Fraser Papers Inc., a Toronto-based forestry company that's restructuring under bankruptcy protection from creditors, said its net loss for the second quarter narrowed by nearly half as the company booked a currency related one-time gain, The Canadian Press reported. Fraser said it lost US$8 million or 36 cents a share for the quarter ended June 30, down from US$15.6 million or 31 cents a share for the same 2008 period. During the second quarter, Fraser booked a net gain of $12.5 million from unwinding its foreign exchange hedging program.

Fraser Papers Inc. and its subsidiaries have initiated a court-supervised restructuring under Canada’s Companies' Creditors Arrangement Act and will seek similar relief pursuant to Chapter 15 of the U.S. Bankruptcy Code, Dow Jones Newswires reported. Fraser Papers, Toronto, said PricewaterhouseCoopers Inc. was appointed by the Ontario Superior Court of Justice as Monitor to assist the company through its restructuring process.

One of Putnam County's largest employers is seeking protection from its creditors in a Canadian court, LimaOhio.com reported. W.C. Wood Corp., a Canadian manufacturer with a plant in Ottawa, filed a Companies' Creditors Arrangement Act application for protection in the Canadian courts. It has also filed a Chapter 15 application, which assures that any action stemming from the CCAA would also apply to the company's U.S. plant. The action will allow W.C. Wood to hold off creditors while it works on a restructuring plan.

Paper International Inc., a U.S. subsidiary of bankrupt Mexican newsprint maker Corporacion Durango SAB, has received court approval for its disclosure statement and plan support agreement, paving the way for creditors to vote on a reorganization plan by June 8, Bankruptcy Law360 reported. If the creditors approve the proposal, the company will file a reorganization plan in Mexico, where Durango is undergoing bankruptcy proceedings under the country's Mexican Business Reorganization Act, Marinuzzi said. The plans, if approved, would go into effect simultaneously.

Stanford International Bank Ltd.’s Antiguan receivers can seek relief under U.S. bankruptcy laws for the business U.S. regulators claim was at the heart of an alleged $8 billion fraud by financier R. Allen Stanford, a federal judge ruled. U.S. District Judge David Godbey in Dallas said the receivers appointed to recover bank assets by the Caribbean nation of Antigua and Barbuda can pursue relief under Chapter 15, a statutory scheme that enables U.S. courts to assist in bankruptcies pending in other countries.

The court-appointed liquidator for Clico Bahamas Ltd., a Bahamian life and health insurance company owned by one of the largest financial conglomerates in the Caribbean, has filed a Chapter 15 bankruptcy petition seeking permission to investigate the company's U.S. assets, including at least $70 million Clico invested in several South Florida real estate developments, Bankruptcy Law360 reported.

The insolvency administrator overseeing the restructuring of a German affiliate of Lehman Brothers Holdings Inc. has petitioned a federal bankruptcy court for protection of the investment firm’s assets in the United States, Bankruptcy Law360 reported. The Frankfurt-based company listed over $1 billion in assets and liabilities. Dr. Michael C.

Mexican paper manufacturer Corporacion Durango SAB, or Codusa, said Wednesday it has signed a debt restructuring agreement with a majority of its creditors that reduces its bond debt by more than half, Dow Jones Newswires reported. Once the restructuring is completed, the current controlling shareholder group will continue, directly or indirectly, to have a majority of Codusa shares, the company said. Codusa said existing and future inter-company debts will be subordinate to the new notes, and won't result in cash payments from the holding company.

Stanford Financial Group’s Antiguan receiver is asking a U.S. federal judge to let it go after assets in the U.S. by putting part of the company into bankruptcy, the Houston Chronicle reported. Nigel Hamilton-Smith, the Antiguan receiver claiming authority over Stanford International Bank in the Caribbean island nation, said in a filing he should have full responsibility over assets and liabilities tied to the bank, including the certificates of deposit that are at the center of claims the company was a massive Ponzi scheme.

Investors who filed to push Bernard Madoff into personal bankruptcy are now seeking to have the bankruptcy case of his business’s U.K. unit, Madoff Securities International Ltd., transferred from Florida to New York, Bloomberg reported. Madoff International filed for Chapter 15 bankruptcy protection in West Palm Beach, Florida, on April 14 and sued Bernard’s brother, Peter Madoff, to recover a $200,000 Aston Martin car, according to court documents. Madoff International listed assets of as much as $500 million and debt of more than $1 billion in its bankruptcy petition.