April 14, 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

         

Bankruptcy Reform:

Already Tough Enough?
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Opposition Grows to Proposal on Bankruptcy Advisory Roles
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US leaves Brown's aid plan in doubt
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US blocks IMF debt proposal
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Restructuring Companies Rush to Europe
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Telecoms:

Worldcom Files Reorganization Plan, Names CFO
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WorldCom Civil Suits Take Shape
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Creditors Approve Worldcom's Reorganizing in Bankruptcy
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WorldCom to Announce HQ Move
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Firms Oppose WorldCom Extension To File Asset Schedules
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New WorldCom CFO an athletic "master of cashflow"
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Global Crossing Creditors Still Back Hutchison/ST Bid
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C2 Media Seeks Court Approval For More Time To File Plan
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Throwing away the key - Omnicare v. NCS ruling could make lockups difficult
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Spiegel Woes Yield Surprises For Card-Backed Bondholders
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HealthSouth:

Scrushy Ran HealthSouth Real Estate on the Side
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Thievery, again
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Excerpts of recorded conversation between Scrushy and Owens
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Pension Funds An Increasing Force To Be Reckoned With
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Hockey:

Senators bid gets bogged down
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Energy:

Reliant Resources chief joins executive exodus
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Energy companies turning to hedge funds
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Master netting agreement is changing the face of energy trading
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Creditor battle likely ahead for Palama meat
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Corporate Reform:

How Compensation May Change
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Big Companies Face More SEC Scrutiny in Wake of Scandals
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The SEC told Morgan Stanley that it may face civil charges of awarding IPOs to clients who planned to buy additional shares
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At Wiz, Nobody Beats the Fine Print
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Health Care Firm Needs Bankruptcy Fix
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Philip Morris:

The Wages of Sin
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States confront a necessity: 'evil'
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Judge sees progress in Philip Morris bond dispute
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Altria's Philip Morris Division To Resume Appeal-Bond Talks
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Tobacco Bonds Face Key Deadline Tuesday
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Health Firm's Owner to Testify in Nursing Home Bankruptcy Case in Paducah, Ky.
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Business Groups Lobby To Extend US Credit Reporting Laws
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San Antonio: GE Reaves Engineering files for Chapter 11 bankruptcy protection
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IRS targets offshore scams; time running out to fess up
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  Airlines:

As Carriers Sought Help, Top Tier's Pay Soared
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Voting extended to Tuesday on AA concessions
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Ratification up in the air for American and unions
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American Air's Pilot, Flight-Attendant Unions OK Bonuses
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American Airlines hopes to turn luck around with deals
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American Workers Losing Ground on Retirement Savings
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Airlines brace for industry's bad news
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Clash in the cockpit
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Mayor: No way United will keep its base in Indy
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Entering Bankruptcy Not Always Best Cure for Ailing Airlines
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Critics say United deal provides a lesson on jobs
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United Airlines workers brace for pay pinch
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United gets good news from unions
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Airports 'left holding the bag' as Air Canada fails to pay debts
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US Airways playing hardball
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Play hardball with US Airways
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US Airways' effort to break lease outrageous
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Rendell wants US Airways to move headquarters to Pa
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Boeing says Hawaiian withholding records
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Hawaiian starts plane talks
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Congress proposes $3 billion for airlines
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At Air Canada loyalty put to the test
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Onex eyes Air Canada units
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Time for Air Canada to mend some fences
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Dade Behring emerging from shadow of bankruptcy
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Bankruptcy lawyer makes Strategic move
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Adelphia:

Adelphia says operations will stay in WNY
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Critical care advised for vendors selling to firms in bankruptcy
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Asbestos:

ABB seeks SFr800m in share capital
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Bogus claims shortchange asbestos victims
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Enron:

Book on Enron reads like fiction, but it's fact
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New light on deals thwarts accord
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Vanguard sues Citigroup units
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Employees find they are low priority when firms flame out
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Encompass Services Disclosure Statement Gets Court OK
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The global economy is in harm's way
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Retailers Mull New Store Concepts, Struggle to Re-Energize Brands
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Inability to restructure debt foiled potential merger, says Stargate CEO: Ruscitto says deal on holdwith filing of Chapter 11
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Rucker battles Burlington from desk in a warehouse
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New York prepares for a financial 'doomsday'
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Flight school assets seized by trustee
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Kansas City: Creditors go to bankruptcy court to chase defunct printer's assets
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Conseco, Trump arbitration begins next week
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New Bankruptcy Opinions
(1 new opinion 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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Kmart:

Kmart ordered to retrieve $367M in critical vendor payments
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Kmart appeals to reinstate payments to suppliers
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Judge Overturns Ruling on Kmart Critical Vendor Payments
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Kmart Asks Court to Force Former Exec to Show Documents
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Kmart probe bogs down
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Judge: Bankruptcy Court Erred on Kmart
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Consumer trust key to Kmart's survival after Chapter 11
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Shoppers find bare aisles on last day
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Pleading requirements for preference claim explained

Law Firms:

McKenna Long Aims to Escape Libel Suit
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Pillsbury surprise
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Firm Grabs Brobeck's Palatial Former Digs
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Law firms consider mergers
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Action heroes: If your business faced a legal battle, you'd probably like to have one of them on your side
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Steel:

USWA may strike if AK Steel wins Nat Steel bid
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Judge Denies Motion to Sell Bankrupt Norfolk, Va.-Area Hotel
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Germany:

German electronics legend goes bust
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Japan:

Japan bank spreads narrow on chance of govt move
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Japan's bank malaise infects whole economy
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Ripplewood eyes bankrupt Japanese theme park
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Japan Bankruptcies: Recession Caused 77.2% March Cases
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India:

A Few Tricky Issues In Simplified Exit Scheme 2003
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England:

Creditors face 'back-door bankruptcy tax'
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Iraq:

Concern mounts over Iraq money claims
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Burdened with debt, Iraq needs more than oil to solve its problems
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Hunt for Saddam's billions heats up
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Australia:

Insolvency Notices
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Greedy empire's rise and fall
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Canada:

Consumer bankruptcies still rising
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Korea:

Goldman rejects Jinro revamp
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SK Global in tug of war
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S Korea's Onse Telecom Files For Court Receivership
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