July 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

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Energy:

Mirant's 'free-fall' filing surprises
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Mirant's set of woes sent bankers packing
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Mirant's CEO Cites Friction with Banks in Bankruptcy
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Mirant Loses Key Lenders' Favor, Files for Bankruptcy Protection
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Banks Take Tougher Stances With Energy Firms After Enron
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Mirant bankruptcy fees could top $100M
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With Mirant, Ft Worth Court Lands Texas-Sized Chapter 11
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Bankruptcy seen threatening Mirant power contracts
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Mirant Counterparties Sign on to Assurance Program
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Court sets plan to assure Mirant counterparties
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Mirant: Energy Trade Counterparties Continue To Deliver
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BP Energy: Continuing To Trade Gas & Power With Mirant
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ProLogis To Replace Mirant In S&P 500 Index
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Australia's ANZ Bank Mirant Exposure Tipped At US$30 Million
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WGL Holdings, Inc. and Washington Gas Energy Services Respond to Mirant Bankruptcy Filing
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Shares of Power, Utility Companies Plummet on Mirant's Bankruptcy Filing
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GE Capital Putting Up $500 Mln Mirant DIP Loan
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Mirant's $500M DIP Financing Seen Sufficient For Needs
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Post-Bankruptcy Mirant Ops Unlikely To Include Trading
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Mirant crash symptom of sector woes
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Atlanta-Based Energy Trader's Bankruptcy Filing Hits Landlord
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NYSE Suspends Trading In Mirant
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German, Swiss banks count costs of Mirant woes
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Bear Stearns: No Material Exposure To Mirant Corp
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Houston Energy Firm Dynegy Revamps Financial Obligation to ChevronTexaco
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Pepco customers may see higher electric bills
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Mirant lights go dim
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New Texas law requires bankruptcy notification
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Officers and Directors of Financially Troubled Corporations: Shifting Duties and Personal Liabilities
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Recent Going-Concern Statements
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Citigroup snares Sears credit unit
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Citi pays 6B for Sears unit
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Frisby Tech Gets More Time For Ch 11 Plan; Director Quits
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Limited Liability Company Doesn't Protect Its Property Against Member's Bankruptcy
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Swindler avoids restitution in bankruptcy
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Economy:

Fed scenario tugs Dow down 48
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'Turning point' forecast for economy
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Greenspan Hints At Lower Interest Rates
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Judge Denies Ch 11 Trustee Request In DirecTV LatAm Case
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Tenancy By The Entireties: Evaluating A Spouse's Interest
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Florida Philharmonic revival appears doomed without last-minute donations
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Philharmonic rescue team meets tonight
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Delaware Court Warns Directors and Officers on Oversight of Executive Compensation: In re The Walt Disney Company Derivative Litigation
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TENERA Announces Directors' Approval of Dissolution
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  Loral:

Loral Space tumbles to earth
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Satellite maker Loral files for bankruptcy
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Loral to sell six satellites as part of bankruptcy reorganization
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Loral Prepares For Chapter 11 Bankruptcy Hearing
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Long slump in satellites hurts Boeing and Loral
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Intelsat to Bid for Loral Assets
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Demand drought drives Loral to file for bankruptcy
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Gun maker Bryco goes under
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Bankruptcy may claim victims beyond Mirant, Loral
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Ky.-Based Funeral Chain Files for Bankruptcy in Florida
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Asbestos:

Timing of Asbestos Bill in Senate Uncertain
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Senate closer to easing corporate burden in asbestos cases
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Premises Liability Claims for Asbestos: Exposure Plaintiffs' Bar Targets Landlords and Tenants
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EnvisioNet Computer Services Creditors Sue Suitor
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Enron:

Creditor banks may be near nearing SEC settlement
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Enron must repay profits, judge says
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Portland, Ore.-Based Cell Phone Tower Company to Buy Enron Subsidiary
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Corporate Reform:

SEC staff back investor vote on directors
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Elan Doesn't File Annual Report, May Face Cash Crunch
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Farmland:

Smithfield gobbles pork assets
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Slow motion liquidation
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Iowa Republican opposes Smithfield Farmland bid
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Kansas City, Mo.-Based Farm Co-Op Finally Embraces Smithfield Buyout Offer
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Farmland to sell last major component
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Farmland Industries Posts Third-Quarter Loss of $47.2 Million
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Amerco blows 2nd deadline for SEC filing
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Piccadilly Cafeterias may soon be for sale, bankruptcy possible
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Law Firms:

Altheimer pins hopes on white knight Kilpatrick
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Firm Bets on Tech Sector Recovery, Set for Move Into Huge New Offices
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Firm Grows NY Office Again
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Big Firms Continue Clash After Huge Verdict
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Disbarred Lawyer Just Won't Stop Practicing
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Burlington Industries shareholder seeks probe into company, CEO
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Brennan victims may share $36M
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Tobacco:

Altria stock falls on correct understanding of ruling
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Fitch Places Altria On Watch Negative
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Pittsburgh: City's tax restructuring drive picks up steam - administration makes a last-minute push to save the city from bankruptcy
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Creditors Want To See Former Budget Group's Plan By Thur
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Airlines:

US Airways exploring liquidity options for holders
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Midwest Airlines Wins Labor Concessions
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United filing shows wider pension gap
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Workers deserve to know when pensions are at risk
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40 United planes for low-fare startup
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Bankruptcy provides time, no guarantees
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United plans to use 40 planes for low-cost carrier
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United Triggers Cuts in Business Fares by U.S. Airlines
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Northwest Airlines, Pilots Open Contract Discussions
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June Traffic Numbers Highlight Shift From Majors to Discounters
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Pittsburgh Airport Merchants Brace for Latest US Airways Cuts
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Airports Cope with Airline Upheavals
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Hawaiian Holdings investors at stalemate
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Pilots bury the hatchet with Swiss
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Backlog of labour issues resurfaces for Air Canada
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Air Canada ordered to resume normal labour relations
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Solving Uncertainties Raised by D&O "Entity Coverage" and Bankruptcy
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Conseco:

3 of 7 choices for new Conseco board tied to ING
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Fitch Takes Action on Various Conseco/Green Tree MH Transactions
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Telecoms:

Com21 goes the Chapter 11 route
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Com21 Files Voluntary Chapter 11 Petition
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Pentagon Opposes ST Telemedia Bid for Global Crossing
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XO to Lay Off 500, Close Some Offices
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Justice eludes WorldCom victims
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How Hilco Helps MCI Unload Its Properties
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MCI Issues May 2003 Monthly Operating Results
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U.S. Telecom Bonds Soar, Reversing Long Slump
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WorldCom Gets OK Of Bid Rules For Texas Property, Assets
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How To Detect And Solve A Company's Financial Distress
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Pinnacle auction narrows to two
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Court allows loan to paper company
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Accounting:

FASB Statement on Financial Instruments with Debt and Equity Characteristics: Implications for Private Equity Portfolio Companies
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______________________

Netherlands:

Malone's UPC beats challenge to revamp plan
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___________________________

England:

Cash crisis prompts church shakeup
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Active Value retains the 'nuclear option' in Cordiant battle
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__________________

Japan:

Takenaka Survives Censure Vote in Japan's Parliament
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