August 20 , 2004 

Daily Bankruptcy News

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

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Asbestos:

Suit battles Ohio asbestos reform law
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At Last, an Asbestos Solution
(WSJ: separate paid subscription required)

Fed Judge Mulls Request To Take Over Owens Corning Ch 11
(WSJ: separate paid subscription required)

Eli Lilly's Alimta approved to treat lung cancer
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Asbestos suit targets Dow
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Waste of time
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Final torment of husband in 'mercy killing
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Hardie faces AGM raid
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Law:

Snow Fall (Again)
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Cozen O'Connor Raises 1st-Year Pay by $10K
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Lawyers must operate ancillary businesses within the boundaries of ethics rules
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Judge Accused of Self Help During Trial Resigns
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Lawyers get $23.7 million
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What Partners Want From New Associates
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Judge Who Helped Robbery Suspect Charged
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Steel:

Court approves $375 million sale of Ivaco
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Economy:

$50 Barrel for Oil 'A Foregone Conclusion'
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Stocks sag as oil prices steam higher
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Leading indicators decline as recovery weakens
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Health Benefits and the 'Jobless Recovery'
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Is the US economy heading for a hard landing?
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Accounting:

FASB Reverses Options-Cost Decision
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iPayment, Inc. Accountants Ernst & Young and Arthur Andersen Served in Fraud Suit
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IRS Gets Tough on 527s
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Nortel Fires 7 Finance Execs, Trims Workforce by 10 Percent
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Judge to admit wrongdoing -- to publicly apologize and admit his wrongdoing in exchange for dismissal of a bankruptcy fraud charge
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Credit official blames the state
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Max Factor heir granted bankruptcy protection
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Imprisoned Andrew Luster's Bankruptcy Bid Approved, Victims Object
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FBI confirms Freedom owner is under probe
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Marriage act is upheld in gay couple's bankruptcy
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Home Depot acquisition of Kmart stores could leave 1,200 jobless
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Home loan defaults continue to decline -- foreclosures becoming rare
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Pete Rose owes IRS nearly $1M
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Trico Marine auditors' amendment on viability
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ITT Tech accused of faking grades, enrollment
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New CLOs Show Ongoing Loan Demand Despite Soaring Prices
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Does a State Court Judge Signing Your Judgment Violate the Automatic Stay?
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Some Florida citrus growers might give up because of Hurricane Charley
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Airlines:

United Airlines May End Pensions
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Union will fight United on pensions
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UAL says it's likely to end pension plans
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United signals it may end pensions - Unions infuriated by airline's plan for leaving bankruptcy
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United Likely to Terminate Pension Plans
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Delta's woes may be its own fault
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Delta Air's Revival Plan Preaches Austerity
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Delta Seeks To Fly By Some Secured Public Bondholders
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Delta's debt plan raises concerns; US Airways labor deal due
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Delta offers pilots a stake for 35% pay cut
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Delta pilots fret possible S.L. closure
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Delta Faces Tricky Task in Restructuring Debt
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US Airways asks pilots for 16.5% cut in pay
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Union squabble could snarl airline talks
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US Airways raises pressure on workers to escape liquidation
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US Airways pilots could see 30% pay cuts
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US Airways union says labor deal is near
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US Airways' Machinists Union Won't Discuss More Givebacks
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US Air CEO dismisses liquidation comments
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United Airlines UK Staff Set Strike For Aug 27
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High oil prices to trim Ryanair results by 27m
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U.S. regulators ask flight attendant union to remove president, install rival
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Bankruptcy monitor recommends approval of Air Canada restructuring
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Northwest Air CEO Sees Pilots' Pay Deal This Fall -
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Ireland's Aer Lingus unveils redundancy deal
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Telecoms:

Cingular looks to amend AT&T Wireless indenture
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MCI charge report pushes rating down
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Trump's business failures can't hurt best asset: ego
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Gap Profit Off, Sees More Store Closings
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Galey & Lord files for bankruptcy again
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Galey & Lord buyout plan on the table
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Founder of San Antonio-based Body Solutions faces new legal workout
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Judge Signs Off On Solutia 'Joint Defense' Pact
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Cleaners to return clothes held due to bankruptcy
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Leveraged Loans Attract Investors
(WSJ: separate paid subscription required)

Investors Worry As Met Mortgage Faces Millions in Legal Fees; Lawyers, Accountants Will Be Paid Before Creditors
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Houston hotels manage occupancy drought
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Group buys One Financial Plaza
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Portland Archdiocese seeks abuse deadline
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Consumer-credit scams abound
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Wet Seal posts $102.8 mln loss, mulls alternatives, bankruptcy questions
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BP cuts loan size to $500 mln after banks walk away
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New Bankruptcy Opinions
(2 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Tobacco Road owner closes 11 stores, aims to shut 30 more
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Monsour facing new IRS tax lien
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Enron:

Ex-Enron execs stay busy with charity, Web site
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Loral Plans To Emerge From Bankruptcy With $200M In Debt
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Loral Files Reorganization Plan
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J.A. Jones' liquidation approved
(The Deal: separate paid registration required)

Kmart: Rich in Cash and Real Estate but Not in Sales
(NYT: separate free registration required)

UK:

Insolvency law switch to hit UK economy
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Fears over pension protection -- pension protection fund may offer a safety net to employees of failed companies, but it could pose a grave danger to the insolvency profession
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Demise of second renowned furniture maker looms
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Future of Jarvis in doubt despite backing from banks: Auditors give support services group guarded bill of health as it posts loss of GBP247m for year to 31 March
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The nuclear option:The flow of interim payments has come to a stop and it looks ominous. What to do? Wait for an adjudication - or go for broke with a winding-up petition?
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Japan:

Daiei shares soar as Wal-Mart confirms interest in ailing retailer
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Daiei shares suspended after report
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Investment Funds Mulling Buying All Bank Loans to Daiei
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Daiei to Submit Self-Help Biz Reconstruction Plan to Banks on Fri.
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South Africa:

Tigon CEO stalls on what became of investors' cash
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Australia:

Shares sale to allow fruit coop debt repayment
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China:

Central bank orders takeover of ailing D'Long
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Italy:

Doubts cast over Parmalat's 10bn claim
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Parmalat launches $429m suit
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Parmalat Adds CSFB to Banks Being Sued
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Canada:

Interfor gets bankruptcy court approval to buy three U.S. sawmills
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Creditors pick over Aviators' bones
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Russia:

Court Rejects Khodorkovsky's Appeal
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First Witness Takes Stand In Trial Of Former Yukos CEO
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Greece:

Klonatex Group forges solvency pact with creditor banks
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