April 21, 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

         
Airlines:

A wing and a prayer
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Benefits For Brass Cloud AMR's Skies
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If AMR Crashes, Look to New York - One reason: No district is kinder to executive pay packages
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AMR shares fall on bankruptcy threat
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Union puts pressure on airline
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Maybe Don Carty just plain forgot
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AMR's Sneaky Tactics Hurt All Involved
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Union could drag out fight for years
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Unions Weigh Options After American Air's 10-K Filing
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AMR Clips Execs' Wings
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How American Execs Covered the Bases
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Enraged American attendants to scrap OK of givebacks
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American Airlines Pulls Executive Retention Bonus Plan to Appease Employees
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AMR faces union reballot on cuts
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AMR facing new vote on labor concessions
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Delta avoids bankruptcy 'hour to hour'
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Airline workers face new austerity
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UAL Opposes Association's Bid To Extend Claims Deadline
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United Cancels Added Pay Cuts; Federal Aid Cited
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US Airways' contract ax clips all vendors
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Former airline workers may be permanently grounded
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A memo to Bob Milton
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Airline's creditors may trump GE DIP offer
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Air Canada to fight hostile motions
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Air Canada Executives Said to Sell Personal Shareholdings
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Up, up--or away?
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Too Many Airlines
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Braniff Was Dallas's Introduction to Airline Bankruptcy
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The Airline Wage Escalator
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US Airways to Lay Off 890 Flight Attendants
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New era for airlines
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Midway Airlines to fight liquidation
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Airline got sweet deal in financing 25 Boeing jets
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Boeing's leasing, loan business amplifies its risk
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SARS sideswipes Asian airlines
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Airline Nosedive
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Necessary pain for the airlines
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Continental Airlines' Executive Retired Early in Time to Cash In
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Gas Pains For Brazil Airline Employees - Employees giving up their entire paychecks to buy jet fuel
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Corporate Reform:

Workers' pensions decay as CEOs pile up benefits
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CEO Gravy Train Steams Ahead Despite Bear Market
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Some executives stay in 'me-first' mode
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Pension Bill May Help Employers And Workers
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It's a lot tougher writing about bankruptcy when you have a personal stake
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Denver: Aquarium floats plan to pay debts
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Fleming:

Fleming Creditor Hershey Foods Objects To DIP Loan Pact
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Fleming bankruptcy pain spreads to U.S. food companies
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Weak economy slices golf-club memberships
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Superpriority did not bridge case conversion

AXA gets Tokheim's foreign assets
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Hockey:

Ottawa Senators get extra cash
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NationsRent Seeks More Time To Submit Turnaround Plan
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Rigases say advice, not fraud, brought them down
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Telecoms:

MCI creditors seek protection
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Court Approves Panel To Examine Fees In WorldCom Case
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Global Crossing fees may reach $163M
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JP Morgan sues ex-Global Crossing co-chairman over loan
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WorldCom Trustee Panel Seeks Examiner as Alternative
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Telecom Debt May Claim More Victims
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Monthly Loss Widens at Global Crossing
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Court OKs Globalstar Settlement With Loral Space
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Lessons for us all from WorldCom's fall
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Danger zone: Controlling stockholders may soon owe a fiduciary duty to their company's creditors
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Going for Broke - As more companies and individuals fail, thriving bankruptcy handlers clamor for new staff
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Steel:

National Steel fate up to judge
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National Steel Says U.S. Steel Emerges as Highest Bidder
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At Court, Days of Whine & Roses
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Energy:

FERC energy probe shifts from Enron to Reliant
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Calif Elec Utils File 20-Yr Plans With State Regulators
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How a Lone Trader Roiled Energy Market
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PG&E Holder Vote Count On Poison Pill Still Pending
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Energy CEOs Find the Tank's Still Full
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TCE strives to re-sign customers, rebuild after bankruptcy filing
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Law Firms:

Mintz Levin trims staff to boost profit ratio
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Summer Associate Class Size Down at Many Big Firms
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Spitzer & Big Law
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NY Lawyer Charged In Bizarre Kidnapping
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Senate OKs Attorney Fines
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Atlanta law firm on merger hunt
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Andrews & Kurth goes high-tech with ex-Brobeck attorneys
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Economy dogs Wake law school grads
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Corporate privilege in fraud cases is at stake
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Courtroom v. Boardroom: Juggling the duties of managing partner varied, challenging
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Four Boston law firms rank among most active in VC
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Intense lawyers need easy firm outings to cut stress
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The Ties That Blind?
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Enron:

Enron to auction more surplus equipment
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Bankruptcy judge dismisses Duke's suit against Enron
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Indian banks prepare defense in Enron battle
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Watkins blew whistle in soundproof room at Enron
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Enron's stash keeps smog credits costly
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Early warning signals pointed to downfall of energy trading
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New York fights '70s-style gloom
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Fleming Restatement Casts Co's Future In Doubt
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Asbestos:

New lawyer says 'King of Torts' may have kept money
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Ex-HealthSouth CEO's Hearing a Mini-Trial
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Denver: Hoover scrambled to keep afloat
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Debt counselors get a workout
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Few credit counselors mar field
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Buyers of middle-market companies fail to ask the right due diligence questions
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Dark Stores: It looks like a big box and smells like a rotten economy
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Lingering bankruptcy cloud can be confronted
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Pittsburgh Medical Research Firm Bico Claims Liabilities Top Assets by $5.3 Million
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New Bankruptcy Opinions
(No 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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Delaware as option state
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Kmart:

Stop payment Kmart preferred-vendor ruling may have long-term impact on bankruptcy cases
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Legal fees plague Kmart
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Divine gets $38M bid
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FAO:

FAO lands financing; may exit bankruptcy
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FAO Wins OK Of Auction Rules For 'Plan B' Liquidation
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Chapter 11 Rag
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The Scrushy Mix: Strict and So Lenient
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With Interest Rates Stable, Credit Card Fees Rise
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Accounting:

U-Haul parent Amerco sues auditor PwC
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Accounting Board in Rush After Rocky Open
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Audit firm's demise takes ex-partners to new ventures
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Corporate casual look not fading
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Wanted: New grads: Accounting firms, federal government covet newest corps of job seekers
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Over Industry Protests, FASB Alters Loan Rules
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Crt Approves Retention Plan For Wherehouse Entertainment
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DirecTV Latin Amer Gets Court OK To Reject World Cup Deal
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Court backs DOJ in Carbide case - After regulators object to the winning bid, a bankruptcy judge awards the Pittsburgh company to the runner-up
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Midco Products enters bankruptcy; lawsuits filed
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Bankruptcy Reform:

Clash over conflict rules
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Gemini Industries buying Recoton
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Spiegel Plans to Shut Outlet Stores
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US Trustee Seeks To Convert Telscape Intl Case To Ch 7
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Tobacco bonds tanking
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High-risk insurance pool faces insolvency
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Poor nations hit by debt relief with strings attached
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Encompass Woes Bring Down Boulder, Colo., Operation
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KPMG says pro-active steps to head off trouble show creditors a company is serious
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Layoff Roundup: week ended April 17
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HomeGold Gets Court OK For Examiner In Chapter 11 Case
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Peregrine Systems Banks Oppose Opening Plan-Filing Process
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Jackson Products faces bankruptcy as deal fails
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England:

Tough measures for clubs in administration
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Minister holds talks with CAA about troubles at MyTravel
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Mawhinney leads League action on insolvency
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Scots best in UK at reviving firms
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The spectre of Enron haunts SFO's new fraudbuster
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Hong Kong:

Lethal virus sending more Hong Kong businesses into bankruptcy as sales plunge
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Japan:

Orix slashes 02/03 forecast on writedowns
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Japanese Retailer Misses Restructuring Profit Target for 2002 Fiscal Year
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Thailand:

Thai Court Orders Ousting Of Thai Petrochem Debt Planner
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Australia:

Subbies call for legislation changes after company collapse
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