October 15, 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 readies pre-pack
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Houston-Based Building, Maintenance Company Files for Chapter 11
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Plan for Bankruptcy Opens New Chapter for Encompass
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Ames seeks $100M DIP
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Rising Debt, Bankruptcies Do Little to Curb Consumers' Spending
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IRS Weighs Debt Collectors As a Way to Get Back Taxes
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Bethlehem Steel Looks Much the Same despite Year under Bankruptcy Protection
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Airlines:

United Airlines working on out-of-court funding
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Airlines to Report Sky-High Losses
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Cash Flow Raising Red Flags
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Gimme rewrite, sweetheart
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Banks set record earnings
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Agway:

Agway goes bankrupt, bosses get bonuses
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Agway stores adapt
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Rigases Fight Committees' Effort To Intervene In Adelphia Suit
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Law Firms:

26 Winstead Attorneys Listed in 2003-2004 Edition of 'The Best Lawyers In America'
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Having Their Say
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Another Brobeck Partner Defects and More May Follow
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A&O power struggle: Rink was asked to go
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Howrey Simon's Hope
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Firm Opens New Jersey Satellite Office
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Clifford Chance names new U.S. head
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Firms lose out as Ford slashes bills by a third
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When Is an Attorney Liable for Lost Punitives?
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Pillsbury Winthrop is defending a $45m claim as ex-partner sues for libel
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Ex-Pillsbury Partner Wrote of Girls and Cigars
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Tourism industry braces for panic
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Corporate Reform:

Where CEOs went wrong
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A Softer Approach in Wall St. Probes
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After Nasty Surprises, Standard & Poors Gets Tough on Earnings, Pensions
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Legal Remedies Harder to Come By
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S&P to publish standards ranking
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Sour Notes from Pitt's One-Man Band
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Legal Trouble for Salomon Smith Barney
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Casino Company's Creditors to Argue for Moving Reorganization Case to Missouri
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Fruit company discusses Chapter 11 filing
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  Lapsed Lien Lives On in Ch. 11 Case
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Nexiq Technologies file Chapter 11 bankruptcy petitions
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Telecoms:

Forstmann escapes XO bailout
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Telmex pays US$12.5mn to escape XO deal
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Get off the line
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Global Crossing will survive: CEO
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Ex-Global Crossing CEO Demands Rent Paid
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Grubman Said to Be Talking to NASD
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T-Mobile sued by bankrupt dealer; breach of contract, discrimination alleged
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Icahn poised to take over XO
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Lucent finds more routes to restructuring
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Lucent risks collapse despite sweeping cost controls
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Sterling Chemicals Receives Bankruptcy Court Approval of Disclosure Statement
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Understanding the Ordinary Course of Business for the Bankruptcy Preference Laws: What is the industry standard?
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Bankruptcy Reform:

IMF criticized for attempt to create new sovereign bankruptcy law
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Enron:

One Year After Enron's Downfall, Houston HQ Looks Like Ghost Town
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Enron CEO: Rock-Star CEOs Led to Scandals
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End of bankruptcy a year off, Enron CEO says
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Enron Day Provides Little to Celebrate
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Poor leadership fueled Enron's failure, CEO says
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Ex-employee seeks creditor reprieve - Venture partner claims ignorance, pregnancy, no job
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Enron featured in campaign spots - Cornyn and Kirk accuse the other of links to failed company
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Analyst Dropped Enron, but Her Firm Loaded Up
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Avista being sued over Enron deals
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Energy:

A Surge in Downgrades for Power Companies
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TXU cuts dividend, cuts Europe assets adrift
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Kmart:

Kmart's Turnaround Scheme Has New Aprons, Wider Aisles
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Kmart, Stewart still cuddly - Analysts hoot at ad of dreamy Martha in bed
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Kmart's holiday appeal - Television ads will aim at loyal, lapsed shoppers
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Consolidated Freightways:

Texas group defends revival plan for Consolidated Freightways
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Vancouver, Wash.-Based Trucking Company Flogs Assets in Wake of Bankruptcy
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Founder, three directors leave struggling Mars Music
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 240 Jobs - Last Updated October 14, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Pace of Internet shutdowns slows
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WorldCom:

Travelers Gave Ebbers Loans
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WorldCom expects $1B DIP approval
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Fund sues Ebbers, Citigroup
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Ebbers' technophobia makes WorldCom probe harder
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Citigroup Defends Loans to Ebbers Firm
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Citigroup Is Sued Over WorldCom Ties
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Citigroup says allegations of improper loans to Ebbers company 'plain wrong'
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PMIX to File Chapter 7; CFO Resigns
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Musicians raising funds for sheet music for bankrupt orchestra
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Manatt's Bankruptcy Practice Presents the Nuts and Bolts of Defaults and Recovery Seminar for Workout Professionals
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Accounting:

PwC told Tyco auditors won't face criminal charges
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IRS Says "LILO" Tax Shelter Still Abusive
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Lawsuits: I Wouldn't Cook Books So I Got Fired
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Partner Compensation
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Accounting firms adjust to reform act
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Sarbanes-Oxley and the cascade effect
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Regulations under the Sarbanes-Oxley Act
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BDO Ordered to Give Tax Shelter Records to IRS
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Creditors want to query former Stockwalk employees
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Japan:

The lone rearranger
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Japan Company Bankruptcies Fall; Future Gains Seen
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Japan Sept bankruptcies down, but set to soar
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Japanese Wary of Reforms
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The Tax-Cut Tonic Tokyo Needs
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Germany:

German telecom given more time to avoid bankruptcy
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Mexico:

Ahmsa could call off shareholders' meeting
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England:

Bulmer under threat as shares collapse
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Dome saviour warns of 'company crises'
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New clue to riddle of hanged banker
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Mr Music denies bankruptcy claim
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UK insurers face solvency peril
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E&Y seeks to block watchdog - Big Four firm to plea for postponement of investigation into Equitable audit
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