June 25, 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

         

Crescent favored to win AmPad
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Enron:

DPC Offshore Lenders Move Ahead With Arbitration
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Lea Fastow gets trial date
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Telecoms:

XO Launches a Tender Offer for 'Any and All' of Global Crossing's Bank Debt
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Source Says Level 3 Halted Touch America Merger Bid for Telecom Firm in Face of Counteroffer
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Touch America, Qwest Agree on Settlement
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Global Crossing says needs extension on STT deal
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Why would an unknown telecom want to buy Global Crossing?
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Florida Telecommunications Supplier Files for Bankruptcy Protection
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Bill Aims to Block WorldCom Tax Benefit
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Airlines:

Hawaiian Airlines trustee resigns
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Monahan resigns as Hawaiian Air trustee
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Pilots threaten Air Canada deal
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Air Canada gets bankruptcy protection extension until end September
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Airline's seniority disputes widen
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United Airlines Names Two Execs to Board
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Swiss rolls out its plan for survival
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Pilots' pique endangers AC deal
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KLM May Cut as Many as 4,500 Jobs as Air Travel Falls
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Midwest Airlines Offers More Details about Financial Reorganization
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Alaska Air trying to cut costs but not trim workers
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Kmart Still Needs to Find Reason to Exist, Experts Say
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Detroit Medical Center slides deeper into debt
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Under a "Coerced Loan" Theory, Seventh Circuit Presumes that the Contract Rate of Interest Survives Cramdown of Secured Creditor

Workbench Furniture lands in bankruptcy
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Crt OKs Today's Man Lease Transfer, Asset Sale To Rival
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How to Transform a Regional Bankruptcy Practice to a National Player

Bankruptcy Case Update
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Diaz Chemical Files For Bankruptcy
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FTC Settlement Fails to Save Cross Media
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Kleinert Seeks Court Approval For Loan, Creditors Object
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Asbestos:

Senate panel sets criteria for asbestos claimants - But pact leaves two issues unresolved
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Asbestos Compensation Bill Advances With Compromise
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Committee makes progress on asbestos settlement
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Court ruling gives ABB hope
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ABB confident after US asbestos ruling
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Debt battle looms after ABB asbestos ruling
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EDS Seeks $1.1 Billion as Debt Ratings Near Junk Level
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Law Firm:

Jones Day continues to prey on Pillsbury
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Partner Hire Is Coup for Cleary
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Bingham to acquire law firm in LA
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Allen & Overy partner quits for Hale and Dorr
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Top Firm Merges ... Again
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If I Had a Hammer
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Property lawyers top professional indemnity hit-list
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Top Firm Name Partner Dies
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Nationally Known Litigator's Disbarment Leaves a Big Mess
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Required)

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Energy:

Allegheny Energy Shares Drop on Warning
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Tougher time is predicted for Allegheny
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NRG Energy Plans $80.4 Million Asset Sale To Chinese Pwr Firm
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PG&E's deal just step one
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Bankruptcy deal will leave Diablo in PG&E's hands
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Bank Calls in Loan on Oregon Hotelier's Lake Oswego Residence
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County Says Bankrupt Texas Chemical Plant, Land Must Stay Together
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Dice:

Dice poised to emerge
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Dice, Ex-Silicon Alley Star, Sees Bankruptcy Exit
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Bankruptcy Filing Can Be Right or Wrong Decision
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Steel:

Wheeling-Pitt Steel Gets Loan
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Looking for ways to move forward
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Pittsburgh: City financial bailout not on a fast track
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Records show bond lapse - House in bankruptcy used as bail bond collateral
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New Bankruptcy Opinions
(3 new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Food.com to go belly up
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Consumer debt balloons as interest rates fall
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Conseco:

Few wooed by Conseco's proposal to forgive insiders' debts
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Conseco Plan on Debts Meets Resistance
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Conseco Stk Purchase Loan Program Seen As Obstacle
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HomeGold:

Attorneys look for buyers for bankrupt firms
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Report cites firm's inaction
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California Orchestras Seek Support as Corporate Backers Tone Down Subsidies
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FirstPay Payroll Firm Goes Bankrupt; Clients Owe IRS Millions
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Accounting:

Former Deloitte partner under investigation about 35,000 car from audit client
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KPMG knew as early as the fall of 1997 about possible flaws in a tax-shelter product that is now the subject of litigation
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KPMG manager sues over reassignment
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Golf Bag Maker Runs Out of Assets for Creditors
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Farmland gets another extension
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Creditors' Rights Developments in Energy Cases

England:

Lehman offers $100M investment to Meridien
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Government drive to end 'old boys club' grip on the legal profession
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Japan:

Westin Osaka operator seeks court protection
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Banks May Fail to Recover 15.5 Billion Yen in Loans to Japanese Sock Maker
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Japan Needs Long Bank Holiday To Fix System
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Canada:

Saskatchewan Wheat Pool loses $30.4M in Q3 as revenues plummet
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________________________

Germany:

Germany's Smaller Firms Take Lead in Restructuring
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______________________

Thailand:

Thailand says new fund may buy out TPI creditors
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