January 16, 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

         
Letter from Delaware: Unite and conquer
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Airlines:

US Airways to Seek Plan OK at Hearing
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Some Creditors Say US Airways Depriving Them Of Plan Vote
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UAL CEO's Salary, Contract Stirs Disagreement Among Creditors
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United Air Bounces Check at Eagle County, Colo. Airport
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Ailing industry flying on one engine
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Several UAL contested items delayed
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United Likely to Lose Employee Ownership
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UAL CFO: Bookings Far Ahead Of Last Year On Fare Sales
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Balancing fliers with solvency
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United's fares are friendly for `good'
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Ruling Delayed in United Stock Sale Case
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More turbulence
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Continental sees more hard times
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UAL retention plan angers attendants
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Nigerians protest over grounded airline
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Vanguard objects to $1.6 million claim on bankruptcy estate
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Paul Weiss Represents UPE Creditors Committee
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Conseco:

Millions for Conseco bonuses OK'd
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Conseco cleared for two-tier DIP
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Supreme Court to Review $27 Million Award against Conseco Finance
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Kmart:

Kmart Closure Presents Real Estate Challenge
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Kmart To Pay Less To Facilitate 2nd-Round Store Closings
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Losing Jobs, Staying Upbeat
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Fedl Realty Sees Limited Impact From Kmart Store Closings
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As Kmart Founders, Other Retailers Are Poised to Take Advantage
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Retail Analysts Predict Kmart Will Stop Selling Perishable Foods
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Kmart Closings Will Hurt Some Suppliers More Than Others
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Stock of Grocery Distributor Fleming Cos. Falls 23 Percent on Earnings Warning
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Kmart Closings Leave Retail Space Glut
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Emergency surgery may help save ailing retailer
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Kmart hires CareerBuilder for displaced workers
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Corruption helps sink Kmart, say employees
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Footstar shares jump as Kmart shuts fewer stores than expected
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Bloated Big K cut down to size
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Lawsuit against Conaway dismissed
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Kmart to Shut 326 More Stores; Retail Federation Reports Poor Holiday Numbers
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Law Firms:

Discovery's Future Is Electronic - Processing computer information is changing how cases are done
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The Snitch Niche
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Alston & Bird Again on 'Fortune' Best Places to Work List
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Bakers unites US profits centres
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It Was a Very Bad Year For Dealmaker Law Firms
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Fast-Growing Firm Announces Bonuses
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Dewey Ballantine takes space in Cousins project
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China plots independent Bar
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NY Litigation Team Defects
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Simpson Thacher Closes Satellite Office
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Piper Rudnick Enters Boston Market With Addition of 33 Real Estate, Litigation And Energy Attorneys
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Piper Rudnick enters Boston market with a splash
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Rees emerges as favourite in Morgan Cole leadership race
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Firms braced for tough 2003 as confidence slip continues
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Linklaters offers associate deferment payments
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Parkhouse to Head Reed Smith team
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  Judge to consider appointing examiner to probe alleged fraud in Polaroid's bankruptcy filing
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DIP Dimensions: Agrifos Fertilizer
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Hockey:

$11.4-million required to carry on, Senators say
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NHL Bankruptcies May Force Other Teams to Pay Back Some Debt
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Court tangles await Sens sale
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Orlando Predators auditor has going concern doubt
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Darryl Laddin Appointed Litigation Trustee For ETS Payphones
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Rand McNally:

Leonard Green targets mapmaker
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Rand McNally Agrees to Prepack Giving Majority Ownership to Los Angeles Firm
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Accounting:

SEC curbs use of pro forma financials
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'Big fourí accountancy firms seek last minute reprieve on Sarbanes-Oxley
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Accounting Firms See Opportunity to Add Corporate Work
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SEC sets rules on earnings reports
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Accounting firm goes paperless
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Trucking firms sue Andersen
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Stiff competition forces banks to woo customers
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Heating Hoses Installed By Bankrupt Company Draw Plenty of Legal Heat
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Record year for Washington bankruptcies
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NTL:

NTL chief offers some lessons in survival
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NTL Learns of Certain Parties Intention to Request Relief Before U.S. Bankruptcy Court Relating to a Nasdaq Decision
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Magellan Health:

Magellan Health eyes Chapter 11
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Bankruptcy is closing in on Magellan Health
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Magellan weighs Ch. 11 option
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Marketing expert saves start-up from bankruptcy
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Candy company enters bankruptcy
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Bankrupt London's to pay off debt as it continues to make, sell candy
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Linux Maker MandrakeSoft Seeks Bankruptcy Shelter
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Enron:

Grand Jury Probe Examines J.P. Morgan's Links to Enron
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Pursuit of Fastow assets on hold
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Bankruptcy Tangles Enron Contract Disputes
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Gay slur earns Cruise $17m, defendant threatens bankruptcy
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Hughes Flips to Profit Helped by EchoStar $600 Million Breakup Fee
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Outlook of Charter Communications Dims
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Avis eyes Budget deal
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Asbestos:

Asbestos ruling will cost car makers billions
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Telecoms:

Domino effect
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Globalstar gets $55M lifeline
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AirGate PCS Posts Loss, iPCS Bankruptcy Likely
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Global Crossing awaits regulatory approval of asset sale
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Great Plains unit files plan to pay unsecured creditors
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Globalstar to Be Rescued with Funding
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Consumers are Driven to Smaller Discount Carriers in Wake of Long Distance Rate Hikes
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Sen. Panel Wants Hearings on Failed Crop Insurer
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Steel:

New steel boss is known for thrift and thoroughness
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Bank of America Beats 4Q Predictions
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FCC Approves Sirius License Transfer To Creditors
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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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Liquid Audio ruling makes waves
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Goodbye, Wilmington
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Corporate Reform:

Feds to Ban Execs From Certain Trades
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Foreign attorneys gather to gripe about Sarbanes-Oxley
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Analyst Pact Is Held Up By Words on Citigroup
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Spitzer let crooks off hook
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Executives Barred From Trading Stock When Workers Can't
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Reliant whistle-blower suit to be under seal
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Sun Healthcare Group, Inc. Discloses Landlord-Asserted Defaults
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Attorney seeks nearly $4K from Lawrence Group estate
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Energy:

Allegheny reports progress in talks
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California must act to avert new power crisis, says research body
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Court confirms Viasystems' reorganization plan
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FAO: Web, Catalogs Will Be Untouched by Bankruptcy
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Lights, camera, auction
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Sleepmaster:

Sleepmaster panel settles lawsuits, reorg plan objections
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Judge OKs Sleepmaster sale to National Bedding
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Writeoffs, delinquencies still challenge Sears, 2 analysts say
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Banks out to attract Hispanics
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Houston-Based Kaiser Aluminum Decides not to Reopen Spokane, Wash., Smelter
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DirecTV Latin America To Enter Chapter 11?
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Farmland suffers $417M quarterly loss
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Lender Reports Problem Loans
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Great Northern does not want to reopen mills
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Canada:

No fun left for Irwin Toy
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Irwin staff to fend for themselves
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Thumbs down for Pool plan
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Irwin future is etch-a-sketchy
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Cotton Ginny granted bankruptcy protection
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Largest Stokes creditor National owed almost $20 million
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Consumer bankruptcies down, business failures up in Nov.
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Shakeup in retail as slump bites
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Kenya:

Govt Declares Kenya Railways Bankrupt
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Japan:

Seibu first in line for aid from new entity
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Seibu set to receive Y230bn rescue package
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England:

Getting back in the black
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From boom to bust in 2003
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Ready, willing and cable
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London Scottish Bank is not one to collect
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Australia:

Music House slides into liquidation
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Mexico:

Mexico's Corporacion Durango Misses Payment On '09 Notes
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Korea:

Hynix lenders consider raising provision ratio
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Poland:

Polish telecom avoids bankruptcy, restructures
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