May 12, 2004

S&P Cuts Long-term
Outlook On Delta To Negative

Standard & Poor's on
Tuesday revised its outlook on Delta Air Lines to 'negative' from
'stable' after the airline said it may file for bankruptcy protection if
it fails to cut costs, Reuters reported. S&P currently rates Delta's
long-term debt 'B-minus,' its sixth-highest junk rating. Delta's
bankruptcy warning, disclosed in its first-quarter financial results, is
a sign that Delta believes it will have to move to the brink of
bankruptcy to persuade pilots to grant concessions, S&P credit
analyst Philip Baggaley said in a report.

Adelphia Narrows Merger
Adviser Pool

The contest between investment
banks to conduct the potential sale of bankrupt cable operator Adelphia
Communications Corp. has been narrowed down to a handful of candidates,
Reuters reported. Lazard, which has been acting as Adelphia's investment
banking adviser during its bankruptcy, is in the running for the top
spot, with UBS, Merrill Lynch & Co. and possibly Morgan Stanley also
vying for a share of the business, the source said. Adelphia's board of
directors could meet within the next few weeks to make a final decision,
the newswire reported.

Ex-Warnaco CEO Reaches SEC Settlement

Former Warnaco Group CEO Linda Wachner agreed to pay
$1.3 million and former company auditor PricewaterhouseCoopers will pay
$2.4 million to settle federal regulators' allegations of false
financial reporting by the apparel maker, the Associated Press reported.
The Securities and Exchange Commission announced the settlements on
Tuesday, following months of negotiations. The agency accused the
company of securities fraud for issuing a 'false and misleading' press
release regarding its financial results on March 2, 1999. Under the
accord, Warnaco will have to hire an independent consultant to review
its internal controls and policies and to adopt the consultant's
recommendations, the newswire reported.

Miami Vice Star Files For
Bankruptcy

Don Johnson, famed for his role
as James 'Sonny' Crockett in cult 1980s TV series 'Miami Vice,' has
filed for bankruptcy protection,
AccountancyAge.com reported. Johnson, who also played Nash
Bridges in the eponymous show, made the filing to secure his home after
Los Angeles-based City National Bank filed papers against him in March
asking a judge to auction his home to recoup $930,000 (£524,000),
the BBC reported. Creditors looking to reclaim money from Johnson
include a hospital, a grocery story, a law firm and an energy
business.

Crown Pacific Marketing Some
Assets, But Not Liquidating Yet

Crown Pacific Partners L.P. is
marketing its saw mills and lumber yards, but hasn't made a
determination as yet on liquidation, an attorney representing the
company said. The timber company continues to work with lenders and
creditors on various options for its restructuring in chapter 11, John
Sparacino of Andrews & Kurth LLP in Houston told DBR Monday. In an
April filing with the Securities and Exchange Commission, the company
said it wouldn't emerge from chapter 11 intact due to asset sales to
cover creditor claims. However, the annual report said the talks with
creditors indicate Crown Pacific's assets could also be transferred to
the secured creditors to satisfy their claims.

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Halliburton Unit Sees
$1.6 Billion From Insurance Settlements

Halliburton Co. expects to get
as much as $1.6 billion for all of its bankrupt DII Industries unit's
insurance receivables and believes it will collect more than $1 billion
of that by mid-2006. In a press release on Monday, the oilfield services
company, which put DII under chapter 11 protection in December, said
bankruptcy court hearings on the reorganization plan for the unit are
complete, and it expects all requisite filings will be entered by the
end of the summer. Also, the bankruptcy court is expected to deny
insurance carriers' objections to confirmation of the unit's
reorganization. Appeals will be withdrawn if expected insurance
settlements become effective.

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NorthWestern Wants PSC Probe
Halted

Accusing the Montana Public Service Commission and
consumer counsel of trying to disrupt and delay its emergence from
bankruptcy, NorthWestern Corp. has asked the federal bankruptcy judge to
halt a PSC financial investigation of the company.
face='Times New Roman' size='3'>MontanaForum.com reported.
And the PSC, while still negotiating with NorthWestern, is preparing to
file written objections today to the utility's disclosure statement
in bankruptcy court. The disclosure statement is the company's
roadmap for how it intends to come out of chapter 11 bankruptcy.



Wheeling Pittsburgh Reports Narrower
Loss

Steelmaker Wheeling Pittsburgh
Corp., which emerged from bankruptcy last August, today reported a
narrower first-quarter loss, Reuters reported. The company reported a
net loss of $6.6 million, or 70 cents per share, compared with a loss of
$45.6 million a year earlier. It said the average selling price for
steel shipped during the first quarter was $509 per ton, up from $437 in
the fourth quarter. It said it expects pricing to be significantly
higher in the second quarter than in the first quarter.

Isle Of Capri Won't Give Up On Chicago
Casino

Isle of Capri Casinos Inc. said
on Tuesday that it would still seek approval to build a casino in a
Chicago suburb despite Illinois Attorney General Lisa Madigan's decision
to take back the dormant license won by Isle in a controversial March
auction, Reuters reported. Madigan on Tuesday said she was moving to
resume hearings to revoke the license held by bankrupt Emerald Casino
and won by Isle. Isle then said in a statement it would continue to
pursue necessary approval from the bankruptcy court and the gaming
board, the newswire reported.