April 7, 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:

Threat to investor confidence looms
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Sensenbrenner Introduces bill to address 'Frivolous' Involuntary Bankruptcies
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Enron:

Utility Co. May Be Liable for Enron Taxes
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Indian lenders move court to restart Enron plant
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Local lenders unfazed by Dabhol arbitration
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Portland, Ore., Utility's Enron-Related Debt Unsettles Regulators
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Law Firms:

Brobeck Sues Client Over Unpaid Bills, Insurers Over Coverage
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Playing it safe
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Clifford Chance Cuts Salaries
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China whirl
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Firm Faces Layoff Fallout, Trims Summer Program
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Buying on time
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Paying for Performance - More firms are using "merit-based" compensation for their associates and partners
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Firm Sends Partners Packing
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Tangled up in JetBlue
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A two-front war
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Trans-Atlantic force
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Techno-courtroom helped Gadsby win Raytheon case
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Eliminating the punch line: Attorneys act to alter image, lawyer jokes
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Orrick raids Ernst & Young team for Milan launch
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Thermadyne reorganization plan is approved
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Delaware court rules fully on Omnicare - could restrict the ability of Delaware companies to enter lock-up agreements
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Energy:

U.S. Energy Companies Sell Equity to Trim Debt
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Utility debt deals pile up, but wild cards remain
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HealthSouth:

HealthSouth Reportedly Asks Its Lenders for More Time
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HealthSouth tries to avoid Ch. 11
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Tough decision at Source Medical
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Lawyers HealthSouth's Scrushy Facing Time
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HealthSouth: The fast fiasco
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Court to clear Divine asset sale
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Officials Try to Insulate Global Economy
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Court Approves FAO Reorganization Plan
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HomeGold:

HomeGold's luster fades after millions in losses
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Carolina Investor follows HomeGold into bankruptcy court
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Carolina Investors held community's life savings
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HomeGold Financial Inc. thrived on people who couldn't pay their bills
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Those trying to help Carolina Investors' account holders get their money back have their work cut out for them
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When Distress Spells Profits
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Drowning in debt: Getting advice early can help avoid bankruptcy
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Hockey:

Senators unfazed by money woes
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Deadline to bid on Sabres passes
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Yash still waiting for cash
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NHL On Thin Ice
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State extends DFS payment $49 million deadline, files fraudulent transfer suit
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FullPlay Media files Chapter 11
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Hayes Lemmerz Files Motion to Extend Solicitation Period Through April 28, 2003 and Continue Confirmation
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  Airlines:

U.S. Airline Industry May Be Recovering from Darkest Days
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Hawaiian creditors pick law firm
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Hawaiian and Boeing search for alternatives
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Union says Air Canada `dishonest' on pensions
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Ex-TWA pilots say American broke promise
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Northwest's plan: a pension grab?
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Delta deals with PR nightmare
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Air carriers ask for far too much
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UAL's Treatment of Airport Facilities Bonds Raises Concerns
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Plane paper
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Airline industry's outlook hinges on American talks
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After dodging bullets, direct hit by layoffs?
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Everyone has an opinion about how to fix the airline industry
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Air Canada unions prepare for bankruptcy court fight over pension deficit
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Air Canada's U.K. backer may reinvest
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Fliers might pay Air Canada's tab
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Milton faces fight-or-flight dilemma
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Investors' sights set on airline
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Bush Prefers Simple Airline Aid Plan
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United's Troubles Bode Ill For Dulles
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United, attendants reach agreement / Dispatchers also up for 6-year pact; ratification needed
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Winds starting to blow UAL's way
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UAL Seeks to Reject Former Exec Contracts
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United CEO Tilton Takes Another Pay Cut
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War, Bankruptcy Worries Ground Air-Travel Plans
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Cost-conscious airlines gain leverage
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Pension boss now US Airways chairman
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Airport anxiety: County must walk fine line in US Airways talks
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JetBlue soars to success
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Panic infects airline industry
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Labor Lifting Airlines' Hopes
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Fleming:

Fleming Receives Approval of First Day Orders
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Fleming Cos. Bankruptcy Raises Questions about Food Wholesalers
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Fleming gets $50M DIP
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Conseco faces towering issue
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Conceal and Delay - That's how Spiegel held off bankruptcy for more than a year
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Accounting:

The big four - SarBox: The worry isn't over yet
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President Casinos Asks Judge to Approve Financing Timetable
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Louisville: Whitehouse painting firm files for Chapter 11 reorganization
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Corporate Reform:

The Perks Still Flow (But With Less Fizz)
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Bankruptcy can make tax debt disappear
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Philip Morris:

Philip Morris seeks legislative relief in 12 billion payout
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Huge damages could snuff out Big Tobacco
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Philip Morris rebuffs bond deal
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Legislative Effort to Limit Altria Bond Ends
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Philip Morris Wants Illinois to Lose $3 Billion over Class-Action Lawsuit
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Legal trouble for tobacco
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Quandary for lawmakers: Keep cigarette company out of bankruptcy to pay its fine
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No Reason for Court to Lower Philip Morris Appeal Bond
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Kraft: No Access to Commercial Paper
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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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Asbestos:

Judge to Armstrong: Revamp plan
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Court Approves Settlement of Armstrong's Asbestos Claims
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Steel:

Weirton steeled for survival
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Insurers Promote Health Plans for Bethlehem Retirees
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Criminal Contempt Sanctions Unavailable Under 105(a)

Dealing With Fire
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Dallas: Cash Today chain files Chapter 11: State attorney general's office is largest creditor
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Retailing:

U.S. Luxury Retailers Breathe Easier
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Stores shun charge cards
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The consumer as big spender is on the ropes
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Owe, No: Credit Jerks Annoy GIs
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Dallas: Harrigans chain files for bankruptcy protection
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Kmart:

Why a Sears-Kmart merger could happen
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Attention new Kmart board: Don't add insult to those injured
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Former executive says he warned Kmart on Conaway
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Highly leveraged companies are offering to exchange bonds for other things. Do not take these deals. You're better off just selling the shaky paper
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Telecoms:

WorldCom Shifted Billions in Expenses to MCI Books
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Level 3 to exit Web hosting business
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Growth forced Big Net into Chapter 11 bankruptcy
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Hutchison offers new plan
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Silver Lake buys WorldCom bonds in ownership bid
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Thermo Capital to buy two-thirds of Globalstar
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Asia Global Crossing gets extension
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Globalstar Announces Thermo as Successful Bidder in Auction to Select New Equity Investor
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Datavon tries to unblock sale
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Fallen Founder of Adelphia Tries to Explain
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Henninger Prepares to Resume Business Post-Bankruptcy
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Singing the repo blues: As long as the economy remains slow, repo firms will continue to grow
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Consolidated Freightways plans sale of South Seattle terminal
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School opposes RoweCom sale
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Wall Street:

Lawmakers criticize US SEC's oversight of credit-rating firms
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United Way Plans Overhaul, Layoffs
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England:

Grabbing is not smashing
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Lloyd's Broker Goes Into Administration
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Japan:

Japan tries to figure out where it went wrong
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Kumagai Gumi's rehabilitation deal fails to impress
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Korea:

South Korea acts to save credit card units
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Indonesia:

Indonesian former central bank director jailed for failure to monitor insolvent banks
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China:

Chinese, Foreign Banks Unite to Fight Debt Evasion
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