August 29, 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:

Okla. court date set for Ebbers
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WorldCom's Ebbers to surrender in Okla.
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Pittsburgh-Based Internet Provider Stargate to Be Acquired, Stay Operating
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WorldCom seeks PUC exemption
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MCI CEO Said to Be Evasive During Deposition
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AM Communications Files for Chapter 11 Bankruptcy Protection
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Allegiance Telecom Wins Partial OK Of Key Employee Plan
(WSJ: separate paid subscription required)

MCI may soon face civil suits from other states alleging tax fraud, following criminal charges filed this week by Oklahoma
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Workers Laid Off by Bankrupt Butte, Mont., Telecom Get Federal Aid
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U.S. Weighs Role In MCI Criminal Case
(WSJ: separate paid subscription required)

Criminal Charges May Derail MCI's Exit From Bankruptcy
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The Fiduciary Obligations Of Directors and Officers Of Financially Distressed Companies
(Martindale: separate free registration required)

Energy:

Mirant asks judge to void Pepco power sales contract
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Naming of Panel Gives Mirant Investors a Ray of Hope
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Mirant says has tentative FERC deal on Calif case
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NWC extends balloting on stock plan
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Bankrupt Mirant Posts Wider Loss in 1st Q
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Possible Bankruptcy of Northwestern Doesn't Faze Allentown, Pa.-Based PPL
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Enron:

Judge may soon set schedule, unseal content of transcripts
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Former Enron treasurer Glisan may cut deal
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Court grants Enron Power Marketing Inc.'s motion for summary judgment with respect to Enron's claims for terminated contracts
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Credit cards bring calculating policies
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HealthSouth Announces Agreement With Banks To Waive Payment Blockage Of Past Due Interest
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Another Former HealthSouth Exec Pleads Guilty in Probe
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Makeover at Revlon puts it on shaky financial ground
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Accounting:

Penthouse Accounting Inquiry Advances
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Accountants Looking for New Jobs Despite Economic Slump
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Adidas official to plead in Just for Feet case
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IRS Probes Car Dealers for Scams
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Internal Audit in Flux
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Court to Determine Future of Bankrupt Port St. Joe, Fla., Hospital
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Wherehouse Entertainment Told To Detail Exit Loan In Plan
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Apartment Evictions Increase in Seattle Area
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Court OKs MCSi Insurance Finance Deal For $1.6 Million
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Lockformer bankruptcy
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Las Vegas judge approves Aladdin reorganization plan
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Delaware Holding Companies Are Recognized As Viable Business Entities
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Companies aren't hiring yet, but they're handing out raises and promotions to employees they want to keep
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  Court approves Burlington Industries' Chapter 11 disclosure statement
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Regus:

Regus trumpets release from Chapter 11
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Regus Applies to End Chapter 11 Protection for U.S. Business
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Regus 1st Half Pretax Losses GBP19.29 Million Vs GBP22.40 Million -2
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Law Firms:

Allen & Overy set for radical staff outsourcing to India
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New Insights on the State of the Profession Show Why Partners Must Stay
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2003 Hildebrandt Mid-Year Report
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Build Marketing Opportunities Internally
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Both Sides in Clayton Homes Suit Use High-Powered Legal Firms to Argue Case
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Pillsbury's Dough Girls
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New NALP Data Reveal Hiring Slowdown & Flat First-Year Compensation
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First-Year Summer Activity Survey 2003
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Employment Patterns 20-Year Trends
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One way to find out what matters most to your law firm's clients
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Should You Productize Your Services?
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New findings on lawyer compensation
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How to Pay Law Firm Partners Post-Merger
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Can Market Research Help to Improve Your Recruitment Success?
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Non-Equity Partnerships: Multiplying Like Rabbits
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Economy Notwithstanding, Plan to Get Back Into and Win the Race for Talent
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New NALP Foundation report to re-examine the issue of associate retention
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Sell Yourself: How to Conduct Effective and Ethical Marketing
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Is it time for you and your fellow partners to invest
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Associate Attrition - Every partner knows that it takes at least three years
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Do you and your partners embrace change and accept risk?
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Proposals That Get You Hired
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What's the Big Deal About Unbundling
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Seven questions improve law firm profits by focusing
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Tips for Creating a New Firm Identity
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Escalating Costs Find Managers Taking A Closer Look At ``Nonessential' Benefits
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Assignment Difficult: The Termination Decision
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Airlines:

Airline cuts cost with sandwich flights
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Trying to get out of debt not always to your credit
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Acterna's Disclosure Statement Approved; Bankruptcy Court Sets Confirmation Hearing for September 25; Acterna Enters into Agreement to Sell Itronix to Golden Gate Capital
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Asbestos:

WR Grace Sees 3rd-Quarter Charge on Court Ruling
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Armstrong World Industries to Pay $7 Million Put Asbestos Claims to Rest
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Judge Delays Vote by Creditors of Toledo, Ohio-Based Owens Corning
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Halliburton Iraq Work Booms but Profit Seen Small and Lingering Asbestos Liabilities Worry Investors
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Steel:

After ``No'' votes, Special Metals workers await bankruptcy hearing
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Kmart cuts losses to $5 million
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How Failure to Pay Employment Taxes Forced a Company Into Bankruptcy
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Advanced Marketing Services Gets Lenders to Extend Deadline
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Court Approves Bid Rules For Pillowtex Auction Oct 2
(WSJ: separate paid subscription required)

Children's Apparel Maker Kent Inc. Closes Shop
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Corporate Reform:

State attorneys general: new cops on the block
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Shareholders Ask for Changes in Corporate Governance, and the Courts Are Starting to See It Their Way
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Kasper ASL Equity Holder Wants Panel Named In Ch 11 Case
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Doctors CEO to get nearly $1 million
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Bankruptcy filing increase by 11 percent in Minnesota
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Grand Rapids, Mich., Firm Eyes Hauppauge, N.Y.-Based Twinlab
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Knoxville, Tenn., Manufacturer Asks Bankruptcy Court to Void Labor Contracts
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Ex-owner of ATM firm faces wire fraud charges
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O-Cedar files for bankruptcy
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Galey & Lord Wants More Time To File Reorganization Plan
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England:

US listing setback at British Energy
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Marconi rescue advisory fees soar to 90m
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No favourite emerges as Canary Wharf bid deadline passes
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The British invented it, by accident, then other countries did it better: the making of the modern company
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Distressed Companies Update
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Germany:

German Bankers Make Borrowing More Difficult
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DaimlerChrysler, BMW, VW Cut Costs by Owning Banks
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Japan:

IRCJ tackles small potatoes in its initial rescue bids
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Australia:

TGA audit reveals damning Pan evidence
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Ireland:

Elan Receives Extension of Waivers from EPIL Noteholders
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France:

Jobless rate hits 9.6% in France
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Mexico:

Satmex facing fiscal crash, may be on verge of bankruptcy
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Korea:

Bankruptcy Haunts Hanaro
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