November 5, 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

         
Creditors Face Growing Demand by Bankrupt Firms to Return Debt Payments
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Dearborn leads in Sterling auction
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Kmart:

Red light special
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Kmart Official Disputes Magnitude of Store Closings Cited in Recent Reports
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Kmart Executive Says Store Closure List Does Not Exist
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Colorado-Based DataPlay's Vital Technology May Fetch Little in Bankruptcy
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Armstrong files chapter 11 reorganization plan
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Wall St. girds for grim bonus season - Bankers and traders face a bleak bonus season as most firms tighten grip on their wallets
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Airlines:

National Airlines hears doubts
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Almost Grounded
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Clock still ticking for UAL
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United eyes loan assurance - Pilots' agreement on wages helps case
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United workers' dream fades
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US Airways October Traffic Up 5.9 Percent
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United Air Sees Other Union Deals Soon
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AMR ups cost-cutting goal to as much as $4 bln
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US Airways Halves Quarterly Loss but Still Seeks More Cuts
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United Airlines Stock Soars
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Salary Cuts Loom for United Airlines' White-Collar Workers
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Airfares Decline to New Lows, But Seats Are Growing Scarce
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Corporate Reform:

Corporate Diagnostics Group Launched, Led by Former Secretary Jack Kemp
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Corp Governance Panel Looks At Independence, Equity Stake
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New California disclosure law not a fix-all
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Access Health Alternatives Inc. Emerges From Bankruptcy
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Legendary Silk Purse Made of Sow's Ear Goes Up for Bankruptcy Auction
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Accounting:

Congress overreacts on audit reform
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Sarbanes-Oxley leaves UK banks in disarray
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Accounting firm accuses Webster of distortion
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FASB Moves to Take Back Powers
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Pitt's Future Clouded by Latest Furor
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A Tiny Company Stirs Up Big Trouble for William Webster
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Webster Defends His Record But a Resignation Is Possible
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Volcker Calls for Non-Exec Board Structure in Large Corporations
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Tax Audit Targets
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Tee room in former Russian Tearoom
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Ailing Prime Retail receives costly extension from creditors
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Energy:

CenterPoint Energy cut to junk status by Moody's
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FERC staff, pipeline to meet on credit standards
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As utility's woes mount, cities take charge
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Allegheny delays filing, gets bank reprieve
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Nevada suit claims energy collusion - Attorney general says companies manipulated natural-gas prices
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Saybrook Capital Names Bankruptcy Specialist Cary Stanford Managing Director
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Bankruptcy lawyer pleads no contest to drug charges
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WDNY bankruptcies increase 11.4%
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NextCard Sues Former CEO
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Economy:

Is It Really Darkest before the Dawn?
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Morgan Group files to liquidate
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Telecoms:

No bombshells in WorldCom report
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The Report

WorldCom Fraud at $7.68B
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More clouds over Citigroup in its WorldCom dealings
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WorldCom Still Has Value -- to Some
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WorldCom: Subtract Another $3 Billion?
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Examiner slams WorldCom, eyes WorldCom-Grubman relationship
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Corporate Loans Used Personally, Report Discloses
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WorldCom Examiner Says Former CEO Ebbers Was Domineering
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State files lawsuit over WorldCom bond losses
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WorldCom black hole even more massive - court report
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WorldCom to double internal audit staff, appoint new CFOs for Asia, Europe
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WorldCom bailed out Ebbers
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WorldCom Seems Close to Deal to Settle S.E.C.'s Fraud Case
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WorldCom Seeks SEC Accord as Report Claims Wider Fraud
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Teletron Inc. is back in business on a limited scale as part of its bankruptcy proceedings
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GT Group telecom reviewing top 2 bids
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GT Group Telecom receives bids to buy it; bankruptcy protection extended
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ITC DeltaCom Emerges from Bankruptcy
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Motion filed to freeze proceeds of QwestDex sale
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Law Firms:

Bonuses Are Alive and Well at DC Firms
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Safe harbor - Sarbanes-Oxley Harmonic Convergence?
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VC firm Interfase sues Baker Botts
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White & Case in litigation hiring spree
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The Clifford Chance memo row: how to make a white shoe shine
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Associates Outside Clifford Chance Don't Care About Shoe Shines
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Goldman Sachs gets tough on Chinese walls in LBO shake-up
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Lovells ramps up finance with New York hire
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Corporate Attorneys Morph Into Watchdogs
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Brobeck Inches Closer to Merger
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Joint Enterprise Between O'Melveny & Myers LLP and Watanabe Kokusai
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Women Associates Finding Dress Codes More Constricting
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For Want of a Signature, Fee Was Lost
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Milbank lures A&O partner
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A&O loses banking star to Simpson Thacher
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Clifford Chance and Lovells reveal management rejigs
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Linklaters offers IP lawyers payout to leave immediately
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Metals USA:

Houston-Based Metals USA Leaves Bankruptcy as Smaller Company
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Metals USA Completes Restructuring; Exits Chapter 11; Announces Executive Changes
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Adelphia:

Ruling On Rigases' Access To Liability Coverage Seen Soon
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SEC Suit Against Adelphia Delayed
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Asbestos:

ABB's shares gain ground on exposure hopes
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The history of a deadly mineral
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Armstrong to Create Trust for Asbestos Cases
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Asbestos litigation overwhelms courts
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Asbestos: why are UK courts so hard on its victims?
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 251 Jobs - Last updated November 4, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Enron:

Enron's Professional Fee Cash Burn Rate Questioned
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CFS bondholders accuse Mayer Brown of negligence
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BigCity broadcasts radio station auction in attempt to avoid bankruptcy
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Backing Corporate Bonds Can a Be Risky Business
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Princess sails on
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Morton Plastics preps for sale
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San Antonio oil firm Venus fighting creditors' push for bankruptcy
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Man accused of filing for bankruptcy in others' names
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Auction Block - Week of Nov. 4
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National Century:

A Jolt for Asset-Backed Bond Market - Investors Face Potential Losses Tied to National Century Crisis
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Medical payrolls suffer from woes at finance firm
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Bankruptcy plan coming for Denver aquarium
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New York fears reprise of near-bankrupt '70s
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Steel:

International Steel Group Inc. Eyes Facilities of Bankrupt Bethlehem Steel
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Involuntary filed against Durango?
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Contractor on Augusta Civic Center files for Chapter 11 bankruptcy
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Australia:

New Insolvencies
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Thailand:

Bankruptcy Act gets priority
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England:

Company Winding Up and Bankruptcy Petition Statistics Third Quarter 2002
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Bankruptcies hurt construction industry
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The big Halifax hush-up
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Non-lawyers gain right to use Conditional Fee Arramgements
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Royal Bank of Scotland brings Dentons in on Alldays insolvency
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PricewaterhouseCoopers Appoints Senior Insolvency Practitioner
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Hotel and Catering Sector Hit By Sharp Rise in Insolvencies
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Bankruptcies climb on consumer debt
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Turnaround Management Association presents : ‘The forthcoming Enterprise Bill and its impact on turnaround – all you need to know’
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Companies Act Section 151: the nightmare is nearly over
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Japan:

Some Japanese see U.S. as predator
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Germany:

Sukhoi, Mil Battle BasEl for Fairchild
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MobilCom's lifeline gets cut
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MobilCom rescue deal agreed, held up only by Schmid/govt dispute
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Commerzbank Faces Up To Bleak Reality
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Switzerland:

Switzerland barricades against sharing banking information
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Korea:

Unified Bankruptcy Procedures Set to Be Introduced Next July
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