November 25, 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

         
Britney Spears' Restaurant Facing Involuntary Bankruptcy?
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Bankruptcy Reform:

U.S. Senate Makes No Decision Concerning Bankruptcy Reform Bill
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Bankruptcy reform effort may find 'loser' label hard to shake
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Credit unions want bankruptcy reform
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Wellstone signature issues get attention
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Is MBNA Wasting Its Money?
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Getting jacked up - Credit card holders at risk of arbitrary rate increases
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Enron:

JP Morgan wants Enron memos barred
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Enron reaches pact on affiliate costs
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A Mission To Rescue A Bankrupt Hospital
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Ruling Keeps Hospital Open For Now
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Bidding for Phillip Holzmann sub, Jones down to the wire
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High-flying investor goes into free fall / Adviser under investigation vanishes, owing money to clients
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PSC:

PSC Inc Files For Chapter 11 Bankruptcy In New York
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Portland: PSC looks for help as troubles grow, including possible bankruptcy
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Portland scanner firm filing for bankruptcy
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Telecoms:

What can Giuliani do for WorldCom? And what can they do for him?
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SpectraSite reorganization plan on fast-track
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Bells Take Aim at Rival - Telecom firms go after WorldCom's market but deny they are behind an effort to keep it mired in Bankruptcy Court
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Examiner appointed in Global Crossing case
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Giuliani seeks another challenge
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Bankruptcy Bonding?
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Eschelon looking at assets of troubled competitors
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Icahn Takes Control of XO
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Pension Agency Plans Filing to Aid Global Crossing Workers
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Gov't seeks control of Frontier Corp. pension plan
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Building on telecom failure, who makes money now
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Life After Debt - Intrepid pros play a potential telecom turnaround via bonds of bankrupt WorldCom
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Surviving telecom's shakeout
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Worldcom unable to pay $900,000 it owes Louisiana
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WorldCom near deal with SEC
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WorldCom to Cut 500 Jobs in Colorado Springs, Colo.
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Supra's woes have familiar ring
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Supra granted access - Ruling reopens link to BellSouth
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Judge orders BellSouth to restore Supra Telecom LENS access
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Show us the money, Supra told
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Qwest Bondholders to Seek Counsel Over Debt Plan
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Qwest Bondholders to Meet
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Breakdown in Communications
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Boom and bust: Telecom's trajectory a symbol of an era
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Broadwing's Austin unit broadens its cost-cutting
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Ky. Nursing Home Fights Closure
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Drivers for Morgan Group Seek to Recoup Pay
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Tax deadbeat is livin' large
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Back Alley Loan Sharks Predatory Lending
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Kaiser Aluminum asks for property sale
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Home-Link Services Applied For Protection Under Chapter 11
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PhyAmerica Agrees to Terms for New $100 Million Revolving Credit Facility
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National Century faces increased scrutiny
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  Airlines:

United they fly, divided they fall - or is it hot air? - The troubled airline is looking to its Star partners to bail it out
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Lufthansa Could Fly to United Airlines' Rescue
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United Steps Up Push for U.S. Aid
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Cabin pressure - United employees hope for the best and prepare for the worst as the airline struggles to avoid bankruptcy
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Underfunded pension plans add to workers' woes
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Airline defaults on bonds
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United in talks to delay plane lease payments
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United Tilts With Rivals on Adequacy of Loan Aid
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Plan would bring EAC out of bankruptcy by the end of year
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Stay prohibited claim commencement against nondebtor third party

Salon a goner, unless it can hit 'refresh'
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Corporate Reform:

Rule to shake boards and balance alike
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Odyssey of a Dynegy Whistle-Blower
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Bosses 'cannot be trusted'
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An Insider's Advice on Corporate Ethics
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Computer Associates' Deals Are Probed by Justice, SEC
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FTC alleges telemarketing scam conducted through now-bankrupt companies
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Forward Planning: Do you have good credit, bad credit or no credit at all?
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Black churches lost millions in scam, SEC says
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Asbestos:

Sealed Air fraudulent transfer trial delayed a week
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Sealed Air stock tied to asbestos litigation
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Sealed Air Corporation Provides Update On Proceedings
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Oakwood:

Analysts: Oakwood should have acted sooner
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Oakwood Homes/DIP:Berkshire Hathaway To Be Largest Holder
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Bankrupt Oakwood Homes Corporation Arranges $415 Million In Credit Facilities
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Retailers Plan to Keep New Holiday Hires at Modest Levels
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After Emerging From Bankruptcy, Genesis Health Ventures' Creditors Look to Sell 258 Nursing Homes
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Accounting:

PwC Issues Global 'Code of Conduct'
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PwC's Nally Blasts Mandatory Auditor Rotation
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It is a bustling time for bankruptcy lawyers - Southern Ohio bankruptcies still at record pace
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Erpenbeck:

Feds turn up heat on Erpenbeck
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Builder retrieves contents from home
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Napster sale expected Wed.
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Austin: Laser surgery company seeks Ch. 7 bankruptcy
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Calif. Aids Treatment Firm May Fold Within Days
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Steel:

Beth Steel says ISG deal would be an asset sale
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Steelworkers receive surprise
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Ex-Peregrine Official Pleads Guilty
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SEC Files Charges Against Ex-Peregrine Official
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Hawaii: Bankrupt Malama Spa shuts doors
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After the boom - Going, Going, Gone - Foreclosure rate rises but buyer must beware
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Despite deep roots, Carolina Maintenance goes under
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High-Income Families Go Without Health Insurance
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Aladdin's losses continue to mount
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 265 Jobs - Last Updated November 25, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Kirkland & Ellis hires new bankruptcy attorney
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Bank of America's Loans To Rich Executives Backfire
(WSJ: separate paid subscription required)

Law Firms:

Firms Grappling With Post-Merger Culture Shock
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Dittmar exits Hutchins for Goodwin Procter
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Largest Memphis law firm weighs merger plan
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Reed Smith taps woman as D.C. head
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Landlords stick tenants with the bill
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Securities Lawyers Aren't Happy With Proposed SEC Rules
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GCs for Tough Times
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Verdicts swelling from big to bigger
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Malpractice Claims Against LeBoeuf Lamb Go Forward
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Energy:

Former NRG executives file Chapter 11 petition
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PG&E bankruptcy judge may rule Monday on CPUC plan
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S&P Questions Calif. Rescue Plan for PG&E
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Court Grants Stay in PG&E Utility's 'Filed Rate Doctrine' Suit
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A Power Company Tries to Break Loose
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Pacific Gas and Electric Company Issues Statement on Ninth Circuit Court of Appeals Procedural Ruling
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Moody's Cuts Williams Rating due to Weak Cash Flow
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Eager Rush to Own a Home Brings Rash of Foreclosures
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Tokheim files Ch. 11 again
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Cash-short firms leave some workers unpaid
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General Chemical parent company files for bankruptcy
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Office-Building Cash Flows Decline
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Cendant Completes Acquisition of Budget Group
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Sleepmaster sale is approved
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Conseco:

Conseco's Insurance Policies Aren't at Risk in Bankruptcy Plans
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Conseco's Mobile-Home Mess Has Tenant: Lehman Brothers
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Japan:

Japanese banks report profits but bad loans weigh
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Further turmoil on the way for Japan's banks
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Koizumi throws reforms into doubt
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Recession opens lucrative doors for foreign lawyers
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Lone Star allowed to buy collapsed First Credit
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England:

Eversheds hires DLA insolvency partner
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Cove Capital DWA, LLC selected as Trustee of $600 million, Daewoo International Corp. Creditor and Real Estate Trusts
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Lap dancers aren't special say Revenue
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Germany:

Bankruptcies rise in Germany
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Mobilcom Avoids Bankruptcy with Deal
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Over 21,000 German firms go bust
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France:

French government sells Credit Lyonnais stake to BNP Paribas for $2.2 billion
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Argentina:

Argentina reluctant to tango with IMF - Foreign creditors are hated but people are now realizing they need them
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Creditors to sell MetroRed for US$9mn on Dec.6
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