May 20, 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
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Asbestos:

Armstrong hearing delayed again
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Senator to Introduce Asbestos Bill Thursday
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Sen. Hatch, Democrats Nearing Agreement On Asbestos Bill
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Escape Hatch? - Legislation could be a boon to companies with big asbestos liabilities
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Asbestos cases could rock Sears
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Law Firms:

Firm's Co-Chairman Quits
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Two Weil Gotshal Partners Defect
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Mayer Brown names insolvency lawyer to partnership
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Allen & Overy under fire over Safeway bid conflict
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Wilmer Cutler hires ex-government star
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C&L, Nixon Merger Talks Break Down
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Clifford Chance profits plummet as rival firms hold steady
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Sheppard's Pie - Sheppard Mullin hopes to fill its plate with expansion plans
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Brobeck's Demise Left Partners Scrambling, Benefited Other Firms
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Weil Gotshal hikes European profits by 40 per cent
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Brobeck, Ex-Partner Must Pay Damages Over Defection
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UK firms post bleak NY figures
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Even Fictional Firms Are Laying Off Lawyers
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Airlines:

Former execs likely trustee for Hawaiian Air
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Arrow Air asks court for mercy
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Is Delta Hub Up for Grabs?
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Hard reign
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Indianapolis Faces Giant Task in Finding Hub Tenant
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Northwest seeks debt exchange
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Trustee to run Hawaii Air
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American slices deals with lessors
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Energy:

Fitch Lowers Credit Outlook For NU Due To Bankruptcy Of Key Supplier NRG
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NRG To Continue Supplying CL&P
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GE Corporate Lending Serves as Lead Agent for NRG Energy's $250 Million DIP Financing
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Icahn Affiliate Seeks To File Own Plan For TransTexas Gas
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Westfort Energy Rejects Litigation Settlement Proposal, Authorizes Ch. 11
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Creditors Say Judge Should Reject Conseco's Reorganization Plan
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Malden Mills seeks Export-Import Bank financing
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Wall Street:

$1.4 billion settlement? It's nothing to big brokerages
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Daisytek's Australia, U.K. units face credit squeeze
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  Telecoms:

Judge Promises Scrutiny of Worldcom Deal
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MCI Shareholders Jump the Payout Line
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WorldCom disclosure hearing begins
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Dissenting Creditors Attack WorldCom's Plan
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A $500 million WorldCom fine?
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Worldcom Judge KOs $500m Deal With SEC?
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Advocates Hope Former WorldCom Execs Pay Fine
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WorldCom-SEC settlement put on hold
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WorldCom, former CEO Ebbers in dispute over loan payment
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For Mike Capellasí Next Trick...
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Superior TeleCom Receives Final Approval on $100 million Debtor in Possession (DIP) Financing Facility
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Intermarine assets sold for $15 million
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Investors cheer Marconi relisting
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Steel:

Weirton Steel files for Ch. 11
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Union Officials Claim Bankruptcy Avoidable
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Weirton Steel: Co Says Normal Ops To Continue
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Weirton Steel goes bankrupt
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NYSE Suspends Trading In Weirton Steel Senior Notes
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Steelworkers union, U.S. Steel OK new contract
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Enron:

Ex-Enron executive pleads innocent
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Fastow trial may be a year away - Maximum sentence 1,142 years
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Ex-Enron employees go after those who cashed in
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Utility scrutinized in Enron unit's deals cleared
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Accounting:

Andersen wants court to end suit in Brenham
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Actions For Issuers and Other Interested Participants in Light of Indictment of Arthur Andersen LLP
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Pay-Phone Company Sues Deloitte & Touche
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Small Town Radio files for Chapter 11
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Douglas Wilson Cos. Prepares for Bay Area Fallout
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Sears sees six bids for credit unit - May. 19, 2003
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Rosche Divisions Emerge From Chapter 11
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Economy continues to look weak
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Pennsylvania Fashions exits Chapter 11
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President of Rainbow Foods Says He'll Leave if Roundy's Wins Auction
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Slatkin Associate Pleads Guilty to Charge
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Bankrupt former athlete Clyde "The Glide" faces $6.5 million in claims
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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HealthSouth:

An Accountant Tried in Vain To Expose HealthSouth Fraud
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Owners Of Century 21 Building File Ch. 11
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For Chapter 11 Companies, Exit Financing May Not Be Easy
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Phoenix bankruptcy lawyer indicted in embezzlement from trust account
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Philharmonic to employees: Lights out
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Roxio buys Pressplay for Napster relaunch
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S Korea SK Group To Submit SK Global Bailout Plan This Week
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Boston church truce set to expire with no deal
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Use care when choosing a credit counselor
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Corporate Reform:

Executive Pay: Labor Strikes Back
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Reptron Electronics, Inc. Announces Agreement to Sell Distribution Division; First Quarter Results Release Date
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Sarbanes-Oxley Impact on D&O and Fiduciary Insurance
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Insilco Reaches Settlement With Panel, Lenders, Trustees
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Thailand:

Doubt lingers over TPI's debt workout
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Creditors' vote on administrator delayed to June 2 BBL asks for more time for consultation
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India:

Lenders take possession of Daewoo factory
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Australia:

Australian Regulator Considers HIH-Related Disciplinary Action
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Canada:

'Round the world' hero declares bankruptcy
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Korea:

SK Global negative data '20-times higher'
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14% of Adults faced bankruptcy
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France:

French ski federation goes bankrupt
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Mexico:

Mexican Court Stops Creditors From Claiming TMM Payment
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Japan:

Japan banks shiver as auditors flex muscles
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