May 11, 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

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Airlines:

Delta Air Lines, Like US Airways, May Seek Bankruptcy Unless Costs Are Cut
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Delta: Bankruptcy possible
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Delta talks of bankruptcy if pilots resist deeper cuts
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With cost cutting and group therapy, the world's angriest airline is learning how to save itself
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Delta signals possible bankruptcy if it doesn't get wage concessions
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Delta and the Hazards of Extrapolation
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Delta chief signals possible bankruptcy
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Delta does not expect pilot recall to hurt results
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John Wayne Airport May Be Up For Sale To Pay For Orange County's Bankruptcy
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U.S. Airways' Tailspin
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US Airways pilots OK regional jet agreement
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US Airways' Woes Loom Over Mesa Air
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New Alitalia chief braces for tough rescue mission
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Origin Pacific Airways Announce 93 Jobs Lost
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Origin Pacific To Shed Quarter Of Work Force
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Southwest steps up the competition
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Air Canada says suitors lining up
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Energy:

NRG posts profit after bankruptcy emergence
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Panaco, creditors draw arms
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Accounting:

Merck May Owe IRS More Than $2 Billion
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Crowe Chizek Tops Rivals in Public Audits
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Arizona Firm Fails PCAOB Inspection

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International solutions to insolvency can lead to good results, but caution is needed
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Bankruptcy calendar
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UBS Fined $100 Mln by U.S. Fed for Iran, Libya Trades
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Citigroup:

Citigate books $5bn WorldCom hit
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Citigroup Payday Bodes Well for Wronged Investors
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Citi's Costly "Insurance Policy"
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Citigroup's WorldCom pact may force banks' hands
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How to Collect On Your Losses From the Bust
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Tainted Research to Cost Billions More for Citigroup
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Citigroup Assesses a Risk and Decides to Settle
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NY Comptroller Hevesi: WorldCom Settlement 'Historic'
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Citi's hit on WorldCom
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Cost of Bubble-Era Missteps Grows Worrisome at Citigroup
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Don Johnson Accused of Not Paying Bill
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Actor Johnson sued over shop bill
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Grocery store, other Aspen, Colo., businesses say Don Johnson owes money
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Uh-owe! Grocer Wants Bread From 'Miami Vice' Star
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Actor bombs in debtor's role
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Industry Analysts Speculate on Adelphia Communications Buyer
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Man wins $22,000 Harley, then loses bike because of former employer's bankruptcy
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Vendor takes over debt-ridden Fresh Farms
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  Final IRS Rules Limit Post-Bankruptcy Tax Maneuver
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Law:

Tower Snow demoted as Clifford Chance gets tough on US
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Bryan Cave brings in SAS for back-up as it scours Iraq for business
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Paralegals Status Under New DOL Overtime Regulations
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Orrick and Swidler Berlin set for merger as talks heat up
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Pillsbury loses team of six to Mayer Brown
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U.S. firms find the Asian legal market tough to crack
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Morgan Lewis Partners Re-Elect Francis M. Milone Chair of the Firm
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Paul Weiss chairman gets second term
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Telecoms:

MCI turns Chapter 11 page
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MCI to Cut 7,500 Jobs Amid Increased Competition for Corporate Customers
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MCI CEO Sees $150M/Quarter Savings From Recent Job Cuts
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Asbestos:

Senate Leaders to Keep Exploring Asbestos Fund
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Halliburton Unit Sees $1.6B From Insurance Settlements
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Judge OKs Halliburton settlement
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Halliburton to Settle Asbestos Liabilities
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Directors trusted Hardie executives to "interpret" data to establish funding for asbestos trust
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Halliburton a step closer to settling asbestos liabilities
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Halliburton Close to a Deal on Asbestos Liabilities
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Judge Rejects Motion To Put Asbestos Cases On Hold -- Says inactive docket violates legal authority
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Corporate Reform:

Senate Committee Asks SEC to Probe Bank Mutual Fund `Conflicts'
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Tyco Looting Retrial May Happen by Fall
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Ex-Tyco CEO: Belnick Sought Retro OK Of Walsh Payment
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Trial opens for ex-Cendant executives accused of $500M revenue inflation
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Allegations fly at Hollinger
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'Racketeer' Black faces ruin: Massive personal action by Hollinger * Damages could bring $1.25bn bill
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Witness Tells of Adelphia Family Dynamics
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Lawyers Attack Witness in Adelphia Case
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Rigases Sold Adelphia Stk In July '01-Witness
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Regulators Probe Prudential
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Grasso Offers $48 Million for Apology
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Europe's CEOs are biting the dust as a more American-style shareholder activism reaches the boardroom
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SEC Chairman Defies Big Companies by Pressing Forward With Reforms
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Horsehead names president, CEO
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Aladdin Handover To Planet Hollywood Delayed
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Economy:

Stocks tumbled anew Monday on rate hike worries
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DVI Chapter 11 Creditors Can Probe Case Against Execs, Bd
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Cardinal Health Wins Bidding for Omaha, Neb., Automation Firm Lab-InterLink
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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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New World Pasta:

New World Pasta Files for Chapter 11
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New World Pasta Files Chapter 11 Bankruptcy Protection
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Ronzoni
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New World goes soggy on JLL
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New World Pasta Company Obtains Commitment for $45 Million in Financing
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Boston: International Place bankruptcy spotlights ugly feud
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Chiofaro, Tishman drop the gloves
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N.Y. lender strikes back at Chiofaro
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Chicago Mayor Proposes City-Owned Casino
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SEC wants receiver appointed to oversee alleged Chicago D&P Ponzi scheme
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WestPoint Stevens cuts 1st-quarter loss
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High Voltage gets jump start
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Common Reasons for Payment Default by Foreign Buyers
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Surge in corporate profits not reaching average workers
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Most Commonly Used Defenses Against Demands for the Return of Preferential Transfers
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Utilities will honor payments made to bankrupt CashPoint service
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Ten New Collection Tools and Tips
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UK:

The magic spongers -- The Inland Revenueŭs attack on the football creditor rule could see the sport's special status annulled
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Current Distressed Companies Update
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Crowning achievement -- The Enterprise Act 2002 dispenses with the Crown's preferential treatment in insolvency cases
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Leading restructuring expert to head R3
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The end cost -- Liquidation expenses: a victory for floating charge-holders?
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Business failures fall to a six-year low
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Airflow Streamlines plc in administration - sale of assets of the production division
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The Re Spectrum case has paralyzed the insolvency profession
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Revenue slammed over uncollected taxes
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Canada:

Boutiques San Francisco accepts recapitalization offer
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South Africa:

'Houses for debt' to Concourt
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Mexico:

Mexico's TMM extends debt restructuring deadline
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India:

Indian Diamond Debt
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Italy:

Parmalat may keep, not sell, U.S. units
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Vietnam:

Vietnam's National Assembly Takes Up Bankruptcy Law
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Thailand:

Industrialist to Put Thailand Cement Firm's Offer to Creditors
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