February 3, 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

         
Airlines:

What will post-bankruptcy US Airways look like?
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UAL Posts Huge Net Loss As It Struggles to Cut Costs
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High Costs Still UAL's Albatross
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With Plastic Travel, Persistence Pays Off
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Think before dropping United program
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Travel Managers Reluctant to Sign New Contracts Due to United's Uncertainty
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US Air: Flying higher
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US Airways Restructures Aircraft Purchase Agreements
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Creditors Seize Varig Plane in Paris
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Airline Miles: Read Fine Print
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United gears up for eight weeks of critical decisions
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United may lose key fleet
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UAL's Downdraft
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AirTran's Market Value Zooms Past American's
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Will AMR Join UAL, US Air in Bankruptcy?
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American Airlines Has Huge Stake in Outcome of United's Bankruptcy Case
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Bankruptcies cast shadows on three embattled industries
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Bankrupt hospital leaders warn D.C. mayor that crisis looms
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Don't look for a drop in number of bankruptcy filings
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Steel:

AK Steel leads race for NatSteel
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AK Steel pursues new labor deal
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Few steel firms can enter fray
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AK Steel can't shake labor issues: Ability to work with union is key to deal
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AK Steel: Price alone won't seal National deal
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Law Firms:

Moribund Brobeck finally keels over
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Brobeck Lawyers Scramble for Jobs as Bankers Deal Over Debt
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HOW HIGH-FLYING FIRM FELL - IPO craze, lawyers' egos blamed for demise of S.F.'s Brobeck
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Law firms seize on Brobeck's collapse to add staff, clients
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Legal Firms Shift Focus To Deal With Downturn
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Brobeck tries to establish order
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'Don't Call Us' Is Becoming the Headhunters' Mantra
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Musical Chairs - Lateral moves never go out of style. But some firms are finding that the more they lure, the hungrier they get
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A law of commercial space unto themselves: Firms' leases are sign of life in market
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Threat of Dissolution Stalks Skjerven
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Luce Forward, Preston Gates in Talks for Possible Merger
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Kirkpatrick becomes first Pittsburgh law firm to name a diversity officer
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Akin Gump Loses Work-Product Argument, Must Turn Over Records to Grand Jury
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Can Mintz thrive through management by committee?
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  Bankruptcy Reform:

Congress tries, yet again, to reform the law
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Divine sued by subsidiary
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Tax shelter could hit Charter rescue plan, lead to bankruptcy
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California Patients of Bankrupt KPC Medical Practice Urged to Get Records
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Telecoms:

NextWave's big victory
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Touch America's fate lies with judge
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WorldCom could announce another 6,000 layoffs
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TelecomSupra Says AT&T Won't Pay, Tells Users They Must Switch
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Supra set to build out network
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Citigroup, JP Morgan among six named in Global Crossing suit
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Conseco:

Conseco places faith in its insurance arm
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Conseco Files Reorganization Plan
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Construction Firm Working on San Diego Padres' Ballpark Files for Bankruptcy
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IPA takes SJ docs, not debts
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Investment banker faces lawsuit over conflicts (DBN Subscription Required)

Committee Granted Derivative Standing to Marshal

Hockey:

Little Progress on Deals for Sabres and Senators
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Gary Bettman's three-ring circus: sun, fun, debt
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Don't say goodbye to the Sabres
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Complexities conspire to bog down Sabres deal
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NHL in Dollar Daze
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Accounting:

Six corporate accounting tricks
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Putting together the pieces: Sarbanes-Oxley implementation just one of this year's challenges for CPAs
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SEC's Cutler Calls KPMG 'Reckless' in Xerox Audit Work
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Head of internal audit more critical than ever to public companies
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FASB Adopts New Rules on Assets, Liabilities
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Tight accountant market prompts creation of outsourcing firm
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Bush's $2.23T Budget Would Add IRS Funds
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Welcome to the era of The Sexy CPA: Scandals endow accounting profession with glamor of infamy
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Nobody wins at Audit Roulette
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Old Hawaii company files for Chapter 11
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Epiq Systems to Buy Bankruptcy Services
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Oakwood Homes Corporation Closes DIP Facility
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Titanic Company Pondering Bankruptcy
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Credit-card debt mounting for Depression generation
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Rockies Venture Club Turns Bankruptcy From Lemons to Lemonade
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New Bankruptcy Opinions
(No new opinions 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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ACL gets $75M DIP promise
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Producer of Comdex Shows Is About to Seek Bankruptcy
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U.S. Bankruptcy Court in Kansas prepares to lose half of its judges
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Protecting the franchise
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Kmart:

Kmart's famous whistleblower is a tease who risks a kick by the feds
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Kmart Reorganization Plan Calls for Thorough Overhaul
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Pension fund haunts Kmart
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Kmart Moves to Keep Shoppers
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Many Smaller Retailers to Feel Effects of Kmart Closures
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__________________

Asbestos:

Honeywell asbestos deal may be copied
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Honeywell hopeful on asbestos liabilities
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Federal-Mogul to Divide Ownership With Creditors
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Despite stigma, Ch. 11 can mean recovery
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Ready cachet: Retail bankruptcies can sometimes translate into instant market presence
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Energy:

Allegheny Gets Still More Time to Negotiate New Loans
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Aquila: "still one of the top picks for a potential bankruptcy this year."
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Trinity Energy Resources, Inc. Files for Protection Under Chapter 11 of the U.S. Bankruptcy Code
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Corporate Reform:

Sarbanes-Oxley ups the ante for smaller public companies
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SEC to CEOs: Details, Details, Details
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Big Severance Packages for Top Execs An Exception, Survey Finds
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Pitt: Lawyers Must Consider Shareholders
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England:

Tread carefully when on the brink
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Insolvencies fall as companies take advantage of new voluntary arrangement moratorium procedure
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Where to turn about 'debt stress'
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Canada:

Pool postpones restructuring vote
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Microcell Granted Extension of Court Order
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Quebec's Cirque Eos seeks bankruptcy protection from creditors
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_________________

South Africa:

Creditors warned about odds of being paid
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___________________

Japan:

Koizumi, BOJ in secret deal to rescue economy
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