November 11, 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

         
Bankruptcy Bites Nov. 11, 2002
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Energy:

Energy sector under bankruptcy cloud
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Houston Bids Good Riddance to Energy Industry Miscreants
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NRG asset sale hangs on credit wrangle
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NRG Energy: No Imminent Plans for Ch. 11
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State, PG&E head for a power contract showdown
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Gas Pipelines, Shippers Clash Over Stricter Credit Terms
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Xcel Lenders Seek $1.1 Billion Repayment
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How PUC sold out public, saved utilities
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Power operator weakens as TXU exits
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Shaken Power Market May Face More Cuts
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Author Calls Tactics of Williams, Enron 'Almost Identical'
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Minneapolis-Based Utility Holding Firm Still Lacks $400 Million Line of Credit
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El Paso to exit energy trading
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Airlines:

United Airlines wins cabin crew pay cuts
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United Pilots Begin Voting on Pay Cuts
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Stock Options: Fuel for United's Revival?
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UBS Warburg Analyst Expects UAL Bankruptcy, Bigger Industry Losses
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Second big United Airlines union agrees to pay cuts
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United Airlines to lay off 2,700 flight attendants
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United workers want to keep stock
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On top of other woes, US Airways faces increased competition at key sites: Carrier says level of service, incentives help retain customers
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Airline stocks reverse tailspin
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Competitors May Give Standby Seats to Customers of National Airlines
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National's departure will hurt
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Fallout from National failure extends beyond passengers
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The National Airlines fleet sits parked
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Bankruptcy Reform:

New law to push up US bankruptcies
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How the Democrats Blew It - the blame starts with Daschle and Gephardt - Now, with Republican control, the big banks will be able to run amok.
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National Century:

National Century scrutiny heats up
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National Century CEO Quits After Bondholders Allege Financial Mismanagement
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Burned investors find bear can bring out worst in broker
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Telecoms:

WorldCom enters critical phase
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WorldCom's Latest Headache - Chapter 11 was supposed to cure the telco. Instead its woes seem to be mounting
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Legal Tips For Dealing With Bankrupt Telecom Carriers
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A CEO's Lesson: What Goes Up . . . Telecom Company's Trajectory, Descent A Symbol of an Era
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WilTel poised for buying binge?
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Classic Communications Creditor Panel Disclosure Statement OK'd
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Firm seizes Ebbers' ranch, yachts
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WorldCom to File 43 Extra Bankruptcies
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More Restatements at WorldCom
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WorldCom Intends to Move On, Maybe With a New Owner
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Group Telecom cleared to accept leading bid
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1-800-Collect Inc. files for bankruptcy
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Opposition grows to Global Crossing rescue plan
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Ecal files plan to cash out
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Big problems for a big bank
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New York's Wilde store struggles against bankruptcy
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Bankruptcy lawyers still feeding on remains of tech bust
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Enron:

Prophets of loss
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Probes proceeding on several fronts
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Natural-gas deals focus of probe / Enron allegedly manipulated market
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Portland prepares PGE bid for Enron auction
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The Enron Stage of Capitalism The Reckless Terrorism of GATS
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Boom over? Who says?
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Bay area lawyer takes a gamble on class actions: Top guns: Firms take on federal student loan program
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Denver: Hoover investors - Where's the $2M?
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Farmer used cows to milk his creditors
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Fidelity demotes leading fund manager
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Symphonies: Death Watch Or Hyperbole?
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Signs of life glimmer amid economic gloom
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Consolidate credit cards carefully
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Mr Clean's fall from grace
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Corporate Reform:

Excuses, Excuses - A handful of companies neglect to disclose their relationship with board members' law firms
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New law may put lawyers on hot seat
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California casts a wide net
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The New Breed
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Tenet CFO Resigns Amid Scandals
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Wall Street Sees Chance To Put Off Reforms - Pitt's Departure, GOP Win Prompt Go-Slow Sentiment
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Board Games - Boards are supposed to monitor top executives, but too often give them carte blanche
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Steel:

Former bankrupt steel mills now leaner, expecting profit
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LTV still making steel after sale
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National Memorial Files Chapter 11
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A Bet on Credit Cards Becomes Messy at Sears
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Turmoil continues at Aliquippa Hospital: Interim CEO resigns; legal counsel replaced
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Black Hawk:

Black Hawk Casino rolls craps
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Owners of Colorado's Largest Casino File for Bankruptcy Protection
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Accounting:

Pitt wants smoother ride for SEC heir
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IRS Says 9/11 Grants Are Taxable
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Pitt blames attack climate
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Deloitte Annual Revenues Flat
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How to Elicit Extra Effort from Staff Despite Tight Budgets
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Resignation of SEC's Herdman Intensifies Pressure on Webster
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Post-Webster speculation abounds
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11 Procedural Changes Help You Meet New SEC Reporting Deadlines
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Accounting rule change burns big oil
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Auto Finance Co. Lays Off Workers
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EPIQ Systems, Inc. Raises $30 Million in Private Placement
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NYSE Suspends Trading in Armstrong
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New Curbs on Predatory Loans
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Panel rules out bankruptcy, state takeover of Pittsburgh
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MCS, Kramer and Frank collect business: Collection agencies report 30 percent increase in accounts
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Trend Tech gets a suitor
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Little Guys Look at Very Long Odds - Recovery after scandals is difficult
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Bouncing paychecks blindside some workers
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Consumers' wallets are wearing out
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 247 Jobs - Last Updated November 11, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Med Diversified Unit Files For Bankruptcy Court Protection
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Stiffing the bankers
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Superior Bank: Breaking the Bank
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Law Firms:

Law of the Jungle - IP firms must either adapt or die. Lyon & Lyon found out the hard way
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Trust and Estate Practices Are Back From the Grave
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Stoel Rives makes cuts as economy cools off
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Bleak legal landscape favors a few specialties
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Lawyers illuminate search for honest billable hour
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Lawyer Fired While Serving in Coast Guard
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Jones Day Atlanta shopping for real estate firms
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Father and Daughter Pass Bar Exam Together
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Buchanan breaks tradition; Newlin gets three-year term
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Edison Schools: Whittling away debt
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Kmart:

Kmart takes a new tack on incentives
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Will Martha Walk?
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Kmart's blue light growing dimmer as potential closures loom
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Examiner's Conduct Warranted Total Disgorgement of Fees

Assessing the client's viability: Doing business with some customers can cost a company too much
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Pension funds leaning heavily on guarantor
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Insurer's failure to cost N.C. taxpayers
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Houston: Community nonprofit files for bankruptcy in wake of lawsuit
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Judge OKs Budget sale to Cendant
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Austin: No joke for Bradley
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ANC Rental Seeks Extension To File Exclusive Plan
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Electrical contractor parent to file Chap. 11: Encompass is No. 3 in Dayton market
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Mystery bid for Fremont Bank
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Japan:

Tanigaki Says New Ministry Is `Hospital' for Ailing Companies
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Japan's banking crisis
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Takenaka warns against gov't intervention in companies' fates
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Australia:

New Insolvencies
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Germany:

France Telecom acquires MobilCom
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Mobilcom founder reduces stake in company, but still no agreement on trustee amid rescue efforts
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Schroeder's Tangled Telecoms Affairs
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Canada:

Bar owners claim foul, predict bankruptcies, closings, layoffs
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LBL Skysystems petitioned into receivership
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Royalty tap to be turned back on for songwriters
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England:

This cable guy helped Telewest into penury. Why is he still there?
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Bank fears housing crash
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Switzerland:

10,000 more ABB jobs go
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ABB upbeat despite loss warning
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Korea:

Korea's Proposed Bankruptcy Law May Deter Overseas Investors, Banks Say
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