July 8, 2003 

WorldCom Pact Approved - includes corporate governance measures
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WorldCom's SEC settlement approved
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Judge Oks Worldcom's $750m Fine
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WorldCom's fine kept low to ease pain to employees
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WorldCom to pay record fine
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Watchdog Blasts Decision in WorldCom Case
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WorldCom Cuts Outlook for 2003-2005
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MCI Files Supplemental Disclosure Statement
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Asia Global trustee proposes advisers
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More Delays For Global Crossing Suitors
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HealthSouth:

HealthSouth pins hope on number of lawsuits
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HealthSouth Asks Creditors for More Time
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HealthSouth may avoid bankruptcy
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HealthSouth fights bankruptcy
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HealthSouth Turnaround Consultant Jabs Founder
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HealthSouth Says Its Auditor Has Found Big Misstatements
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HealthSouth's Plan for Survival Comes With No Assurance
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HealthSouth Says Probes Could Lead to Chapter 11
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The Fall of Allied Devices
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Desa Intl Asks Crt For More Time To File Turnaround Plan
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White Paper on Bankruptcy Crimes

Switzerland pledges cooperation in combating money laundering
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Redback:

Debt holders seize Redback
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Redback may file prepackaged Chapter 11
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Another Setback for Struggling Redback
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Redback Wants Creditors to Get Most of Shares
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Redback says only debt restructuring can avert bankruptcy
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Bankrupt energy provider TCE files antitrust lawsuit
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Safety-Kleen Gets OK To Pay Lender Fee To Get Exit Loan
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Beware the Bargains
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Recent Going-Concern Statements
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Laid Off Workers Sue Executives of Butte, Mont.-Based Power Company
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Another Lawsuit Filed in Reliance Insurance Liquidation
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Alterra:

Alterra creditors seek trustee
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Alterra Healthcare Corporation: Creditors Committee Motion Not Expected to Delay Reorganization Process
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Adelphia bank suit features old adversaries
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Adelphia, Creditors Allege Banks Aided Rigas Fraud
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UK banks named in $5bn Adelphia lawsuit
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Adelphia's Banks Hit With $uit
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Banks Sued for Lending to Adelphia
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Adelphia Commun Equity Holders To Join In Suit Vs Banks
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Law Firms:

El Paso Settlement Includes Up to $60M in Fees for Plaintiffs' Firms
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Court Jester Turned Comedy Writer
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Big Litigation Firm Found to Have Acted Unethically - Ordered to Pay $36 Million
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Connecticut's Top 10
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Altheimer’s London office notches up ninth departure
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Nearly 8 of 10 U.S. Lawyers Favor Globalization of Law
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Revealed: Altheimer's $30m debt mountain - Former partners set to sue
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KLegal founder walks out
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German lawyers walk out from EY, PwC firms
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McFaddens allies with Steel Hector
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White & Case hires Clifford Chance partner
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Asbestos:

Reorg ruling key to ABB's fate
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Energy:

Calif. negotiator defends PG&E bankruptcy deal
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Lady Baltimore hires N.Y. firm for liquidation
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Conseco bankruptcy hearing resumes
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Court Decision Could Strip Assets From Legion Group's Liquidation Estate
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Creditors Want New Trustee For Allou Distributors
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Accounting:

Early birds
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Ernst & Young sold the same type of controversial tax shelter used by Sprint executives to at least dozens of other individuals
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Symbol's Co-Founder, Chief Counsel Resign
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Ernst & Young: SEC's Request is 'Outrageous'
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Sarbox Costly? Yes It Is, No It Isn't
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SEC Appeal Seeks to Bar Auditors
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Indianapolis Orchestra Struggles with Mounting Financial Woes
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Calico Commerce Gets Bankruptcy Court OK Disclosure Statement
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Airlines:

Few cheers for Hawaiian Air trustee
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United asks for bonuses to keep tech employees
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United Airlines' American-style July 4 Celebration: Slush Fund for 'Key Employees
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Union assails United's plan for bonus pay
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Morale low at American in wake of layoffs, pay cuts, long hours
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Unions expect Air Canada to provide update on pension deficit this week
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Air Canada, GE Capital reach deal
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Midwest Airlines' Frequent-Flier Program Likely to Honor Miles
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Denver: Hoover house to sell for $1.2M
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Petals Working Through Chapter 11
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Steel:

Stelco, Union To Discuss "State Of Company" And Concessions To Avoid Bankruptcy
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Globe Metallurgical Creditors Ask To Examine Deal Papers
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Indiana bankruptcies set to break record
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M.A. Gedney Files Reorganization Plan
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Philip Svcs Seeks OK Of $35M DIP Loan From Icahn Affiliate
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England:

Equitable repot may not appear in full
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Korea:

SK Global Overseas Creditors Seek $216 Million More
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Korean Creditors Prepare For SK Global's Court Receivership
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Japan:

Japan cracks down on loan sharks
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Potential Buyers of Japanese Retailer Down to Three U.S. Firms
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Thailand:

State-backed planning team wins approval Several foreign banks abstain, some opposed
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Thai Petrochemical creditors back plan
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Argentina:

IEBA creditors to present claims by Sep.5
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Workers in Argentina Take Over Abandoned Factories
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Australia:

Australian Bankruptcies Decline 4% In 2Q Vs Yr Earlier
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