December 17, 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
Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         
How Thurmond paid his daughter - bankruptcy judge served as "pass through"
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Airlines:

UAL to file for $1.6 federal loan guarantee
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UAL Corp. gets $2 bln in Chapter 11 exit financing
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2 banking firms will lend United $2 billion
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UAL is set to file a revised business plan
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US Airways pilots union wants CEO, CFO out
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Airline offer will stand if Li walks, fund pledges
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Air Canada Provides Update on Restructuring
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Air Canada restructuring hanging on creditor appeal
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Air Canada seeks court deadline
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Victor Li's group threatens to ground Air Canada deal
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SwissAir's U.S. protection extended
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Solutia:

Seeking Relief From Former Monsanto Company Legacy Liabilities, Solutia Files Voluntary Petition for Chapter 11 Reorganization
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Solutia Reaches Agreement With Euro Note Bondholders to Permit U.S. Chapter 11 Filing
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Monsanto suits force Solutia into bankruptcy
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FAO:

'Substantial' Offer Made for FAO Schwarz in NYC
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FAO Gets Extension to Find Buyer
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Corporate Reform:

Calpers Sues Big Board and Specialists
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Calpers Suit Viewed As Unusual For Targeting NYSE
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Exec Pay: Reason to Be "a Little Nervous"
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Colorado tops bankruptcy list
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Waterlink, Inc. Announces Asset Sale
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Sixth Circuit Applies Dewsnup and Prohibits "Strip Off" of Valueless Junior Lien

Kansas Bankruptcy Court groundbreaking today
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Liberia-based cruise lines file for bankruptcy protection
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Hawaii: Taxi company files for bankruptcy
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Kelsey to lead Palmer Johnson
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Santa Cruz budget picture worsens, bankruptcy possible
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Ceramic Tiles Producer Files Chapter 11
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Gambling regulators approve Emerald settlement
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Supreme Court Preview

Corrpro Announces Pact For Recapitalization And Refinancing Plan
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Shift to Video Proves Fatal for Winston-Salem, N.C, Communications Company
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Glove Maker Facing Involuntary Works to Secure Financing
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James Cable Announces Completion of Restructuring
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Insurance Proceeds Available To Bankruptcy Trustee Despite Debtor's Arson
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Corporations Cannot Obtain Damages For Willful Violations of the Automatic Stay Under Bankruptcy Code Section 362(h)

Internal Revenue Service Ordered To Consider a Chapter 11 Debtor's Offer-in-Compromise

Firms lukewarm about hiring next year
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  Asbestos:

Halliburton units file for bankruptcy
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First Day Pleadings
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Halliburton files KBR bankruptcy
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Halliburton advances asbestos accord
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Halliburton puts units in Ch. 11
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K&L Files Long-Anticipated Chapter 11 for Halliburton Affiliates
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S&P revises Halliburton creditwatch to developing
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Judge denies futures rep challenge motion by Owens unsecureds
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KWELM administrators seek accelerated runoff
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US Congress Wraps Up Session; To Finish '03 Work In Jan, Asbestos reform Outlook "Bleak"
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CART:

CART begins owner transfer
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IRL, CART counting cars
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Championship Auto Racing To Seek Chap 11 Protection
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Steel:

Judge approves sale of Republic Engineered Products
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Nucor's steel plant bid approved
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Weirton Steel Posts $8.4 Million Net Loss For November
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Energy:

PG&E Reaches Deal on Bankruptcy Bailout
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Regulator: PGE, Consumer Group Plan Likely to Get OK
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Deal could take PG&E out of bankruptcy - Rates would be cut $1 billion over 9 years
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PG&E Joins Turn in Compromise Plan to Save Customers $1 Billion in Financing Costs
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TCE bankruptcy plan OK'd
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Oregon's Investigations of Portland General Electric's Trading Will Continue
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Bankrupt Atlanta-Based Mirant Wants Former Executive Back
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Law:

Top Firm Pays $5.8 Million to Settle Malpractice Claims
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NY Firm's Insurers Must Cover Costs of Fight With Two Other Firms
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"Rising Star" Lawyer Takes It on the Lam After Indictment
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CalPERS Taps Lerach for Suit Against NYSE
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DaimlerChrysler Trial Delayed As Last- Minute Exculpatory Evidence Issue Erupts
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Telecoms:

Trustee May Be Needed to Take Over Supra Telecom from Firm's Founder
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NYC pension funds sue banks over National Century
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Kaiser pension plan goes bust
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Carolina Investors creditors recover part of stake
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AmeriCorp: An Insider's Stance on Credit Counseling Reform
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Doctors group PhyAmerica losing its leaders

Creditors deserve the truth
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New Bankruptcy Opinions
(3 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Enron:

Fastow lawyers press to move case
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Dick Cheney fighting to keep 'Enron papers' secret
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Miss. Chemical moves on bid rules
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HealthSouth:

HealthSouth Makes Semi-Annual Interest Payments to Bondholders
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Scrushy's Lawyers Ask Others for Money Back
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HealthSouth Victim of Its Own Fraud, Prosecutors Say

HealthSouth Can't Get Ex-CEO's Cash
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Accounting:

Fraud, Compensation Top PCAOB Priority List

Top SEC Accountant Urges Board to Set Rules
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Restatements: Differentiating Between Bad and Necessary

Restatements du Jour
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The IASB will likely face opposition from European officials when it publishes its final accounting rules for derivatives
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UK:

Bankruptcies set to soar tenfold
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Australia:

ASIC warns over possible breaches
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Pay $1.4m or else, Elliott told
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Ex-Foster's boss faces bankruptcy
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Super bankruptcy loophole closed
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HIH Official Faces Criminal Charges
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Japan:

Fitch affirms Japan l-t ratings, outlook negative
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France:

EDF is ordered to repay E1 billion in tax breaks
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Iraq:

Chirac and Schröder agree to debt cuts
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Brazil:

AES Says Brazil Agrees on Debt Plan; Takeover Averted
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Argentina:

Citigroup Adds $150 Million to Unit in Argentina
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Postal service is bankrupt
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Norway:

Huseby AS files for bankruptcy
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Korea:

Creditors to take control of LG Card
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LG Card Creditors to Auction Card Unit This Month
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Israel:

40% of kibbutzim on verge of bankruptcy
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