May 9, 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
Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         
Bankruptcy Reform:

Marketers Applaud Consumer Bankruptcy Bill
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House Judiciary reports out bill
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Bankers lose big in IHS restructuring
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Treasury Official Disputes Business' Claim On FCRA Expiration
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Kmart:

Third investor buys slice of Kmart
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Panel OKs IRS Use of Private Collectors
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Florida Philharmonic:

Philharmonic hires bankruptcy attorney
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Fearfully, orchestra's members wait to hear what future holds
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Virginia Corporation Commission Won't Help Receivers of Failed Insurers
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Investment Firm Downgrades Salt Lake City-Based Loan Service Debt Rating
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Tobacco:

P. Morris Avoids Bond Increase
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Cigarette Suit Lawyers Argue Over Bond
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A bankrupt Lundy's reopens
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HealthSouth:

Feds Demand UBS Files In Healthsouth Case
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Top dogs still dodge feds
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HealthSouth chooses PwC as its new auditor
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Asbestos:

Asbestos ruling alarms insurers
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US Sen Hatch: Final Asbestos Litigation Reform Bill Near
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Steel:

ISG Completes Bethlehem Steel Purchase
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Hockey:

Melnyk deal hits snag
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Court to Consider Sale of Ottawa Senators
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Ottawa keeps its wits despite financial woes
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Carolina Investors president report death threat to police
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Accounting:

ImClone's Auditing Firm Sweats As Taxing Story Starts to Emerge
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Audit Fees Swell After Scandals, New Law
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Imclone auditors insisting on broad review
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Exodus of law and accounting firms from St. Paul continues
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Sarbox Upshot? CFOs Now Risk Magnets
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Ex-Andersen Auditors Sentencing Delayed
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National Vision Announces Receipt Of Default Letter From Indenture Trustee
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Telecoms:

CTC Communications wants more time for reorganization
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Playing field leveled for Aladdin bidders
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Essential Therapeutics common stock delisted from NASDAQ
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The Spiegel Group Reports April Sales Down 31%
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Kleinert's files for bankruptcy after 2 years of declining sales
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  Airlines:

US airline shake-out will leave few carriers
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Boeing: Change Airline's Management
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Financial Experts Unsure Why American Airlines' Shares Have Gone on Wild Ride
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It Seems Former CEO of American Airlines Has Few Job Options
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Midway wants time to negotiate with potential investor
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Unsecured creditors get seat at table
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Air Canada Provides Update on Restructuring
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Air Canada Funding Operations From Credit Facilities
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Trustees considered for Hawaiian Air
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Two former Hawaiian Air executives are being mentioned if a judge puts a trustee in charge
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American Airlines CEO says things looking up at troubled carrier
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United vultures
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Fall of the High Flyers
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NWA pilot leader: Cut costs outside of bankruptcy court
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Citing SARS, Northwest Invokes Clause to Allow Layoffs
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Bouncing balls a recovery do not make
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Sky Is Falling over Varig
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Troubled Brazilian airline appoints new boss
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March passenger traffic down 28% at airport
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AMF backers hope to score big
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Law Firms:

Four Partners Bolt Enron Firm
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Learning the Art of Multi-Tasking
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Nerves Fray as Firm Deals With Impact of SARS
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Insurance Class Action Defense Group Joins Sidley Austin Brown & Wood
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Law students descend on Snell & Wilmer
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Kilpatrick Stockton gets expanded role at DuPont
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Lawyers Present Closing Arguments in Defunct Mortgage Lender's Trial
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Apollo is shopping White Hen chain
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Alstom Finances in Focus; Huge Loss Looms
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Judge rejects Wade Cook claim to database of clients
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Fleming:

Fleming will close giant Phoenix warehouse
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Fleming Cuts 800 Jobs, 5 Wholesale Units
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Bankrupt Toledo, Ohio, Ball Bearing Maker Seeks Buyer, But Price Not Yet Right
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Retailing:

Retailers' slump continues in April
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Reshaping The Big Box
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Nest eggs without the yolk - Corporate pensions
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Trustee Opposes Conseco's Chapter 11 Plan Releases
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Enron:

Man, SEC Settle Over Phony Enron Claim
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Texas Recession Is Over, Federal Reserve Bank of Dallas Says
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GE Plans Move Into Risky Area of Personal Loans
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Furr's Restaurant Gets More Time To Use Cash Collateral
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Rigases Seek To Force Adelphia Commun To Return Papers
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Textile Owner Beat Fire, Fashion; Creditors May Be Tougher Battle
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Energy:

Write-Offs Put Houston-Based Reliant Resources in Red; Layoffs May Be Next
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NorthWestern: Bankruptcy Not In Plans, But An Option
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Interests May Collide In Mirant $5.3B Debt Restructuring
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Reliant figures show fragility
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Rhode Island Insurers Enter Voluntary Rehabilitation
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Corporate Reform:

Executives' images could be cruising for a bruising
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Tables Turn on Whistleblower Who Now Faces NYSE Charges
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Shareholders are finally taking a stand against outrageous pay demands and huge rewards for failure
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Severance deals should be next on list of disclosures
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Suffolk, Va., Insurance Claim Network VICARE Sees Business Shrink, Bankruptcy Looming
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SGD Holdings Unit Con-Tex Silver Files For Chapter 11
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Novato: Owner, chef of WildFox files for bankruptcy
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17 Are Charged in Scheme to Steal Mortgage Money
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Rising vacancies lift commercial property risks
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US Justice Dept Dismisses Antitrust Lawsuit Vs. SGL Carbon
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Korea:

SK Corp eyes SK Global debt-equity swap, stock falls
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Thailand:

Bankrupt Thai Petrochemical Firm's Creditors Put Together Administration Team
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TPI SAGA: Govt voices bankruptcy fears
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Canada:

Directions for Conservatory Measures Against Bankruptcy Trustees Henry Sztern & Associés Inc. and Henry Sztern
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Germany:

New concept awaited for rescue of Cargolifter
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Loews Cineplex, partner buy insolvent German theatres
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Australia:

Court tells FAI to pay Trust Co $20m
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Elliott and Plymin must wait for ban decision
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Finally, Hazelton lands $3.2m from Ansett
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New Zealand:

Insolvency bill stirs debate
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Japan:

Corporate revitalization body rolls up its sleeves
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Revitalization models needed
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Japan’s RST files for bankruptcy
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Northern Ireland:

Second chance for honest business bankrupts
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