enron debate'
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End of an era for Arthur Andersen

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Bankrupt Amfac plans debt-free emergence
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AremisSoft reorganization approved
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Study Claims Citigroup's Lending Is Skewed to Subprime Borrowers
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Rare loss shocks Warren Electric: High-profile company lays off workers, hires turnaround specialist
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Economic downturn leads to boom in US white-collar crime
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CSFB Sues Insurers to Recoup Fines From Settlement Over IPO Charges
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 142 Jobs - Last Updated June 3, 2002
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Bankruptcy Court Web/Pacer Site Directory

Enron:

Enron Recovery Chances May Be Hurt by Bankruptcy Court Choice
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Enron a cash cow for Phoenix tech firm
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Energy traders struggle to meet post-Enron credit rules
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Enron-related lawsuit set for Alabama court
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Enron gets blame for EOTT loss
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Bush team met with Enron 112 times in 2001: Waxman

Enron wants out of Reliant Field
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U.S. Draws Praise in Enron Handling
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Ex-Enron Big Tricked Kin On Suicide Night
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Occidental Acquires Enron Stake
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Trading in illusions - Energy sector's sham deals draw post-Enron wrath and jolt the industry back to reality
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Enron says memo not a legal warning
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PUC investigating Enron spinoff New Power
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Hip Implant Class and Sulzer Will Settle Case for $1 Billion
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Farmland:

Farmland spurns Smithfield
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Farmland Replaces CFO Berardi, 'Who Left The Company'
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Largest farm co-op files for Chapter 11
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Bankruptcy Reform:

Protester debts stall bankruptcy reform
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BeliefNet keeping the faith, despite bankruptcy
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A Collision on Risks of Energy Trading
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Court reinstates case against First Albany and MTI insiders
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AMF Confirms June 4 Closing of Distributions To Certain Holders of Unsecured Claims
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NYSE Considers Tough New Rules To Improve Corporate Governance
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Regus could file for Chapter 11 bankruptcy
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The Street's New Cleanup Crew
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State Court Couldn't Adjudicate Adequacy of Notice

Real Estate Investment Trusts Enjoy Stock Market Success as Dot-Coms Struggle
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ESNI, Parent of E-Business Firm, Files for Bankruptcy
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Attorneys report progress in Aladdin resort's sales process
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Glut of office space stands as stark reminder of the bubble that burst
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From Venture to Vulture
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One company's bankruptcy filing may be bad for your firm's health
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Atlanta Elevator debacle may lead to law reforms
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Bankruptcy case focuses on trooper

Cheney's former oil firm founders
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Former Executives of Bankrupt West Virginia Medical Center Criticized
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Little-known S.F. firm specializes in complex buyouts - 3 partners hunt where other investment firms fear to tread
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Japan:

Japan's credit rating takes big hit as debt levels climb
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Nearly 20,000 lose jobs due to bankruptcies in April
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Argentina:

Argentina bank freeze partly lifted
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