August 22, 2003 

Pillowtex judge is wary of plan - "I don't think there is any point made by the creditors in its objection with which I disagree"
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Bankruptcy court delays P'tex decisions
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Friede Goldman Halter, Inc. Disclosure Statement Approved
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Exide creditors object to Chapter 11 plan
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Release Sought of Polaroid Report
(NYT: separate free registration required)

Telecoms:

MCI creditors want to subpoena its rivals
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Union: End MCI's Fed Contracts
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Oregon sues Worldcom, underwriters over bond issues
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Horizon PCS Units File Federal Lawsuit Against Sprint
(WSJ: separate paid subscription required)

Long-Awaited Telephone Rules Issued
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MCI's creditors want to see proof on call routing
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Bankruptcy Court Approves CTC-Columbia Investment Agreement; Latest Milestone in Progress Toward Reorganization
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Colombian airline group wants to fire 3,000
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Court Confirms AboveNet Plan of Reorganization
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Recovery of National Warranty Insurance Group money complicated
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Court Approves Sale of Certain Eagle Stores
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2 Eagle stores attract no bids
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Tyson bout in the works
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UK run-off firm to acquire Trenwick International
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3M wins decision in breast implant insurance suit
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Asbestos:

ABB says asbestos deal, unit sale on track
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ABB Manages to Fend Off Investors' Asbestos Jitters
(WSJ: separate paid subscription required)

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Steel:

Weirton Steel Loses $14.8 Million in July
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CFTC Issues Final Rules Affecting Exemptive Relief for Commodity Pool Operators and Commodity Trading Advisors
(Martindale: separate free registration required)

Bonus Stores Pays Out Secured Lender In Chapter 11 Case
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Payday Lender Closes Virginia Stores
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Securities Settlements Continue to Rise
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California Financial Privacy Bill Passes
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Collier Bankruptcy Case Update

Record bankruptcies blamed on financial illiteracy
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Adelphia Business Keeps Sole Right To File Plan Thru Aug
(WSJ: separate paid subscription required)

Court upholds Edison bailout / PUC can charge customers for utilities' energy-related losses
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US blackouts may prove lifeline for ABB
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All Star Gas Corporation Secures $3 Million DIP Financing
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Market Conditions Trim Immediate Liquidation Threat For NRG
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Mirant bankruptcy hits city, schools
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Law Firms:

Court filings shed light on Ness Motley schism - Ex-partner describes battle over $13M jet; 2nd lawyer's suit alleges sexual misconduct
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Sheppard Mullin Welcomes Chief Marketing Officer
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Sidley raids Hogan & Hartson for Brussels launch
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Busy Thumbs and Crossed Fingers
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Rival Raids Partners From Two NY Firms
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New head at White & Williams
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Airlines:

Hawaiian Air posted profit during July
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At last, some good news for airlines
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Most Big U.S. Airlines Ease Policy on Nonrefundable Tickets
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Warnaco Investor Is Fed Up
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Elan Gets Fourth Waiver Until to Aug. 29 Help Avoid Default
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Bankrupt Eastern Pulp Fails to Finalize Loan, Owes Bills to Bangor, Maine, Utility
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Bankrupt papermaker seeks loan
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Distressed munis can provide value for bottom fishers with less risk of default
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US junk bond default rate falls in July
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More Americans Fell Behind Credit Card Payments in June
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Several Fed officials are playing down signs of a strengthening recovery and stressing a willingness to keeps rates low
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Greater Southeast owners spend big
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Economy recovery could be gaining momentum
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Economy Heats Up, Dollar Sizzles
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HealthSouth Announces Divisional Leadership Change
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Judge approves $15.7 million sale of Ingersoll plant
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Solutia:

As bankruptcy threat looms, plaintiffs urged to accept PCB pollution settlement
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Judges' Involvement Helps Parties Reach PCB Settlement
(WSJ: separate paid subscription required)

Solutia: The Defendant Will Rise
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Wall Street:

Citigroup's Salomon Fined Over Brokers
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Family musical group seeking to shed executory contract gets tough lesson from label, music industry
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Clark Retail May Reorganize Around White Hen Pantry Ops
(WSJ: separate paid subscription required)

Texas Developer of Colorado Golf Course in Chapter 11
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Accounting:

Med Diversified Gets Subpoena Under Formal SEC Inquiry
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IRS Issues Final Golden Parachute Regulations
(Martindale: separate free registration required)

Auditors Taking More Aggressive Approach To Probing Books
(WSJ: separate paid subscription required)

Bean Counters Elbow Into M&A
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Warning Shot from the SEC's Cutler
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Bankruptcy on the Rise in WV
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Penthouse Publisher Gets Interim Crt OK Of $3M DIP Loan
(WSJ: separate paid subscription required)

New Jersey Business Bankruptcies Climb 32 Percent in Second Quarter
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The Layoff List: July’s toll
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Formica Says It's Nearing A Consensual Chapter 11 Plan
(WSJ: separate paid subscription required)

England:

Bid battle for UK power plant Drax intensifies
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International Power Extends Drax Offer Deadline To Aug 29
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US Investment Vehicle Says Still Interested In Drax
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Billiton Bid For Drax Shows New Market Strategy
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BHP Offers to Restructure Drax Debt, Supply Coal
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Accident Group 'inflated profits'
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Thailand:

Thailand Moves to Clean Up a Lingering Corporate Mess
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Korea:

S Korea Creditors Mull Share Write-Down For SK Global Hldrs
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Australia:

Creditor Of Australia's One.Tel Planning To Sue News Corp, Pbl
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Netherlands:

Dutch Business Leaders Fight New Governance Rules
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