June 2, 2003 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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Airlines:

How a judge's plain speaking saved Air Canada
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Air Canada Bankruptcy Deadline Looms
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Air Canada's deals with unions will reduce labour costs by $1.1B: Milton
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The awful truth about airlines
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Most of airline's dirty work done quickly
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Air Canada Gets Pact with Pilots
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Air Canada passengers relieved, workers bitter about labour agreements
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Chapter 11 Trustee Named for Hawaiian Air
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John Monahan will steer Hawaiian Airlines through its reorganization
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Crt OKs UAL To Finance Insur Premiums Through 3rd Party
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United Sees Wide Range Of Options in Bankruptcy
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US Airways CEO signals airline's possible departure
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United gives elite fliers miles for sharing rival flight info
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Business Air Travel Shows Signs of Rise
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UAL Moves to Shore Up Loan Guarantee Bid
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Bankruptcy Reform:

Financial institutions push bill in effort to cut bankruptcy filings
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Sad end for Macheezmo Mouse
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Bankruptcy Court Broadly Interprets the "Ordinary Course of Business Defense" in Preference Action
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Consolidated Freightways asset sales generating funds for creditors
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Dot-com Era May Be Over, But Its Bad Guys Linger On
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Enron:

Enron used US government to bully developing nations
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Fastow trial postponed, but for how long?
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Penn Traffic:

Penn Traffic Files for Chapter 11 Bankruptcy Protection
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Court Approves an Interim of $70 Million of $270 Million DIP Financing for Penn Traffic
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Aladdin:

Aladdin Gaming Files Proposed Plan of Reorganization and Accompanying Disclosure Statement
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Marriott, Partner Enter Bidding for Aladdin Hotel
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FiNet.com, Monument Unit File Chapter 11 Bankruptcy
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Well-Screen files to liquidate its assets
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Conseco:

Judge avoids Trump-Conseco fight
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Say what?
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Trump gets stay on GM bldg. sale
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Conseco saga takes New York detour
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Trump appeals Conseco victory
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Accounting:

Sarbanes-Oxley Act Update - SEC Issues New Rules Under Section 303 Prohibiting Improper Influence Of Auditors
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SEC and DOL Issue Final Rules Relating to Pension Plan "Blackout Periods" Under Sarbanes-Oxley
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Pennsylvania Regulators' Suit Against Reliance Auditors Moves Forward
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An 'F' in Accounting and Auditing 101
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As Its Big Companies Falter, Houston Seeks New Business Leaders
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Sarbanes-Oxley Act Provisions Relating to Disgorgement of Executive Bonuses
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Ex-Kmart exec must give up files
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Flawed idea drives company into bankruptcy
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Judge Approves San Diego Software Firm Peregrine Systems' Disclosure Statement
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  Telecoms:

XO reaches for Global Crossing
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ST Telemedia Has Binding Deal on Global Crossing That Forbids Consideration of Competing Offers
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XO Communications Makes $700M+ Bid for Global Crossing
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Global Crossing April Rev From Cont Ops $228M
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Is This the Best Way to Distribute $500 Million?
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NextWave is hungry for spectrum
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Supra: BellSouth fraud cost $181.65 million
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Sprint Units Oppose Bidding Rules For WorldCom Assets
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WorldCom to sell ranch seized from ex-CEO
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Ebbers' ranch sold
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Raleigh, N.C., Telecom Firm May Merge with Georgia Rival
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Bandwidth For Bucks At NextWave
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Teleglobe completes sale
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NTELOS Files Disclosure Statement for Its Joint Plan of Reorganization
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Legal Eagle - Nancy V. Alquist
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Debtor May Avoid Bankruptcy Remote Provisions by Orchestrating Filing of Involuntary Bankruptcy
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DMC, facing bankruptcy, sues health agency, alleging $21 million is overdue
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Audiovox, Thomson win Recoton units
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Asbestos:

Delaware Judge Denies Plea to Halt Armstrong from Developing Asbestos Plan
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Asbestos Bill May Spur New M&A Activity
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WestPoint:

WestPoint Files for Chapter 11
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WestPoint Is Latest Textile Maker To File for Bankruptcy Protection
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U.S. Judge: Farmland Indus May Strip Former Execs' Benefits
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Bankruptcy case set for cert review on June 12
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Investment Scheme's Fall Still Haunts Two Prominent Texas Law Firms
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Will Hoover wants to leave Colo. behind
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Liquidating Trustee in Premiere Holdings Case Sues Mann Frankfort, Butler & Binion, Schlanger Mills, Andrews & Kurth
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Trustee Subject to Post-Judgment Garnishment
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Emerarld Casino:

Madigan handed a casino surprise
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Attorney general subpoenaed in casino license sale
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Energy:

Too Big Too Fast
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Judge Expects To Rule On NRG, CP&L Contract Case Monday
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FERC wants to decide NRG-CL&P fight
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Ethanol plant files for bankruptcy protection
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Steel:

Bayou Steel Corporation Receives Extension of Exclusive Periods; Company Now Has Exclusive Right to File Plan of Reorganization through October 1, 2003
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Nerves of steel - Managers buy Alkar after parent firms bankruptcy
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Louisville Orchestra may seek bankruptcy protection
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Contractor/Subcontractor Default Insurance
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Fourth down for Princeton Video
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Bumgardner files for Chapter 7 bankruptcy 
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Cone Mills To Bid For Burlington?
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Newport Creamery Parties Agree On Purchase Price
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Bankruptcy concluded, Response Oncology to dissolve
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Law Firms:

Lawyers' Jobless Rate on the Rise
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One Firm's Quick Start to Profits
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Kirkpatrick & Lockhart/Dallas Welcomes Bankruptcy and Reorganization Law Partner
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Cadwalader Names Anthony Davis, Tax, Insolvency Expert, Special Counsel in London Office
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Ad campaign a snooze for CEOs
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Maze of Chinese walls
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Gardere Hopes to Settle With SEC for $2 Million
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Nixon nixes talks with Cummings over merger
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Attorneys Don't Get A Pass From Sarbanes-Oxley
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Birmingham: Six lawyers leave Adams and Reese to revive old firm
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TAG collapse hits 700 panel firms
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Horsehead seeks quick action on bid
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Bondholders Threaten To Force Casino Into Bankruptcy
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Banks Hunting Credit Biz
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Regardless of what a MAC clause may say, a buyer will have trouble walking from a deal because of a MAC in the seller
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CIT Eyes Big $$ For Possible Bankruptcy Financings
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Winston & Strawn on merger hunt
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Onex seeks hearing on Magellan investment
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Seitel to let standstill agreement with bondholders expire
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Dechert takes over US rival's Palo Alto office
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Does My Company Have To Pay?
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Britches Trustee Wants Bankruptcy Case Reopened
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Despite exit, Broadwater's fate is murky
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Group bids to buy bankrupt zinc producer
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Carolina Investors backers given no hope
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Judge clears Lernout's U.S. liquidation
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HealthSouth

HealthSouth letter to staff reports that it's on the mend
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HealthSouth Says Review Near Completion
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HealthSouth's Scrushy Told SEC He Couldn't Vouch for Filings
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HealthSouth Says Scrushy Won't Return
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HealthSouth employees get a pep talk, update: At lobby gathering, acting top execs promise corporate survivors: 'No additional mass layoffs'
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England:

They will survive: troubled companies turn to man who isn't bankrupt of ideas
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U R ALL SACKED - Staff go on rampage after text dismissals
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British Energy to breach government bailout terms
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Energy generator to slash value of power stations
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Frozen food firm goes into liquidation
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Canada:

Vicwest Corporation and subsidiaries restructuring under CCAA
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Thailand:

Thai TPI Creditors' Nominee Elected As New Debt Planner
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Korea:

Creditors Reviewing Revised Bailout Plan For SK Global
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SK Global Bailout Hope Blossoms; KDB Says Positive
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Korea National Oil Confirms Will Import Oil For SK Corp
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Transparency for SK deal
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Japan:

Failed Japanese Retailer Selects Discounter to Support Recovery Efforts
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