June 12, 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
Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         
DIP Dimensions: Plassein International Corp.
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Airlines:

$10 million U.S. success fee awaits Air Canada adviser
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Delta Pilots Union Seen Agreeing to Talks
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Union Sees Opening in United's Turmoil
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Air Canada expects loss of $1 billion this year
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Mechanics forge ahead with plan
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Some Making Big Bucks Off US Airways Bankruptcy
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Pa. leaders offer US Airways $263 million to keep hub in Pittsburgh
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US Airways CEO Says Carrier 'Fully Prepared to Exit Pittsburgh
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Business Travelers Convert from Big Airlines to Discount Carriers
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Ex-Ampad owners seek trustee
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Fraudulent and Preferential Transfer Issues Concerning Structured Financing
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British Creditors Challenge U.S. Jurisdiction In Chapter 11 Case Filed by British Company

San Antonio Symphony to Seek Chapter 11
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Debt-laden symphony will file Chapter 11
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FirstPay Clients Owe $11 Million
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Special Metals' banks to get 74% recovery
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Energy:

Energy Industry Divided on Connecticut NRG Contract Dispute
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Seven Seas Trustee Plan Calls For Lender Settlement
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Calif PUC Seeks Stay Of Diablo Canyon License Transfers
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Bondholders sue over asset `raiding'
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Court Approves $55 Million DIP Loan For Orion Refining
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PG&E bankruptcy judge delays hearing until June 20
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Allou Assets Fetch $10M in Auction
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Wellspring buys Residential Services
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Fate of Current Management of Las Cruces, N.M., Hospital Remains in Limbo, Bankruptcy Possibility
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Florida Viatical Bankruptcy Order Seen Impacting Many Life Insurers
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Bankruptcy Court Settlement Ends Virginia Beach, Va., Family Land Spat
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Early Signs Indicate Martha Stewart's Company Cannot Do without Maven Herself
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Fed Finds Economy Remains Sluggish
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Summit Corporation of America files Chapter 11
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Third Circuit Holds that Statutory Cap Of Bankruptcy Code Section 502(b)(6) Does Not Impair a Claim

Pennsylvania Attorney General Fisher Recovers $1.2 Million in U.S. Bankruptcy Court for 6,800 Victims in Bucks County-Based Consumer Protection Case
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Insolvency forces layoffs at Grumman Olson truck plant
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Adelphia:

Adelphia Chief Executive Says Current Assets Will Be Kept Intact for Now
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Adelphia's Top Guys On Life in Hot Seats
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Lawyer to Adelphia Cities: File Claims
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  Letter from Delaware - Winners and losers in asbestos reform, UAL's pricey call-in line, Magellan's magnum opus and West Virginia sets the pace
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Law Firms:

Dallas Law Firm Fires TV Bachelor
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Milberg Weiss to split with Lerach
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New Firm Faces Tech Challenges
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No ads please, we're lawyers
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A Tale of Two Probes - While MCI Looked Outside For Its Lawyers, Tyco Didn't
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EY Law throws down the gauntlet to member firms
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US firms share $83m fees package
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The most successful transatlantic merger to date?
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Finding lateral partner candidates is easy - challenge is ensuring that they will fit into your firm - and stay there
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Salaries fall for law firm chief execs in London and South East
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Couderts Munich in breakaway negotiations
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The birth of cyber-courts
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US market sees drop off in law firm mergers
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How law firm managers can make sure rainmakers' needs are met without neglecting those of less attention-grabbing members of the firm
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Binghams steps up West Coast invasion
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Are our most important assets our people?
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While firms rush to cut costs by reducing pay, they may be damaging their future in the long-term
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What money can't buy: How one firm fights low associate morale
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Exide:

Citigroup may recharge Exide
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Exide Tech Exec Revises Amount Sought In Ch 11 Exit Loan
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The Doctrine of Necessity and the Kmart Decision
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Michael Jackson:

Jacko Deal To End $12m Suit
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Tina Conner, others sued by court trustee for nursing home
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Steel:

Weirton Steel To Lay Off Management Staff, Cut Wages
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Big Bear sale still a possibility
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The Company That Bought The Bust
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Enron:

California to get $634,000 in refunds from Enron affiliates
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Textiles: Waiting for the other shoe
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Credit risk tools forecast fewer corporate woes
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Palmer Johnson firms tied to Chapter 7 bankruptcy petition
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Auto Parts Maker Wohlert Files for Bankruptcy
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Louisville Archdiocese Didn't Mull Bankruptcy
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Seitel may seek Ch. 11 change
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Telecoms:

A Push for $500M WorldCom Deal
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Judge Pondering WorldCom, SEC Settlement
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WorldCom, SEC seek fine OK
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Bush/WorldCom Settlement 'Screws' Investors, According to Diverse Coalition Including NYPIRG; Protest on Wall Street Against Industry Favoritism Benefiting Fallen Telecom Giant
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Ebbers next CEO in legal lineup
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Fastnet files for Chapter 11 bankruptcy
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FiberCore Receives Notice of Default and Acceleration from Fleet Bank
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Acquiring Intellectual Property and Other Assets Out of a Distressed Company
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Accounting:

Deloitte Negligent as Barings Auditors, Court Says
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Amerco Asks Audit Board to Investigate PricewaterhouseCoopers
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Questions over HealthSouth audits mounting
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Farmland gets bid for beef stake
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Cruise lines fight possible insolvency bond hikes
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Creditors Seek To Examine Actrade Settlement Plan
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Crown Pacific staves off bankruptcy
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Asbestos:

ABB Asbestos Settlement Decision Seen In 2 Weeks
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England:

Emergency pension measures poised to aggravate crisis
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Safety net for staff of bust and solvent employers
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Thailand:

Court confirmation of planner delayed More time sought due to complexity of case
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Mexico:

Mexico Turns Corner on Debt Repayment
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Bankruptcies on the decline
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Venezuela:

SAIC Venezuela Unit Seeks Bankruptcy
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Philippines:

Creditors refuse to bail out NSC
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Germany:

Lending Cuts by German Banks' Deepen Nation's Credit Crunch
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Japan:

Japan to Buy Debt Owed to Banks
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