January 30, 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

         
AmeriKing's DIP packs a surprise
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Bennett trustee seeking $7 million fee
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Pressure Grows to Change IRS Compromise Program
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DataPlay Bankruptcy Court Drama Continues
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Clothes Chain Mr. Rags Files for Chapter 11
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Telecoms:

WorldCom Issues November 2002 Operating Results
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WorldCom Sales Dropped Faster Than Reported
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Adding to Claims Against Global Crossing
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FCC Says Agency Will Meet Phone Deadline
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For Now, NextWave Sees Opportunity In Business, Not Selling Out
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Wall Street's Latest Riddle: What's Nextwave Worth?
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Court Approves Sale of Substantially All of Asia Global Crossing's Assets to Asia Netcom
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WorldCom May Write Down Assets
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Powell: Telecom rules must change
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Court Lowers Cash Required In Integrated Health DIP Loan
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Enron:

Zipa, LLC Buys Enron's New Orleans Datacenter
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Enron Creditors Seeking To Recover $1B Off-Book Assets - The Motion
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Portland, Ore., Pursuit of Electric Utility Intensifies
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Andersen lawyer central in Enron case dismissed from lawsuit
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Energy:

PBGC blasts bankrupt EOTT
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Clock Ticking On Allegheny Energy Default Waivers
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NRG Unit Bankruptcy Seen Likely
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PBGC Objects To EOTT Energy Partners Reorganization Plan
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Xcel Energy to offer new debt plan
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Steel:

BethSteel board warms to Wilbur Ross
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Bethlehem 'days' away from inking ISG takeover
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Bethlehem Reviewing of $1.5B ISG Offer
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Bethlehem Steel Unsecured Creditors Oppose Exclusivity
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Illinois Court to Rule on National Steel's Lead Bidder
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Bankruptcy judge orders end to relief on NTL shrs
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Peregrine Must Delay Reorganization
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Creditors Negotiating Great Northern Deal
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Citigroup must answer nine charges, not one
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Tower Tech site draws no bidders
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Surprised Staff Bitter About Closing of Britches Store
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Houston: Charley's 517 files for Chapter 11
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Union may be U.S. Steel's advantage in bid for National
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Pension Agency Faces Own Financial Woes
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Executives Still Getting Good Severance Pay
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  Bankruptcy Reform:

Letter from Delaware: New year, old bill
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DIP Dimensions: Globalstar LP
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W.R. Grace posts loss on litigation, bankruptcy costs
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Kmart:

Kmart gets exit financing
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Airlines:

United says integrated low-cost carrier 'critical'
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Pilots vow to fight United plan
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'As United Goes, So Goes Chicago'
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UAL Attorneys Bill $2.4M For First 3 Weeks Of Chapter 11
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UAL Pilots Oppose Separate Carrier Idea
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Airline In Crisis
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UAL sharing plan this week with creditors, unions, board
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US Airways Seeks Reworking of Pilots' Pension Plan
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Requests for "Frequent Flyer Committee" in UAL
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Statement by UAL-MEC Chairman Captain Paul Whiteford in Anticipation of United's Proposed Business Plan
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UAL Seeks Court Approval to Reject Boeing Leases
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Delta Lets 'Song' Loose in Low-Fare Market
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US Airways to lay off 189 in Pittsburgh, Philadelphia
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United Pilots: Airline Seeking Break-Up
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Dutch IMCA group decides against acquiring troubled Air Lib
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Atlantic Coast feels United's pain
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Boston Archdiocese Faced New Lawsuits
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Cannondale to file in Bridgeport
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Hockey:

Erie County Hires Lawyer to Keep Sabres
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Creditors may give Bryden conditional purchase of Senators
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Creditors may agree to revival of Bryden's tax shelter deal
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Arch Insurance Group Introduces New D&O Liability Capacity for the Protection of Individual Board Members
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Britches Closing Many of Its Stores
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FAO Inc. Negotiating Use Of Cash Collateral With Lenders
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Bankruptcy Court Approves Phar-Mor's Liquidation Plan
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Judge To Allow Firm To Help Farmland Indus In Unit Sale
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More Insurance Firms Go Bust, Blocking Collection on Claims
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Equifax, rival move to settle bankruptcy notation credit-data suit
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Conseco reaches another milestone
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Developer Leaves Slatkin Bankruptcy behind, Looks to Future
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More consumers drowning in debt
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Jury convicts man who worked for bankruptcy firm and stole mortgage, settlement money
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Bankruptcy trustee gains control of island time shares
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Heilig-Meyers Gets Eighth Extension To File Ch 11 Plan Z
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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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A failure of consensus
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Law Firms:

Winston merger opens up San Fran
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As Firm Dissolves, Noted Lawyer, Civil Rights Advocate, Becomes Creditor, May Lose Retirement Benefits
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Sonnenschein raids LeBoeuf team
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The Partnership Track, 2003
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Steel Hector & Davis lays off 4 on staff
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McDermotts faces third IP investigation
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Morgan Lewis closes in on Brobecks takeover bid
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Kirklands transfers NY partner to launch UK finance practice
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Accounting:

Accounting Rules Could Hurt Earnings
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SEC Files Civil-Fraud Charges Against KPMG for Xerox Audit
(WSJ: separate paid subscription required)

KPMG fires pension fund trustees
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Pieces for the puzzle of non-audit services
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Lawyers and Accountants Can Expect Curbs and Compromises in New SEC Rules
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British Tighten Oversight Rules for Auditors
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England:

Life insurance groups rocked by ratings cuts
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Banks become power in the land
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Biggest shake-up of credit laws for a generation
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Japan:

FSA audits to begin next month: Major banks fear having to dispose of more bad loans
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South Africa:

Changes in the Companies Act have insolvency practitioners up in arms
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Australia:

One.Tel in the dock
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Auditors misled, lied to by HIH: lawyers
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Canada:

Court OKs closure of Cotton Ginny stores
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Gov't 'would be hesitant' to bailout Pool
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Cotton Ginny plans to close 95 stores
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Mosaic hires Lazard Freres to help with possible sale
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Faced with bankruptcy, Alberta Hutterite colony's members abandon homes
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Korea:

S. Korea's Hynix, Creditor Agree on Plan
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