May 7, 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

         
Bankruptcy Reform:

Key U.S. Senator ready to move bankruptcy bill
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Conseco's bankruptcy adds to US law firms fee bonanza
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Bankruptcy NOLs: Why This Tax Loophole for Losers Should End
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Kmart:

Kmart leaves bankruptcy
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Kmart Sees $2.7 Billion Liquidity Position At Emergence
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Hiring a top merchandise exec seen as key for Kmart
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Kmart's Quick Exit From Chapter 11 Is A Risky Bet
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Kmart must gain lost ground
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A Look at Kmart's History
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Kmart Exits, Taps Lampert
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Kodak May Take Kmart To Court To Settle Issues
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Slimmer Kmart faces host of new challenges
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GE Corporate Financial Services' Retail and Restructuring Group Serves as Lead Administrative Agent for Kmart
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Gritty arena awaits Kmart
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Saks could land 12% of FAO
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Lawsuits Question Validity of Bankrupt Health-Care Magnate's Marriage
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Many interests have stake in Eddie Bauer
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Avado faces threat of default
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State passes ``cyber shaming'' bill to pressure tax scofflaws
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Daisytek Continues Restructuring of U.S. Core Business
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Energy:

TDC Energy LLC Enters New Credit Facility and Emerges From Bankruptcy
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Homeowner Fears She's Been Burned Again By HomeGold
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Sonicblue's modems attract buyer
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Consolidated Freightways will auction distribution centers
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Accounting:

Reverse Morris Trust transactions might have drawn the IRS' ire in times past. But that's not the case any more
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Table Of Companies Expensing Stock Options
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HealthSouth, Ernst Release Documents
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Arthur Levitt vs. the Accountants
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Bankruptcy judge OKs fees in Agway case
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Debt Puts Tampa, Fla.-Area Lenders in Driver's Seat
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Alliance Data's deal with Spiegel approved
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  Airlines:

Creditor revolt grows against Hawaiian Airlines
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Hawaiian Airlines' creditors back Boeing demand for trustee
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Hawaiian Airline executives distance themselves from CEO
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Big government loan helps US Airways earn $1.6 billion
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Heaven sent Magritte painting bails out redundant airline staff
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Hawaiian lists assets of $100 million more than liabilities
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Air Canada completes makeover
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Air Canada is out of cash on hand, CEO says
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American board member: Heed CEO's fate
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United Airlines Begins Implementing New Labor Contracts
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UAL has not paid millions for plane leases
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United to outsource air freight
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Law Firms:

Another busted union for Ashursts
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Kirkland & Ellis offers $9m profits deal to lure Fried Frank rainmaker
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Orrick Enters Merger Talks
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Dewey Ballantine Adds Three Corporate Partners to New York Office
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Boutique Closes, Partners Split Between Firms
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Sheppard Mullin Grows Washington, D.C. Office
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US law firms inject huge sums into presidential campaigns
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Botched Bar Exam Scoring Could Affect Thousands
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My Lawyer Made Me Do It
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NY Moves to Limit Attorneys' Contingency Fees
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Big Law Firms End Merger Talks
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Paul Hastings builds Asian securitisation practice with Sidley Austin captures
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Ashursts to turn its back on US after merger hopes crash
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Denton Wilde Sapte axes seventy in London
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Allen & Overy plans to double NY litigation
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Top City firms set to post revenue hikes for 2003
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Texas Court Upholds Butt Search
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Acterna flop stings CD&R
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Heartland, Creditors Reach Employee Bonus Plan Compromise
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Mortgage holder buys American Tissue building
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Sea of red for Lundy's
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Fleming Cos/DIP Financing: Gets OK On Vendor Program
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Telecoms:

Marconi sees tough markets persisting
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AT&T Canada to shed Contour unit
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Excite@Home could unplug service Friday
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Verizon wants money from Telergy bankruptcy
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Is Big Tobacco headed for more trouble?
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Fitch Downgrades Tobacco Settlement Securitizations
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Asbestos:

Jury rules against asbestos insurers in closely watched case
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Sen. Hatch Sees Asbestos Fund at $108 Billion
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Senator sees compromise as key to asbestos claims
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Enron:

SEC files suit over bid to buy Enron
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Steel:

U.S. Steel raising $350M to help buy National Steel
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Foundry gets new life as labor contract OKd, Ch. 11 planned
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Union leader says employees could face job, pay cuts
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Canada:

Descartes drops 130 employees
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Japan:

Japan to spend €75bn tackling bad loans swamping bank sector
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England:

Scots Couple Admit Debt Plot
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Will debts put me in jail?
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'My debts spiraled out of control'
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Solomon Islands:

Too broke to change the laws
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Germany:

Saban targets more Kirch assets
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Korea:

Korea’s Credit-Card Mess Needs a Clean Sweep
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Thailand:

Thai Prime Minister Rejects Proposed Chief for Petrochemical Firm
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