April 21, 2004 

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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Telecoms:

NextWave, U.S. Government Reach Airwaves Settlement
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Feds Reach $4B Settlement With NextWave
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Court to rule on Embratel despite MCI bankruptcy exit

MCI Board Adopts Shareholder Rights Plan
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MCI emerges from WorldCom ashes
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MCI Emerges from Bankruptcy
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Telecom Sector Ringing Up Better Days
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MCI Bonds Tumble With Shrs As Co Emerges From Chapter 11
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DSL.net Gets Going Concern Warning
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Lucent's uncertain future
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Law:

Powell Goldstein Ranks Seven Practices and Six Attorneys in Chambers USA Guide
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Court Reprimands Attorney for Not Correcting Boss's ‘Misstatements’
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Reducing Hours Isn't Easy, But It Can Be Done
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When the News Is Bad
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Morrison & Foersters Corporate Practice Posts Strongest Quarter Since 2000
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Some lawyers learn too late that promised retirement benefits can't be paid
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Latham scores fourth Skadden finance partner
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Enron:

Enron's Lea Fastow hurtles toward trial
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Energy:

Creditors Overwhelmingly Vote to Accept National Energy & Gas Transmission, Inc.'s Plan of Reorganization
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NorthWestern talks turn to rates, financial protection
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NWE workers take step toward strike vote
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Asbestos:

The Asbestos Challenge
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US Senate Republicans try to bring asbestos bill
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Trust fund may replace asbestos jury awards
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Grace Reports First Quarter Financial Results
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GOP Hoping to Push Through Asbestos Fund
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Senate Considers Asbestos Victims' Fund
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Asbestos bill is short on fairness
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Frist considers Thursday vote on asbestos settlement despite Democrats' objections
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Insurers, Trade Groups Object To Senate Asbestos Trust Fund Bill
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Bankruptcy expenses lead to $20.4M 1Q loss for Federal-Mogul
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Greenspan Talks, Markets Tank
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EquiFin Gets Going Concern Qualification
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Baldacci confident in Eastern Pulp mill deal
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Americal seeks OK for sale to rival
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Penn Traffic remains positive despite further losses
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  Airlines:

Siegel will collect millions for leaving airline
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US Airways' CEO Ouster Clears Way For Labor Talks
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Change flying low on airline's radar
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Different CEO, same tough choices at US Airways
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US Airways Said to Be Seeking More Concessions
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US Airways Remains on Watch Negative
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Avianca Gets More Time to File Exit Plan; Still in Sale Talks
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Alitalia waits for help from Rome
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Alitalia Board Fails To Decide On New Restructuring Plan
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Italy Weighs Tax Breaks as a Way to Help Ailing Alitalia
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Alitalia Can't Stanch Red Ink
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Shareholders of Hawaiian Airlines’ parent lose court bid
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Steel:

Advisers Defend Weirton Buyout Offer
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WCI Steel, Inc. Files Plan of Reorganization
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Weirton President, ISG Defend Buyout Offer At Hearing
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Georgetown Steel bid anticipated
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AK Steel says new union contract a step toward lowering labor costs
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Accounting:

Shell's Woes Could Force Reorganization
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Author Brown Pleads Guilty to Tax Fraud
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New BLS Guide Outlines Accounting Trends and Job Outlook
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Former Cendant Execs Charged in Accounting Scheme
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Accounting board chair defends plan to count stock options as expense
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Computer Associates Fires Nine Amid Accounting Probe
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Treasury and IRS Address Foreign Tax Credit, Partnership Transactions

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American Investors Awarded Nearly $400 Million in One of the Largest Corporate Defaults in Emerging Markets History
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Asia Pulp & Paper loses in court
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Digital Lightwave Reports Fourth Quarter and 2003 Year-End Financial Results
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Digital Lightwave Posts 4Q Loss; May File For Bankruptcy
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Spiegel cuts 255 more jobs
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Ace to seek use of cash
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Coalition for Responsible Credit Practices Releases White Paper Outlining Reform Agenda for the Credit Counseling Industry
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The State of the Financing Market for Middle Market Companies
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Student Loans Are A Gravy Train For Lenders
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Churchill remains major player in sale
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Expungement violated creditor's due process rights

South Jersey bridge facing bankruptcy
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New Bankruptcy Opinions
(4 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Napster trailing $17bn legal bill
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Disallowed Tax Shelter Led to Collapse of Metropolitan Mortgage
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Clayton Homes buys rival Oakwood
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Memorial Coliseum a bankruptcy issue -- A judge will decide next month whether the successful bidder for the Rose Garden will have to operate the older facility
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Corporate Reform:

Janus CEO departs in wake of scandal
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Investors pay little heed to funds scandal
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Raising a Red Flag Isn't Enough
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California Pension Fund Targets US Boardrooms
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CalPERS vs. Weill, Round One
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Oxley: Congress Belongs in Stock Option Debate

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Goodyear's Lenders Cut It Slack
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Consumer debt on the rise
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Employers Expect to Increase College Hires by 11.2 Percent

UK:

Secretary stole £4.4m from Goldman bankers
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Solicitors will no longer be able to enforce a lien over land certificates and charge certificates against an administrator, liquidator or provisional liquidator
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Receivers exceeded their authority in disclosing company's privileged documents to debenture holder
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Bankruptcy rule change threat to Egg profits
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More to go bust
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Bids for Mayflower roll in
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More than 60 bid for Mayflower
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Learning to ease the debt burden
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KPMG appoint mid-market head of Corporate Recovery
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Canada:

Doman boss urges back-to-work order for striking B.C. tug and barge workers
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Russia:

S&P Slashes Yukos, Warns of Insolvency
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Yukos credit rating cut to near default grade
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"Hidden privatization" through bankruptcy proceedings
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Nauru:

Canberra says no to quick fix for Nauru
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Argentina:

Argentina's Cablevision: Error In Debt Offer Vote Tally
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Korea:

Massive Insolvency of Small Firms Warned
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Creditors Divided Over Hynix's Chip Plant in China
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