June 4, 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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Enron:

Enron's Reorganization Hearing Off To Contentious Start
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As Enron trial looms, Fastow bolsters defendants' claims of innocence
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Examination outlines possible causes of action against lawyers
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Fastow evidence could help defense
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6 defendants pin hopes on Fastow's statements
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Government acts to protect assets in Enron pension plans
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Enron chief sees hearings over in a week
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Enron May Repay Half of Amount It Promised
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Enron seeks OK to exit bankruptcy
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Enron reorganizing to pay creditors 20 cents on dollar
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Dirty words, dirtier deeds
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Asbestos:

Hardie maneuver worried CSR
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Asbestos Plaintiff Claims Rice Breached Fiduciary Duty In Prepack Settlement
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Asbestos Bankruptcies Face Setbacks on Two Fronts
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ABB: US Asbestos Hearing Went Well, Expects Ruling Soon
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ABB in focus as asbestos settlement ruling awaited
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Corporate Reform:

Adelphia jet fleet delivered toilet paper
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Belnick Urged SEC Cooperation
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Tyco Debt Lifted to Investment Grade by Moody's
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Demands for 'Cooperation' Increase
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Pity the CEO scraping by on just a few million a year
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Many say governance reform is going too far -- as activists dig in and get more demanding
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Directors: Corporate Constables? They are increasingly held responsible for making sure that companies are behaving as they should
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Steel:

EPA Tells Warren, Ohio, Steel Company to Make Reorganization Plan Changes
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U.S.'s Steel Prices Should Lose Steam
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Court orders Kaiser to sell refinery stake to Hydro
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Better Late Than Never: The Informal Proof of Claim Doctrine

Jackson Curios Under Wraps
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DB Companies, Inc. Files for Chapter 11 Reorganization
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Hoover found guilty
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Hoover: Guilty times 44
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New HealthSouth CEO seeks to move firm past scandal
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Sears misses May forecast as others post strong sales
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Adelphia amends loan commitment letter
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Feedlot manager moved cattle on news of fraud case
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Non-approvable letter from FDA means further doubt for Cardima
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Increased Liability for Directors and Officers
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Am I Covered -- Will You Have D&O Insurance When It Is Needed?
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Hiring of fourth bankruptcy judge OK'd for federal district in Wisconsin
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CornerStone Propane Partners, L.P. Reaches Restructuring Agreement with Senior Secured Lenders; Files Chapter 11 Petition and Plan of Reorganization to Implement Restructuring
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Airlines:

US airlines urge Washington to halt taxes
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Delta Creditors Meet, Mull Ways To Prevent Bankruptcy
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Fend for yourself, lawmaker tells airlines
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Airlines get warning from key lawmaker on future aid
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Carriers seek aid to stay in the air
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Arizona airline not taking part in Hawaiian reorg process
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BA blackballs Swiss after fallout on frequent flyers
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Troubled Companies Pay Debts To Airport
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US Airways asks CWA for concessions
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Even with concessions, Delta in peril
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Airlines face heavy turbulence
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What should the federal government do -- or not do -- for the airline industry?
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Financial pressure building for Delta
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Costs Put Delta in the Cross Hairs of Crisis
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Continental Sees Possible Furloughs
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GAO says airlines failing fast
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Southwest Air Leads Again
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Law:

General Counsel Compensation in the Crosshairs?
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Class Action Yields $60.7 Million in Legal Fees
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Belnick Excelled at SEC Probe, Lawyer Testifies
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$3 billion bail unconstitutionally excessive
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Summer Associates: From the Simplest Seeds, Conflicts
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Telecoms:

Time for telecom gear M&A?
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Nucentrix Completes Sale to Nextel
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Accounting:

Symbol Settles Probes for $138 Million -- Seven former executives and the company's former legal counsel are indicted in ''a textbook example of a company cooking the books.''
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Tech executives accused of inflating earnings
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Accounting Majors Average $42,155
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Judge considers whether to sell off betting company assets
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Analysts See Strong U.S. May Job Growth
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Consumer Confidence on Decline
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Denver: "Destitute" fugitive Quintin enters guilty plea
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Lawyer disbarred after bankruptcy embezzlement conviction
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Pegasus uses new tactic in DirecTV fight
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S&P cuts Pegasus Communications CCR to 'D'
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Creditors' Liquidating Trusts

CalGen/Solutia settlement no rating effect
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Bank's Exercise of Setoff Avoidable and Recoverable

Solutia rejects supply deals with Calpine
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SEC proposes new rules for asset-backed securities
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The LBO Method
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The Spiegel Group Reports May Sales
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New Bankruptcy Opinions
(4 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Students Face Debt as They Leave College
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Examiner cites two casino execs in President report
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Pegasus Ch 11 Seen As Last Try To Keep DirectTV Distrib
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UK:

Marks & Spencer Spurns Billionaire's Bid
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Green May Raise Marks & Spencer Bid, Renewing Rivalry
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Ashurst to replace Freshfields on Greenýs M&S bid
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Report shows football cash divide
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Circatex grant pay back fears prove unfounded
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Scots care-home owners 'forced out of business'
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Credit card problems 'overstated'
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Hey Big Spenders
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'Scapegoat' gibe by ex-Equitable chief to FSA
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Argentina:

Argentina Creditors Threaten to Block Restructuring
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Don't Cry for Argentina -- Responsibility for its massive debt belongs to the country alone
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Australia:

Ousback food company in administration
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Gourmet's take-away dream collapses
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WC Penfold creditors vote for DOCA
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Canada:

Waterfront body warns, yet again, that it is sinking in sea of red ink
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Italy:

Parmalat Creditors Inch Closer To EUR14 Billion Question
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Parmalat Sets Criteria For Debt-To-Equity Swap
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Parmalat: "Claw-Backs" May Be Taken After Plan Approval
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Fiat creditors ready to convert loan - banker
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South Africa:

The end of the Harksen affair
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Students blacklisted for bad debt
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Japan:

Japan firms hunt distressed deals as deadline looms
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Shinsei Bank reaches damages settlement
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IRCJ to Aid Regional Hotel Hit by Ashikaga Bank's Bankruptcy
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Korea:

Banks to Begin Joint Debt Workout Program for Smaller Firms
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Restructuring of S. Korean Steel Industry Nears Home Stretch
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Taiwan:

E. Sun finalizes bank bid
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Singapore:

Jail, fine for pair who ran firms while bankrupt
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