May 15, 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

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DIP Dimensions: Eagle Food Centers
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Letter from Delaware
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Airlines:

American to lay off 3,100 flight attendants
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Northwest pushes pay cuts
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Airline Bankruptcies and Workouts: Lessons Learned
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CIBC may have to share Aerogold
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Judge OKs Air Canada-CIBC Aeroplan credit-card deal but ends exclusivity
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Air Canada's 747s likely casualties of SARS crisis
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Cuts vital for Air Canada, says E&Y
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Union at airline questions strategy of board member
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Hawaiian Air remains at odds with creditors
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Hawaiian Airlines Board Proposes Comprehensive Solution Addressing Trustee Motion
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Potential UAL, GE debt deal to save millions
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Delta's pilots union said employees will have to shoulder more of the airline's cost cuts
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Law Firms:

UK Firms See Profits Drop
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Top 50 US Firms Ranked By Revenue
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Overpaid and everywhere
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Weak Economy Curbs Dallas-Area Law Firms
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Firm Decides to Close
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Houston Name Partner Dies
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Chicago firm loses San Francisco bankruptcy three
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Fried Frank/Ashurts: The Big Question
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Fried Frank offers hand of friendship to Ashursts
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British Publication Ranks US Lawyers
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UK firms muscle in on US M&A league table
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Camerons to cut 16
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Linklaters revenue up 14 per cent to £720m
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Altheimers review leads to management overhaul
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Do you have the mental strength to make the transition from Ďstar fee earnerí to managing partner?
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Mayer Brown London partnership reaches one-hundred
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Herbert Smith starts US litigation roadshow
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Gibson Dunn boosts private equity
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A law firm merger can be a time when the importance of a firmís IT department is at its highest level
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Boss of the year?
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Separated at Birth
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OSI filing trips Madison Dearborn
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Art of the deal - Paintings can hold their value better than more traditional assets
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Asbestos:

USG exec thinks asbestos bill would help
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Congoleum Corporation Reports First Quarter Results
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Allou:

Companies Want Pieces Of Allou
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Allou Health Says Ops Sales To Be 'Vigorously' Pursued
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Uniroyal Technology Seeks More Time File Exclusive Plan
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Little awaits Museum Co. unsecureds
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NationsRent Construction Rental Agency Soon to Exit Bankruptcy
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Examiner to review Carolina Investors
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Mosaic officers resign to buy top division
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  Beware Delaware
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Energy:

NRG Energy files for Chapter 11
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NRG Files for Bankruptcy Reorganization
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S&P may now raise Xcel Energy
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NRG: Chap 11 Won't Affect California Power Partnership
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NRG/Chapter 11: Bankruptcy Seen Over By Year's End
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State, PG&E battle in court / Post-bankruptcy plan is the issue
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NRG Seeks To End Power Supply Contract In Five Days
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Connecticut Light's Energy Supplier Is Bankrupt; Short-Term Rate Spike Feared
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CL&P says possible end to contract won't spell power loss
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Texas Commercial Energy Adds 100 Business Customers in April
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Salem power station close to being bankrupt
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Orion refinery goes to Valero
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Analysts Take Wait-And-See Attitude On Valero Purchase
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Orion Files For Bankruptcy; Valero Agrees To Buy Refinery
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Lenders Want $234 Million Guarantee from Tampa, Fla.-Based TECO Energy
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California's problem
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Enron:

An SEC complaint against several ex-executives at Enron's broadband unit, EBS, provides a road map that could be used to charge former Enron CEO Jeffrey Skilling with fraud
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Dueling Lawsuits in Enron -- The Complaints in the Northern Natural Gas Dispute
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Look Before You Leap: What Enron Can Teach Potential Lead Plaintiffs
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WestPoint Stevens hires restructuring firm
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Aventura investor cops a plea
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Judge denies request to use collateral in Ecusta bankruptcy
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Court grants Kasper extension
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Court Approves PSC Inc. Ch 11 Disclosure Statement
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Steel:

Algoma cutting 600 jobs in bid to survive slump
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Midwest Banc Holdings' CoVest buy delayed again
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Judge OKs Ore. Diocese Asset Transfers
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ISDA: Revising the Master
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Accounting:

Former Arthur Andersen Partner Files Lawsuit
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Pillowtex to Review 2002 Statement
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UPC says Chapter 11 emergence delayed
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Retail Sales Fell 0.1% in April
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Changing Economic Fortunes Give Lift to Bankruptcy Filings
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A Practitioner's Guide To Section 365(n) Of The U.S. Bankruptcy Code
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Borrower Privacy Policies Can Weaken Or Destroy Value Of Customer Lists as Collateral
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Perils of Bankruptcy Practice: The Power of a Contract and Integration Clauses
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Court Rejects Engagement Letter Terms That Limit Malpractice Claims
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Kmart:

Researchers Offer Advice for Kmart's Survival
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Wolf Haldenstein law firm again looking at HealthSouth
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Indiana officials hire lawyer in Bico bankruptcy business
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Florida Philharmonic:

Philharmonic files for bankruptcy
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Philharmonic's financing story doesn't sound right
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Greetings From the Bankruptcy Court -- Give the Money Back!
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Telecoms:

Allegiance Telecom succumbs to debt
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Allegiance Telecom Seeks Bankruptcy Protection
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Allegiance Telecom Announces Restructuring Plans and First Quarter 2003 Results
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Money loaned to the bankrupt firm's CEO resulted in improper payments, a new lawsuit contends
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Focal Communications Reports First Quarter 2003 Results
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Bankrupt Marconi clears 304 hurdle
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Verizon Wages Unprecedented Campaign Against MCI
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MCI, Verizon Attorneys Discuss Reorganization
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Sprint Says IPCS Creditors Not Allowed To Commence Suit
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State pension plan looks to recoup $38M from WorldCom underwriters
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Asia Global judge refuses to end exclusivity
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Horizon PCS seeks to restructure debt
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Global Crossing Appoints Daniel P. O'Brien CFO
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Expanding the Scope of the Authority of a Litigation Trustee
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Malpractice Actions in Bankruptcy: Who has the Right?
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Adelphia founder gets OK to sell property to pay legal costs
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Insolvency in a Global Economy: "Bring Me Your Tired, Your Poor, Your Troubled Companies Yearning to Reorganize!"
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NaviSite gobbles up Interliant
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Phoenix Waste Filed For Chapter 11 Last Week
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Spiegel Retains Keen Realty In Ch 11 Court Proceedings
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England:

BCCI liquidators to confront Bank
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BCCI settlement costs top $1.2bn
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BCCI liquidation costs top $1.2 billion
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BCCI's advisers still rake in fees 12 years on
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Japan:

Lifeline thrown to Japan's life insurance companies
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Japan Bankruptcies: Cases Down For Fourth Straight Month
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Japan Oil Development Co To Flesh Out Restructuring Plan
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Canada:

Pensioners protest collapse of plan
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Korea:

Ruling in Seoul favors lender over distiller
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Mexico:

Grupo TMM faces imminent default
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A test of Mexico's new bankruptcy law - Cydsa Creditors May Ask For Immediate Payment
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Thailand:

TPI: Discord puts rehab plans in jeopardy Compromise or face heavy losses: official
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TPI a Setback for Thai Banks' Recovery
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