November 20, 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

         
Encompass:

Encompass succumbs to bankruptcy
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Encompass files for bankruptcy
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Encompass files to enter bankruptcy
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Energy:

PG&E Bankruptcy Case Opens With Testy Testimony
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Energy trading rules created
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CEO says Dynegy not in `bankruptcy mode'
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For a Day, Dynegy Gets Royal Treatment
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Former Dynegy leader may re-enter energy industry
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TXU Europe seeks protection
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Reliant warns of bankruptcy risk
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Xcel warns of NRG bankruptcy
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Kmart:

Kmart CEO Promises Bankruptcy Exit Even If Holiday Sales Slump
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Kmart Receives $75 Billion in Claims
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Kmart chief says company may exit bankruptcy protection soon than expected
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Durango-Ga. fights for life
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Asbestos Fraud
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Conseco:

Conseco admits it's headed for bankruptcy
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Conseco Facing Ch. 11, Posts $1.8b Loss
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Conseco Lists Loss; Chapter 11 Possible
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Economy:

Greenspan on what happens to US Fed if rates dip to zero
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Lincoln Hospital seeks DIP OK
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Thermadyne Will Be Taken Over by Banks
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Carbite Golf files for Chapter 11 bankruptcy protection
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Moody's may cut Oakwood Homes asset-backed bonds
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First Alliance to Issue Refunds to Borrowers
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Farmland granted more time to file reorganization plan
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Credit-Scoring Firms Push Sale of Data to Consumers
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Pittston Announces Definitive Agreement With Bankrupt Horizon for West Virginia Coal Assets
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Telecoms:

Rudy Cleans Up
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New CEO sets out to restore trust in WorldCom
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Few Insiders Likely on WorldCom Board
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WorldCom's future in Clinton uncertain
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Giuliani unlikely for WorldCom post
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Qwest reportedly plans exchange offer for some of its bonds
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Touch America talks of possible bankruptcy
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WorldCom OK to Drop 30 Unused Links
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Supra, Sprint agree on billing settlement
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360 back in buying mode
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Accounting:

Accountants figure law to benefit them
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Mortgage fraud grows as new national trend
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Law Firms:

Banking on lawyers
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Cravaths slashes benchmark 2002 bonus
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Milberg Weiss Tries to Nail Class Action Imitators - Duane Morris tries to protect client's copyrighted pleadings
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No-Show New York Lawyer Faces 11th Circuit's Ire
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Paper Tigers
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Mayer Brown hires California legislator
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Hammonds sends scouts to seek out US merger partner
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Bankruptcy Reform:

Bankruptcy Bill Put Off, Again
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Bankruptcy court an attractive exit for troubled companies
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Enron:

Survey says ex-Enron workers finding jobs
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Pierre bondholders make demands
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Shutdown, Bankruptcy Looms for Biotechnology Firm in Carlsbad, Calif.
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Sleepmaster:

Sleepmaster withdraws its own sale plan
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Sleepmaster pulls Ch. 11 plan as exit lender scraps deal
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Orius Wins Interim Crt OK For Debtor-In-Possession Loan
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USGA completes purchase of bankrupt Russia Tea Room for new museum
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New Bankruptcy Opinions
(2 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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National Century:

NCFE case grows thornier
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Hospital Lender Said to Order Fund Shift
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Bank One exec questions practices at National Century
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Accounting:

SEC seeks comment on audit rules
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SEC offers auditor-independence rules
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Democrats Are Also Asked Of Interest in Heading SEC
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Europe Declaring War on FASB?
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Car Leasing Becomes Even More Attractive
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Vivendi Universal Says SEC Now In Formal Investigation of Company
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Move to Principle Based Standards Easier Said Than Done?
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Global Accounting Rules Will Cut Two Ways
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Airlines:

Airlines head for bigger losses
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European carriers outshine US counterparts in crisis
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An Industry Veteran Gives His Take on Airlines' Woes
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Canada:

Childrenswear Files Notice of Bankruptcy
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Stewart gets 40 years - to pay
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Quarterstone goes under, bankruptcies on the rise
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Japan:

Threat to trading houses' credit quality
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Japan's zombie economy - not buying but browsing
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Japan at risk of reverting to bad old spending ways
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BOJ Lowers Economic Assessment; Exports to Slow
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Australia:

New Insolvencies
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Korea:

S. Korea's Credit-Card Spending Binge Swells Defaults
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Corporate bankruptcy surges in October
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China:

China mulls new transfer of banks' bad loans
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