Philip Green’s Arcadia has offered better terms for landlords in a restructuring plan for the struggling British fashion retailer, seeking the support of creditors to prevent the group from collapsing into administration next week, Reuters reported. Arcadia said on Friday the cost of the sweetened terms would be met by Tina Green - Philip Green’s Monaco-based wife and the ultimate owner of a group which employs 18,000.

The National Asset Management Agency (Nama) is resisting calls from the Oireachtas Public Accounts Committee (PAC) to verify that debtors in default are not involved in the illegal purchase of assets of the so-called bad bank, The Irish Times reported. Minister for Finance and Public Expenditure and Reform Paschal Donohoe has been informed by Nama that meeting this recommendation, contained in a PAC report in March, “would give rise to a series of practical difficulties which could have an adverse commercial impact on its sales activities”.

The creditors of indebted French marine services company Bourbon reached a restructuring deal that would give them control of the company, protect jobs and draw new liquidity, Reuters reported. Bourbon has been hurt by market overcapacity and a fall in spending on services by upstream oil and gas companies, but the deal with its creditors lifted its shares. Bourbon’s stock rose 24% in early session trading, although it is still down around 36% so far this year.

A potential crashing out of the EU by the UK would be the “greatest risk to the Swedish financial system” over the next six months as market participants felt that domestic factors had faded in comparison, Sweden’s central bank found in a survey, the Financial Times reported. “The risk of a disorderly UK withdrawal from the EU is the foremost risk factor for the Swedish financial system in the period ahead,” the Riksbank, in its six-month study on the Swedish fixed-income and foreign exchange markets, said on Wednesday.

Brussels and Rome have clashed over Italy’s economic policies, reigniting an argument over EU budget rules in a process that could lead to financial sanctions against Giuseppe Conte’s anti-establishment government, the Financial Times reported. The European Commission said on Wednesday that Italy had failed to meet agreed targets for reining in spending and cutting public debt, the second highest in the eurozone at 132 per cent of gross domestic product in 2018.

A deadline for bids for the stricken British Steel has been pushed back to the end of the month to allow prospective buyers more time to prepare offers, according to people briefed on the matter, the Financial Times reported. The official receiver overseeing the liquidation of the UK’s second-largest steelmaker had originally called for bids to be made by next Wednesday 12th June, but this has now been extended until around the 30th, said three people.

European Central Bank policy makers are gathering in Lithuania on Wednesday with stimulus on their minds. President Mario Draghi’s final few months before his term ends are being scarred by plunging inflation expectations as escalating global trade tensions whack confidence and stoke recession fears, Bloomberg News reported. Updated economic projections, to be presented by Executive Board newcomer Philip Lane, will signal whether the bloc needs yet another central-bank boost.

As Greece prepares for its first post-bailout national election next month, whoever emerges as the country’s next prime minister will face an immediate challenge: how to deal with the European Commission’s warnings of backtracking on reforms, Bloomberg News reported. A package of relief measures adopted by Greek Prime Minister Alexis Tsipras’s government in May will incur a cost of more than 1% of gross domestic product in 2019 and beyond, the Commission said in its post-bailout review for Greece on Wednesday.

Philip Green’s Arcadia fashion group adjourned Wednesday’s creditor meetings to vote on the struggling British retailer’s restructuring plan until June 12, seeking more time to win over disgruntled landlords and avoid a collapse into administration, Reuters reported. Green needs his restructuring proposals for each of Arcadia’s brands - Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis - to be approved by creditors, including landlords, or the group, which employs 18,000, will likely be placed into administration.

Greybull Capital, the private equity firm pilloried over last month’s collapse of British Steel, is preparing a bid for the group’s operations in France and the Netherlands, according to people briefed on the plan. The cherry-picking would see Greybull ditch the British parts of British Steel three years after acquiring the group from India’s Tata Steel for £1 and weeks after it fell into insolvency, the Financial Times reported.