June 26, 2003 

Daily Bankruptcy News

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

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Airlines:

New trustee is sought for Hawaiian Air
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Midwest Air says bankruptcy possible by mid-July
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Bankruptcy expert joins United's board
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UAL hires legal chief from Weil Gotshal
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United backs off cost-cutting plan
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AMR says cash flow positive in May, likely in June
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Quiet changing of the guard well underway at UAL
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US Airways in Fight Over Value of Pittsburgh Airport Agreement
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Air Canada bonds in tailspin
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Many airports struggling to adjust as aviation industry restructures
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Seniority ruling comes under fire
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Low fares nibble away at Midwest Airlines' perks
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DIP Dimensions: Penn Traffic Co. - The company is the latest in a long line of bankrupt supermarkets and food wholesalers receiving favorable DIP loans
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Credit Swaps, Some Called `Toxic,' May Soar Up to $4.8 Trillion
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Asbestos:

Building materials firms to benefit from asbestos bill
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State of Grace
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Asbestos Hucksters
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Asbestos feeding frenzy rips off business, victims
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Asbestos Legislation Still Needs Work
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Hanson Says Profit to Fall as Asbestos Claims Rise
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Shares surge on progress toward asbestos fund
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Energy:

FERC rules against bankrupt NRG on Connecticut contract
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NRG Won't Supply CL&P With Power, Despite FERC Order
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Calif. set to appeal FERC contract order
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Trustee Seeks Review Of Legal Fees In Pacific Gas Ch 11
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Utilities must explain unfair profits in West or pay up
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Suppliers Do and Don't Owe for Power Crisis
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Great Plains Energy-unit bankruptcy plan finalized
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FERC orders NRG to honor Connecticut Light contract
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Utility Seeks Power From Xcel Unit After FERC Ruling
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Poor credit marks seen lasting at US power producers
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NorthWestern says it needs to sell more stock to stay afloat, avoid bankruptcy
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CCAGW Praises Santorum Legislation Closing Tax Loophole to Bankrupt Companies
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Accounting:

Ernst & Young Resigns As Dice Inc's Auditor
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KPMG Faces Suit by Ex-Employee
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Just one in 10 UK partners female
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UK firms face hardest time in a decade
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16,000 customers of bankrupt Meridian may face unpaid claims
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Moll Industries emerges from Chapter 11
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Bankrupt Genuity seeks more time to file liquidation plan
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Walls Starting to Close on EDS, but "Near Term" Bankruptcy not Seen
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Oklahoma: Judge rejects track owners' reorganization attempt
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  Supervisor: California Should Consider Bankruptcy
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Letter from Delaware
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Enron:

Enron commits to pipeline afterlife
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Enron takes big step toward exiting bankruptcy
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'Death penalty' for Enron
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FERC stripped Enron of the right to sell energy at market prices and brought action against 60 other firms suspected of roles in the California energy crisis
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Enron banned from selling power on U.S. market
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Enron forms company to hold pipeline interests
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Labor Dept. Sues Enron on Pension Losses
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The Conference Board Issues Blueprint for Post-Enron Corporate Governance
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Telecoms:

Judge Allows Secret Testimony on Global Crossing Because of "National Security" Concerns
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Lawyers OK deal in Global lawsuits
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Qwest offers DIP to Touch America
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Touch America makes plans to sell company
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WorldCom May Benefit From Fraud
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WorldCom/MCI Stockholders Ask AT&T Stockholders to Join Boycott
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WorldCom Ruling Seen Changing 401(k) Plans
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1 year, 5 indictments, 4 guilty pleas
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Icahn Again Increases Offer for Global Crossing
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General DataComm Wins Approval to Auction off Assets
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Court Gives AirGate's IPCS Unit More Time To File Plan
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Allegiance Telecom Gets Final OK To Use Cash Collateral
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Pacific Crossing Seeks More Time To File Turnaround Plan
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USTA Applauds Senate Bill To Close Bankruptcy Loophole
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Former WorldCom employees try to move on
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Touch America fails to pay property taxes
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Lawsuit vs Andersen in WorldCom case can proceed
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Conseco:

Conseco closes sale of finance unit
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Exec hints Conseco sought D&O progress
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Conseco to Take Back Green Tree Name
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Embattled Cysive reveals valuation data
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SunCruz:

In suit, SunCruz blames woes on lenders
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SunCruz players battle for control of floating casinos
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Elan Delays Filing Report, May Trigger Debt Repayment
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Remains of Bankrupt San Antonio Diet Supplement Company to Be Sold at Auction
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Lawyer Indicted For Embezzlement From Bankruptcy Trust Accounts
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The top 400 individual taxpayers reported a total of nearly $70 billion of adjusted gross income for 2000
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Farmland Industries To Disclose Debt Payback Plan In July
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AppliedTheory Lenders Object To Creds' Examiner Request
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Cincinnati: Local Judge Files For Bankruptcy
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Princeton Video gets bankruptcy financing
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Mortgage clause loses footing in bankruptcy
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A shot at renewal
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Steel:

Weirton Steel To Seek $175 M Through Emergency Steel Loan Guarantee Program
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Law Firms:

Duane Morris in Altheimers merger bid
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Orrick May Be Mulling Merger With Cooley
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A&O partner quits for Hale and Dorr
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Pro Bono Rates Run Hot and Cold
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Dallas firm in high stakes privilege battle
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Conflicts liberalization campaign disintegrates
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Clearys raids rival for NY litigator
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What law firms can expect of this year's malpractice renewal rates
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Law firms are having to rethink their professional indemnity options. But is there really any viable alternative?
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If law firms want to keep their rates as low as possible, they are going to have to be proactive in reducing their risk
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Future-proof your practice
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As clients demand more from their lawyers’ use of IT, it is essential that IT directors and staff are brought into the mainstream of law firms' decision-making process
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It is no longer enough to tell clients that you have a knowledge management system, they increasingly want to see it adding value
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Florida Judge Unseals Lawsuits in Health Magnate's Bankruptcy Case
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Georgia: Grady near bankruptcy
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Bankruptcy Judge Orders Concert Promoter's Rock Memorabilia Sold on Open Market
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Safety-Kleen Seeks Crt OK To Pay Potential Lenders' Fees
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Agency approves firm as Safety-Kleen landfill trustee
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Australia:

Finance companies doing it hard, says KPMG survey
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England:

More than half of UK households in debt
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Active Value may block WPP's Cordiant buy
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New Zealand:

New insolvency law will focus on rehabilitation
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Bangkok:

Bankruptcy Court to make records available online May allow petition filings via Internet
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Japan:

Feeding the sharks a lucrative racket
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Canada:

Imperial Plastech Inc. Lender Sells Debt
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Ireland:

Businesses at risk as insurance premiums vanish
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Korea:

Foreign lenders may liquidate SK Global
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