September 18, 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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Energy:

Mirant exempt from contracts, judge rules
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Mirant Shareholders Get Panel
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Xcel Sees NRG Out Of Chap 11 By Dec 15
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PG&E Corp. Sees Improving Financial Performance
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NorthWestern bankruptcy filing helps energy plant in planning stage
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What can be done about NorthWestern?
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NWC adds sad chapter to MPC tale
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State officials discuss getting seat at NorthWestern's proceedings
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Syndicate decries NorthWestern's DIP loan
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NorthWestern has more than 9000 creditors
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Telecoms:

MCI's ex-CFO pleads innocent in Okla.
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Fastnet Asks Bankruptcy Judge to Approve Employees' Incentive Bonuses
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Naugatuck, Conn., Telecom Supplier Emerges from Bankruptcy Protection
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Touch America seeks OK to sell corporate jet
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New Jersey Loses Millions in Settlement on E-ZPass
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WorldCom bankruptcy plan complicates cover dispute
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Credit Counseling Firms Could Leave Consumers with Less Cash, More Problems
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Accounting:

I.R.S. Pursues Accounting Firm Grant Thornton in Crackdown on Tax Shelters
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Telecom Mogul's Suit Against KPMG Dismissed
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A judge's sanctions against PricewaterhouseCoopers are casting a harsh spotlight on the firm and its top U.S. partner
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Canada's GAAP not good enough
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Airlines:

United's low-cost carrier set for February takeoff
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UAL may raise financing to as much as $2.5 bln
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United sets stage for low-fare war
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Air Canada sets `equity partner' short-list
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Tobacco:

RJR Tobacco to eliminate 2,600 jobs (40%) in restructuring
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R.J. Reynolds Job Cuts May Not Save It
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Altria stock jumps on appeals hope in 'lights' case
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Bond Deal Gives State an Unhealthy Interest in Big Tobacco
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Ruling Breathes New Life Into Altria
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End of Drug Emporium pharmacies
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Texas Investors Lose Big in Troubled Lancer Hedge Fund Sued by SEC
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Advanced Lighting beats back creditors
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Furr's Restaurants to Sell Assets; Buyer to Keep Name
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Kasper's plan still may lack consensus
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Appeals court rules against Visa, MasterCard on exclusion rules
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  Enron:

Enron Bankruptcy Plan Would Divide Company into Three New Firms
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Creditors would get more with plan
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Former Merrill bankers charged with conspiracy
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Merrill Lynch makes deal with prosecutors, accepts reforms
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Law:

Larry Sonsini Offered Top Job at NYSE
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Sonsini set for NYSE chair
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Firm Lays Off Attorneys and Scraps Two Practice Groups in Wake of Defections
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If you are laid off, try to work out a helpful severance package
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Taskforce calls for ‘fly in, fly out’ ban to be lifted
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$16 Million Verdict Set Aside Over Top Lawyer's Conduct
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Will the real Cadwalader please stand up
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Prestigious law firm agrees to remain in lower Manhattan
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Law firm's redesigned Web site wins award
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10 Things Your Lawyer Won't Tell You
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Law firms are expert at offering employment law advice to their clients, but are they as good at applying those high standards to their own practices?
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Fraud report backs ‘noisy withdrawal’ proposals
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Salans swoops for Altheimer & Gray network
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Allen & Overy set to proceed with landmark India outsourcing plan
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Big law firm to stay downtown
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Are commercial law firms implementing the right knowledge management strategies?
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Give it to us straight - greedy fat cats
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Top Law Firms Pass on Hiring Veteran Federal Prosecutor
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Co-founder of Tonkon Torp, leading Portland law firm, dies
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Facing criticism for failing to police law firms, UK board to act on conflicts
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Cameron McKenna out on a limb as UK partners favor modified lockstep
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Guidelines for Giving Notice Vary Firm to Firm
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Dentons toughens standards for partners merit pay awards
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Corporate Reform:

Embattled NYSE chair quits
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Grasso Quits Big Board Amid Furor Over Compensation
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Grasso Flap Is Biggest NYSE Debacle Since 1938 Fraud
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CEOs may be in for pay cut
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Grasso Averaged More in Salary, Bonus Than GE's Jack Welch
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NYSE Traders, Aided by Grasso's Exit, Plan to Seek More Power, Lower Fees
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NYSE power vacuum might be tough to fill
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Eliot Spitzer on His Fund Blitzkrieg
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Grasso's Departure Will Change NYSE
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Patients Help Physician With Bankruptcy Woes
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New Bankruptcy Opinions
(No new opinions today)

Bankruptcy Court Web/Pacer Site Directory

Weird News
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Miami firm to bid on Pillowtex
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Steel:

Steel Industry Predicts Tariffs to Stay
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Ivaco latest to seek protection
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Lenders show faith in WCI
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Ivaco shares tumble on creditor protection filing
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Wheeling-Pitt Repays $5 Million Loan To West Virginia
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Credit bill would ban better state protection
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Polaroid:

Once-ailing Polaroid pays off for new owners
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New owners, financial picture revealed in court documents
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DIP Dimensions: Magnatrax Corp.
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Allou Ordered Into Liquidation
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Penn Traffic gets reorganization extension
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Letter from Delaware - Asbestos reform legislation unlikely, Mirant hires 'conflicts counsel,' Beal Bank joins DIP syndicate, debt counseling for companies and Sports Club struggles
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Conseco Capital Management Changes Name To 40|86 Advisors
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Conseco to celebrate end of bankruptcy
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Penn Traffic to Pay Chairman $100,000 a Month
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House and Senate considering bills to shore up pension plans
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DVI Extends Bid Process to October 3, 2003; Files Motion for New DIP Facility
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U.K.:

On campus: bankruptcy
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France:

EC warns France against aid to Alstom
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Alstom Bonds Extend Drop After Rescue Plan in Doubt
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Brussels blocks €600m Alstom rescue
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Alstom future hinges on 11th hour rescue attempt
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Australia:

Pan founder devises eighth version of revival plan
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Selim says his fortune on the line
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Bankruptcy case halts debt collection nationally
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Costs have risen
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Canada:

CLC wants fund to protect bankrupt firms' workers
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Melnyk lawyers want Sens records sealed
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Vicwest successfully completes restructuring
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Thailand:

Thai TPI/Creditors: Hires Advisers To Revise Debt Plan
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Thai TPI To Resume Interest Payments To Creditors In Sept
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