Debt-laden British pub company Punch Taverns Plc said on Tuesday that certain stakeholders had proposed a restructuring of its securitisations that would likely reduce the company's debt by about 26 percent. Shares in the company, which has about 4,300 pubs, sank more than 20 percent to 11.50 pence in morning trade on the London Stock Exchange. Punch's debt structure is complex and split into two securitised vehicles. Punch A holds 1.45 billion pounds of gross debt, while Punch B holds 884 million pounds, according to the company's 2013 annual report.

Romanian state-owned hydro power producer Hidroelectrica will likely exit insolvency in May or June 2015, then carry out a stock market listing in the second half of that year, its manager Remus Borza told Reuters on Wednesday. Borza's comments are the first time the company has given those dates and are later than a "best case" estimate made last month by a minority shareholder in the company. They also differ from a projection by the energy minister in April, that the firm could exit insolvency as early as November this year, according to local media.

Nationwide, Britain’s biggest building society, has warned that efforts to curb mortgage lending in an attempt to cool the London housing market could have “unintended consequences” for the rest of the country, The Telegraph reported. Mark Rennison, the lender’s finance director, said that concerns about house prices had been exaggerated and did not warrant changes to the Government’s controversial Help to Buy scheme. It came after Nationwide revealed that profits had more than doubled, with the value of its mortgage loans rising by 31pc in the last year.

The Romanian state–owned aviation company Romavia will become insolvent in the third quarter of this year, as it has due debts of some EUR 10 million., according to Mediafax. The Government paid the company’s previous debts, shrunk its activity but also signed off on unjustified expenses. The company, which provides air transport services for passengers and freight, as well as special flights for high level officials, had its air operation certificate suspended as the company lacked money to lease planes. This led Romavia to lose its exclusivity in organizing special flights.

Iceland's defunct banks could be put into bankruptcy if creditors do not agree to a haircut on debts owed by Kaupthing, Glitnir and Landsbanki, which collapsed in 2008 owing more than $75 billion, the finance minister warned on Tuesday, Reuters reported. Iceland slapped on capital controls after the financial meltdown, hampering much needed investment, but these cannot be removed until a deal to wind up the left-overs of the old banks - around 2,500 billion krona ($22 billion) in cash, shares and bonds - is reached with creditors.

A group of 13 companies involved in a carbon credit scheme have been wound up in the High Court on grounds of public interest, Insolvency Today reported. Following an investigation by the Insolvency Service, the companies, which raised over £19m through the sale of carbon credits to the public for investment, were put into liquidation. The investigation found Eco-Synergies Ltd, a wholesaler of Voluntary Emission Reduction (VER) carbon credits, was at the heart of the scheme.

Pescanova’s Spanish subsidiaries will go through an ‘express’ scheme of debt restructuring under bankruptcy protection (‘concurso de acreedores’ in Spanish), reported Faro de Vigo. Only a handful of subsidiaries will not have to do this, said the newspaper. According to the newspaper’s sources, these include two Galicia-based subsidiaries of Pescanova, the turbot fingerling subsidiary Pescanova Insuina and specialty flour producer for precooked products Harinas y Semolas del Noroeste (Hasenosa).

The Commercial Court is to fast-track the action by the family of bankrupt businessman Sean Quinn against the Central Bank, Minister for Finance and 10 former board members of Anglo Irish Bank. They are claiming multi-million euro damages over an alleged conspiracy to unlawfully shore up the share price of Anglo, the Irish Times reported. If the regulator and Minister were not involved, Anglo could not, and would not, have undertaken €2.34 billion loan transactions causing “catastrophic and permanent” damage to the Quinns and the collapse of the Quinn group, it is claimed.

Automotive industry supplier Cimos, one of the biggest companies in Slovenia, will undergo court-supervised debt restructuring after the major creditors decided against a debt-to-equity conversion by the Thursday deadline, the Slovenian news agency STA reported.

The Government will establish an €800 million lending fund for small and medium-sized businesses by the end of the year after Ministers gave the go-ahead for the body, known as the Strategic Banking Corporation of Ireland (SBCI), the Irish Times reported. Minister for Finance Michael Noonan said the SBCI – backed by German, European and Irish money – would provide lending arrangements not currently available to SMEs in Ireland. “The best way to see it is to see it as a fund, to see it as a big fund.