January 15, 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

         
Regus Files for Bankruptcy Protection
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Kmart:

Kmart to Slash More Stores, More Jobs
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Retailer's prospects cloudy, analysts say
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List of Kmart closures
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Bankruptcy Isn't the End of Kmart's Troubles
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Feds' probe of Kmart nears end
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Kmart to shut 326 stores, fire 30,000
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Supercenters, South abandoned
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Wal-Mart, even smaller chains, to benefit from Kmart closings
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6 Colo. Kmarts to close
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19 California Kmarts among those being closed across country
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Kmart closing Houston stores; many jobs lost
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A year of struggle
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Kmart to Cut 1,455 Georgia jobs
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South Bend, Ind.-Area Kmart Stores Are Staying
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Kmart Announces Closure of 54 Texas Stores
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One Kmart Store in New Mexico to Close
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Kmart Closings Include 18 North Carolina Stores
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Thinking smaller with big cuts: Kmart slashes jobs, stores to emerge from bankruptcy
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Kmart KOs Stores In Qns., B'klyn
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Seven of Louisiana's 25 remaining Kmarts to close
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2 Utah Kmarts Part of Purge
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History of Kmart at a Glance
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MandrakeSoft mulls Chapter 11 style escape, says email
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Bankruptcy Reform:

The future of bankruptcy reform legislation
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Law Firms:

Defectors Who Killed Firm Find New Home
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International law firm pulls out of slow Hong Kong
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NY Firms Grapple With Leaving Downtown
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Firms Merge
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Three Firms Named Among 100 Best Places to Work
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Pillsburys in Houston launch with Vinsons raid
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Pillsbury swoops on Vinson & Elkins team
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Pillsbury Winthrop Opens Houston Office
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Dorsey & Whitney faces £6m racial discrimination suit on denial of partnership
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IRS Offers Leniency to Users of Shelters
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Energy:

NRG battles involuntary Ch. 11
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Allegheny Energy gets critical waiver extensions
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Systech Retail Has $1.7M DIP Financing
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Steel:

Midland Steel files for bankruptcy
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Midland eyes DIP funds
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American Paper lines up buyer
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US West Homes Officers Charged With Securities Fraud Which Allegedly Bankrupted Freestar
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Home builders' bankruptcies can wreak havoc for buyers
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Developer Offers $1.3 Million for Bankrupt Disc Maker's 'Hard Assets
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  Goodbye, Wilmington
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Telecoms:

WorldCom CEO Outlines Turnaround Plan
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WorldCom CEO Capellas Names New Management Team, Outlines `100-Day Plan'
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WorldCom Names a New Executive Squad
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WorldCom Creditors Win Approval to Hire Pay Consultants
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Full Text search WorldCom Pleadings

Orius set to emerge
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Telecom debt fallout hits many unlikely buyers
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Digital Teleport Submits Settlement Agreement for Creditors
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Lawmakers pan Powell telecom plan
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FAO Schwartz:

FAO Schwarz parent bankrupt - plans to shut down as many as 80 of its 253 U.S. outlets
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FAO Schwartz seen leaving Hub
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Court Gives FAO Authority To Use Collateral to Operate
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Chapter 11 in Toy Land, but Shhh! The Children!
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Conseco Finance wins loan approval
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Accounting:

Accounting Rules Obscure Debt Losses
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Airlines:

Trustee Denies United Noteholders Request
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United flight attendants fight exec incentives
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Aviation Analysts Raise Predictions on Airline Industry Losses for 2003
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US Airways pleads for pension stretchout
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US Airways bailout plan risks pensions nationwide
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Airline woes to hurt financing
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Hospital to Keep Convicted Financier's Name
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November, December Retail Sales Prove Grim All Around
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Troubled Aladdin Limping Back to Life, But It Might Be Too Late
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Farmland Industries Announces Huge Quarterly Loss As a Result of Write-Down
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No Bankruptcy Protection for Disillusioned Lawyer
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Advanced Glassfiber gets loan approval
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Asbestos:

Mass Tort Medicine Men - In asbestosis litigation, a scientific correlation has been discovered: between diagnoses and the firms hiring the doctors
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Congoleum seeks support from asbestos plaintiffs
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Asbestos Continues To Take Its Toll On U.S. Corp. Debt
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Prominent Asbestos Litigator Surrenders Law License
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Travelers says it can absorb extra asbestos cost
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Southeast hospital still seeks funds
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Oceans of troubles swamp Seven Seas
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Tippin's seeks Chapter 11 bankruptcy
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Viasystems Sees Bankruptcy Exit Jan 31
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Frisby ousts company founder, CEO
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Great Northern to ask judge for loan approval to reopen mill
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Banks battle regulation of predatory lending
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New Bankruptcy Opinions
(No new opinions 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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Enron:

Firm Denies Role in Enron Fraud
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Bank to Face Ponzi Scheme Claims
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Hockey:

Sabres get 'exploding' DIP
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Sellout buoys Sens
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Bryden bids for NHL's Senators
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Bryden puts in bid for Sens
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Bankruptcies donít stop sponsors
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Explanation of hockey bankruptcies like Monty Python
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Sabres get $10 million line of credit
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Senators Dominate To Lead Standings
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Money is not only shortage facing Sabres
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A set of rules for us, another for Bryden
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Adelphia Bankruptcy Judge Clears Cash Hurdle for NHL's Sabres
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Bankrupt Sabres roll into St. Paul
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NHLers bristle at Bettman
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Pro-sport owners act like amateurs
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Bryden's stock soars on FDA approval
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Government takes over Livermore company's pension plan
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Kaiser Aluminum:

Kaiser Aluminum Sues To Protect 2 Affiliates From Liens
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Kaiser fights to fend off PBGC
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Kaiser Aluminum Files Nine Units Under Bankruptcy Protection
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Springs symphony won't make payroll
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FleetBoston Quarterly Earnings Far Off Forecast
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Wall Street Firms Facing Wave Of Investor Lawsuits
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Switzerland:

More bankruptcies
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China:

China tightens rules on foreign borrowing
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Sales Of Bad Loans Get Good Start
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Canada:

Sask Wheat Pool debt holders reject restructuring plan
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Australia:

HIH director's last-minute dash to cash $180,000 cheque
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Japan:

Takarabune Says Files for Court Protection
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England:

Charities warn over debt pay-off schemes
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Doubts grow over prospects for £3bn British Energy rescue
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Conman used dud cheques in fraud
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