January 27, 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:

Airline keeps keys, cuts contract
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United Airlines Lowers Threshold for Overweight-Baggage Fee
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Other carriers may follow UAL's lead just to compete
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Sinking airlines up to old tricks
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United Lays Off 704 Flight Attendants
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Downturn threatens airline workers' pensions
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Airlines in a steep dive
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More Airline Bankruptcies Would Likely Result from Prolonged War in Iraq
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Air Canada could face cash crisis
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Head of pilots union shares Alaska's tactics
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Unions at American Airlines Stand Firm despite Company's Woes
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American Airlines: UAL redux?
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Doubts encircle American
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Swissair bent European law
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Downturn Has Many Seeking Careers With Greater Stability
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Steel:

Oregon Steel says facility will reopen
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Bidding war under way for National Steel Corp.
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Kmart:

How 'Frat Boys' drove Kmart to ruin
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Kmart Creditors Disputing Ownership, Value Of New Equity
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Kmart asks anonymous letter writers to come forward
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Details of Kmart's stewardship review
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Petitions seeking to save store go to court
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Former Kmart chief may face legal claims
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Ex-Kmart executives 'grossly derelict'
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Kmart pins comeback on 'neighborhood' plan
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Cuts Hasten Bleeding of K-Mart
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Food Distributor Considers Breaking Kmart Contract
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Strategy includes new board, shares
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2 investors to provide much of cash to fund Kmart turnaround
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Hockey:

Reasons to root for Ottawa Sens' owner Bryden
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Senators waiting on new owners
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Bryden's Deadline to Buy Senators Is Extended, Team Says
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No further government plans to help hockey's Senators
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The battle of the bankrupt
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Ontario court bars release of Ottawa Senators' data
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Prosperity falls hard in Northwest
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Atlanta bankruptcy court now No. 4 in nation
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Boston Archdiocese:

A matter of choice
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Boston clergy sex abuse plaintiffs OK moratorium
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Bishops blocked bankruptcy idea
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Mending poor credit takes time, wisdom
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Hoover case creditors still lining up
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Denver demands bankrupt aquarium land
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SNH Agrees To Provide $67.9 Million To Alterra Healthcare Corporation
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Before the Bubble Burst - The Short, Absurd Life of The Industry Standard
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Two-Buck Chuck - The wine industry is suffering from a global grape glut and competition that's driving down prices
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  Telecoms:

Worldcom Is Still Growing
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U.S. Trustee Objects to Terms of Globalstar DIP Financing
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Marconi delays £4bn restructuring
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C&W considers former boss of WorldCom as next CEO
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Focal Commun Wins Final OK To Tap Bank Cash Collateral
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Welcome to the bone yard
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Genuity sale to Level 3 OK'd
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Bankruptcy court ousts Summit management
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Metawave shutting its doors, expects to seek bankruptcy
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U.S. pension agency is sinking
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Future High Court Sessions Bring Changes, Concern - Conseco Bankruptcy Battle (scroll down)
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Law Firms:

Austin law firms may merge
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Adding Value to Service
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Cummings & Lockwood Takes Another Hit As Creditors Rights group Defects
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Downturn, demand fuel law firm growth
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Untangling client conflict: As lawyers play 'musical chairs,' competing interests can scuttle law firm deals
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New Partners 2003
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Lawyers at Holland & Hart considering life after lease
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Associates Find Ways to Beat the Odds
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Marketing Law Online
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Web Sites Can Net Attorneys More Clients
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Firm Web Sites Must Click
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More Marketing Tools: It Ain't Just the Web Site
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Experts predict more changes to shifting legal landscape: Increased M&A activity expected this year
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Law firms push into Bay Area: Defying downturn, new arrivals thrive
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Law firms structure offices to serve international clientele
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Stinson Morrison Hecker becomes city’s second-largest firm
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The Bottom Line at O'Melveny & Myers
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List reveals law firm shake-ups
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Some areas of law feel effects of soft economy: Local firms see increase in litigation work
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Hedge Fund Squeeze
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Asbestos:

Court case over asbestos insurance starts today
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Asbestos Suits Cast Wider Net With Small Firms Now Targets
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The cost of the asbestos legacy
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Chamber says asbestos reform top of agenda: Baron & Budd disputes chamber's assertions that asbestos lawsuits are costing U.S. jobs
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Swamped Courts Practice Asbestos Plaintiff Triage
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USG Corporation Reduces Amount of Debtor-In-Possession Credit Facility
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Shares of Owens Corning May Become Worthless
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Looking for ways to stay out of bankruptcy, six music retailers join to offer digital music downloads
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Energy:

Minneapolis-Based Xcel Scatters Its Energies
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Mid-Power Service Corp. Files Petition for Chapter 11 Protection
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PG&E fix a top priority for new regulators
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Assets of Bankrupt Oklahoma City-Based Music Reseller Up For Auction
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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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Aladdin, hoping its luck improves
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Insurance Disclosure of S&Ls May Change
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Financial Crisis Could Silence Utica Symphony
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Future Dark For Financier Of Hospitals
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SEC Will Probe Practices Of Credit-Rating Agencies
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The fundamental things - a board has seven basic responsibilities
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Great expectations - Delaware judiciary is analyzing director responsibilities differently
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Bankrupt Burger King Franchiser Closes Four More Chattanooga, Tenn., Locations
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Judge blocks BCP noteholders
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Adelphia:

Adelphia's woes, talk of moving spread fear in home town
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L.A. officials to fight Adelphia CEO pay plan
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Briarwood high bid for Integrated care chain
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Corporate Reform:

Final Rules on Sarbanes-Oxley Mark End of Chapter, But Not Last Word On Securities Reform
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A few extraneous comments on Section 307 of Sarbanes-Oxley.
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Accounting:

Accountants, Lawyers Clash Over Tax Work
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Oversight Board Pay Cap Passes
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Corporate accountability gets tougher with set of new laws
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Specialized CPAs trained to uncover fraud
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New rules put 'synthetic leases' on the books: Shareholders now will know extent of firms' mortgage debt
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Struggling Appiant may go after former auditor
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Research shows tough climate for placing accountants
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Audits costs climb as new accounting laws pile up
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With This Debt, I Thee Wed
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Flynt Fabrics seeks Ch. 11 protection
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Retailing:

Independent retailers gain the upper hand - Big chains less nimble at controlling costs, adjusting inventories
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Today's Man On The Rack
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Analyst Predicts More Bankruptcies, Consolidation
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Bangkok:

Banks knock proposal for retail debtors - One standard feared may cause defaults
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Australia:

Counsel withdraws prosecution referrals for bonus payments the day before HIH folded
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HIH deceived us, insurance regulator says
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England:

Ex-Energy chief still to agree payoff
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Standards have slipped at Barclays
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Switzerland:

Private insurers forecast more dark times ahead
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China:

China bankruptcy law faces further delays
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Canada:

'Addicted' consumers pile up debt
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