April 1, 2003 

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

         

Law Firms:

Corporate Scorecard: Top Practices in 2002
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Clifford Chance Associates to Review Partners
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NJ Salaries Near Flat As Firms Pick Up NY Laterals
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Law Firm Recruiting Comes Out
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Cravaths converts to LLP status
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Top Firm Must Return Four Ex-Partners' Capital
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11 percent decline in revenue good news for Wilson Sonsini
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Solicitor beats law firm after losing baby
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Boomtown - The soft real estate market is creating opportunities for D.C.-area law firms
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Kmart:

Kmart to cut 660 jobs, most at headquarters
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Experts doubt Kmart survival
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Steel:

Bethlehem says judge sets asset auction process
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HealthSouth ousts chief, fires auditor
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Hayes Lemmerz reorg plan may stall
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Asbestos:

U.S. Steel Settles Asbestos Case after Illinois Jury Awards $250 Million
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Asbestos Driving Rift Between Insurers/Reinsurers
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Congoleum Corporation Reaches Agreement in Principle to Settle Asbestos Claims, Announces 2002 Results
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2 Large Verdicts in New Asbestos Cases
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Consensus sought on asbestos
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Hockey:

Melnyk seeks Ottawa Senators
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'Multiple bids' for Senators
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Troubled HomeGold Financial and a subsidiary filed for bankruptcy
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Energy:

Deal on debt gives Reliant survival tools
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Reliant seals $5.9 bln deal with lenders
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What really happened in California is far more complex than simply a bunch of energy traders gaming the market
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Dynegy to Sell N. American Communications
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Conseco eliminates 100 jobs
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Peregrine:

Peregrine reorg gives equity to holders
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Peregrine makes changes to reorganization plan
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Insilco completes sale of assets
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Boots & Coots spurns Checkpoint restructuring plan
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  Airlines:

American Airlines' unions OK cuts
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On Brink of Bankruptcy Filing, AMR Reaches Deal With Unions
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How American dodged Chapter 11
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American sidesteps bankruptcy
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Carrier came close to filing
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Rank and file: pins, needles
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American Eagle Pilots Retain Bankruptcy Attorney
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SEC charges airline bidder with fraud
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Air Canada stock plunges; 1,300 to be cut from machinists union
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No cash parachute for Air Canada
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Bailout or bankruptcy?
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Bankruptcy's Brutal Cure Reviving Airlines
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US Airways Comes Out of Bankruptcy
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US Airways In Credit-Card Agreement With Bank Of America
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ATSB: US Airways Has Closed On $1 Bln Loan
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UAL Seeks To Drop Pilots From Contract Rejection Motion
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Four airports agree to grace period on UAL bonds, hearing
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SEC sues company for bogus airline buyout offers
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Federal Legislators React to Proposed Airline Industry Bailout
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Boeing claims Hawaiian CEO took $17 million from airline
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Boeing wants trustee for Hawaiian case
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Fitch Downgrades Atlas Air, Inc. Debt Ratings to 'D'
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America West Airlines' Parent to Restate 2001, 2002 Financial Results
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United lays out past pain, future plan, for SEC
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United to cut pilots' pay by 30% under proposed deal
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Discount tix buyers learn 'no refunds' is plane truth
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Judge denies Wherehouse DIP
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Accounting:

Auditing firm shelves plan to restructure
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Retail Landlords Teeter on Vacancy Tightrope
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Venture Holdings files Ch. 11
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Experts Say California Won't Go Bankrupt, but Debt Will Take Toll
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Desert Hot Springs bankruptcy reaches pivotal point
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Former Great Northern workers to vote on contract
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Corporate Reform:

Firms may Expense Spitzer $$
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SONICblue and D&M Let Deadline Pass In Favor Of Court Auction Process
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PGA nears agreement with lenders
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Jobs 871 Jobs - Last Updated February 3, 2003
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Spiegel Inc. misses latest filing deadline
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Spiegel report delayed by examiner's review
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Philip Morris:

Philip Morris faces finance crisis
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Altria Verdict Unnerves Market With Possible Bankruptcy Filing
(WSJ: separate paid subscription required)

Tobacco Verdict Hurts Altria Group Shares, Credit Ratings
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Bankruptcy fears hit Philip Morris bonds
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States line up against smoking case bond
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Dow slips back below 8,000
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Enron:

Enron lenders meet to discuss reviving India plant
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Steel:

Beth Steel CEO got no bonus
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Feds clear U.S. Steel's proposed buy of National Steel
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Telecoms:

Overstated profits put at $11b by WorldCom
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WorldCom Unit, Borrowers Seek To End Credit Line
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Worldcom Restates $2b More In Phantom Earnings
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WorldCom, AOL Time Warner Reach Deal on Service Contracts
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Bank Of NY Sues Asia Global Crossing To Get Access To Funds
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A Homegrown Flock of Vultures
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StemCells Auditor Doubts Co Can Remain Going Concern
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After 20 Years and $16,000, A Hospital Debt Is Canceled
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England:

Equitable protected by switch from shares
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NTL's financial refit costs 100m in fees
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Brazil:

Eletronet files for bankruptcy
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Germany:

Creditors approve U.S. investor's takeover of assets of Germany's bankrupt KirchMedia
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Canada:

BTI goes bankrupt
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Battery Technologies to seek protection from creditors
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