Iceland got a $4.6 billion bailout from the International Monetary Fund and four Nordic countries to help resurrect the island's economy after the failure of its biggest banks and the collapse of its currency, Bloomberg reported today. The Washington-based IMF approved a $2.1 billion loan late yesterday. Finland, Sweden, Norway and Denmark will provide a further $2.5 billion, the Finnish Finance Ministry said in a statement today. Approval of the loan dragged out after Iceland was unable to reach agreement with U.K.

An international bail-out of crisis-hit Iceland appeared to be unravelling on Tuesday night as the International Monetary Fund withheld official backing for the $6 billion plan, the Financial Times reported yesterday. Iceland has also been left with a $500 million shortfall in the funds for the plan that it had hoped to raise from other international donors.

NextWave Wireless, Inc. said it initiated bankruptcy liquidation proceedings for three of its network infrastructure units in Israel, Denmark and Canada, and is also looking to sell its IP wireless unit as part of the planned divestiture of its network infrastructure businesses, Reuters reported today. The company, which reported a wider loss for the third quarter ended Sept. 27, said it discontinued the operations of its GO Networks and Cygnus subsidiaries in the quarter as part of the divestiture plans. Read more.