September 18, 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

         
Bankruptcy Reform:

US lenders warn lawmakers against bankruptcy change
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IMF Gets Support for Bankruptcy Plan
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IMF's plan for bankruptcy gaining favour
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IMF Bankruptcy Proposal Gains Support
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Congress Faces Gridlock As Term Ends
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More Cuts Due After JP Morgan Profit Slump
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J.P. Morgan Warns on Earnings
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GM grants DIP to Soo Plastics
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Big win for waiters leads to bankrtuptcy for restaurant
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Airlines:

US Airways Exec Criticizes Delta
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Line seeks to cut cost of leasing its planes
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Two more unions at US Airways accept cuts
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As Airlines Restructure, Workers Deal with Possibility of Being Laid Off
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Most important factor to airline passengars after ticket price? TV
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Airline marriages head for divorce
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A War Could Ruin Us, Claim Airlines
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Enron:

Firm's lawyers lived it up as Enron went belly up
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Enron Severance Proof of Claim Information
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Playgirl's 'Men of Enron' Magazine Debuts
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Creditors ask if saving Enron will pay off
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Enron to Hit Prime-Time TV in November
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Police extend Wessex Water inquiry to US
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Enron Inquiry Focuses on Portland, Ore., Man
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Md. weighs tougher role on future Enrons
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Former Official of Oklahoma Financial Services Firm CFS Pleads Guilty to Fraud
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WorldCom:

WorldCom Gets Extra Year To Make Decisions on Leases
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Indianapolis-Area Online Ticket Broker Closes Its Doors
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Chile's Edelnor files prepackaged Chapter 11
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Accounting:

Accountants applaud proposed industry crackdown

KPMG Admits 69 Partners
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Newcastle Partners Raises Stake in Inspire Insurance
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Little guys likely to lose out as Farmland debt grows
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Emergency financial takeover fears haunt Michigan cities
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Jacobson close to wrapping up
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FTC Settles With First Alliance
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  CDX's pre-pack plan is blocked
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EPIQ Systems Accelerates Market Share Increase in Chapter 13 Market
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Queen of the cram-downs?
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Adelphia:

Federal prosecutors plan to indict Adelphia executives
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Law Firms:

O'Melveny Hit With Another Belmont Suit
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Trimming the Tech
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Insolvency attorneys tend to run together "like packs of wolves"
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Pillsbury Winthrop partner shuffle heats up
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Congress Considers Hiking Attorneys' Fees
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Fried Frank to suffer loss of sole UK partner
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Telecoms:

Bankruptcy Metromedia Fiber Wants to Sell Reston Property
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Objections To Adelphia's CLEC Strategy
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Global Crossing asks OK to pay suppliers
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Forstmann says XO fails criteria for investment
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Global Crossing's bumpy ride
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Alcatel cuts go deeper
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Trustee Withdraws Request To Convert Devon Mobile Chapter 7
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Williams Communications Plan Draws Objection
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Federal investigation of Qwest at 'critical stages,'
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Bankrupt Summit gets outside auditor to avoid appointment of a trustee
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Another spin at 360
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Worldwide Wireless Networks Signs Bankruptcy Asset Sale Agreement
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Buyers Could Benefit From Global Crossing Reorg
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Qwest unveils plans to unload debt
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Telecordia to Restructure, Cut 500 Jobs
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Advanced Lighting Technologies, Inc. Delays Payment of Interest on Senior Notes, Bankruuptcy Possible
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Asbestos:

Lawsuits, debt weigh heavily
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Asbestos crisis harms needy
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Asbestos suits have cost the economy $200 billion,
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Injection Molding Firm Facing Involuntary Bankruptcy Lays Off Temporary Workers in San Antonio
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Creditor bids for Vivendi//Elektrim mobile JV
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Delaware: Standard MEMS Files For Chapter 11
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MEMC Electronic Materials owed $1.1 million by Standard MEMS
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New Bankruptcy Opinions
(4 new opinions today)

Bankruptcy Jobs - 199 Jobs - Last Updated September 16, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Martin Industries:

Martin suspends operations, considers bankruptcy
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Martin Industries Suspends Manufacturing Operations
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Martin suspends operations: Company cites lack of adequate funding for ongoing problems
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Corporate Reform:

A More Secure SEC
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The dog ate my ethics
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Steel:

Who won Gulf States Steel?
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Birmingham Requests Approval Of Ameristeel Settlement
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Cold Metal Products Announces Final Court Approval For up to $48 Million in Financing
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Cold Metal to keep benefit plans
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LTV faces decision on wire, tube unit
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Kmart:

Kmart continues to struggle with restructuring, huge losses
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Kmart Says Many Employees Linked to Questionable Bookkeeping Have Left
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Kmart to sell Internet provider
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Kmart shares off after results show scant progress
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Energy:

PG&E Opposes Reopening the Voting Period
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Big Creditors Oppose Revoting On PGE Plans
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California Power Failures Linked to Energy Companies
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Two Potential Buyers Emerge for PG&E Unit
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Some See Conflicts at Energy Partnerships
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Columbia, Wash., Health Club Owner Testifies at Creditors' Meeting
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England:

Investors Fear British Energy Headed For Bankruptcy
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Japan:

Trying to learn from failure suddenly all the rage
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S&P says BOJ plan "shocking" but no rating impact
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China:

Years of bad debt threatens China's banks
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