May 9, 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: Exide Technologies Inc.
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Bankruptcy Reform:

Down to the wire
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Bankruptcy Overhaul Nears Passage; Stringency, Not Leniency, Dominates
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Senator Schumer Maintains Position Against Representative Hyde on Abortion Issues
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There's a better way - We need a world bankruptcy court
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Action plan not enough
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Telecoms:

Bankruptcy, Layoffs Loom for Teleglobe
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Wil-Com may get buyout
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Survival of the Fittest? Not an Issue for CLECs
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Williams Cos. Fights Cash Collateral Bid
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WorldCom to Seek $5 Bln Loan After Drawing on Credit
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Telecom's Curse: Too Many Lobbyists
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Global Crossing has many suitors
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Global Crossing Using Up Cash to Keep Network Going
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Telcos dial directories for cash
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Global Crossing Continues Streamlining, Cost Reductions, and Operational Turn-Around; First Quarter Preliminary Performance on Target
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Optimism Reigns at Global Crossing
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Frank's Nursery ready to replant
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ANC Corporation Wins Pivotal Motion in Federal Bankruptcy Court
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Bush Will Launch Tax Overhaul Following Congressional Elections
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Power Utilities:

Federal Regulators Orders California Electricity Sellers to Save Documents
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Enron overscheduled by 66,000% in Texas, regulators say

How Enron Got California to Buy Power It Didn't Need
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Calls for Criminal Investigation Follow Release of Enron Memos
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EPSA says Enron trading memos 'raise serious questions'

California energy probe sets off alarm bells
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Dynegy:

Dynegy probe besieges stock as top officers try to quell 'crisis'
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SEC Expands Dynegy Gas Probe
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No 'smoking guns' point to trader misconduct: Dynegy CEO

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Steel:

Arcelor in talks on stake in Bethlehem Steel
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House Backs Bush on Steel Tariffs
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Bankrupt steel firm's sale could close 3 Ohio plants
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Bankrupt Plastic Surgery Co. to Be Sold
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Public Policy and D&O Insurance
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Polaroid:

Polaroid chief DiCamillo quits
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Erpenbeck: Builder, Ben Mar had cozy ties
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Bankruptcy court approves USi comeback plan
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Asbestos:

A Killer's Stealthy Advance
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Insurance Litigation Review: 2001
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Kmart Is Refashioning Bert, Ernie
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Nine Years after Albany, N.Y., Company Goes Bankrupt, Owner Follows Suit
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BogartGolf assets bought; 2 stores reopen
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Sides Drawn Over Federal Predatory Lending Bill
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Bankruptcy Filings Up 10 Percent in Eastern Wisconsin in First Months of 2002
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  Contour Updates Debt Restructuring Discussions
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Liquidating Trustee Charged with Embezzling Over $1 Million From Bankruptcy Estate
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The Empty Truth about Bankruptcy Stocks
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Adelphia Board of Directors Authorizes Financial Advisors To Solicit Offers for Selected Cable Assets
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KKR may get rival for Covanta
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Cascades Still in the Running for the Acquisition of Some American Tissue Units
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NTL:

NTL one of the largest U.S. bankruptcies ever
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NTL Files World's Largest Debt Default    

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Phar-Mor:

Losses Keep Mounting at Ohio-Based Discount Drugstore Chain Phar-Mor
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Creditors, Company Approach Deal on Sale of Youngstown, Ohio-Based Phar-Mor
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SEC Approves New Rules for Besieged Stock Analysts
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Linsalata buys window maker
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Warnaco:

Wachner Wants $25m
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Warnaco Creditors Fighting Wachner's $25 Mln Claim
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Enron:

Enron bankruptcy judge miffed over examiner
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As Enron Fell, Brobeck Made for the Exits
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Dismissals asked from Enron-related lawsuits
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Cases Linked to Enron's Failure Highlight Attorneys' Quandries
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Enron's Watkins Had Audit Worries
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Bush's Lawyer to Meet Senator on Enron
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Enron directors 'ignored red flags'
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Mystery of Enron and California's Power Crisis
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UBS Finds Itself in the Spotlight As Owner of Enron Trading Unit
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Barclays signs up Enron traders
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Enron OKs Query on Mahonia Oil Deals
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S&P could slash PGE's ratings on Enron plan

Azurix Receives Required Noteholder Consents for Sale of Wessex Water
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Susan Koniak Launches Broadsides at the Bar
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SEC Regulator Describes Alarm at Enron Finances
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FERC widens net in Enron trading probe to 100 firms
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Occidental Petroleum takes Enron's stake in pipeline company
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Suppliers must 'admit or deny' Enron-like actions: FERC

UBS online platform distances itself from Enron
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Law Firms:

Limiting Liability - Firms reassess their partnership structures in wake of Enron debacle
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Takeover Artists - Hiring. Firing. Hand-holding. Head-rolling. It's all part of a new managing partner's day
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Too Much Debt, Too Many Hours Harm Young Lawyers, ABA Pres Says
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More Partners Than Associates Fired by Holland & Knight
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Las Vegas: Bankruptcy Courts move across street
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Delta Queen bought by hockey team owner at auction
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Airlines:

Carrier files for loan guarantee
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Airlines still fly turbulent skies
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Flying into turbulence - Few options available for United Airlines as it faces financial recovery that experts say could take 3 years
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Sun Country creditors may target La Macchia
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 150 Jobs - Last Updated May 8, 2002
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Bankruptcy Court Web/Pacer Site Directory

Letter from Delaware: Stalking Polaroid
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Accounting:

Andersen lawyer ridicules SEC
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Enron's woes become focus of Andersen trial
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Key Players in the Criminal Trial
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Witness at Andersen trial says SEC eyed Enron last summer
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Andersen routinely shredded documents-accountant
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Partner Warned Andersen Over Problems With Audits
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Days May Be Numbered for Many Arthur Andersen Offices
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Witness cites Andersen fault over Sunbeam
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Andersen partner relayed Enron VP's worries to Enron auditors
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2,000 Andersen Workers to Join Deloitte
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Andersen Lawyer Says Indictment of Firm Is 'Rush to Judgment'
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Andersen Makes 3 Deals to Sell Parts of Firm
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Fed's Bies: Andersen a 'Wake Up Call'
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Andersen seeking notes of Duncan's meetings with prosecutors
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Andersen loses UnitedHealth
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Paying the price - No one in the Israeli Andersen affiliate was even remotely connected to Enron. So why did it have to merge at any price?
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Accounting-Reform Bills Get Attention
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Senate Panel Starts Work on a Bill To Toughen Accounting Oversight
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Judge expected to rule on bid to get notes
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Criminal Trial Is One of Many Legal Challenges for Andersen - Arthur Andersen LLP is running out of flanks to protect
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KPMG to buy 23 Andersen units
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Pricewaterhouse's Spinoff Finds Bermuda Tax-Penalty Loophole
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Joint bid may be in Chiquita's future
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Atlantic Gulf Objects To Converting Case To Chapter 7
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'Prime Bank' Fraud Back on Feds' Radar
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Japan:

Shinsei Bank showing way forward
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Law slow to ease bite of small business failures
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England:

NTL files for bankruptcy
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NTL files pre-arranged bankruptcy
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Political football
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Wales:

Fundamental reform of insolvency law urged
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Scotland:

Debt Law Changes Blasted
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Germany:

KirchPayTV goes bankrupt
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Argentina:

Time is running out, Argentina admits
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Deputies To Debate Bankruptcy Law Today
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Korea:

Hynix Semiconductor's Board Endorses Creditors' Plan to Split Up Company
(WSJ: separate paid subscription required)

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China:

New bankruptcy law drafted
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