May 5, 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

         
Airlines:

Stiffing Workers, Not Big Shots - How American
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SARS, war not main worries for airlines
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United CEO lauds airline's progress
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UAL Posts Its 2nd Largest Deficit Ever
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For business travelers, one-way tickets are the new way to go
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Analysts Think Airlines Have Reached Bottom
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Pittsburgh to US Airways: Get real
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Revamped Swiss faces same problems
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Laid-off union members fret about getting their back pay
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Inconsistency: New Hobgoblin for the Airlines
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Workers finding pensions in peril
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Ex-United mechanics struggle to find work
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New Rules, Fewer Perks for Airline Workers
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Ex-TWA workers feel doubly betrayed
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Hawaiian creditors panel votes support for a bankruptcy trustee
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Air Canada demands 10% paycut
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Air Canada unions won't acquiesce to pay cuts
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UAL in the hole / Losses stack up, more cuts sought
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United hires ex-boss of ATA
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UAL Expects $300M From Government Under Wartime Act
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Telecoms:

Integrated Telecom begins its liquidation
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WorldCom CFO's digs up for lease
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The WorldCom trigger
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E-Plus to buy MobilCom's 3G network
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Judge Mulls Cedar Rapids, Iowa-Based Telecom Suit
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Asia Global reveals plans to hand out cash
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Devon Mobile Communications, L.P. Receives Bankruptcy Court Approval on Series of Proposed Transactions
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Integrated Telecom Express' Chapter 11 Plan of Liquidation to Become Effective
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Corporate Reform:

Demands from shareholders for greater transparency
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Critics Want More Corporate Remorse
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Grassley Targets Scandal-Plagued Firms
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Sarbanes' whistleblower provision spawns new cases
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America no longer a model for decent society
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Grass still green for top execs
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Class act from the real king of torts
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Entrance, Exit Bonuses for CEO's Show Few Signs of Restraint
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Ninth Circuit Rejects All-or-Nothing Approach to '523(a)(8)

Boston: The Dynasty's over, at least for now
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Sub-prime lender is object of anger in several states
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Truth about Social Security insolvency is out
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Kaiser Alum/Assets: Only Will Consider 'Acceptable Terms'
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Lone Star to be saved
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Bankruptcy auction for G. Neil nets $34.7 million: NBA's Timberwolves owner takes command of Sunrise firm
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HealthSouth CFOs: Scrushy Made Us Do It
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Fierce auction marks the end of Divine hope
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Bankruptcy filings in 1Q on a record pace
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Creditors block Malden Mills Ch. 11 exit
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Kmart:

Kmart: Out of the frying pan...
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New, leaner Kmart looks to future
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Next chapter
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Does Kmart have what it takes to survive?
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Kmart's top brass among top earners
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Pair is going shopping for old Kmart buildings
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Jomed/Bankruptcy: Regrets Bankruptcy, Wants To Exit It
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Law Firms:

Chicago Firm Cuts Jobs and Salaries, Rescinds Offers to Incoming Associates
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Cravath stays online with AOL
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Top Firm's $13 Million in Fees Questioned in Schools Suit
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Stephen Fraidin's move last month to Kirkland & Ellis may be ominous (scroll down)
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Getting the Boot at Brobeck
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Law firm scoops up 121 former Brobeck attorneys
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London Firms Slash Partnerships for Associates
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Hiring diverse professionals is good business for law firms
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Firms leverage paralegal skills to improve business efficiency
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2 acts create new play for legal firms
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The Injudicious
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Symphony puts Heinz Hall on the block
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Energy:

$100M jolt to APX may lead to bankruptcy
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For NRG Chapter 11, Legal Experts Would Pick Delaware
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TransTexas Files Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code
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Enron:

Enron & Co. Having a Laugh
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Citigroup to settle Dynegy, Enron claims?
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New Enron Indictments Miss Top Execs
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Authors approach Enron escapades with different tones
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Lea Fastow seeks to move case to husband's court
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Grand Jury Indicts Portland, Ore., Resident for Enron Dealings
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Steel:

Death of an Institution
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650 retirees at Beth Steel to get refund from insurer
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Bankruptcy Reform:

Conflicts of Interest
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Their mistake, but your loss
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Paying the price for money
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Convergence of ill economic winds plagues hospital finances
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Florida Philharmonic Facing Bankruptcy
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Top officers of bankrupt mortgage firm admit fraud
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Wall Street:

Spitzer Expects Charges Against Stock Analysts
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Are critical vendors just acting like spoiled kids, or will they really refuse to supply debtors unless prepetition claims are paid? Illinois may be the testing ground.
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Retention bonuses help firms through uneasy times
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New team tries to rescue bankrupt Cintech: Tech firm makes plans to emerge from Ch. 11
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Accounting:

How To Really Hate Your Auditor
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Eager to Be the Auditors' Auditor
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Essential Therapeutics files reorg plan
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The New Asbestos?
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L.L. Bean considering purchase of Eddie Bauer
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Companies want tax refunds on bogus profits
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WGI shareholder suit against Raytheon gets class-action status
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2 execs ousted by Conseco file big claims
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Erpenbeck contractors going after homeowners
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Creditors chase Insurall
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Future First execs jailed
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AA's fate depends on reviving revenue
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95-year-old Boise business files for bankruptcy
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Safety-Kleen Extends Voting Deadline for Reorganization Plan
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Consumers in debt tell of loans that made matters much worse
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NFC trustee: Silipigno's $6M payment will make job easier
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Hockey:

Saving the Ottawa Senators is viewed as an act of highest patriotism.
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England:

Leagues still hit by TV fallout
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Solomon Islands:

Cash-strapped Solomons struggles to afford democracy
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Thailand:

Concern as TPI misses $8.5m payment
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Creditors' new team has Prachai unhappy Receivers call firings of executives invalid
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Canada:

Beta Brands Announces A Foreclosure on its Assets by the Company's Secured Senior Lenders
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Japan:

A sinking feeling
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Hydra-headed bad loans continue to frustrate banks
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Debt-saddled Daiwa seeks protection
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Australia:

ASIC seeks ban for Elliott for trading while insolvent
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Court verdict holds key to Elliott's future
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Pakistan:

Defaults double in 10 years
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Malaysia:

Pay Up or else.....
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