October 13, 2003 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

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Prior editions available at http://bkinformation.com/bankruptcy_news.htm
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Energy:

PG&E bankruptcy bid is deflected
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US District Crt to Rule on Mirant, Pepco Contract Dispute
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Pepco Customers Will Pay Price For Power Play
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Xcel Energy receives SEC order on NRG Bankruptcy
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Power payback in court / Appeals justices sympathetic to refund request
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NWC wants judge to reject director lawsuit
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Mirant ends a lease, may abandon tower
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PSC needs money to do its job in NWC Bankruptcy
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Enron:

Long before it was a public scandal, the Enron scam was well known among Wall Street institutions. After all, they were making it possible
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"This is a carrot from Andy to Chase ..."
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Newest Enron book hits bookstores
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Greed, Love, Hate, Sex—and Massive Amounts of Ego
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Enron Party Photos
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Enron seeks $45 million from Goldman Sachs
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Was there anything an investment bank wouldn't do for Enron?
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U.S. Investigators Open New Front In Enron Case
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Merrill's investment bankers didn't like analyst John Olsons skepticism about Enron. Merrill fired him
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Asbestos:

ABB asbestos compensation deal could be delayed 1-1/2 yrs by appeals
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RPM: Co Files Suit Vs Insurers For Liability Coverage
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RPM Had $136.9M Reserve For Asbestos Claims At Aug 31
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RPM Intl Had 2,131 Active Asbestos Cases As Of Aug 31
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Steel:

Ivaco Inc. files to put U.S. division under Chapter 7 bankruptcy
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Republic Secures Approval for Financing Agreement, Announces Resumption of Operations
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Firms Consider Continuing Business with Steelmaker Filing for Bankruptcy
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U.S. Steel Sees $680 Million in Charges
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Perry Capital eyes Republic
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Laid-Off Steel Workers Reopen Alton, Ill., Plant as Owners
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Troubled firms see light at the end of the tunnel
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Lobbyist Cooke indicted in collapse of Calif. clinic
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'Turnaround firm' comes north in search of failures
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Poor left behind as courts go high-tech
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HomeGold:

Deal to set sale of assets
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Adelphia Business Solutions, Inc. Requests Establishment of Voting Record Date for Reorganization Plan
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Penn Traffic faces unpaid tax bill as losses mount
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Customers of Bankrupt Wedding Photography Business Despair over Lost Photos
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Judge approves Essential's reorg plan
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Polaroid refuses to fade away
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Austin printing firm hauled
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  Airlines:

Airlines May See Operating Profit
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Air Canada pension talks end abruptly
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Airlines, hub airports engage in dogfight over fees, access
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UAL Seeks IRS, Congressional Assistance With Pension Fund Shortfalls
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Law:

Compensation for Texas GCs Slips a Bit
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Family Suing Disney Over Pooh Royalties Dismisses Counsel
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Spinning governance into gold: Sarbanes-Oxley has given rise to a lucrative cottage industry
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More Lane Powell space paves way for hiring spree
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San Antonio law firm's lease will kick off more downtown development
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Clifford Chance appoints Childs COO in leadership reshuffle
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Loral:

Court lets Loral drop Japanese contract
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EchoStar disputing Loral plan for satellites
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DirecTV Sweetens Loral Satellite Orders
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Hoping to tackle debts
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What the experts say
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Rica Foods, Inc. Announces Debt Restructuring
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Corporate Reform:

NYSE discloses executive payouts
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Sarbanes changes the way directors view their work: Some say new rules are turning involvement into a full-time occupation
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Ex-banker testifies in his own defense
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Lies, damn lies and the 95 percent rule
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Quattrone's decision to take the stand on the ninth day of his obstruction trial appears to have backfired
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Can Corporate America Curb the Monster?
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Scrushy declares innocence, casts blame in television interview
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The SEC is expected to sign off on rules aimed at improving board independence for NYSE and Nasdaq-listed companies
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Tycoons tried on the street
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Bilked investors to split Brennan assets
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Why the Secrecy About Financial Covenants?
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Bankruptcy never an issue at Delta
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Halliburton Announces Exchange Offer and Consent Solicitation for Debentures Issued By DII Industries, LLC
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Kasper disclosure statement approved
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Chevys Inc. Files A Voluntary Petition To Reorganize Under Chapter 11
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Companies such as Kmart Holdings Corp. could have dodged bankruptcy during the 2001 recession if they had had a chief knowledge officer on staff
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HealthSouth:

Stage is set for HealthSouth's second act
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Scrushy Blames Financial Officers
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My 16 Days on the HealthSouth Board
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Creditors back Burlington plan, Ross says
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Potential buyers show interest in purchase of defunct Fowler's
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No privity needed to include claim in plan

Businesses to lenders: Drop dead - Economists don't see loan rebound
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New Bankruptcy Opinions
(1 new opinion today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Telecoms:

Piling on MCI
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Book gives insider view of WorldCom
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Touch America Winners and Losers
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MCI seeks court approval of settlement with Sprint
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As Global Crossing Rebounds, Critics Question Role of CEO
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Vultures who have sunk hundreds of millions into the new MCI, now in bankruptcy court, are exhibiting the jitters
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U.S. Company Wins $19.6M Verdict in Telecom Suit
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Superstar financier takes advantage of WorldCom's bankruptcy
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Big travel company wins Far & Wide tour operators
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Accounting:

Regulators Say Executives Needn't Certify All Reports
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Ernst & Young Revenue Up, Names New CEO
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CFOs Struggle Over Disclosure, Funding
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E&Y Chief Executive to Retire After Just One Year in Top Spot
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State says Deloitte hid truth on failing insurance company
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Deloitte Entangled in Nation's Worst Insurance Failure
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Accounting firms feel impact of Sarbanes-Oxley legislation
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Will Corp. Annual Reports Follow the Homeland Security Color Scheme?
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Scandals magnify job of number sleuths
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Audit committees must deal with new role and responsibility
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Going broke
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France:

France moves on US-style bankruptcy law
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French govt to propose Chapter 11-style bankruptcy law reforms
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UK:

The show ain't over
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Iraq:

Hyundai and other creditors are seeking to collect as much as $15 billion
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Switzerland:

Record bankruptcies
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Australia:

Pan liquidator denies misleading creditors
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Pan founder starts liquidation appeal
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Chile:

Former Chilean Minister Faces Trial In Inverlink Case
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Japan:

Loan sharks prey on jobless
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Canada:

Irwin's $10 million windfall offers employees some relief
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Personal bankruptcies up: CIBC
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