May 21, 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:

Senator to propose asbestos fund
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Labor Slams Asbestos Bill as Company Bailout
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Corporate And Insur Grps Back US Senate Asbestos Bill
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Create Asbestos Trust Fund
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What's Lighting Halliburton's Fire
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Stone & Webster to choose between plans
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Arizona Regulators Place Amerco Unit Under Supervision
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Telecoms:

WorldCom shareholders may see cash
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S&P cuts Allegiance Telecom ratings to D
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WorldCom lands Iraq contract
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WorldCom Settlement May Be Long Time Coming for Investors
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Doling Out WorldCom's $500 Million
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WorldCom Stockholders Organize Boycott of the 'new MCI'
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Rivals Say WorldCom Got Off Lightly in SEC Deal
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Swiftcomm Wireless Company Files for Bankruptcy Protection
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Owens Corning restructures headquarters lease deal
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Sun Capital to get Owens-Corning unit
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Meridien Hotels presents plan to creditors
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Bankruptcy Judge Denies Entertainer's Payment Plan
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Iowa Funeral Homes Bail Out Bankrupt Cemeteries
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Bankrupt Port Neches, Texas, Chemical Plant to Idle Equipment, Furlough Staff
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Changes at Pillowtex could have widespread impact
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Wall Street:

J.P. Morgan CEO regrets lapses
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Bankruptcy Court judge sends Marn case to state
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Reorg gives Comdisco holders $308M
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Maxxim Medical Gets Court OK For Employee Retention Plan
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S.C. firm has deal to buy Ecusta
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Accounting:

KPMG faces a mounting number of lawsuits over the accounting firm's tax-shelter business
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Financial Fraud Is Booming in United States, Examiner Says
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New Rules for Audit Committees
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SEC Officer Certification Rules Require New Control and Disclosure Procedures
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Revised deal with King may help Elan avert bankruptcy
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Conflicting Application of the "Net Result" Rule in Preference Litigation

Hayes Lemmerz gets exit financing pledge
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Comfortable with Your Directors and Officers Liability Policy? Take a Look Again
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Chadbourne & Parke To Represent Spiegel's Creditors Panel
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Rue21 Clothing Chain Exits Chapter 11, Sales Rise
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Scrushy Suing HealthSouth to Recover Legal Fees
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Sarbanes-Oxley Amendment Applied Retroactively: Individual Debtor's Securities-Related Indebtedness Is Not Dischargeable
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Hawaii: Royal Guard Security Inc. has filed for Chapter 11 bankruptcy protection
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  Airlines:

Handful apply to run Hawaiian
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Hawaiian loses $15M
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CUPE Calls for Federal Action on Air Canada
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United considers early exit from bankruptcy
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UAL creditors question adviser fees
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United Airlines Seeks to Keep Consulting Firm
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Air Canada unveils radical fare structure
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Bankruptcy court judge gives Midway 60 days
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Bankruptcy Judge Allows Morrisville, N.C., Airline to Avoid Liquidation
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United Airlines Ahead of Schedule in Effort to Boost Revenues
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Creditors Seize Jet, Passengers Stranded
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Cypress Aviation in Bankruptcy
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US Airways fleet cuts likely due to losses
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Colombian Airline Avianca To Reduce Fleet Size By 43%
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There's a Horse in 1st Class, and a Bit of a Mess
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Law Firms:

Firm's New Bankruptcy Chief Quits to Go Solo
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Restructuring Expert John Loughnane Joins Gadsby Hannah LLP - Will Focus Practice on Corporate and Bankruptcy Law

Kirklands bags second Fried Frank partner
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Federal Express Sues Brobeck Over Bills
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Texas: All unpublished opinions issued by courts of appeals are now citeable
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36 Jones Day Lawyers Listed in Debut Edition of `Chambers USA/Americas Leading Business Lawyers
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Womble Carlyle places 12 on Chambers USA list
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Second punitive damages award ruled too large by S. Ct.
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Steel:

Wheeling-Pittsburgh gets OK to send plan to creditors
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Wheeling-Pittsburgh reorg plan approved
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Weirton Steel Bond Can't Cover Workers' Comp Liabilities
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Weirton won't join Wheeling-Pitt soon
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WCI Steel Wants to Avoid Involuntary Bankruptcy Filing
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Fending off the debt dogs
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Directors and Officers Insurance Coverage Woes Continue
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Blackstone to Buy Adelphia Bonds
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Credit Card Chargeoffs to Maintain Upward Trend
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Tyco-backed fiber-optic company in default
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Corporate Reform:

The pell-mell way SOX was produced could lead to unforeseen and counterproductive consequences
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Excessive Pay Eroding Investor Confidence
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CEO Packages Under Scrutiny
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Waste no tears on sacked CEOs
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Senators target executive pay levels
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Koch Completes Purchase of Farmland Fertilizer Operations
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Eddie Bauer's stores not big L.L. Bean lure
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New Bankruptcy Opinions
(2 new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Energy:

State Sues Newtown Oil, Seeks Refunds - Says Company Knew Of Probable Insolvency When It Signed Contracts
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Encompass Services Panel Opposes Confirmation Of Plan
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Morris denies role in Carolina Investors' collapse
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Penn Traffic mulls voluntary bankruptcy filing
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Roundy's may face other bidders for Rainbow stores
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Conseco:

Barbs fly as Conseco hearing approaches
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Conseco's Quarterly Loss Drops to $19M
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Conseco Committee Alleges Bank Of America Insider Trading
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Enron:

Court Receiver Takes Over Daewoo India Plant
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AES colluded with Enron to rig auction
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DeLoach winery files bankruptcy
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Delaware Supreme Court Decision: Omnicare and the Invalidation of Absolute Shareholder Lock-Ups
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Piccadilly Again Cites Bankruptcy Risk
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Hanging in the balance
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Successor Liability Claims Extinguished upon Sale of Debtor Airline's Assets under Section 363 of the Bankruptcy Code
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Bankrupt firm aided by Internet grant
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England:

Easy credit 'has put poor people at risk of unmanageable debts'
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BofE accused of inaction over BCCI
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A soaring number of people in Britain are crippled by debt
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Poland:

Polands New Bankruptcy and Corporate Recovery Law
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Japan:

Bank of Japan Downgrades Its Assessment of Economy
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Canada:

Hollinger suspends retraction of shares to preserve liquidity
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Israel:

Court allows bank attachment on Zeevi
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Ireland:

Debtors' Prison??? Jail not the way to deal with growing problem of debt, says legal body
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Thailand:

Thai Court Will Mediate In TPI Polene Share Sale To Siam City
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Bank Delays Vote on Administrator by Thai Petrochemical Firm's Creditors
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Mexico:

TMM gets protection from creditors
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