January 14, 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

         
FAO:

FAO Schwarz goes bankrupt
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FAO Inc. Declares Chap. 11
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FAO Schwarz in bankruptcy as retail slump continues
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FAO vows business as usual under Chapter 11
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FAO Seeks Authority To Use Lenders' Cash Collateral
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NY Attorney, Driven Out of Practice by Debt, Denied Bankruptcy Relief
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IRS Offers Offshore Credit Card Amnesty
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Sirius Says It May Face Bankruptcy If Financing Fails
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Enron:

Abbott assails Enron's lawyers
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Kmart:

New store closings, big layoffs for Kmart
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Kmart To Close About 330 Stores, Cut 25,000 Workers
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Kmart looks at closing more stores
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Corporate Reform:

Why IPOs were a fraud
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Weill May Have To Testify
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Third SEC inquiry hits Raytheon
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Young, Jobless, Many Forgoing Health Insurance
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Despite drought, few file for Chapter 12
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Telecoms:

Its future in doubt, WorldCom keeps talking
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Merger won't cost more jobs, says Group Telecom chief
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WorldCom-Salomon ties prompt mass litigation
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Sprint takes another contract from 'distressed carrier'
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Ex-Salomon Broker Files Claim Against Grubman and Citigroup
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Bankruptcy Court Examiner to Review Cary, N.C.-Based Cell Tower Firm Concerns
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BellSouth drops hike in CLEC security deposits
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Metromedia Fiber's banks face legal pressure
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Broadwing to take $2 billion 4th-qtr charge
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Microcell's lenders agree to reorg
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Adieu to WorldCom as we know it
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Senate to weigh Powell plan
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WorldCom Considers Name Change as Part of Reorganization
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U.S. Attorney renews call for trustee at Summit
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Goldman sees brighter future for telecoms
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WorldCom's Capellas to outline ideas, no specifics
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HHS May Seek Gambling Funds of Deadbeats
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Steel:

Bankrupt Midland Steel Has Assets Of $10M To $50M
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Steel deals signal a shift in responsibilities - Other ailing industries look for models on handling benefits
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How to manage your trade debts effectively
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Accounting:

Accounting Watchdogs Should Question Own Pay
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Accounting cleanup isn't a snap
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Ernst & Young Financial Details Are Disclosed in Divorce Case
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EBITDA's Foggy Bottom Line
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Bush Names Budget Official to Lead IRS
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Accountants Board Tin Ear Now Golden
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FTI Consulting Adds In-House General Counsel
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Orius Corp. Completes Financial Restructuring; Company Will Emerge From Chapter 11 This Month
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Bank warnings suggest disappointing reports
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Unions oppose benefit cuts Great Northern says it needs
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Gaming officials say Emerald's scheming might threaten settlement
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  Hockey:

Sabres join Senators in bankruptcy
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Sabres are bankrupt
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`Good news' simply deceit
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Bankruptcy Cases Could Grow
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NHL tries to sort out mess
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First shot to Bryden - Offer from Sens owner expected
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Faulty game plan
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NHL's Buffalo Sabres Seek Bankruptcy Protection
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Chapter 11 filing can help Sabres
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Insolvency ignites dispute
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Keep Sens' 7th man on the bench
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Canucks missing $442,000 US owed
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Public purse shouldn't fund pro teams
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Stop the stupidity!
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Portland isn't the answer for Senators
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Sens were bad business from start
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Media demands Senators disclosure
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Law Firms:

Red Scare - After years in the black, Bay Area firms saw their revenues plummet in 2002
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E-Legal: Failure to Retain E-Mails Equals Huge Fines
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Firm Plots Legal Battles From Makeshift VPN Sites
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Firm Eliminates 14 Partners as Part of Merger Search
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Squire Sanders takes ex-WorldCom general counsel
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Top Litigator's Defection Rocks Firm
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Clifford Chance Set to Eject Partner, Faces 30 Million Claim
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Mending your ways - questions you should be asking in order to stave off the effects of the downturn
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Brown & Wood and others named in $1bn lawsuit by client
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Ex-Associate Charges Top Firm With Racial Discrimination
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Linklaters raises the stakes in new associate deferral payouts
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Partners Defect From Euro Firm's NY Office
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Boston Landlords Grow Wary of Law Firms
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Clifford Chance and A&O decide two heads are better than one
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Law firm abandons China practice, lays off 40 attorneys
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Firm Expands With New Houston Office
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Merged Firms Name New Chiefs for Two Offices
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UK managing partners predict bad six months
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The arc of the bubble
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Bankruptcy for Tucson diocese 'an option'
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Asbestos:

Automakers lose bid to limit claims in asbestos lawsuits
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Creditors request all of Fed-Mogul's shares
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Congoleum Corporation Seeking to Resolve Asbestos Liability With Prepack
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Georgia-Pacific Warns of Loss on Asbestos
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Supreme Court refuses to get involved in asbestos fight
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Travelers Boosts Asbestos Fund, Will Take $1.3 Billion Charge
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Group pushes asbestos legislation
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Bankruptcy Reform:

International Monetary Fund Backs Down on Bankruptcy
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Energy:

NRG fights involuntary Ch. 11
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Officials say trader was part of big plot - El Paso confirms more fake reports
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Growing Numbers of Homebuyers Find Themselves Paying More than Home's Worth
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Systech Retail Systems and Affiliates File Ch. 11
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Jobs - 784 Jobs - Last Updated December 10, 2002
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Sunbeam:

Blackstone starts cooking Sunbeam deal
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Former Sunbeam Seeks Acquisitions
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Airlines:

Industry seeks substance and focus on United
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UAL Seeks to Stop Desired Deposition of Financial Chief
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UAL falls after stock-plan sale cleared - Next event is Wednesday hearing with bankruptcy judge
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United Seen Playing EETC Creditors Off Each Other
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United OKs limited sale of shares by trustee
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Frequent fliers rush to redeem mileage rewards
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Last US Airways' unions accept cuts
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US Airways pension shortfall has company
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Airlines test cheaper business fares
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Low-Cost Airlines Gain Market Share; Major Airlines Cut Routes, Trim Costs
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US Airways renews attempt to change pension rules
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Jet-Finance Deals May Suffer From Continued Airline Woes
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ACA Asks UAL For 'Yes Or No' On Contract
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Analysts Expect Airlines' Losses to Top $8 Billion, Despite Cutbacks
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Frequent Flier to Rental Driver Has Its Price
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Appropriations Committee to Discuss Effect of the US Airways bankruptcy on employee pension plans today
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France calls for Air Lib compromise deal
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United cancels labor contract - airline becomes the first to invoke Section 1113
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What To Do If Your Airline Gets Grounded
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SATX, Inc. Comes out of Bankruptcy, Changes Its Name and Gets New Trading Symbol
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SATX now Peninsula; businesses are medicine, gas and bonds
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Fraud no skin off lenders' backs - Lenders reluctant to pursue borrowers who falsify mortgage applications
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Wall Street firms brace for arbitration claims
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Companies Fight Shortfalls in Pension Funds
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Bankrupt landlord ordered to sell 30 properties
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Mattress Discounters gets reorganization OK
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England:

NTL slices 20% off income target
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Travers Smith rescues NTL
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Ex-auditors 'not to blame' for problems at Equitable
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E&Y denies damage to Equitable
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Australia:

Employees take precedence in New Tel liquidation
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Hunt loads for New Tel
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HIH directors "almost certain" to be charged
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Japan:

Action on bad-loan buyup is advancing
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Corporate Japan making progress - slowly but surely
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__________________

Philippines:

In the offing solutions to problems in secured transactions?
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Switzerland:

Swiss 2002 bankruptcies up 8.1 pct
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________________

China:

China guards against Enron-like scandals
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_____________________

Canada:

Financial Restructuring of Sofame Technologies Inc.
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