May 14, 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

         
Airlines:

Hawaiian, Boeing skirmish in court
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Court hears Hawaiian case
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Hawaiian exchanges plans with jet creditor
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Judge favors airline's creditors
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Trustee For UAL Airport Bonds Seeks To Disburse Interest
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United Settlement With GE Capital Calls For $16M Loan
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Service cuts tied to SARS
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Air Canada has $354 million Q1 operating loss; grounds planes, cuts routes
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Milton calls for 'drastic action'
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Telecoms:

MCI tracking stock comes under spotlight
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S&P removes Tyco from credit watch
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Tyco Pays $92 Million to Keep Insurance for Officers, Directors
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Struggling Lender TFC Enterprises to Be Sold - Bankruptcy Possible If Sale Fails
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Corporate Reform:

Partisan split endangers efforts at Enron-inspired pension reform
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Very little recovery coming from brokers
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After UK, U.S. Corporate Scandals, Attempts Made to Protect Investors
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Executive Pensions Mysterious to Many
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Companies may face "three strikes" rule
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Bank Bigwigs: Beyond the Law's Reach?
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Former execs at Lason Inc. face charges
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Sheffield Pharma's loss narrows, warns of bankruptcy
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Estate Planning in Uncertain Times
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Memphis, Tenn., Riverboat Company Files for Chapter 11 Bankruptcy Protection
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Waikiki time-share owner may sell assets or file for bankruptcy
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Tripping Over Pension Shortfalls
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Adelphia:

Adelphia Shareholders Ask Whether Banks Knew about Alleged Fraud
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Adelphia Elects Two Additional Directors
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Antiques, art hit the auction block in bankruptcy case
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Farmland:

Farmland gets another extension
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Farmland Says Meat Businesses Have Attracted No Worthy Buyers
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  Emporium bankruptcy fees pile up
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Service Merchandise nickels and dimes bondholders
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Enron:

Enron runs out of extensions
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Enron Intends to File Reorganization Plan by June 30
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Enron Wind Systems to Sell Its California Turbines
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Enron: Repeatedly Missing the Obvious
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Law Firms:

Firm Says Staffers Okay After Saudi Bombings, Staying Put
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Judge Rules Corporate Defendant Should Bear Costs of Electronic Discovery
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Philadelphia: Tomar law firm will dissolve
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Legal firm that aims to be law unto itself - getting into bed with the bean-counters
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Squire Sanders Announces Iraq Alliances
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Seven of top 10 US law firms' fees up over 10% - May 13, 2003
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Asbestos:

Asbestos Bill May Face Opposition
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ABB Asbestos Hearing Ends, Decision Seen In 2 Weeks
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Solution to Asbestos Liability?
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Energy:

NorthWestern Corp. ponders bankruptcy to solve problems
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US' Orion Refining files for Ch 11 bankruptcy
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California Utility Expects Its Gas Division to Follow Parent into Bankruptcy
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Bankruptcy Court Leaves Oil Supplier Open to Lawsuits
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Salem Harbor power plant owner expects to file Chap. 11
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Davis asks for energy refund; SDG&E customers could see 3-4% savings
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Phelan filed for Chapter 11 on Mars 2112
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Settlement for Reliance policyholders OK'd by bankruptcy judge
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Seattle: State sues Wade Cook over unpaid portion of decree
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Probex/Bankruptcy: Sees No Funds For Holders
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New York Firm to Buy Bankrupt Divine's Texas-Based Unit
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Outsourcing Solutions Seeks Bankruptcy Protection
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Moll Industries plans emergence from bankruptcy
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Colorado's Biggest Casino Launches Bankruptcy-Recovery Effort
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Default Notice Is Served on Hotelier
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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3rd Circuit Tightens Rules for Discharging Student Loans
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Accounting:

Ex-partner files 2nd Andersen lawsuit
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Sprint's Holders Rumbling Over Conflicts by Auditor
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Accounting firms seek role in setting audit rules
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In a reversal, IRS wants to use collection agencies
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UBS Helped Guide HealthSouth In Years Leading up to Scandal
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Telecoms:

Global Crossing Anticipates Leaving Bankruptcy Second or Third Quarter
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Kansas Residents File Record Number of Bankruptcies in 2002
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Steel:

WCI Steel in trouble
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Bankrupt EVTAC steels for shutdown
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Bankruptcy attorney has unusual tie collection
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Thailand:

Banker Demands Thai Petrochemical Firm's Founder Repay Loans
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TPI creditors told to defer to Thai premier
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England:

British Government Makes Takeover Plans for Bankrupt Energy Providers
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Negative corporate warnings hit three-year high - but has the peak now passed, asks KPMG Restructuring?
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UK Companies are taking high credit risks to meet sales targets
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Dominican Republic:

Dominican Bank Failure Blamed on Fraud
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Dominican Govt Blames Massive Fraud For Bank Failure
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Korea:

Hynix Posts Huge Loss on Falling Chip Prices
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Goldman Sachs Succeeds in Bid to Put South Korea's Jinro Into Receivership
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Mexico:

Bufete Industrial to be liquidated
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Germany:

Struggling German Bank Group Posts Loss
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