May 5, 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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Energy:

PG&E gains $3 billion in quarterly income on bankruptcy windfall
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Utility group says it has dropped joint bid for NorthWestern
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MDU-Led Grp Ends Efforts To Buy NorthWestern Utility Ops
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Netexit, Inc. Files for Chapter 11 Protection
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Candidates' Position on NorthWestern Bankruptcy
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Accounting:

KPMG Ordered to Release Data Under IRS Probe
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KPMG Ordered to Disclose Data on Tax-Shelter Buyers
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Tax Shelter Client List Could be Double What IRS Had Suspected

Australia, Canada, UK and US Agree to Establish Joint Task Force

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Steel:

Bankruptcy court will be asked to approve a $16 million deal to sell Georgetown Steel
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Two Creditors OK Weirton Steel Sale
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ISG intends to buy Georgetown Steel
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Initial bid of $16 million entertained for Georgetown Steel
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Court to Hear WCI Bankruptcy Plan
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Law:

Clifford Chance to shake up West Coast office
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Orrick targets Washington with Swidler Berlin talks
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Kirkland reboots finance with Weil Gotshal hire
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Major NY Firm Finds New Digs to Accommodate More Lawyers
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UK and US firms are battling for supremacy in Europe’s most promising markets
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$1 Million Later, Fried Frank Scores Pro Bono Win
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Corporate Legal Departments Get License to Hire
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Impact of Goodyear Case Involving Protective Order Could Be Felt Nationwide
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Milberg Weiss Rules Sec. Class-Action Settlements
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Enron:

Ex-Enron executive may settle charges
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Enron bankruptcy to take years
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Corporate Reform:

If an indictment zings an executive, it's an uphill fight
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Small Towns: Risk Factor for Fraud?
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Trials and Tabulations
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Witness Tells of Dual Accounting at Adelphia
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California Pension Fund Steps Up Activist Approach
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Baptist Foundation land sold to pay off investors
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IRS Allows Plan Expenses to Be Paid From Accounts of Former Employees
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  US trade groups seek bankruptcy trading change
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Airlines:

Air Canada workout hangs in balance
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GE Threatens to Pull $1.4 Bln in Air Canada Financing
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Air Canada loan up in the air
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Air Canada Provides Update on Restructuring
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Air Canada gets court approval to seek new equity partner
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Air Canada restructuring ruling delayed
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Italian government warns of possible Alitalia bankruptcy
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Alitalia could be partially privatized
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Italy's flag carrier moves closer to demise
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Failed airline axes 260 staff
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US Airways in do-or-die struggle for Philadelphia
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Analysts say meetings will chart US Airways' path
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GE Evaluating Obligations For US Airways Financing
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Some troubled airlines likely to fail, CEOs say
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All rosy at United?
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Telecoms:

MCI to Pay $27 Million to Settle Fraud Claims
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Qwest Slows Slide, but Pain Awaits
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Economy:

Fed Sets Stage for Interest Rate Increase
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Isle of Capri abandons plan to buy St. Louis' President Casino
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Erpenbecks family still not in clear - Other Erpenbecks being investigated
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Git-n-Go gone
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Speizman Industries to declare bankruptcy
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IMPATH Reorganization Efforts With Crossroads, LLC Culminate in Sale of Cancer Testing Division
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Experian National Credit Score Rankings
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Push toward creditor protectionism in bankruptcy law may damage intellectual property rights; special purpose entities are “essential”
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'Very unique' ties with polygamist FLDS spell trouble for bank
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FTC Shuts Down Orange County, Calif., Debt-Services Firms
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Grand Jury Probes Spokane, Wash.-Based Metropolitan Mortgage
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BEVsystems International, Inc. Files Motion to Convert Involuntary To a Case Under Chapter 11
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16 IOCO Facilities to be Sold at Bankruptcy Auction
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Creditors question Cooker on $2.4 million
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Pittsburgh: Third bankruptcy filing by Santone rejected
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Sand Livestock files bankruptcy
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Who pays for big banks' risks?
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New Bankruptcy Opinions
(3 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Asbestos:

Senate Leader Wants to Keep Working on Asbestos
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Argonaut Pays $29.8 Million For 524(g) Settlement
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Foster Wheeler narrows first-quarter loss, settles asbestos suits
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Farmland:

CHS finalizes purchase of share in crop inputs provider
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La. firm takes over Farmland plant
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Trump:

Trump Fails to Make Bond Payment
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Towering bankruptcy?
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Fleming Companies, Inc. Moving Forward With Reorganization Plan
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Fleming Cos. to reorganize rather than sell unit
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UK:

R3 boss questions new bankruptcy regime
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Lost pensions compensation 'peanuts'
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Financial blues at the Royal Mail
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Canada:

Washington Marine pulls Port Alice Doman mill bid
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Nauru:

Singapore business magnate steps in to rescue tiny Nauru
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Bahrain:

Creditors agree to deal to sell off defunct bank's assets
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Israel:

Banks call to appoint receiver for Electrochemical Industries
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Argentina:

Argentine Creditors to Reject `Unilateral' Debt Offer
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Argentina Crt Rejects Claims Vs Multicanal's Debt-Deal OK
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New Zealand:

Insolvency Act breach brings 200 hours' community work
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China:

Fears of boom going bust loom in China
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Mexico:

Auditors concerned about viability of Iusacell
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Brazil:

Brazil Senate Panel OKs Bankruptcy Bill With No Changes
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