February 20, 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

         
DIP dimensions
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Airlines:

Creditors oppose UAL/McKinsey consulting contract
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UAL Wants $300 Million Loan Terms Amended
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US Airways Seeks OK to Replace Pension Plan for Pilots
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United Airlines Executives to Meet with Denver Employees
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Debt backed by airplanes downgraded
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American Air's Carty: Talking With Unions On Cost Cutting
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American cool on low-cost option
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Sofia Airport Unlikely to Collect Balkan's Debt
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Airlines Not Prepared for War
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Tilton Struggles to Keep United Feasible
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Peregrine:

Peregrine, creditors lock horns
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Peregrine Systems Opposes Panel's Request To Hire Adviser
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Enron:

EOTT to emerge from bankruptcy
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Fed considers guidelines on Enron-style financing
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Bankruptcy option weighed by government of Guam
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Fed eases rule to aid equal access to credit
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Court Converts Goldman Industrial's Case To Chapter 7
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Telecoms:

New Globalstar deal?
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Sullivan's Swankienda Mortgaged To The Hilt (scroll down)
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Microcell Files the Information Circular Related to its Plan of Reorganization
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Ntelos Misses Interest Payments While Trying to Restructure Debt
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AT&T Latin hires banker to review offers
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WR Grace Seeks 3-Year Extension Of $250M DIP Loan
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San Diego-Based Roel Construction Acquires Bulk of Dillingham's Assets
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Liquidation World Q1 profit down 43%, but hopes rise for retail bankruptcies
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Minneapolis: Quantech files Chapter 7 bankruptcy
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Farmland:

Farmland announces high bid on its state facilities
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Enid plant listed as item for sale in bankruptcy
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Accounting:

Hacking Away--at Tax Shelters - Executive dodges have the IRS--and Congress--up in arms
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State Boards of Accountancy Foresee Increased Cooperation With Federal Regulators
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Accounting Firms Find Hurdles in GAAP Convergence
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Bank wants out of contract - Bank One asks to be released from WorldCom deal
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Stage is set for auditors, management to clash
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IRS Updates ‘Dirty Dozen’ Scams For 2003
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  Letter from Delaware
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A question of firms quoting Chapter (11) and verse - Is American bankruptcy law dominating international restructurings?
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Napster:

Music giant Bertelsmann sued over Napster
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Napster rising from the grave
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Law Firms:

NY Firm Closes LA Office, Lays Off Attorneys
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Jones Day Suffers Outsourcing Nightmare
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DOJ Encourages Waiving Attorney-Client Privilege
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A Daring Venture
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Orricks and Mayer Brown continue Brobecks raids
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Faegre & Benson moving to Wells Fargo Center
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Firm Hit With Another Wave Of Significant Defections
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Final Brobeck layoff tally hits 66 in Austin
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London Firm Grows US Satellite
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Jones Day Gouldens shares out London practice jobs
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Dorsey hires California attorneys for Orange County office
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Partner's Defection Shuts Down Firm's Latin American Practice
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Clifford Chance throws weight behind global legal liberalization
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Three more quit OC as partner exodus hits 19
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Buchanans down to one London partner following dual resignations
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Judge says bank lawsuits can proceed
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Judge adds to Wall Street banks' woe
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Goldman Sachs, CSFB Lose Bid to Dismiss IPO Lawsuits
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Allied Devices Files for Chapter 11 Protection
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Steel:

Weirton Steel's union workers OK pay cut and pension freeze
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More tough days ahead for Weirton Steel workers
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Bidding for National Steel gets personal
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Conseco Finance withdraws bid for loan relief
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Wipe out
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Nissan's financing unit to end minority markups
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Emporium:

Bankrupt Emporium in Eugene, Ore., Gets Approval to Clear Shelves
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Texas retailer wants to buy 15 Emporium stores
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Kmart:

Kmart Fights Ex-CEO's Insurance Request
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Tax Collectors Object to Kmart Plan
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Troy, Kmart differ on plans for headquarters
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EPIQ Systems, Inc. Announces Record Fourth Quarter and 2002 Year-End Results
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Borrowers Get Stuck in Vicious Cycle with Payday Lenders
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs 871 Jobs - Last Updated February 3, 2003
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Energy:

Golden State warriors - PG&E's fate really lies with Judge Dennis Montali.
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EOTT to sever Enron ties
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PG&E aims for credit upgrade in bankruptcy plan
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Reliant dealing away Dutch plants
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S&P lowers ratings on Reliant, subsidiaries
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Bankruptcy Court Confirms Chapter 11 Plan for The New Power Company
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PG&E Shares Fall Amid Plan to Bail Out Bankrupt Unit
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NRG Energy makes deal with former execs who filed Chapter 11 petition
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Panaco Inc Gets More Time To Use Cash Collateral
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Adelphia:

Adelphia Business Gets Nod To Sell Detroit Market Assets
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John Rigas urges judge to reject new execs' pay deal
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Creditors At Odds In AppliedTheory Bankruptcy Case
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Cadiz Inc. Gets Loan Default Notice From ING Capital
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Corporate Reform:

Quattrone Case Indicates Data Was Discarded at CSFB Unit
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Oakwood Homes Corp. finalizes DIP facility
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MBNA Problem Loans Rise as Analysts Trim Profit Outlook
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Former United Companies Financial settle for $10 million
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Central Ala. suffers No. 2 bankruptcy increase
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Asbestos:

Court Halts Litigation Against Combustion Engineering
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Second Lawsuit Filed against Executives of Owens Corning Fiberglass
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England:

Bankruptcy remains a social stigma reveals KPMG survey
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Australia:

Gartner Wines to be wound up
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Liquidator closes in on former One-Tel boss
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Lawyer's high life skirts tax millions
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Canada:

Cenosis Notifies Its Intention to Make a Creditor Proposal Under the Bankruptcy and Insolvency Act
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Japan:

Why the "salaryman" generation has lost the will to live
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Koizumi's Choice of BOJ Head May End Impasse in Japan
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