August 11, 2003 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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Airlines:

Layoffs stall Air Canada
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Bankruptcy could cost firm $310 million
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Pensions in hand, 3 depart Delta Air
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United Airlines Debates Status of Bond Debt during Bankruptcy
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US Airways' Future in Pittsburgh Has Been in Doubt since Last August
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Airline's unions win right to talk to investors
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Air Canada admits it cut too much staff
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Unhappy with New Contract, American Airlines Workers Look to Dump Union
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Northwest Air Unions Doubt Wage Cuts Needed To Save Co
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Daisytek Intl Creditors Seek To Investigate Pres Of Unit
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Fleming:

Supervalu to Buy Some Fleming Assets
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C&S, Fleming continue cure amount talks
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Fleming Companies, Inc. D.I.P. Selling 61 Locations
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Business Situation Worsens for Bankrupt Food Distributor Fleming
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Telecoms:

Long-Distance Routing Draws Short Straw
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Touch America bankruptcy sale has all-night session
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Who Killed Montana Power?
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Death of TA leaves plenty of questions
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Touch America Draws Bid of $42 Million
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Telecom doldrums sink Astrocom
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A conversation with Brian Oliver, Carl Icahn's chief strategist at XO Communications
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MCI's White Knight Comes Out Swinging
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Appeal from Provision of Unstayed Sale Order Deemed Moot If Provision Is Integral to Underlying Sale

Worldcom's Bar From U.S. Contracts May Reduce Net Income by $250 Million
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Superior Telecom has plan to emerge from bankruptcy
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MCSi Asks For Court OK For Bonus Plan, Insurance Deal
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New Names Hide Checkered Past
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S.C. recycling company says it's completed Ecusta purchase
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Amerco:

Amerco debt raises issues
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Amerco wrestles with credibility gap
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Amerco CFO Andrew Stevens Resigns
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AMERCO Reiterates Intention to Repay Creditors in Full, Without Diluting Shareholders' Interests
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Next Generation Technology Holdings, Inc. Files Voluntary Petition for Chapter 11 Reorganization
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Corporate Reform:

Tougher SEC Settlement Policy Spurs Concern, Criticism
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Corporate chiefs will reap millions in after-tax gains from the federal tax cut.
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Sarbanes-Oxley changing corporate life
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HSBC Looks To Expand Household Model Worldwide
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Companies and assets for sale due to bankruptcy
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Court Told of $46.5 Million Amassed From Jailed Mogul's Assets to Repay Creditors
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State spends millions to run failed insurance company
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Creditors plan liquidation of Stoneville assets
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IRS Punished Employees Who Violated FDCPA
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HealthSouth sells Florida hospital to generate cash
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"Cramdown" value determined case-by-case

Judge Approves Sale of Bankrupt Madison, Wis.-Based Aluminum Products Maker
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Bankruptcy calendar 2003
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  Asbestos:

Halliburton Faces Charges of Scrimping on Asbestos Trust
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Armstrong World Industries Plans to Create New Stock
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Honeywell International Has 69,000 Asbestos Claims Pending
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Federal-Mogul Seeks Court Approval To Change DIP Loan
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IRS Makes Bankrupt Companies Pay Taxes on Discharge of Indebtedness
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Enron:

Several Large Banks Worked to Help Enron Disguise Transactions
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Did they or didn't they? The list of enablers in the Enron collapse is rich in possibilities
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Portland, Ore., Grapples with Enron Breakup
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Insurers know the score, but do you?
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Consumer spending hits record
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Steel:

Steelworkers at Special Metals reject concessions
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Neenah unsecureds to get full recovery
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Bankrupt Steel Component Maker Seeks Bonuses for Executives, Pay Cuts for Workers
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Preservation of Steel's past a race against time
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Control of Raleigh country club is in dispute
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Law Firms:

By staying mum on noisy withdrawal, the Securities and Exchange Commission speaks volumes
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Departure of deputy attorney general latest in string of senior Justice officials
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Law firm sanctioned over conflict in Jore case
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Law school grads hold their own in job market
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Partner-Poaching Claims Lead to Hong Kong Showdown
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Three NY Partners, Two Associates Defect From Troubled Firm
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Law firm goes green for clients, savings
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Morgan Lewis Denies Liability to Former Brobeckers
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Firm Admits Big Mistake, Denies $30 Million in Liability
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State bar association runs afoul of SEC regulations
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Associates in Love Find Being Lawyers a Liability on Reality TV
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When going solo has its privileges
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New grads' employment rate declines
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Lawyers Pressed to Give Up Ground on Client Secrets
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Mooning, Brawling Judge Denied Stay of Suspension
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Associates have to put in their time and money to become partner
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Holland & Knight LLP courts changes in its workplace
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Ubi Soft is lead 3DO bidder
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Tensions rise on New York debt
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Kmart posts 1st-quarter loss
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Wellington Leisure finds buyer for plant
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Energy:

Chicago-Based Natural Gas Utility to Eliminate In-House Counsel to Cut Costs
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Experts skeptical of NorthWestern turnaround plan
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NRG continues fight for release from Connecticut contract
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Bankruptcy Court approves Castaways loan
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Prime Succession sale approved
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Shelter from the storm - Just what did Tyco's lawyer know, and when did he know it?
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Credit binge of the '90s leaves many on the brink of bankruptcy
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New Bankruptcy Opinions
(2 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Weird News
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Advisory Committee on Rules of Bankruptcy Procedures meetings
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Perkins Coie Sanctioned Over Bankruptcy Conflict of Interest
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Creditors Challenge Madster File-Sharing Service's Bankruptcy Petition
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St. Louis: Benevolent in crisis as debt, losses mount
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Eligibility of Petitioning Creditors Determines Subject Matter Jurisdiction in Involuntary Bankruptcy Filing

Recent Going-Concern Statements
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Orchestras feel slump all over U.S.
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Accounting:

US watchdogs in crackdown on accountants
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Advice on How to Build ``Rainmaking Muscle
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Audit Fees
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Firm Performance
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Firm Culture
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Stiffer Accounting Standards Debated
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Foreclosure Sale Extinguishes Debtor's Redemption Right Despite Undelivered Deed

Cintech looks for path out of bankruptcy: Software firm seeks capital investment
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Corporate Raiding Case Settles for $5.8M
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Trenwick to file for bankruptcy and sell off Lloyd's operations
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NQL INC. Files Proposed Disclosure Statement And Chapter 11 Plan Of Reorganization
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Coram Healthcare's Competing Ch 11 Plans Draw Objections
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Canada:

CIBC Caught Up In Weasel Parade
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Doman: Proposal From Holder To Support Restructuring Lapsed
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Implementation of UniforÍt's Plan of Arrangement
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France:

The magic dims in Walt's kingdom
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Tourist drought hits Disneyland Paris
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Econ Slowdown Pushes French Bankruptcies Up In 1H - Study
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Alstom's Rescue Offers Survival Rather Than Recovery
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Alstom to cut 5,000 UK jobs
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Wanted: Asian credit bureaus Data sharing can slash default rates
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England:

New rules on bankruptcy
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Elderly fight for money lost in 'precipice bonds' plunge
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Take it as red: bankruptcy is the next big thing in Britain
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Australia:

Pan rescue hinges on lawsuits
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Reynolds creditors get together
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Employees set to vote for new Pan Pharmaceuticals owner
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Australia's Reynolds Needs White Knight -Administrator
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New Zealand:

High road to disgrace
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Bankruptcy may get tougher
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Korea:

SK Global Foreign Banks Delay Submitting Approvals By 1 Wk
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Japan:

Major banks get the jump on IRC in reviving companies
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Debt-collectors push professionalism, not pain
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