April 26, 2004 

Daily Bankruptcy News

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

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Judge denies financing for National Benevolent Association
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Judge rejects DIP commitment
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Texas Bankruptcy Judge Rejects Loan Plan
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CashPoint:

A $23m Con Ed Bill Due
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Check-cashing firm suspended
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PA Banking Department Suspends Cashpoint Network Services' License
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PPL Affiliates Terminate Collection of Bill Payments Through CashPoint
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Citibank Offers Credit Card to Columbia, Mo., Cat and Her Bankrupt Owners
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Steel:

Creditors Notify Court They'll Appeal Weirton Steel Sale
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ISG pushes consolidation of steel industry to new phase
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Stelco inc. needs to uphold contractual relationship with Steelworkers' Union
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Restructuring for Stelco is do or die, CEO warns
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Some would pay under WCI plan
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Havens' new CEO is confident steel firm will strengthen
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Mill Revival At Hand?
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Law:

Jackson's legal team 'beat it'
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Pop star's attorneys decide to step down
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Lawyers must choose carefully when adding provisions to fee retainer agreements
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Law Firms Make Good Use of Attorney-Actor Privilege
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If You Went Here, You'd Be Sitting Pretty Now
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Mondo MoFo set to bulk up for tech, biotech
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Lawyer gets prison term for theft of client's identity
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Bringing in More Business by Tapping Existing Clients
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Corporate Reform:

More and more European CEOs find themselves out of the job. But when is replacing the chief enough to save an ailing firm?
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MCI Warning: Execs Repent
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3 fiascoes give hope to hapless investors
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Controversy over Executive Pay Continues with U.S. Companies
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Judges get feisty in plea bargains
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Tech CEO found guilty in swindle
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The SEC is weighing disciplinary actions against mutual-fund companies that have failed to use fair-value pricing practices
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Spitzer Subpoenas Top Insurance Brokers
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Prosecutors Rest Case Against Quattrone
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Reliant Energy to Lease Out Posh Office Space
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SEC Extracts Money From Muni Bond Issuer For First Time
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Asbestos:

Hardie casts a long shadow
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S&P revises ACE Ltd outlook to stable from negative
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Trial Lawyers, Labor Say Report on Asbestos Fund Boosts Their Argument
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Congressional Agency Estimates Federal Asbestos Trust Fund Is Underfunded
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Group files complaint against judge
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Efforts to reach agreement on an asbestos bill to continue this coming week
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Asbestos bill would curtail veterans' rights
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Energy:

Northwestern Corp. Restructuring Speed May Hamper Buyers
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Most of NorthWestern PSC meeting held in secret
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Utility's bankruptcy under review
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Actor reportedly files for bankruptcy to protect Colo. ranch
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Bankruptcy filing puts Indianapolis tech park in jeopardy
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$6.5M Ground Round bid
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Star Diamonds Goes Under For $70 million
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Texas Petrochemicals Announces Confirmation of Chapter 11 Plan of Reorganization
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Agents, advisers find ways to scam a little off the top
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Defense: Carolina Investors case a 'rush to judgment
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DaimlerChrysler's plans in tatters
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Global dream's death leaves career in balance for DaimlerChrysler chief
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Chardonnay golf blames lawsuit for bankruptcy
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Airlines:

Pilots can help Delta avoid bankruptcy: CEO
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Delta Holders OK Restricting Executives' Special Benefits
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Delta Executive Pay Raises Ire
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Delta pilots balking at steep salary cuts
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Delta, pilots face off at annual shareholder meeting
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Hartsfield's health tied to Delta's
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High-cost airlines are a dying breed
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AMR executives get pay cuts
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Busier airlines are facing higher costs
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The bankrupt company that everybody wants to own: Why Hawaiian Airlines is not your typical business story
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Alitalia needs a rescue plan that will fly
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New CEO says US Airways can grow
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Canada mulls bigger foreign airline stake
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Royal Tongan Airlines' aircraft grounded
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Owners of Atlas shares to lose stock
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Northwest pilots offer to take pay cut
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Dutch Planemaker Fokker Ends Bankruptcy
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Adelphia:

Cable industry due for mergers
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Gone Fishin': Adelphia Casts Net
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Telecoms:

Brazil's Calais ups guarantee for Embratel
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Brazil's Calais denies to raise Embratel rates
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Fading Winstar further whittles its work force
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Bob Guccione: The years have taken their toll
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Spiegel Cuts DIP Facility To $250M Vs $350M
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Courts handcuffed in enforcing restitution
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$25B In Fines, Payments From Criminals Uncollected By US
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Economy:

It's the economy, voters
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Economy getting worse
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Economy causes worry: Experts: Improvement might be deceptive
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Job Losses And Insecurity Color The Presidential Race In Divided Ohio
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Jobs are back
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Hotels, Las Vegas casinos seeing a boom in recovery
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Kerry, jobs and misery
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Newspapers' Ads Signal Recovery In U.S. Economy
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Available Office Space Drops to a Three-Year Low
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Issues With Bankruptcy and Disclosure Statements
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Accounting:

Shell's reserves accounting is facing the harshest scrutiny from the U.S.
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Shell's Top Bosses Named in UKpound 8 Billion Lawsuit
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Regulator to grill Shell auditors
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Greenspan Endorses Expensing Options
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Despite Ban on New Clients, E&Y Hired
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Grand Jury Indicts Owner of Bankrupt Anchorage, Alaska, Tour Company
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Kelly Foods files for Chapter 11
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New delay for Rosemont casino
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Telemarketing Firm Closes Augusta, Ga., Call Center Owing Former Workers Pay
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Former boss of failed grocery co-op gets 6-month term
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Distribution of Stock of Polaroid Holding Company to Unsecured Creditors
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Rose Garden bankruptcy filing morally wrong
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Austin: Bradley lawyers try to soften edge at bankruptcy trial
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Hip-Hop Mogul Is Among Magazine's Creditors
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Bay State Paper, in Chapter 11, shuts down, lays off 75 workers
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With Breadwinners Overseas, Guard Families Face Struggle
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Falling in Place
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Don't let debt collectors scare you into taking hasty action
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Bankrupt church may lose control of lawsuit
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Law Firm Partner Voted to Head Bankruptcy Association
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Bess Eaton bidders face off in Bankruptcy Court
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Scammers targeting those deep in debt with new tricks
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Check 21 -- The New Federal Check Collection Law
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Planning a Reduction-in-Force
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Signing judgment violated automatic stay

Enron:

6 defendants to be tried together in barge case
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Detroit schools Clover Technologies contract examined
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St. Petersburg Realtor, former councilman files for bankruptcy protection
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Kmart and Martha Stewart Living Omnimedia, Inc. Agree on Amended Terms of Long-term License Agreement
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UK:

Business failures set to hit 6-year low in 2005
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Minister echoes MEPs call for more responsible lending
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Enterprise Act and Insolvency Secured Creditors and New Purposes
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Forecasting group sees rapid growth for UK economy
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Fewer firms going bust
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UK House Prices Will Not Collapse Says Government
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R3 calls for a new bankruptcy alternative
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London's poor falling behind
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Italy:

Bank of America Helped Misrepresent Parmalat Loans
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Italy denied access to Parmalat accounts
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Ministry paves the way for Parma insolvency
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Pegasus joins the race to purchase Parmalat
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Parmalat gets May 5 deadline
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Indonesia:

Indonesia court ruling on Pru sparks alarm
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Indonesia Prudential Shuts Down After Bankruptcy Verdict
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Prudential unit unaffected by Indon bankruptcy order
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Hundreds protest closure of Prudential insurance in Indonesia
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30% of bankruptcy cases incorrectly decided
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Korea:

Hynix Barred From Investing in China
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'Bad Bank' for Corporate Defaulters Under Discussion
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More Small Companies Turn to Loan Sharks
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Half of Small Firms Plan to Relocate Abroad
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Canada:

TransCanada confident $2.3B deal for bankrupt GTN company will go through
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Les Boutiques San Francisco gets creditor protection extension for asset sale
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Concert Industries Receives Extension of CCAA Order
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Tonga:

Tonga plunged into financial crisis
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Economic troubles in Tonga
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China:

In China, a red-hot economy is showing signs of the blues
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Japan:

Mitsubishi faces bankruptcy, asset sales
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Repercussions for MMC could be terminal
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Lower House OKs bill to prop up ailing banks
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Bank bill seen unlikely to stabilize financial system
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Argentina:

Argentina Banco Galicia Gets OK To Issue Debt Swap Bonds
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Australia:

Running a business not my strength - Keeling
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