June 3, 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

         
Tower Records Defaults on Bond Debt
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Law Firms:

Cracks in the Ceiling - Why are some firms so much more successful at turning female associates into partners than others?
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Clifford Chance Rejects Ex-Partner's 30 Million Demand, NY Suit Expected
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Firm Closes All of Its Domestic Satellite Offices
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Mystery Firm's Talks With Client's PR Firm Privileged
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Top NY Firm Faces Malpractice Claim
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Squire Sanders raids Coudert in Beijing push
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Morgan Stanley Axing 100
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Michael Jackson:

Cash-Strapped Jacko Turns To Rap For Hit
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Judge may dismiss Jackson case
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Burlington seeks more time to stitch together Ch 11 plan
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Small Town Radio Files For Reorganization under Chapter 11
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Accounting:

Deloitte & Touche to integrate consulting services
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WestPoint:

Lampert targets bankrupt WestPoint
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Final DIP Hearing Scheduled For June 18
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BofA, Wachovia lead $300M WestPoint deal
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Towel maker seeks Chapter 11
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Enron:

Pipeco wants name, reputation back
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Paper Warehouse files bankruptcy; eight state stores closing
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Carolina Investors may have $70 million in assets, Owen says
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Top 10 Houston Firms Find Ways to Prosper in Weak Economy
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Car Rental Direct, Inc. Defaults on Ford Forbearance Agreement and Release
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Bean to Make a Bid for Bauer?
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Penn Traffic:

Soros-owned grocer fails again
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Penn Traffic obtains debtor financing
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  Airlines:

Rethink air ownership law, Mineta urges
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Air Canada: Expect a transformed airline
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Air Canada pact a test for Ottawa
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Air Canada faces creditors next
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Future uncertain for staff of airline
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CEO for Cash-Strapped Airline BWIA Quits
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Airlines Still Face a Rough Ride, Panel Says
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Farmland may appeal ruling
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Masada Resources leading effort to buy HealthSouth
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Long Island Lawyer Named Allou Trustee
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Energy:

NRG can't access $250M loan until it sheds contract
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Contract sanctity challenged in NRG bankruptcy
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Judge: Power supplier can ditch Conn. contract
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NRG To Keep Power On Despite Judge's Rejection Ruling
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Mirant Offers $4.5 Billion Bond Swap, Floats Chapter 11 Plan
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Mirant/Restructuring: Seeks 'Fast Track' Reorganization
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Bank Tells AES Corp. to Pay Debt
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Telecoms:

XO's telecom play draws skepticism
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CT Communications cuts debt by $20M
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U.S. Unwired subsidiary to miss payment
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Ntelos details reorganization plans
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Unwired: Talking With Lenders On Liquidity Plan
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Solving the Problems of Companies in Distress
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Economy:

Experts See Recovery for Manufacturing Production, But Not Employment, in 2003
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Banks Win Usury Case In U.S. Supreme Court
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Wall Street:

New Investigation Targets Wall Street's Top Bosses
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Steel:

Canada's Slater Steel files for insolvency
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Slater Steel seeks court protection
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Neenah Foundry plans 'prepackaged' bankruptcy filing
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FAO Emerges from Bankruptcy
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Recoton To Seek Court OK Of $104.5 Million In Asset Sales
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Federal prosecutors to seek indictment against Martha Stewart
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Dallas-Area Economy Losing Luster Compared to Peer Cities
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State backs off hearing for Emerald license
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Asbestos:

Senate Committee to Hear Asbestos Bill June 4
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Reckson Credit Outlook Downgraded
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Korea:

S Korea SK Group To Downsize From 55 Affiliates
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Better SK Global bailout offer
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S Korea to probe chaebols
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Australia:

Elliott back in court
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No stigma for the bankrupts of choice
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England:

British Energy loses 4.3bn
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TAG founder slams PWC over text message redundancies
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More Scots Are Going For Broke
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Thailand:

TPI creditors name new planner Fresh skirmishes with Prachai likely
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TPI creditors rebuff debt plan
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Poland:

Insolvent Telecom Seeks Agreement With Creditors
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