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[Commentary] © 2003 Philip Hyde, The Timesizing Wire™, Box 622 Cambridge MA 02143 USA (617) 623-8080

Bankruptcies, January-April/2003

4/30/2003  1 compound bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times (not counting "More foreign companies look for U.S. bankruptcy protection," by Lingling Wei, Dow Jones via WSJ, B6B, which states, "The protection, in the form of "automatic stay," or a freeze on assets against seizure and lawsuits, applies to anyone who does business in the U.S., a violation of [which] could result in fines or imprisonment..\..against the background of an increasingly global economy..\.. Air Canada [and] Laidlaw..\..in Canada [and] an "ancillary proceeding" under the U.S. Bankruptcy Code.... JIK Banka...Yugoslav.... Columbian airline Avianca....) -

4/29/2003  1 general bankruptcy story, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/25/2003  1 compound complex bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/24/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/23/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcies - In the U.S. Bankruptcy Court for the District of Delaware - In re:
    Alterra Healthcare Corp., debtor - Chapter 11, legal notice, WSJ, B13.

  2. In the U.S. Bankruptcy Court for the District of Delaware - In re:
    SLI Inc./Co., ... SLI Lighting Products/Solutions Inc., ..\.. Chicago Miniature Lamp-Sylvania Lighting International Inc., ..\.. Chicago Miniature Optoelectronic Technologies Inc., Electro-Mag International Inc., ... CML Air Inc., debtors - jointly administered Chapter 11, legal notice, NYT, C7.

4/22/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/16/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/15/2003  4 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Grundig, the radio maker, is insolvent, by Mark Landler, NYT, W1.
    BERLIN - Germany's protracted economic woes claimed one of its postwar corporate icons [yester]day as...the illustrious but faded maker of TV sets and radios, filed for insolvency. The company, based in Nuremburg...has been searching for an investor since 2001, when it lost more than $160m. Although the company was once the largest maker of radios in Europe, with a name known from the U.S. to Asia, it lost ground to low-cost competitors from Japan, Taiwan and other Asian countries.
    Its insolvency is part of a rising tide of corporate bankruptcies in Germany, as consumers [led by the wealthy percentage-wise!] have stopped spending and banks have stopped lending. Among other pillars of German industry that have tumbled in the last year: the media tycoon Leo Kirch and the construction giant Philipp Holzmann....
    Founded by Max Grundig, a Bavarian radio dealer, the company originally made instruments to repair radios. [He] later expanded into radios themselves...tape recorders, record players and TV sets. His goal...was to produce "a radio for every man, at a price every man could afford."
    [Sounds easier in radios than in cars.]
    ...Grundig has 2,800 workers and sales of nearly $1.3B....

  2. Leap Wireless files for bankruptcy, Bloomberg via NYT, C4.
    ...and its subsidiaries...Chapter 11...on Sunday [4/13] after it was unable to pay back its debt....
    [What's the opposite of 'follow-up' = 'lead-down'? How about lead-in?]
    Leap Wireless may face bankruptcy, Reuters via 11/14/2002 NYT, C7.
    Leap Wireless International, which could soon face delisting from the Nasdaq stock market, said yesterday that its 3rd-quarter net loss had narrowed but that a default on a credit agreement could force it into bankruptcy.... Leap said if the lenders accelerated the loans, its note holders could declare their notes payable, and the company would probably file for Chapter 11 bankruptcy.
    [Followup - Apparently this bankruptcy is a 'twofer' -]
    Bankruptcies - ...US Bankruptcy Court, Southern District of California - In re: Leap Wireless International Inc. and Cricket Communications Inc. et al., debtors -...(Jointly administered) Chapter 11, legal notice, 5/27/2003 WSJ, B16.

  3. Bankruptcies - In the US Bankruptcy Court, for the District of Delaware - In re: Inacom Corp., et al., debtors, ...Chapter 11...jointly administered, legal notice, WSJ, B7.

  4. US Bankruptcy Court, Southern District of New York - In re: Heartland Securities Corp., debtor, Chapter 11, legal notice, WSJ, B7.

4/12/2003  some good bankruptcy news for a change, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/11/2003  3 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcies - In the US Bankruptcy Court, for the District of Delaware - In re: CTC Communications Group (Inc./Corp./of Virginia/Leasing Corp.), debtors, Chapter 11...jointly administered, legal notice, WSJ, B7.

  2. US Bankruptcy Court, Eastern District of New York - In re: Allied Devices Corp., et al., debtors, Chapter 11...jointly administered, legal notice, WSJ, B6.

  3. US Bankruptcy Court, Southern District of New York - In re: Marconi Corp., debtor in a foreign proceeding, legal notice, WSJ, B7.

4/09/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Recoton Corp. - Chapter 11 protection is sought as asset sales are planned, Dow Jones via WSJ, B9.
    ...The Lake Mary FL consumer-electronics company['s] filing, which includes the company's US units, took place at US Bankruptcy Court for the Southern District of New York....
    [It'd be nice if they're going to bother mentioning the inclusion of Recoton's US units if they'd at least tell us how many US units, and what other units, there are.]

  2. Bankruptcies - In the US Bankruptcy Court for the Eastern District of Pennsylvania - In re: Managed Care Strategies Inc.,, debtor, Chapter 11, legal notice, WSJ, B3.
4/08/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/07/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/03/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 4/02/2003  2 bankruptcies, totaling $3.54B +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Fleming Cos. files for Chapter 11 after quest for credit fails, by Ann Zimmerman, WSJ, B2.
    ...One of the country's largest distributors to supermarkets and convenience stores...has been under fire for taking unauthorized deductions from suppliers and for possible accounting irregularities.... In its filing...in Wilmington DL, Fleming listed debts of $3.54B and total assets of $4.22B. The company has about $1B in senior and subordinated debt outstanding.... Fleming shares, which have already lost more than 90% of their value this year, were at 50 cents, with trading suspended on the NYSE.

  2. Air Canada is granted bankruptcy court protection by Bernard Simon, NYT, C4.
    ...Air Canada [has] 70% of the market..\..in Canada.... Its problems were made worse by its acquisition 2 years ago of a struggling rival, Canadian Airlines International [nee Canadian Pacific Airlines (CPA)] and the closing of American airspace [etc.] after 9/11/01....
    Falling stars, accompanying chart, NYT,C4.
    Though 2 of its main members, Lufthansa [thanks to timesizing] and Singapore Airlines [but see downsizing tomorrow!], remain financially sound, a number of other partners [besides Air Canada] in the Star Alliance, the largest of the international airline marketing alliances, have hit severe problems....
    Other members [of the Star Alliance]: LOT, Poland, is scheduled to join in June.
    [Followup - other names associated with Air Canada in bankruptcy -]
    Air Canada, 3838722 Canada Inc., Air Canada Capital Ltd., Jazz Air Inc., Manoir International Finance Inc., Simco Leasing Inc., Wingco Leasing Inc., Zip Air Inc., legal notice, 7/22/2004 WSJ, B9.

3/29-31/2003  4 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. (3/29)   Olympic Pipe Line Co., NYT, C4.
    ...Renton, Wash., a pipeline operator owned by BP, London, and Shell Pipeline, a unit of Royal Dutch/Shell, The Hague,...filed for bankruptcy protection after settling federal and state charges stemming from a 1999 explosion in Washington State.

  2. (3/31)   Bankruptcies - US Bankruptcy Court, Northern District of Ohio, Eastern Division - In re: Republic Technologies International, LLC,, et al., debtors,...jointly administered..., Chapter 11, legal notice, WSJ, B6.

  3. (3/31)   Bankruptcies - US Bankruptcy Court, Eastern District of Kentucky - Ashland Division - In re: Horizon Natural Resources Co., et al., debtors, Chapter 11... jointly administered..., legal notice, WSJ, B6.

  4. (3/31)   Bankruptcies - US Bankruptcy Court, District of New Jersey - In re: Healthcare Integrated Services Inc. and HIS Imaging, LLC, debtors, Chapter 11 jointly administered..., legal notice, WSJ, B6.

3/25/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/22-24/2003  3 bankruptcies, totaling $100m +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times (not counting economywide "World watch - Europe/Africa - ...Briefly," WSJ, A15, which states, "Berlin - German business bankruptcies rose 16% last year to the highest levels since German reunification in 1990, the government said. The 37,579 business failures reported Friday [3/21] came during a year that saw economic growth of 0.2% - too slow to create jobs or keep many businesses from failing. It was the economy's worst performance since a 1.3% drop in 1993 and followed anemic 0.6% growth in 2001." Gee, sounds like us/US.") -
  1. 3/22   Hawaiian files for bankruptcy amid layoffs in airline sector, by Micheline Maynard, NYT, C1.
    Hawaiian Airlines is the 3rd major airline in 8 months to file for bankruptcy. The airline with 3,311 employees and 135 flights a day, said it had more than $100m in debt and $100m in assets. [photo caption]
    [Guess we'll count this debt because it's not as if they could sell their assets (ie: planes) to pay it off and stay in business.]
    The nation's airlines, saying the war with Iraq had frightened travelers into staying home, announced deeper cuts in flight schedules yesterday and [industrywide] layoffs of 8,300 workers. Hawaiian Airlines [is] the nation's 12th-largest carrier....

  2. 3/22   SonicBlue plans to file for bankruptcy protection, AP via NYT, C3.
    ...The troubled maker of music players and digital TV recorders, said yesterday that it would file for bankruptcy protection....

  3. 3/24   Colombian airline to file for bankruptcy protection, Dow Jones via WSJ, A14.
    Colombia's leading airline, Avianca, and its US affiliate Avianca Inc [are] filing for...protection in the US. The parent company cited rising gasoline costs, higher insurance rates following 9/11, weakness in the Colombian peso and the beginning of the war in Iraq as the reason to file for Chapter 11.... Avianca [is] the oldest airline in Latin America [and] is part of an...alliance created last year with Colombia's No. 2 carrier, Aces [or ACES?- see 8/21/2003]....

3/21/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/20/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times (not counting general "House approves bill to overhaul bankruptcy law," by Shailagh Murray, WSJ, A4, which states "The House [of Representatives] approved an overhaul of federal bankruptcy laws, reviving a bill that Congress has struggled to pass since 1997. The House legislation, which passed, 315-113, would make it harder for consumers to erase their debts in bankruptcy court. It is a top priority for retailers, banks and credit-card companies...but consumer groups and many Democrats oppose it as unfairly harsh, especially in light of the weak economy.") - 3/19/2003  2 bankruptcies, totaling $1B +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcy filing for Hughes unit, Bloomberg via NYT, C5.
    The unit of Hughes Electronics Corp. that broadcasts the DirecTV satellite TV service in Latin America filed for bankruptcy protection yesterday. The company cited a loss of subscribers and the departure of its chairman...Kevin McGrath...yesterday..\.. DirecTV Latin America [will] ask a judge to approve a $300m loan from Hughes to continue operating in bankruptcy. The operation, the region's largest satellite TV service, had $600m in assets and $1.6B in debts on Dec. 31, according to papers filed in Federal Bankruptcy Court in Wilmington, Del....
    [So 1.6-0.6= $1B in net debts.]

  2. Bankruptcies - US Bankruptcy Court, Northern District of California, Oakland Division - In re:
    Western Asbestos Co, Western MacArthur Co. and Mac Arthur Co., debtors, jointly administered...Chapter 11, legal notice, WSJ, B5.

3/18/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/17/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/14/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/12/2003  3 bankruptcies, totaling $14.4B +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Indonesia is urged to intervene in company loan debacle - Eleven nations take a dim view of a $13.9B corporate default, by Wayne Arnold, NYT, W7.
    The U.S., Japan, Canada and 8 European nations have written to the Indonesian president, Megawati Sukarnoputri, urging her to intervene in efforts to recover $6.5B in loans from Asia Pulp & Paper. The company, a family-owned conglomerate at the center of one of Asia's biggest and longest-running financial debacles, defaulted on $13.9B in debt in 2001.
    [And this is the first mention in the NYT.]
    ...The U.S. Import-Export Bank...is owed at least $108m.... Asia Pulp & Paper is the flagship of the Sinar Mas Group, a conglomerate founded by one of Indonesia's most prominent Chinese immigrants, Eka Tjipta Widjaja, now in his 80s. That his family remains in control, bankers say, is attributable in part to a byzantine corporate structure that has made it possible for the company to play some creditors off against others....
    [What gall! The only CEOs who are spozedta be able to get this devious are American CEOs!]
    [Followup -]
    Indonesia rejects creditor calls to intervene in restructuring, Dow Jones via 3/13/2003 WSJ, B3.

  2. Magellan Health Services Inc., Dow Jones via WSJ, B8.
    ...filed for Chapter 11.... The Columbia MD provider of managed behavioral-health [huh?] services [is this a new euphemism for 'mental-health'?] said the restructuring would reduce its overall debt load by about $500m.
    [So we know it owes at least that amount.]

  3. In the US Bankruptcy Court for the District of Delaware - In re: Ameripol Synpol Corp., debtor, Chapter 11, legal notice, NYT, C9.

3/07/2003  1 new bankruptcy noticed in Wall Street Journal, B6 - here we start a policy of just listing these babies without the extras and occasionally doing followups on their original announcements, all of which is delaying our updates and cramping our treatment of good news (positive reinforcement is the strongest thing in the world, but negative reinforcement is still reinforcement) - 3/06/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/05/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/04/2003  1 bankruptcy mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 3/01-3/2003  4 bankruptcies mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. 3/01   Biotransplant Inc., NYT, B4.
    ...Medford, Mass., which licenses intellectual property rights for developing transplant and immune system treatments...filed for Chapter 11...to cope with the costs of a potential licensing battle with Catholic University of Louvain, Belgium.
    [Huh?]

  2. 3/3   In the US Bankruptcy Court for the Northern District of Texas, Dallas Division - In re: Datavon Inc., et al, debtor, ...Chapter 11, legal notice, WSJ, B4.

  3. 3/3   In the Supreme Court of Bermuda - Companies (winding up)...in the matter of Capital Insurance Co. Ltd. (in liquidation)..., legal notice, WSJ, B4.

  4. 3/3   PCH Holding LLC - Notice of auction and bidding procedures - the US Bankruptcy Court for the Eastern District of Virginia, legal notice, WSJ, B4.

2/28/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcies - In the US Bankruptcy Court for the District of Delaware - In re: Focal Communications Corp., et al., debtors, Chapter 11...jointly administered, legal notice, WSJ, B5.
    [There follows a list of names like "Focal Communications Corp. of California" and 17 other states and two regions, plus a list of phrases you can substitute after "Focal" besides "Communications Corp.," like International Corp, Financial Services, Telecommunications, Equipment Finance, Fiber Leasing. "I'd like to lease some fiber, please."]

  2. Notice to creditors in the matter of the Companies Creditors Arrangement Act and Doman Industries Ltd, public notice, WSJ, B5.
    [This civilized bankruptcy notice, with a particularly refined and senstive description of the embarrassing situation in which the limited-liability company finds itself, happens to come from that moooost refined of sovereign states, our own dear Canada (Vancouver BC to be vulgarly precise), which is full of terminally nice Canadians, nice spellt b-o-r-i-n-g, a quality that we especially appreciate at this time considering the extremist shenanigans of the horde of stupid jerks and jocks infesting the seat of government in the big dumb nation to the south. As to this "public notice," there follows a list of names showing phrases you can substitute after "Doman" instead of "Industries Ltd" such as Forest Products Ltd, 's Freightways Ltd, Holdings Ltd, Investments, Log Supply, -Western Lumber, and also a new name-spawning kernel in the form of "Western Pulp Inc." where you can substitute after "Western" such goodies as Pulp Inc. Ltd. [we are not making this up], Pulp Limited Partnership, and Forest Products Ltd. There are also a few completely different but childless gems, such as Alpine Products, Diamond Lumber Sales, Eacom Timber Sales, and Quatsino Navigation Co., all reflecting, sans doute, takeover victims which would have been far better off on their own.]

2/27/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. A Japanese theme park company fails, by Ken Belson, NYT, W1.
    TOKYO...- The Huis Ten Bosch Co., one of Japan's largest themepark operators, has declared bankruptcy...with debt of 220B yen ($1.8B)..\..highlighting the mounting troubles in the country's vast government-financed recreation [& everything else] industry.... Huis Ten Bosch, which means "house in the forest" in Dutch, was...opened in 1992...modeled on the 17th-century Dutch [commercial] enclave in Nagasaki and financed largely by...Nagasaki Prefecture,..\..Mizuho Holdings Inc...and a consortium of 3 doz. companies. Mizuho...hay not recover the 102.3B yen it lent to Huis Ten Bosch....
    [Unless Japan smartens up, restores lifetime employment based this time on sustainable flexible adjustment of the workweek and OT-to-training conversion, hence job security and consumer confidence, and strong domestic markets for leisure activities like wandering through a "house in the forest."]

  2. US Bankruptcy Court for the District of Delaware - In re: Globalstar Capital Corp...et al., debtors, jointly adminstered...Chapter 11, legal notice, NYT, C4.
    [Compare Globalstar satellite-network bankruptcy on 2/16/2002 #1.]

2/26/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times
(not counting economywide phenomenon, "Stock has a hangover after a company leaves bankruptcy," by Mitchell Pacelle, WSJ, C1, which states, "Finova Group, Loewen Group, NTL, McLeodUSA. All onetime failures, they are now living proof that second acts exist in American business. [But for how long?] After a record surge in bankruptcy filings ["after"?? that naively implies it's over], more companies are emerging from Chapter 11...with their balance sheets tidied up and executive ranks purged [oh yeah?], eager for a second audience with the investing public. But what many of them don't have are healthy stocks.") -
  1. Bankruptcies - ...US Bankruptcy Court, Southern District of New York - In re: Regus Business Centre Corp., et al, debtors, Chapter 11...jointly administered, legal notice, WSJ, B7.

  2. In the U.S. Bankruptcy Court for the Northern District of Illinois - Eastern Division - In re: Kenny Industrial Services LLC., et al., debtors - Chapter 11...jointly administered, legal notice, WSJ, B7.

2/24/2003  5 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Sprint affiliate files for bankruptcy - AirGate PCS's iPCS unit sought funds from mobile carrier; Contract litigation looms, by Mitchell Pacelle & Jesse Drucker, WSJ, B3.
    ...Chapter 11....

  2. Bankruptcies - ...US Bankruptcy Court for the Eastern District of New York - In re: Med Diversified Inc, Chartwell Caregivers/(Diversified/Community Services) Inc, Resource Pharmacy Inc, Trestle Corp., debtors, Chapter 11...jointly administered, legal notice, WSJ, B6.
    [2 units of Med Diversified also 'floated up to the top of the fishbowl' on 11/16/2002.]

  3. Bankruptcies - US Bankruptcy Court for the Southern District of New York - In re petition of Rolf Abjörnsson as official receiver of Aterforsakring AB Luap, debtors, Chapter 11..., legal notice, WSJ, B6.

  4. Bankruptcies - US Bankruptcy Court for the Southern District of New York - In re: petitions of - jointly administered, legal notice, WSJ, B6.

  5. US Bankruptcy Court, Southern District of New York - In re: Metro Affiliates Inc, et al, debtors, Chapter 11...jointly administered, legal notice, WSJ, B6.

2/20/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcies - US Bankruptcy Court, Eastern District of Missouri, Eastern Division - In the matter of: Thermodyne Holdings Corp. et al., debtors, ...Chapter 11..., legal notice, WSJ, B9.

  2. Bankruptcies - US Bankruptcy Court, Southern District of New York - In re: Petition of KPMG Inc. as foreign representative of AT&T Canada Inc. et al., debtors in a foreign proceeding, ...jointly administered, legal notice, WSJ, B9.
    [How incompetent do you have to be to screw up AT&T Canada?]

2/15/2003  1 general story & 1 specific bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Dice Inc., NYT, B4.
    ...New York, an Internet job-search service whose shares sold for more than $54 in March 1999, filed for bankruptcy protection after losing money for 17 consecutive quarters.
2/14/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 2/12/2003  2 bankruptcies, totaling $400m +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Rand McNally files for bankruptcy with recovery plan, Bloomberg via NYT, C6.
    Rand McNally & Co., the world's biggest commercial map-maker, has filed for...Chapter 11..\..with a plan approved by debtholders to reduce debt to $100m from $400m....
    [followup]
    Rand McNally emerges from bankruptcy protection, AP via 4/08/2003 NYT, C4 (or WSJ, B12).

  2. In the US Bankruptcy Court for the District of Delaware - In re: First ECA Inc. et al., debtors, Chapter 11...jointly adminstered, legal notice, WSJ, C13.

2/11/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 2/07/2003  2 bankruptcies, totaling $30m +?? in debt, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Kentucky Electric Steel, NYT, C4.
    ...Ashland, Ky. [has] filed for Chapter 11 [and] closed its remaining steel-making plant in Kentucky.... Last month, the company defaulted on $30m in loans and notes.

  2. Bankruptcies - US Bankruptcy Court, District of Delaware - In re: NextCard Inc., debtor, Chapter 11..., legal notice, WSJ, B5.

2/05/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. USA Biomass Corp., NYT, C4.
    ...Bell Gardens CA, a waste processor, won approval of a bankruptcy reorg plan that calls for the company to emerge from Chapter 11 protection next week.
    [First we've heard of this bankruptcy so we count it now.]

  2. US Bankruptcy Court, Southern District of New York - In re: Horsehead Industries Inc. d/b/a/ Zinc Corp. of America, Horsehead Resource Development Co Inc, ZCA Mines Inc and Stoney Ridge Materials Inc, debtors - Chapter 11..., legal notice, NYT, B6.
    ...on August 19, 2002 each...filed...under chapter 11....
    [First we've heard etc.]

2/04/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 2/03/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 1/30/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times - 1/28/2003  6 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Cannondale Corp., NYT, C4.
    ...Bethel, Conn., a maker of bicycles and motorcycles, [will] seek Chapter 11...and approval to sell the assets of its motorsports division to Pegasus Partners 11.
    [And then what'll be left?]

  2. NextWave regains control of wireless licenses - Justices find FCC erred in repossessing spectrum that carrier now may sell, by Dreazen & Drucker, WSJ, A3.
    ...NextWave, of Hawthorne, NY, now holds spectrum licenses for Chicago, New York and dozens of the nation's largest wireless markets. It bought them in a FCC auction in 1996, bidding $4.7B. Two years later, it filed for Chapter 11 bankruptcy protection, having paid the government just $500m.
    [And escaped our attention then. Oops, no it didn't - we caught it on 11/28/2000 #2 = double count. Full name per 8/26/2003 WSJ B4 = NextWave Personal Communications Inc.]
    The FCC repossessed the licenses and reauctioned them in 2001. Several large carriers bid a collective $16B, only to see the licenses ensnared in the long legal tussle. The FCC brought the case to the Supreme Court after a federal appeals court ordered the agency to return the spectrum to NextWave.
    [Strange. Our august Supreme Court, resplendent in blind justice, upholds a claim to goods for which the purchaser paid only 500/4700= 11% of the agreed price.]
    With yesterday's ruling, carriers interested in the NextWave spectrum can negotiate with the company, with the certainty they can take possession of any spectrum they buy....

  3. In the US Bankruptcy Court for the District of Delaware - In re: Insilco Technologies Inc. et al., debtors, Chapter 11...jointly adminstered, legal notice, WSJ, C15.

  4. A financial sign of the times - Bankruptcies in Ottawa and Buffalo resonate through N.H.L., by Joe LaPointe, NYT, C17.
    OTTAWA...- On a cold, windy, snowy evening, 18,241 fans filed into the Corel Center last Saturday to cheer for the Ottawa Senators, who had the best record in the NHL. But as the team prepared to play the Buffalo Sabres, there were undercurrents of apprehension and contradiction. Despite the big crowd in the modern arena, the teams were evenly matched in an unusual way. Both were operating under bankruptcy protection. This was the Creditors Cup....
    [Full name -]
    Bankruptcies - US Bankruptcy Court for the Southern District of New York - In re: Ottawa Senators Hockey Club Corp., et al., debtors in foreign proceedings - ...under 11 U.S.C. 304...jointly administered - Preliminary injuction order, legal notice, 2/07/2003 WSJ, B5.

  5. A financial sign of the times - Bankruptcies in Ottawa and Buffalo resonate through N.H.L., by Joe LaPointe, NYT, C17.
    OTTAWA -...Fans filed into the Corel Center last Saturday to cheer for the Senators.... But as the team prepared to play the Buffalo Sabres, there were undercurrents of apprehension and contradiction.... Both [teams] were operating under bankruptcy protection....

  6. A financial sign of the times - Bankruptcies...resonate through N.H.L., by Joe LaPointe, NYT, C17.
    ...Another bankrupt team was the Pittsburgh Penguins....

1/24/2003  3 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times
(not counting multiple-case no-names story, "National Century Financial Enterprises to close down as widespread woes are disclosed," by Paul Beckett, WSJ, B2, which states, "As a result of National Century's problems, more than 15 healthcare providers that relied on the company for operating funds have filed for...Chapter 11", which was foretold in a 11/16-18/2002 #1 story below with examples in #2 &3.) -
  1. Bayou Steel, NYT, C3.
    ...LaPlace, La., a steel maker, filed for Chapter 11...in Texas. The company plans to continue operating as it seeks financing.

  2. Bankruptcies - US Bankruptcy Court for the District of Delaware...In re: BRAC Group Inc. t/k/a Budget Group Inc. et al., debtors, Chapter 11...jointly adminstered, legal notice, WSJ, B3.

  3. Bankruptcies - US Bankruptcy Court for the District of Delaware - In re: ABC-NACO Inc., et al., debtors, Chapter 11...jointly adminstered, legal notice, WSJ, B3.

1/23/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
1/22/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. US Bankruptcy Court for the District of Delaware - In re: Uniroyal Technology Corp. et al., debtors, Chapter 11...jointly adminstered, legal notice, NYT, C4.

  2. Wherehouse Entertainment Inc., Dow Jones via WSJ, D11.
    ...which operates 370 music retail stores, including the Wherehouse Music chain,...filed for Chapter 11...and will close 120 "unprofitable or underperforming" stores in the next several months. The Torrance, Calif., company, which earlier this year closed 30 stores...expects to keep about 250 open. It said the bankruptcy filing in Wilmington, Del., come in the wake of the "increased illegal downloading [of] music and CD burning, coupled with continued pressure from the major discount retailers to sell product below cost." In 2002, sales of CDs, which represent aboaut 94% of total music sales, fell 9%, according to Nielsen Soundscan....

1/21/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times
(not counting general "In praise of bankruptcy," by Prof. Lawrence White of NYU's Stern School of Business, WSJ, B2, which states, "While bankruptcy was once considered a shameful event, it now seems the lesser of the available evils. Especially when the alternatives are in the form of taxpayer-financed bailouts.") -
  1. Bankruptcies - ...US Bankruptcy Court, Southern District of New York - In re: NTL Inc., et al., debtors - Chapter 11..., legal notice, WSJ, B4.

  2. In the US Bankruptcy Court, Northern District of Georgia, Atlanta Division - In re: Flooring America Inc., et al., debtors - ...Chapter 11..., legal notice, WSJ, B5.
1/17/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
1/14/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. FAO Inc. makes Chapter 11 filing, plans on quick reorganization, by Maureen Tkacik, WSJ, B6.
    ...following a tough holiday season that undermined its optimistic strategy of quickly cobbling together 3 toy retailers [Right Start baby stores, Zany Brainy educational toys, FAO Schwarz high-end toys] to create a premium chain of children's stores.... The company listed consolidated assets of $257.4m and debts of $238.4m....
    [Another dumb CEO (Jerry Welch) thinking merger, let alone a 3-way merger, is just a walk in the park - like Bush thinking ousting Saddam and establishing a lovely democratic gov't is easy as pie. Have these birdbrains ever heard of worst-case planning?? How about Murphy's Law - "if anything can go wrong, it will!"? So again, the toxic takeover-bankruptcy connection.]
    [Followup -]
    Bankruptcy court approves FAO executive pay plan, Bloomberg via 2/15/2003 NYT, B4.
    ...$1.1 million in bonuses to keep several managers with the company through its bankruptcy....

  2. Congoleum, maker of flooring, to file for bankruptcy, Bloomberg via NYT, C8.
    ...to erase its current and future asbestos liability. \The\ maker of sheet and tile flooring...hope[s] to emerge from Chapter 11 protection within 6 months after setting up a trust to compensate people who assert they have health problems linked to asbestos in some Congoleum products.... The company...is based in Mercerville, NJ....

1/08/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times
(not counting global story, "IMF offers details on global bankruptcy plan," Dow Jones via WSJ, A10, or economywide story, "Running a bankrupt company [eg: Adelphia Communications]...becomes rich business - Deftly drawn contracts hint at big payouts for creating relatively little value," by Gretchen Morgenson, NYT, front page, which states, "Adelphia could wind up paying almost $65m over 2 years to...William Schleyer and Ronald Cooper [they've both got their hand out in the photos!]. Mr. Schleyer's package alone could be worth nearly twice the $20m over 3 years that was recently awarded to Michael Capellas, the new CEO of WorldCom, which entered bankruptcy listing assets four times those of Adelphia when it collapsed.") -
  1. Bankruptcies - In the US Bankruptcy Court for the District of Maryland - In re: Merry-Go-Round Enterprises Inc., debtors - ...Chapter 7, legal notice, WSJ, B4.

  2. ABB Ltd., WSJ, B2.
    Electrical-engineering firm...hopes to finalize proposals to settle US asbestos litigation during the next few days. ...The Zurich company is working on late stages of a Chapter 11 reorganization plan for US unit Combustion Engineering.... ABB has paid $865m to asbestos claimants during the past 10 years and is attempting to conclude the issue through a prepackaged Chapter 11 bankruptcy filing.
    [So they haven't filed yet but they got most of the plan done??]
    ABB bought Combustion Engineering, which manufactured boilers with asbestos insulation, in 1990. The company faces more than 100,000 claims from plaintiffs who didn't work for the company but came into contact with the unit's products. Staff have received compensation....
    [Followup -]
    ABB U.S. unit files for Chapter 11, cites asbestos claimants, 2/18/2003 WSJ, A19.

1/07/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Consumer services...- Operator of cafeterias files for bankruptcy protection, Dow Jones via WSJ, B3.
    Furr's Restaurant Group Inc. filed for Chapter 11...because of poor operating results...in the US Bankruptcy Court for Northern District of Texas, Dallas Division.... Furr's operates cafeterias under the Furr's and Bishop's names in Texas and other states in the Southwest and Midwest.

  2. Bankruptcies - ...In the Supreme Court of Bermuda...in the matter of Mutual Risk Management Ltd...., legal notice, WSJ, B3.

1/06/2003  2 bankruptcies, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Bankruptcies - In the US Bankruptcy Court for the District of Delaware - In re: Hayes-Lemmerz International Inc. et al., debtors - Chapter 11...jointly adminstered, legal notice, WSJ, A16.

  2. US Bankruptcy Court, Southern District of New York - In re: Asia Global Crossing Ltd., et al., debtors, notice of auction, WSJ, C2.
1/03/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
1/02/2003  1 bankruptcy, mentioned in (WSJ) Wall Street Journal &/or (NYT) New York Times -
  1. Assets reported in bankruptcies hit yearly record, by Karen Talley, WSJ, C13
    ...The overall record of $368B [was] recorded in 2002...the 2d year in a row that telecom [##1,3,8 below] outstripped dot-com..\.. Scandals and tough economic conditions took their toll...producing 5 of the 8 biggest bankruptcies ever and placing a record amount of assets into Chapter 11....
    [#1] WorldCom...$103.9B...was by far the largest filer and contributed about 30% to the overall record... [#3] Conseco...$61.4B,
    [#6] Global Crossing...$30.2B,
    [#7] UAL...$25.2B,
    [#8] Adelphia...$21.5B....
    186 public companies...filed for Chapter 11 through Dec. 24, second only to the previous year's record of 257.
    Other notable names in 2002 include retailer Kmart Corp., US Airways Group Inc., autoparts maker Newcor Inc. and rental-car agency Budget Group Inc.
    [We didn't catch Newcor before so we'll count it now. Strange that Nucor Steel, one of our working models of Timesizing, would let them take a name so similar (unless Newcor was first) but now that Newcor's bankrupt, the problem may be moot.]

  2. In the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division - In re: Emerald Casino Inc., debtor - Chapter 11..., public notice, WSJ, A13.

For earlier bankruptcy stories, click on the desired date -

  • Oct-Dec/2002.
  • Jul-Sep/2002.
  • Apr-Jun/2002.
  • Jan-Mar/2002.
  • Aug-Dec/2001.
  • Mar-July/2001.
  • Jan-Feb/2001.
  • Dec/2000.
  • Oct-Nov/00.
  • Jul-Sep/00.
  • Jan-Jun/2000.
  • Aug-Dec/1999.
  • Prior to July 31/99.

    For more details, see our laypersons' guide Timesizing, Not Downsizing, which is available online from *Amazon.com and at bookstores in Harvard and Porter Squares, Cambridge, Mass.

    Questions, comments, feedback? Phone 617-623-8080 (Boston) or email us.

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