May 31, 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

         
Adelphia:

Lenders Grant Adelphia Time to Repay $7B Debt
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Adelphia DIP back up for grabs
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Adelphia Is Rushing To Sell Assets
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Paul Allen cut out of deal dance with Adelphia
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Animosities Flare in the Struggle Over Adelphia
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Adelphia Delisted; Director Opposes Quick Asset Sales
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Ch. 11 Is Likely Today For Troubled Adelphia
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Adelphia Responds to Leonard Tow's SEC Filing
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Adelphia Denies Immediate Sale of Assets
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Home@bidder-sweet Bargain
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Steel:

KPS may bolt from Republic auction
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Republic bidders get time to study
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Nucor casts Birmingham Steel deal
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Nucor Agrees to Buy Birmingham Steel
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Birmingham Steel will file bankruptcy as Nucor buys company
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Fansteel gets $13.1 million line of credit

U.S. Feels the Pain of Steel Tariffs As Prices Rise, Supply Is Reduced
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Burlington Get Final Approval to Sell
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Accounting:

Judge Allows Suit against Deloitte & Touche over Heilig-Meyers Audit
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Andersen Strategy Backfires
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Andersen defense targets timing of actions
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90 Arthur Andersen Professionals Join Navigant Consulting
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SEC looking into Halliburton's revenue booking for projects
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Strategies at Andersen's 'Yard Sale'
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Andersen trial likely to stretch into next week
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SEC Talks Tough on Changes in Store for FASB

SEC's Dynegy Probe Hits Citigroup
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Andersen partner says destroying records routine
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Bookkeeping Errors Contribute to $17.3 Billion Federal Loss

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ESNI Files Chapter 11 and Will Pursue Claims Against CRC
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Fraud Target: ATMs - Millions Stolen From Rigged Machines
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Gladstone Capital Assures Shareholders That the Standard & Poor's Report of Bankruptcy is Not Correct
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Conseco Irked by Moody's Downgrade
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Kmart:

Shoppers cash in on Kmart store's end
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New Evidence Relates to Kmart's Accounting Irregularities

Legal help opposed for Kmart board
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The No-Equity Loan Trap
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Saybrook Capital to Review Desert Hot Springs' Books
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Medica approves settlement in U.S. implant case
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Financial Database To Screen Accounts
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  Enron:

Enron Tax Transactions Under Review by IRS
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Enron reverses field, will pay plan manager fees
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In-house Andersen adviser 'bothered' by instruction
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Credit Suisse CEO: CSFB Behaved Responsibly In Enron Work
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Enronitis Infects 1 On Board
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Former Exelon co-CEO becomes Enron director
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Nymex is boosted by Enron backlash
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Enron Names Two New Members to Board
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Andersen Partner Says He Wasn't Aware of Retention Rules Until Autumn
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Ex-Andersen Accountants Deny Plot
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Bloody Monday
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Law Firms:

Snow Started Courtship of London Firm
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Tower Snow joins Clifford Chance
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Snow falls into new law firm
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Bingham Dana, McCutchen merge
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McCutchen Joins the Big Leagues
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Freshfields Headhunting in DC
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Mergers Create Two National Mega-Law Firms
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Dechert's Summer Associates Embark on Overseas Journey - Firm hosts trip to London for its seasonal help
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The British Are Coming! - Brobeck cadre moves to Clifford Chance
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Bingham, McCutchen merger announced
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Bingham may grow to 800 lawyers
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Telecoms:

Telco Junkyard
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J. P. Morgan Cited in Failure of a Global Crossing Bid
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KPNQwest warns customers to make 'contingency plans'
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KPNQwest says Belgian arm to file for bankruptcy
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KPNQwest Is to Announce Bankruptcy of All Its Units
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KPNQwest network faces meltdown
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AT& T Mulls KPNQwest Assets Buy
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Purple Communications Sets Asia Global Crossing Bid
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Williams Communications Creditors to Probe Spinoff
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Arch quits bankruptcy protection
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CoServ Telecom Holdings, L.P. Secures DIP Financing
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Analyst Grubman Helped Call Shots at Global Crossing, Touted Its Stock
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AGC early bidding down to wire
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France Telecom: Loan Talks Ongoing
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Ohio Firm Buys Bankrupt Start-Up Aleron
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New Bankruptcy Opinions
(3 new opinions today)

Bankruptcy Jobs - 148 Jobs - Last Updated May 29, 2002
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Bankruptcy Court Web/Pacer Site Directory

Airlines:

National Airlines seeks federal help
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US Airways to Add Subsidiary Airline
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Rock and hard place for US Airways

Cost Cuts and Possibly Bankruptcy Are Necessary, US Airways' New Boss Says
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Strike leads to shutdown of Irish airline: Bankruptcy looms as sides OK talks

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Record bankruptcy filings aren't overwhelming courts
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Former NationsRent Owners Prepare Alternate Plan
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Former Keystone bank executive sentenced to 27 years - Also told to repay more than $800 million - "more Ponzi scheme than bank"
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Power Utilities:

TransAlta says moved power outside Calif for profit
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FERC won't expand power refund
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Moody's Warns Energy Traders About Risks to Credit Ratings
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Allstate says no insurance if credit bad - Homeowners to be denied new policies
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Polaroid retirees want $222M
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USi Emerges from Chapter 11 With Attitude
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Farmland:

Farmland workers paid early
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Smithfield Foods Renews Bid for Farmland's Meat Business
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Head of Bankrupt West Virginian Behavioral Health Center Meets with Creditors
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Investor in State Title suing Hovis-Hunter for escrow funds
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Comdisco Chapter 11 plan draws fire from SEC
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Obtaining a Mortgage after Bankruptcy
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Creditors say Malden Mills owner is mere figurehead
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Change rules on asbestos lawsuits
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Jackson County, Ore., Aims to Freeze Assets of Worker Compensation Claim Firm With Involuntary Bankruptcy Filing
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Japan:

Hanae Mori files for court protection from creditors
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Japan Unemployment Rate Steady as Job Seekers Give Up
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Signs of hope for better Japanese economy
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Moody's Cuts Japan's Rating And Cites High Public Debt
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Germany:

German Carmaker Goes Bankrupt
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______________________

Argentina:

Argentina scraps key economic law
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________________________

Scotland:

Cool response to ministers' plans, but bankruptcy reform welcomed
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