May 16, 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

         
DIP Dimensions: Ames Department Stores
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Letter from Delaware: Financial relationships
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Kmart:

Ex-CEO Conaway may get $9 million
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Kmart Saw $2.42 Billion Loss in 2001, Is Being Investigated by U.S. Attorney
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Kmart loses $2.4 billion
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Kmart Revision Deepens Loss
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A time to buy
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Wire Rope files for bankruptcy
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Accounting:

Andersen Prosecution Witness Provides History of Document Destruction
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Duncan questioned on timing
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Congress Hears Five Ways GAAP Falls Short

Andersen ordered to turn over documents - Judge rules that Enron creditors should be allowed to examine Andersen's financial condition
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Andersen defense grills Duncan
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Computer Associates Probe Widens; Former Auditors Are Subpoenaed
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Duncan: SEC scared Andersen
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Duncan bullied into plea, claims Andersen
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'Soul-Searching' to Guilty Plea - Andersen Auditor Says He Didn't Think He Broke Law at First
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Roundtable: Duncan's Testimony
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Auditor says shred order was `generally understood'
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Andersen trial hears of fear and pressure
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The Rise and Fall of David Duncan
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Telecoms:

Canadian court grants Teleglobe protection
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Teleglobe to File For Bankruptcy - 850 Layoffs Set Stage for Restructuring
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XO offers new reorganization plan
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McLeodUSA sells more assets
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Metromedia Fiber misses $32 mln interest payment
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WorldCom plans to tap $2.65 bln credit line
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Cable & Wireless plunges to record loss of 4.7bn
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XO Communications Considering Alternate Restructuring Plan
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Teleglobe was a disaster waiting to happen
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S&P says at least 23 firms at debt triggers' mercy
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Globix Still Shedding Losses
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Nexell can't cure financial woes - Firm is considering best way to call it quits
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Traders charged over $1.8bn scam
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Auditors Figure in Metals Scheme
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Judge OKs extension for Aladdin bankruptcy plan
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  Power Utilities:

Brobeck Memo Tried to Extinguish 'Smoking Gun'
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CPUC's PG&E plan to go forward
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Judge Allows Vote on Rival PG&E Reorganization Plan
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CMS Energy Admits Sham Trades Inflated Firm's Volume, Revenue
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The fallout continues to spread from Enron's questionable trading practices
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Special Counsel Urged for Western Energy Price
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Lawyer Testifies He Warned Enron Against California Energy Moves
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Lawyer hired by Enron says he challenged California maneuvering
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Ag Leaders Call on PG&E to Abandon Bankruptcy Reorganization Plan; Work Cooperatively With State and Consumers
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PG&E Issues Statement After Bankruptcy Court Approves CPUC's Disclosure Statement
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Bankruptcy warning highlighted as Sierra Pacific loses $303.9 million
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Lawmakers: Enron's Calif. deals possibly illegal
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Law Firms:

Brobeck Mulls Associate Salary Cuts
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Denver: Creditors group forcing liquidation on Larsen
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3 Ex-Chiefs Discover Perils of Borrowing and Believing
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Airlines:

Rescuing a Turbulent Airline
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US Air boss calls for sacrifice
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$1 Billion or Bust For US Airways?
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Unions Voice Concern to US Airways
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Worst case may not be bad for region 

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Investors look to Fed-Mogul for answers
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Hotel Industry Full Of Delinquent Loans
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Napster:

Napster assets face fire sale
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The Day the Napster Died
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Napster prepares for bankruptcy
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Asbestos:

U.S. firms not seen copying PPG asbestos strategy
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Asbestos reconsidered
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Coho Energy Announces Financial Results for First Quarter 2002
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Farmland Industries seeks solutions to stay alive
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Bankrupt Phar-Mor drawing interest 

Washington Group International, Inc. Reports First Quarter 2002 Preliminary Financial Results
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SureWest Explores WinFirst Acquisition
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Designs, Inc. Announces Completion of Casual Male Acquisition
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Dairy Mart expects loss to double to $63.2 million
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs - 143 Jobs - Last updated May 14, 2002
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Bankruptcy Court Web/Pacer Site Directory

Bidders throw dough at Friede unit
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SEC Broadens Its Investigation Into Revenue-Boosting Tricks
(WSJ: separate paid subscription required)

Enron:

Trustee to submit Enron examiner
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Enron Creditors' Law Firm Says It Can Avoid Conflicts
(WSJ: separate paid subscription required)

Toss Milbank Off Enron Case, Judge Told
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Enron Partners Argue for Removal of Law Firm
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Army secretary to testify on Enron
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DOJ officials hope to name Enron examiner this week
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MSEB wants Enron's Dahbol plant operating again
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Delinquencies Drop at GE Capital
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Adelphia:

Adelphia CEO resigns, audit suspended
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The CEO shuffle
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Adelphia's Rigas Quits Amid Loan Imbroglio
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Rigas took Adelphia from small town to big time
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Bankruptcy Reform:

Bankruptcy Bill Drawn Into Abortion Issue
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Bankruptcy Bill in Doubt
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Nonviolent Abortion Protesters Don't Deserve This
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Bankruptcy Calendar: May 2002
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Shareholders left high and dry - Shedding light on bankrupt companies
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Daewoo car deal leaves foreign plants out in the cold
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UroMed Files for Chapter 7 Relief
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Clarus proxy fight gets dirty
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Argentina:

Argentine Congress reforms bankruptcy law
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Canada:

Seagull Pewter trying to settle with creditors
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Japan:

Japan bankruptcies rise in April, record high seen
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England:

FSA warns that longevity is solvency threat for insurers
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Asbestos victims await court ruling
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Korea:

Hynix shareholders take on creditors
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Hynix draws new suitor; advisers replaced
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