July 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
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Energy:

Mirant Bankruptcy Comes as Banks Reject Debt Rollover
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Mirant files for bankruptcy protection
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Mirant Bankruptcy Pits Bankers Against Bondholders
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First Day Motions
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New bankruptcy hits US energy market
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Lacking Deal With Creditors, Mirant Files for Chapter 11
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Mirant Files Chapter 11 Petitions to Facilitate Financial Restructuring
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Mirant Files 10th-Largest Bankruptcy
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Mirant tumbles into bankruptcy
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Mirant Lists 50 Largest Unsecured Creditors
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Commerzbank: Low Three-Digit Millions Exposure To Mirant
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Mirant Philippines Ops Won't Be Affected By Parent's Woes
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Mirant stock up 14% as refinancing deadline approaches
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NRG's tussle with FERC continues
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Gauntlet Retains Financial Advisor
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Ratings Agencies: Refinanced Energy Cos Still Shaky
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PG&E Natl Energy Group Lists Largest Unsecured Creditors
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Accounting:

Sprint to Review Use of Auditors
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Stock Options: The Fuzzy New Math
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Telecoms:

ST Telemedia Taps Aldridge for Global Crossing Board
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U.S. decision on Global Crossing deal likely next week
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Touch America auction procedures approved
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Auction of Assets Set for Mont. Telecom
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Former U.S. Wireless execs indicted
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US Unwired sues Sprint
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American Cellular restructure could involve bankruptcy
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Boston: Insurance fund likely to go bust
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Is your Customer Proposing an Out Of Court Workout Instead of Bankruptcy Protection: When Should a Credit Sweat with a Debtor?
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Steel:

Weirton Steel Opposes Committee Bid For Financial Adviser
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Kentucky Electric to sell assets for about $3 million
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Arizonans on pace to set bankruptcy record
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Bankruptcy Court Takes Harsh Stance Against Trustee for Duplicative Action Against Vendor
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Bankruptcy Filings by Consumers, Firms Set New Records in Wisconsin
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The Garden City Group, Inc. Opens West Coast Regional Headquarters
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Critical Vendors and KMart: Is the Critical Vendor Doctrine Alive?
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AmerisourceBergen Completes $1.05 Billion Securitization Program; Company Consolidates Trade Receivables Programs Into a Single Program
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Farmland Announces Third Quarter Financial Results Operations Continue to Improve
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  Enron:

JP Morgan near to two Enron-related settlements
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Accounting Firms Settle Enron Suit
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J.P. Morgan close to settling with regulators over Enron allegations
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Fastows may seek change of venue
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Unsecureds won't back Exide
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Airlines:

Pension lag at United balloons
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United Airlines May Face Deeper Challenges
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United mechanics change unions
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Air Canada cuts 300 white collar jobs
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Air Canada slashes top jobs
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Midwest Airlines Waits to See if It Can Avoid Bankruptcy
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Continental Deferments Show Air Recovery May Be Yrs Away
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Lufthansa dismisses report on Swiss bid Deal still seen facing hurdles
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Tension building between Northwest Airlines, pilots
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NYC bankruptcy court filing system out intermittently
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Recent Going-Concern Statements
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Conseco:

Conseco set to file fourth amended plan
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Conseco runs into roadblock
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Law Firms:

Duane Morris adds bankruptcy lawyers in Calif.
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Lawyer-Tax Case Erupts in Fee Fight
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Clifford Chance London partners in lockstep victory over NY
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Fight Over "Privilege" Heats Up
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Baker firm's move creates office frenzy
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Houston Firm Hires Dallas-Area Lawyers
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Cravath Hires Marketer, Breaking With Tradition
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Clifford Chance weighs return to debt market
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Partner Defects Rather Than Raise Rates
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Firms' conflict culture raises the alarm
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Law Firm Used by Levi Strauss Moves to Protect Files
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Lovells chief in fight to hang on to power
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Law firms suffer high rate of redundancies
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Firm's Collapse Blamed on Lack of Mergers Work
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Altheimers Euro arm seeks separate deal
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Altheimersí City arm set for Kilpatricks move
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Ingram wins Clifford Chance securitisation top job after contested election
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Fleming Sale Of Wholesale Ops Calls For $12M Breakup Fee
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Tobacco:

Philip Morris Appeal Bond Returned to Illinois Judge
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Setback for Philip Morris
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Bankruptcy lawyers - and their fees - may not be popular, but they're worth it.
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Lernout founders to pay $539.1m
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For Wilbur Ross, bankruptcy means opportunity arises
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Wall Street:

Probe looks into sales at Morgan Stanley
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Asbestos:

National asbestos fund may benefit Halliburton
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Federal-Mogul Seeks Extension Of Ch 11 Exclusive Period
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Revisions could keep alive Texas asbestos-related lawsuits
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US asbestos legislation faces rough Senate ride
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Aurora Foods Will Get $200 Million from Boston Firm, Bankruptcy Planned
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Replacement Checks and the Bankruptcy Preference
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Cross Media Gets Court Nod On Retention Plan, DIP Loan
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Auctioneer's hammer didn't end debtor's interest

'Charge-it' nation drowns in debt
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Sands to Seek Debt Exchange
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Bankrupt Amherst, Mass.-Based Eastern Pulp and Paper May Borrow from Lender
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CEOs See Their Own Health Suffer With Firms' in a Troubled Economy
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The Right of Setoff As A Collection Tool
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England:

Hyatt to Run Le Meridien If Lehman Talks Succeed
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LaSalle Evicts Le Meridien as Operator of 407-Room Dallas Hotel
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Deadlines in Cordiant Deal May Force Opponents to Act
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Luton Hit By Cash Crisis
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Ashtead scandal costs £13m in City fees
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OFT calls for debt collector curbs
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Australia:

Unsecured creditors support move to Waikerie Producers liquidation
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Threat of court suit for HIH directors
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Suits loom in HIH case
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Netherlands:

UPC moves towards emerging from bankruptcy
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Korea:

SK Global may enter bankruptcy
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S Korea SK Corp Bd, Sovereign Discuss SK Global Situation
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Japan:

Corporate bankruptcies down but figure makes postwar top 10
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Japan Should Be Able to Act Faster on Small Banks, Aizawa Says
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Komaki, Japan-Based Medical Equipment Company Colin Corp. Files for Bankruptcy
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