October 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

         
Cendant drives off with Budget
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Airlines:

Downtrodden US Airways workers wonder when -- and if -- things will get better
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United, Unions Work on Cutting Costs
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United Fights for Life
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Bigger cuts in new UAL plan
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US Airways Aims to Cut $100 - $300 Million
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Possible Late Rescue for Vanguard Airlines
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Bain could lose Mattress Discounters
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Telecoms:

BellSouth Stalls Plans to Switch, Disconnect Customers of Rival Firm Supra
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Return Sought of $10 Million WorldCom Paid Goldman
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A Bit of Cheer (or Leer?) for WorldCom
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Are Old-School Telecoms Beyond Hope?
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Globalstar Gets More Time To Solicit Turnaround-Plan Votes
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Asia Global Crossing to Restate Certain Financial Information
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SBC Communications Puts Itself in Good Position to Acquire Rivals
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WorldCom still a player
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StarBand gets more time for turnaround plan
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Mars attracts bidder
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Consolidated Freightways:

Consolidated Rollin' again?
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Trucker Hopes to Get Revenue from Sale of Consolidated Freightways
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Kaiser Aluminum may ask to void pension plans
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Fontana, Calif., Roof-Parts Company Moves Into Bankrupt CanFibre's Facility
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Law Firms:

Clifford Chance Memo Voices Associate Unrest
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CC’s US arm takes low morale to task
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Flexibility Is the Best Strategy
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US lawyers flouting local bar rules
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Clients Find Ways To Cut Legal Costs
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Former Partner Admits Cheating Clients and Resigns From Bar
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General counsel refocus on value for money
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Brobecks M&A head latest to jump ship
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Lawyer cuts strike Paris legal market
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NY Firm Raids Rival in London
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Wells rejects pleas to stand as A&O’s unity candidate
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Battening down the hatches
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Ex-Davis Polk Partner Takes Job at CIA
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Brobecks searches on as Hogans exits
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Who Defends Corporate America?
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Shaw Pittman loses outsourcing specialist to BLG
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Paper mill files for Chapter 11 bankruptcy
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Delta Computec Inc., Completes a Bankruptcy Sale of Its Assets
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Judge overrules elder Erpenbeck's objection to Ben Mar repayment
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Victims of Ben Mar scheme inch closer to payback
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  Lock-up ruling roils bar
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Accounting:

Improper accounting appears to be on rise
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SEC Overrules Order in Ernst & Young Case
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SEC's Pitt Faces Public Battle Over Nominee for Audit Panel
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Tied firms plot shake-up to placate US regulators
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A&O called in on KPMG law arm wrangle
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AOL to Restate, Impairment Next
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SEC to Meet Today to Select Accounting Board
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Bankruptcy Reform:

Here comes the lame-duck
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Farmland could sell beef unit
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A Lingerie Maker Returns From Bankruptcy to Its Racier Past
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Enron:

Testimony on Lay winds down
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Judge Seeks More Info For Enron,Sierra Pacific Dispute
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Grand jurors eye Lay
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EOTT Receives Final Court Approval of $575 Million DIP Financing
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Banks to inject over $500 million to restart Dabhol
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Enron finds bills pile up as cash drains
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SLI wins DIP approval
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Austin: J. Harris retail company files for bankruptcy
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Corporate Reform:

Paying price for probes
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IBA launches post-Enron governance reform group
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Spitzer, Regulators Set a Plan For Stock-Research Overhaul
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Corporate America's Crunched Numbers
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Asbestos:

Divergent Rulings in 2 Asbestos Liability Cases
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West Virginia asbestos jury rules against Union Carbide
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Judge Rules for Armstrong in Asbestos Property Damage Case
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Store Closing Sales Start Tomorrow At 26 Calvin Klein Jeans Outlet Stores
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Planet Hollywood on verge of emerging from 2nd Chapter 11
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ChoicePoint roils INSpire deal
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Steel:

Bethlehem Steel Continues Monthly Losing Streak
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Judge gives hotel owner more time for disclosures
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Bankrupt Black Diamonds ball team is finally sold for $580,000
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More Blood on The Street - Chances are good that big securities firms and investment banks still have lots of job-cutting to do
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Citigroup Plans to Cut 1,000 Jobs
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Morgan Group:

Judge Allows Elkhart, Ind.-Based Morgan Group to Continue Limited Operations
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Liquidation of Morgan assets set to begin
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Jobs - 220 Jobs - Last Updated October 21, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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APW lawyers fees approved - Rates up to $650/hour
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Energy:

California Utilities Ordered to Buy Power
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Market meltdown strands PG&E merchant power plants
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Broker's Hunch Costs $260 Million
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Swifty Serve's future is in trustee's hands
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Friede Goldman:

Friede Goldman Halter Sells Marine Division
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Court Approves Bidding Procedures for Sale of Friede Goldman Offshore
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Kmart:

Kmart CFO Says Company Finally Winning Back Customers
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Martha Stewart's Troubles Deepen With SEC Notice
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2 Austin firms file for bankruptcy
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Rewriting the Letter of Credit
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Australia:

New Insolvencies
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England:

Travers Smith takes on Equitable claim fight on ‘no-win, no-fee’ deal
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Restaurant man in bankruptcy action
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Deloitte axes 28 jobs at Leicester
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Japan:

Takenaka faces down bank chiefs
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Japan's Banks Are Gearing Up For Fight Over Takenaka Plan
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Some Business Chiefs Support Takenaka Reform Ideas
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Date set for Japan clean-up plan
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Eliminating bank bad debt is the only way out
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Canada:

Judge rejects claims by Uniforet note holders; restructuring to proceed
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Switzerland:

Job losses loom as ABB plunges into red
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US groups consider buying ABB energy assets
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ABB unveils new cost cuts amid plunge into red
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ABB battles to defy doomsters
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ABB Revamps Again As Orders Fall, Debt Grows
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Mexico:

Grupo Covarra bankruptcy postponed
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AHMSA cuts losses 70%
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Ireland:

Ireland’s first commercial court set for 2003 launch
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