November 19, 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

         

National Century:

NCFE files for bankruptcy
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National Century files for bankruptcy
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National Century Seeks Chapter 11 Protection; Filing Could Hurt Health-Care Firms
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Big Health Care Financier Files Chapter 11
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Ambac Financial Group To Take $79.4 Million Writedown
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Conduits Expose ING, CSFB To $725 Million National Century Debt
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Greater Southeast Cuts Services After Lender Files Bankruptcy
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Development Specialists, Inc. Opens San Francisco Office; Veteran Insolvency Consultant To Head Practice
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Proposed Rule Would Allow Citation of Unpublished Opinions
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Consumers may find they end up paying dearly for borrowing binge
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Gary Player Still in Rough in Fight With Bankrupt Online Marketer
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Telecoms:

WorldCom Calls for Giuliani - Ex-mayor said to be top choice to lead the troubled firm
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Rudolph Giuliani's Sets Sights On Rescuing Ailing WorldCom
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David Matlin Buys Up Debt, Steps Onto WorldCom Stage
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Creditors seek WorldCom grip
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Rudy Wants Worldcom
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Big WorldCom Bondholder Reportedly Favors Giuliani for Chairman
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New WorldCom CEO plans new board, big cost cuts
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Bond Fund, Rudolph Giuliani Seek Pivotal Roles at WorldCom
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WorldCom bankruptcy costs rural co-ops
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Icahn to Control XO Communications
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WorldCom sees boardroom role for Guiliani
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WorldCom gets extension for reorg plan
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360networks acquires Group Telecom
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Night of the living dead, telecom-style
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Asia Global Crossing sold to Netcom group
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Warnaco:

Wachner settles Warnaco severance fight
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Warnaco Stiffs Wachner In Exit Package
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Determining the Burden of Proof in Automatic Stay and Preferential Transfer Proceedings – A Burden in and of Itself?

Corporate Reform:

Citigroup confirms nursery-school gift
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Rounding up the posse
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Lund International Completes Nifty Products Bankruptcy Acquisition
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Asbestos:

Issues Surrounding Asbestos Cases Offer No Easy Solution
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ABB Debt, Asbestos Claims Push It Close to Bankruptcy
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St. Paul faces new asbestos suit
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Dallas: ERN, Yale in dispute over benefits funds - Connecticut university sues shuttered Cowtown third-party administrator
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When the Webmaster Goes Belly Up
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Loan rows cast doubt on HSBC’s American deal
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Bankruptcy Reform:

Zealots and cynics: Pro-life cadre vs. jaws of debt
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Bankruptcy Killed for the Year
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Judge clears Denali restructuring
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Lean times for headhunters
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The Stamp Tax Exemption in Chapter 11 Cases

Airlines:

Lenders may be wary of UAL
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United Airlines Close to Wage Cut Deal
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Will UAL receive holiday cheer?
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Bankruptcy Still Looming For UAL
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American Airlines Tests Cut-Rate Fares
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Alabama fund gets US Airways nod
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United Layoffs Could Hit Bay Area Employees
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US Airways OKs Alabama pension fund partnership
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Sun Country Airlines sues Texas-based Sun Country Travel
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Kmart:

Kmart chief denies rumors on closings
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Kmart seeks OK to sell MI property
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Kmart's Sales Decline Slowed in October, CEO Says
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Martha Stewart Still Selling Well
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Court approves bankruptcy sale to Smith & Nephew
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Steel:

Geneva Steel To Work With Secured Lenders On Reorg
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Geneva Steel says liquidation is likely
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Besieged Bico says it's close to closing
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Court Approves Dermagraft Joint Venture Sale by Advanced Tissue Sciences
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Exabyte to stay in business 'forever'
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Energy:

Reliant investors spooked by mention of possible bankruptcy
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Reliant rocked by bankruptcy warning
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Gas price fudging detailed
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PG&E Tries to Discredit California's Power-Bailout Plan
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PG&E lawyer decries bankruptcy plan for utility
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Calif., PG&E attorneys duel at bankruptcy hearing
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PG&E Enters Final Chap. 11 Phase
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PG&E National Energy Group defaults on loan
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Two Plans To Compete Before Bankruptcy Judge
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Xcel Writes Off $2.9 Billion in NRG, Expects Bankruptcy for Unit
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Xcel's NRG Investment Is Total Loss
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Report Finds Portland, Ore., Utility Helped Enron Manipulate California Grid
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Friede Goldman auctions offshore unit
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Thermadyne files reorganization plan, to reduce debt by $580M
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Pace of Bankruptcies Slows During First Nine Months of 2002, According to Weiss Ratings, Inc.; Strong Market Sectors Exist Despite the Struggling Economy
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 253 Jobs - Last Updated November 19, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Retailers predict dim holiday sales
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Buyers' Debt Has Shops on the Line
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Law Firms:

Partners Want $32M Payday in Brobeck Case
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Love the Job You're With - Despite the turbulent times, in-house lawyers say they're a little happier this year. Hey, they're employed
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Jones Day appoints new US head
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Cravath Announces Bonuses
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Punch the Clock - Exelon's lawyers thought they left billable hours behind when they signed up. But they were wrong
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Firm Lays Off Lawyers and Staffers
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Service Call - Lowe's wins raves for its quality of life policies, while Sears' softer side disappoints its in-house lawyers
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2002 In-House Quality of Life Survey
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Accounting:

Obscure rule changes could make big waves
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Sarbanes-Oxley Act of 2002: An Update on the Provisions That Are Most Significant to Directors and Officers of U.S. and Non - U.S. Public Companies
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Recap accounting: Premature obituary
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Int'l: IASB Under Fire Over Options
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Winds of change sweep accounting
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New Law Firm? Probe Restate & Delay
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SEC to consider auditor independence rules
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Accountants regroup after 'year of hell'
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Auditors May Face Curbs on Incentives - SEC to Weigh Limits On Soliciting of Work
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World Kitchen Receives Court Approval of Disclosure Statement And Authorization to Solicit Votes on Proposed Plan of Reorganization
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Aladdin investor trying to sell British casino
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Australia:

New Insolvencies
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Korea:

South Korea cracks down on credit
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England:

A&O called in to advise on Steins Bisschop collapse
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Receivers appointed to BFD Group
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MyTravel requires threesome
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Equitable Life 'could go under'
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Concern over high levels of company warnings, say KPMG Restructuring, and no end in sight
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Japan:

Troubled banks must be nationalized swiftly
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Golf course bankruptcies hit record high
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Japan's Crime Rate Soars To Postwar High Amid Econ Woes
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Tokyo Stocks Open Lower Amid Fear Of Bankruptcies, Bank Shares
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Opinion evolves on Japan's reforms
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