June 30, 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
Search function repaired: Search prior headlines at http://bkinformation.com/PriorEditionsSearch.html

         

Airlines:

Delta creditors for bankruptcy committee
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Ailing airlines face decision: Cut costs now or let United deal shake out
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Airline loan panel moves into a new role
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Air Canada Officials Get Stock Options In New Equity Deal
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Mulroney may get Air Canada post
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WestJet claims Air Canada unlawfully seized confidential company info
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Air Canada Had Rival's Trash "Digitally Reconstructed"?
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UAL rejection slip permanent
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Airline traffic takes flight in May
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United won't find cash quickly
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United may go back to unions
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Worries about United ticket machines linger
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US Airways' Machinists Throw Wrench into Airline's Cost-Cutting Drive
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Enron:

Lawyer for Ken Lay seeks prosecutor talks in D.C.
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High court to review securities fraud claims standards for damages in Enron-type cases
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Federal regulators, Enron, PUD meet
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Nevada regulators want court to cancel costly power contracts
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Tyson:

Tyson: 'I Deserve Another Chance'
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Unsettled Mike Tyson has an untrustworthy side to him
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Mike won't get King's ransom
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King, Tyson look forward to putting settlement behind
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Corporate Reform:

Jury in Adelphia trial finishes 2nd day with no verdict
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Adelphia Jurors Ask For Evidence On Advances
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Impact of ruling on sentencing being felt -- Supreme Court decision gives juries, not judges, power to enhance penalties
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Bank One agrees to settle up
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Bank One agreed to a $90 million settlement with the SEC and Spitzer
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Pension Funds Sue Shell Seeking Damages, Governance Changes
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Belnick Concedes He Asked About Utah Loan
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More Board Independence, Less Fraud?
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Prison Terms Begin for 3 Ex-Rite Aid Executives

Former Tenet CEO sues over losses in WorldCom
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Messier: Villain or Fall Guy?
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Securing Your Security - A Lender's Right to Litigation Proceeds
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U.S. Stocks Rise on Consumer Confidence
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Loral satellite Fails to Reach Planned Orbit
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Bankers: Credit Card Payers Doing Better
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Coming Real Estate `Storm' May Affect Cash Flow, Property Values
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EPIQ Systems Listed #36 Among Fortune Small Business' Fastest-Growing Small Companies
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Court OKs Chi-Chi's $2M in Settlements
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Kmart stock up more than 350%
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Dark spell for comic maker
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Southern Structures control up in air
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Suppliers push for bankruptcy -- Southern Structures faces lawsuits, forced insolvency
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ERN files Chapter 11
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Connecticut Argues Forstmann Firm Broke Contract
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Connecticut wraps up case against Forstmann
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Pegasus: DirecTV Drops Echo Suit
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Debtor must pay tribe
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RBX retiree benefits may end
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Asbestos:

Halliburton warns of additional losses due to lower than expected asbestos settlements with insurers
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Halliburton May Have Loss on Asbestos Costs
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Hardies liability warning
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ASIC on Hardie asbestos fund trail
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Hardie directors under scrutiny at inquiry
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TRO Against Moving to Florida: Ex-Conseco official and husband defend move
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Law:

Top Tax Shelter Lawyer No Longer at a Big Firm -- The shadowy world of tax shelters and the often obscure investment firms that sell them
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High Court Limits Use Of US Law By Foreigners
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Federal Judicial Panel to Publish New Electronic Data Discovery Rules
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Supreme Court to Decide Whether Spies Can Sue for More Money
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Scrappy Group of Lawyers Shows Way for Big Firms
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There is a range of important changes that law firms must introduce to ensure they reap the full benefit of a merger
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Looking for a few good lawyers
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Foley & Lardner acquires New York City law firm
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Steel:

Stelco moving corporate offices back into steel mill
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Steelworkers back on the job in Georgetown
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Countries suspend global talks aimed at eliminating steel subsidies
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Wheeling-Pitt blames bankruptcy for pollution problem
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Accounting:

More Regulation for Tax Preparers Proposed
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Ex-Cendant CFO Testifies on False Profits
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Delays possible on option expensing
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Land O' Lakes to Restate 7 Years of Earnings
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Energy:

Northern Offshore Considers Liquidation Following Unproductive Discussions With Committee
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Key now faces 10 lawsuits
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Seven Conn. nursing homes file Ch. 11 bankruptcy; layoffs planned
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One suit out for Texas Grill owners
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Court Approves Haynes International Disclosure Statement; Court Ruling Gives Company Go Ahead to Solicit Votes on Plan of Reorganization
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Haynes reorg haircut for Blackstone
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MinorPlanet's reorg confirmed
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Farmland Trustee Makes Initial Distribution to Creditors
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Administrator calls for Farmland bondholders' claims
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Consumers in debt will feel pain if Fed boosts rate today
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Banks let deadline pass without WorldCom settlement
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Banks face payout of $7bn for WorldCom bond sales
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Pittsburgh: Murphy to sign Act 47 fiscal recovery plan today
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Sale of whole Color Arts company possible
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Ramco Trading Corp. Seeks Bankruptcy Protection
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Vaniga: Bidding for face cream
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Sterling Optical closes its doors
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Private Tax Collection Plan Hotly Debated
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Former chief discusses years of financial woes at Ohio-based auto parts firm
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Paralyzed by a Gun, Boy Now Seeks to Buy Bankrupt Maker
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UMW Retirees To Rally At Horizon Bankruptcy Hearing
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Attorney General Files Lawsuit Against Bank, Collection Company
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Wet Seal Financial Troubles Could Have Impact On Retail REITs
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Otto Excuses Himself -- German Billionaire Says He Didn't Act Improperly In Spiegel Financial Affairs
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Prologic Management To Delay Filing Annual Report
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Arkansas rate of personal bankruptcy filings highest in country
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UK:

Deadline looms for Bradford City
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Manor Farm collapses
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M&S shaken by dirty tricks claims
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Mud-slinging over M&S escalates
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Solicitors provoke consumer fury
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Gold coin scam wound up by the DTI
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Merricks goes into administration
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Employee of company in liquidation could not set off debt due to company against debt owed to him
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Bank liable for another bank's fraudulent trading.
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Voluntary arrangement giving priority to non-preferential creditors was not unfairly prejudicial
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Revenue required to disclose documents which related to its previous attitude when applying to revoke a voluntary arrangement for unfairness
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Railtrack shareholders will see Byers in high court
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Russia:

Way Is Cleared for Yukos Seizures
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Yukos Oil's $3.4 Billion Tax Claim Is Upheld by Court
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S&P Will Keep Yukos On Credit Watch List
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Yukos Hopes For Government's Measured Approach To Settling Situation Around Company
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Russian Oil Giant Facing Bankruptcy
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S&P: YUKOS future depends on Russian govt
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Dilemma for Putin over Yukos 2bn tax bill
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YUKOS to do its best to stave off bankruptcy, settle any final adjudicated tax claims with the Tax Ministry
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China:

Solutia Has Agreement to Build Manufacturing Plant in China
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Former GITIC chief jailed for 14 years
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Trusts ease securitisations
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Canada:

Doman Industries Limited Announces Record Date
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CSII Update
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Japan:

Jobless rate declines to 45-month low of 4.6%
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Executives at scandal-ridden Mitsubishi apologize to shareholders
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Bailout grows for Mitsubishi Motors
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South Africa:

Rescue Remedy
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The changing face of debtor finance
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France:

French Consumer Confidence Stalls, Joblessness Rises
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Australia:

Bankruptcy Act changes criticized
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Thailand:

Thai TPI Debt Planner Proposes Fund Raising To Pay Debt
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