Lenders to Pescanova SA (PVA), the Spanish fishing company trying to avoid liquidation, won’t back a restructuring plan proposed by shareholders, Bloomberg News reported. Creditors will seek to seize control of Pescanova after an April 15 deadline set by a bankruptcy court for the plans from shareholders Damm SA, the Spanish brewer, and Luxempart SA, according to two people familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The banks plan to find an industrial partner to manage the company, the people said.

Spain has proposed a 2.3-billion-euro ($3.2 billion) rescue of nine failed motorways, two sources with knowledge of the matter said on Tuesday, in the latest state bail-out linked to the excesses of the country's property and construction boom, Reuters reported. The government plans to create a state company to house the failed toll roads, which will issue a 30-year bond of around 2.3 billion euros to pay the motorways' debt while forcing a 50 percent haircut on creditor banks, the sources said.

The Co-operative Bank PLC was in fresh turmoil Monday after saying it needs another £400 million ($659.4 million) in capital, just months after securing a £1.5 billion rescue deal, The Wall Street Journal reported. The bank, which was saved from likely failure last year by bondholders and its part owner, Co-operative Group Ltd., said it was hit by costs around products wrongfully sold to customers and other unexpected charges, forcing it to tap shareholders for more cash.

The Russian government is braced for the country’s capital outflows to soar to $70bn in the first three months of the year as investors seek cover from the fallout of President Vladimir Putin’s Ukrainian land grab, the Financial Times reported. Andrei Klepach, Russia’s deputy economy minister, said on Monday that capital outflows in the first quarter were expected to be closer to the top end of a $65bn-$70bn government estimate, as fears of tighter sanctions hit the economy.

European Union antitrust authorities ordered Luxembourg on Monday to hand over information on its tax practices as part of a broader investigation into fiscal deals that allow some major global corporations to pay little or no tax in the region, The Wall Street Journal reported. The European Commission, which acts as the 28-member bloc's top antitrust regulator, is scrutinizing whether tax arrangements for companies like Apple Inc. and Starbucks Corp. violate EU state-aid rules, which forbid tax breaks or subsidies that provide a competitive advantage to favored groups.

European Central Bank President Mario Draghi said "considerable progress" has been made in mending Ireland's banks but more needs to be done to ensure the stability of the country's financial system, The Wall Street Journal reported. The "outstanding issues" include completing the restructure of damaged banks, dealing with "the still very large stock" of soured loans and "ensuring the viability of all nationalized banks," Mr. Draghi wrote in a March 20 letter he sent in reply to correspondence from Fianna Fáil, Ireland's largest opposition party. The party released the letter Monday.

Two companies have filed bankruptcy suits against Kosmos, one of the country's oldest construction firms, The Moscow Times reported. Moskapstroi-Nedvizhimost, a Sistema subsidiary, said it paid Kosmos 100 million rubles ($2.7 million) last fall as part of a reconstruction project in central Moscow, but that work had still not begun, Vedomosti reported. A Sistema employee said that the two sides had reached a settlement agreement and that the money would be returned. The second bankruptcy case, filed by Tsniis, a civil engineering company, is due to be heard April 4.

Sunways, a German subsidiary of stricken Chinese firm LDK Solar, has entered insolvency proceedings for the second time, PV-Tech reported. The module, cell and inverter manufacturer said it would file for insolvency on 21 March at a court in Konstanz. The company has said it is looking to use a restructuring period to negotiate with creditors and continue to function as a listed company. Sunways said it had already begun talking to potential investors. "The board is already in talks with potential investors and will continue these talks regardless of the filing," Sunways said in a statement.

Global ratings agency Moody’s says the outlook for Irish banks remains negative because of the “extremely high level” of problem loans, the Irish Times reported. In a report published yesterday, Moody’s Investors Service noted poor performing loans accounted for nearly 30 per cent of the rated banks’ total loans. Ongoing asset-quality problems exposed Irish lenders to further valuation adjustments, it warned, despite growing signs of recovery in the wider economy. On the upside, the agency predicted new loan impairments were likely to continue to decrease and profitability improve.

European Union lawmakers struck a deal on legislation to create a single agency to handle failing euro-area banks after an all-night negotiating marathon ahead of a summit of EU leaders starting today in Brussels, Bloomberg News reported. German Finance Minister Wolfgang Schaeuble was drawn into the talks around 5:30 a.m as the discussion pressed on and negotiators reached out to nations that had taken the hardest line against speeding up decision-making and funding for the proposed Single Resolution Mechanism. Lawmakers emerged around 7:15 a.m.