And another article on the possible rush to file for bankruptcy

(August 16th, 2005 under New Bankruptcy Law )
A quote from the Indy Star online: "Last week, the chief executive of embattled auto-parts giant Delphi Corp., Robert Miller, said the company was considering a bankruptcy filing. Officials at Delphi, which recently drew down $1.5 billion of its $1.8 billion revolving credit line, said the new bankruptcy rules would be not favorable to the company. That announcement came just weeks after Doug Steenland, president and chief executive officer of ailing Northwest Airlines Corp., said the pending bankruptcy code changes are on the mind of management as it tries to get its unions to agree to concessions to keep the carrier flying. These companies might be just the tip of an iceberg, or at least an ice cube. "I think we'll see some major corporate bankruptcies between now and October as companies choose to avoid dealing with the new (bankruptcy) bill," said Robert Keach, co-chairman of the Business Reorganization Committee at the American Bankruptcy Institute." and a link to the full article: http://www.indystar.com/apps/pbcs.dll/article?AID=/20050815/BUSINESS/508150358/1003 Mike

This entry was posted on Tuesday, August 16th, 2005 at 9:57 am and is filed under New Bankruptcy Law .


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