June 24, 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

         
House OKs Bankruptcy Bill for Farmers
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Asbestos:

Asbestos prepacks get shot in the arm
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ABB Aims for Prompt Settlement of Lawsuits After Judge's Delay
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Court OKs ABB Deal Subject to More Detail
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ABB sinks to new low
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ABB's Asbestos Settlement Could Encourage Investors
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Hatch faces tough task on asbestos trust
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Bidding battle breaks out for Tokheim property
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Airlines:

Seniority issue embitters pilots
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Pilots warn Air Canada could die
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Air Canada calls on divided pilot union to ratify $250M cost-cutting deal
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Air Canada's rock and a hard place
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Air Canada pilots union tells members to freeze vote on tentative deal
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Swiss International to Announce 3,000 Job Cuts Today
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SAS will not survive
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Atlantic Express sets out details of turnaround plan
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Morton Plastics gets liquidation OK
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Court Gives Alterra Healthcare More Time To File Plan
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Court Confirms PSC's Plan of Reorganization; Company to Emerge From Chapter 11
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Telecoms:

Global Crossing sale hits snag
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Global Crossing Lenders Object to Bid
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Post-bankruptcy debt stymies Allegiance, creditors
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NextWave Agrees To Keep FCC Informed But Cites Concerns
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Touch America hasn't paid required payroll deductions
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CopperCom files Chapter 11
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Mexican telecom magnate says he has no interest in controlling WorldCom Inc.
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Energy:

Mirant unit gets default notice
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Allegheny Energy Faces Bankruptcy
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Utility seeks more financing to pay off debt
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Seven NRG creditors say company bankruptcy filing incomplete
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Some NRG creditors object to disclosure statement
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S&P cuts Mirant Corp, units ratings
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Calif regulators set hearing on PG&E bankruptcy plan
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Moody's may raise PG&E ratings
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Lenders, Debtors Would Rather Avoid Repossession Process
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Repo Men Go Professional
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Extreme Champion Wrestling parent company files bankruptcy
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More details on ECW bankruptcy
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Attorney Indicts Dexia In Lernout & Hauspie Scandal
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After 46 years, Wyatt's closes its Pasadena doors
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Law Firms:

Lawyers starting to dress up again
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Disbarred Tampa Lawyer Pleads Guilty In Ohio Fraud Case
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New Firm Promises Associates Shorter Hours, Same Pay
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MCI drops Piper Rudnick from WorldCom case over conflict concerns
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Partners' Accidental E-Mail Reveals Dim Hopes for Associate Promotions
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Valley rent costs threaten Oppenheimer
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Elite Firms Still Waiting for Clintons to Pay Up
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Quattrone, Fastow Cases Pit Prosecutors Against One Lawyer: John Keker
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NY Practice Head and Partner Defect
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Practice Team Defects
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Bar Votes to Ease Rules Limiting Out-of-State Lawyers
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Economy Forces Law School Grads to Look for Work Outside of Firms
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Judge KO'd for Moonlighting in Boxing Ring
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Lawyers sidestep U.S. post-Enron crackdown for now
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Fried Frank rocked by exits
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Convicted Ex-Partner Avoids Disbarment
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Allen & Overy on both sides of Cordiant deal
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SF Corporate Partner Defects
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Allen & Overy to save millions by using virtual filing
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Tossing out the clock - States are repealing some statutes of limitations
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Enron:

GE to Get $75 Million Back for Enron Wind-Turbine Buy
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Gas Natural snags Enron asset for a song
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Unitas' eldest son takes offensive, defends self in fraud allegations
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NYC pensions mull cutting ties with Citi over National Century loss
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Organogenesis Files Amended Plan Of Reorganization
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Corporate Reform:

The SEC is considering a rule that would require companies to get shareholder approval for any equity-compensation plans
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In era of fraud, board prospects probe for dirt
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Turnaround Chief of Syracuse, N.Y., Supermarket Firm May Make Some Tough Calls
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Advanced Vehicle Systems Struggles to Emerge from Bankruptcy
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Steel:

Q&A with Wilbur Ross
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State legislation approved for Bethlehem retirees
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Court approves Farmland settlement with dairy
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Kasper gives bidders time to trump Kellwood bid
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Kmart shares surge, but some wonder if runup is justified
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Adelphia names new top lawyer
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Advanced Glassfiber Yarns LLC Announces Filing of Plan of Reorganization and Disclosure Statement
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Amerco shares climb following Chapter 11 filing
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Keep weather eye open for customers' bankruptcies
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Orion to seek OK for $500M asset sale - Valero's offer prevailed after no rival bidders emerged
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Aladdin:

Bid for Aladdin resort advances
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Gradual change planned as Aladdin goes Hollywood
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Turnaround Groups Getting More LBO Biz
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Can your firm survive insolvency threat?
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Furniture chain Workbench Furniture files for bankruptcy protection
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Investor Lawsuit Proceeds against Ohio-Based Owens Corning Executives
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Many Recent College Graduates Are Already Mired in Debt
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Bankrupt Radio Station May Revert to Former Owner
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Bid for new HomeGold management dropped
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Accounting:

Fraud Claims Proceed Against Deloitte Touche
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Forensic accounting grows in popularity
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Korea:

SK, Hyundai workers concerned about job cuts
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France:

Alstom Forced To Put Liquidation To Vote
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Germany:

Bankrupt German-Based Aircraft Maker Sells Last Jet Program to Chinese Group
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Norway:

Petroleum Geo-services Agrees On Proposed Financial Restructuring
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England:

PNC Telecom suspends shares
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Hotel group 'on brink of collapse'
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Lehman plans Le Meridien lifeline
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Equitable report delayed again
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Canada:

Laidlaw drives out of insolvency
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Laidlaw emerges from Chapt. 11
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Argentina:

If IMF squeezes, thousands may lose homes
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Malaysia:

More studies being done on credit card bankruptcy
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Japan:

Japan's New Dealers face a tougher mission
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UFJ facing soured Fukusuke loans
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