Abengoa SA has filed for bankruptcy protection in the U.S. as the Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt, The Wall Street Journal reported. The renewable energy company, which operates around the world, on Monday night filed for chapter 15 protection, the section of the U.S. bankruptcy code dealing with cross-border insolvencies, in U.S. Bankruptcy Court in Wilmington, Del. The bankruptcy filing comes after Abengoa struck a deal with key creditors that gives it more time—through Oct.

Global miners have bought back billions of dollars of their debt in a display of financial strength designed to address investor concerns over their leverage as they try to deal with the after-effects of the commodities slump, the Financial Times reported. Miners including Barrick Gold and Anglo American completed $2.5bn of bond repurchases this month. They join other miners including Vedanta Resources, Glencore and Fortescue Metals Group to have bought back part of previously issued debt in recent months.

Renewable energy giant Abengoa has avoided the largest bankruptcy in Spanish history – for the time being at least – by securing an agreement with its creditors, the Irish Times reported. The Seville-based firm needed the backing of 60 per cent of its lenders by Monday in order for the so-called “standstill accord” to come into affect. Abengoa managed to secure the support of 75 per cent of creditors, giving it up to seven months in which to restructure.

Small Irish firms whose loans have been sold to foreign “vulture funds” may face millions of euro in tax charges and penalties from Revenue, the Irish Times reported. This comes after it was discovered that the acquisition of distressed loan books, typically by special purpose vehicles (SPVs), can trigger a demand for withholding tax on the interest paid on individual loans, for which the borrower is liable. Companies must generally deduct 20 per cent tax on payment of interest under Irish law.

Across the global oil patch, from Texas to the North Sea, drilling rigs are standing idle as energy companies respond to the slump in crude prices by cutting investments. Not so in the swampy Siberian marshes that are Rosneft’s heartland, the Financial Times reported. At Yuganskneftegaz, the production subsidiary that accounts for more than one-tenth of the country’s oil output, the state-controlled Russian oil company doubled its drilling rate during 2015.

Consumers looking to buy a home should find it easier to shop around for a mortgage under new European rules introduced in Ireland yesterday, the Irish Times reported. However, obtaining a mortgage for those living in the south but working in Northern Ireland may become more difficult, while getting a cheaper mortgage in another EU state remains unlikely despite the introduction of pan-European rules. Under the European Mortgage Credit Directive new EU-wide responsible lending practices have been introduced.

British department stores group BHS has won support from its creditors for a rescue plan that should allow the retailer to stay in business thanks to big cuts in its rent bill, Reuters reported. The 88-year-old firm, hit hard by intense competition in the retail sector, said on Wednesday creditors to BHS Limited, which covers 125 of its 164 stores, had voted to approve its proposal for a company voluntary arrangement (CVA) - a form of compromise agreement to avoid administration or liquidation.

Euro-area bank supervisors are looking at countries like Ireland with a history of tackling soured loans for hints on how to work out the €1.2 trillion bad debt pile that’s plaguing banks across the euro zone, the Irish Times reported. Non-performing loans remain a top priority for the European Central Bank, Daniele Nouy and Sabine Lautenschlaeger, who lead the ECB’s supervisory board, said on Wednesday. As there’s no silver bullet, supervisors are settling in for years of work, learning from the countries with experience of the problem.

Greece has blamed the International Monetary Fund for a significant delay to the completion of the country’s bailout review, The Wall Street Journal reported. “All institutions share the blame, but especially the IMF, are to blame for the continued uncertainty prevailing in Greece’s economy,” Franciscos Koutentakis, general secretary of fiscal policy, told reporters on Wednesday. “It seems that they want to see you being at the edge of a cliff, in order to start negotiating seriously,” he added. Mr.

The Royal Bank of Scotland said on Tuesday that it had made a final payment of 1.19 billion pounds, or about $1.7 billion, to the British government, fulfilling a condition of its bailout package that gave the government priority for dividend payments, the International New York Times DealBook blog reported. The British government owns about 73 percent of R.B.S. after having injected £45 billion into the bank during the financial crisis. As part of that bailout, the government received a so-called dividend access share, which gave it “enhanced rights” for dividends paid by the bank.