August 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
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Telecoms:

General Services prohibits future WorldCom contracts
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WorldCom on federal blacklist
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Don't reward MCI's fraudulent practices
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GSA Statement on MCI
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Lawmakers seek documents on MCI investigation
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MCI Not Good Enough for Government Work
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Hearing to Confirm MCI's Exit From Bankruptcy Delayed
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Verizon's Long Campaign Against MCI Finds Success
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Turkish Wireless Carrier to Pay Billions to Motorola, Nokia in Fraud Case
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WorldCom's exclusion from new government contracts could help Sprint
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Worldcom Unit Trade Creditors Oppose SEC Settlement
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Two senators urge U.S. reject Global Crossing deal
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Objections against sale of Touch America assets are filed
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Asbestos:

ABB Shares Gain After U.S. Judge Approves Asbestos Settlement
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ABB: Total Asbestos Cost Capped At $2.3 Billion
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ABB's $1.2 billion asbestos settlement approved
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District Court clears ABB asbestos settlement
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Congoleum Corporation Seeks Bondholders' Consent to Amend Indenture
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Icahn, others push to revamp Federal-Mogul
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Babcock & Wilcox's Request To Delay Ch 11 Vote Denied
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RHI Presents Plan To Restructure Embattled US Units
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Citing Pending Legislation, Creditors Want Delay in Owen Corning Bankruptcy
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Enron:

Bankrupt Thinking: How the Banks Aided Enron's Deception
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Tainted by Enron
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Court grants Enron judge more power
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Enron's Bankers: A Great Prison Escape
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Court OKs Enron Sale of Puerto Rico Plant
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Millions in payoffs identified in Enron case
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How big could CIBC's fine be?
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Accounting:

GAO: Don't blame auditors
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Financial Experts and Codes of Ethics: SEC Adopts More Realistic Final Rules
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Store Closing Sales Start at 29 Walking Company Stores
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Fiance's Debt Is Roadblock To Couple's Trip Down Aisle
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Bankruptcy Court Asks Bangor, Maine, Paper Mill Creditors to Prove Payments
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StorageNetworks packs it in
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Avoiding Fines Imposed by Article 9
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Boston Man Charged in $5 Million Bank Fraud
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Joy Global Inc. Makes Fifth Harnischfeger Stock Distribution
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Fleming to close five warehouses, lay off 800
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Huntington Beach May Face Bankruptcy After Tax Ruling
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Uniroyal Tech: Gets More Time To File Chapter 11 Plan
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  Burlington:

Burlington, Ross continue negotiations after judge's break up fee ruling
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Judge's ruling may threaten sale of Burlington Industries
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Airlines:

Air Canada's pension plan solvency deficit grows to $1.8 billion
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Air Canada Provides Restructuring Update; 8th Monitor's Report
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Air Canada's New Financial Obligations Exceed Cash
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Law Firms:

The Am Law Second Hundred: Succeeding Differently - The Chart
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Troubled Firm Narrows Merger Options to Three
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Capital Gains for DC Firms After Rival's Collapse
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N.Y. Panel Rejects Review Of Tobacco Fee Award
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Tonkon Torp fills new CEO position
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Lawyer's Career Moves From Silicon Chips to Cow Chips
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Former attorney charged with identity theft, fraud
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Former Bryan Cave worker pleads guilty to fraud charges
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Clifford Chance’s international securitisation chief quits
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Arnold & Porter launches Brussels arm
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NY Firm Wins Round in Court Against Ex-Partner
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NY Practice Leader Defects To Crosstown Rival
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Partners at Defunct Firm's Satellite Decide to Scatter After All
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Fewer New Law School Graduates Finding Jobs
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Court OKs Permanent $270 M DIP Financing For Penn Traffic
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Mortgage rates rise; refinancing declines
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U.S. Initial Jobless Claims Fell by 3,000 to 388,000 Last Week
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Credit counselors see demand surge
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Judge OKs sale of AmPad
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HealthSouth pleas mount
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Build them, they will sell? Cracks may be starting to show in the foundation of the housing market
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Hospital in SE Agrees to Show Progress or Lose License
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StorageNetworks Announces Plan Of Liquidation And Releases Second Quarter Results
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Pillowtex:

Pillowtex's Brands Are Most Prized Asset
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Pillowtex seeks immediate use of $40M DIP
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Pillowtex creditors get in line
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Pillowtex 'Bedtime Story' Ends Unhappily
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Governor visits displaced workers, vowing aid and getting an earful
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Throwing In the Towel?
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Steel:

Wilbur Ross' ISG files to go public
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Bankruptcy Near End?
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Lord Taylor Closings Cast Shadow Over Mall REITs
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Western Digital finishes Read-Rite buy
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Wayne, N.J.-Based International Specialty Products Gets Ameripol Synpol Plant
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Bankruptcy Court Approves Sale of BioTransplant's Eligix HDM System to Miltenyi Biotec
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New Bankruptcy Opinions
(No new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Energy:

NRG Asks US Appeals Court For OK By Aug 18 To End CL&P Pact
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FERC to decide NRG power contract case by Oct. 6
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$30M Escrow Will Cover Costs If Mirant Ends Contract
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Mirant creditors hire Miller Buckfire
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NorthWestern Stock Drops 12 Percent on Cut in Utility's Credit Rating
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PG&E Creditors to Vote on Reorganization
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Court Approves Panel For PG&E National Energy Noteholders
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Conseco:

Conseco, creditors settle disputes
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Conseco Reaches Agreement in Principle with TOPrS Committee and Creditors Committee
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Some Objections Still Remain To Conseco Reorganization
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Standards to Expect From Your Collection Lawyer
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Bankruptcy Leaves Team On A Road Trip With No End in Sight
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Court extends bankruptcy protection for Senators
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Tour Bus Company Files Bankruptcy
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Farmers lose thousands in worm scam
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Asserting Claims for Bankruptcy Attorney's Fees
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'Big Boy' letters provide a useful way to limit the risk of post-deal litigation
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England:

Ailing U.K. Hotels Operator Faces Receivership Threat As Bank Talks Fail
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Britons 'borrow' £29bn from friends
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France:

Debt, Tourism Woes Slam Euro Disney Shares
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Germany:

Haim Saban Zeroing in on Prosieben
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Czech Republic:

Czech Travel Giant Fischer Faces Asset Seizure
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Korea:

Sovereign legal threat to SK Global bail-out
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Australia:

CBA was a reluctant lender to Bell, court told
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________________

Canada:

Receiver takes charge of team
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Hong Kong:

Hong Kong's Low Interest Rates Have Banks Relying On Fees
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China:

Chinese scissors factory closes after 352 years
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_________________

Japan:

RCCJ enlists six banks for revival bids
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