The insolvency administrator of Germany's Manroland is still scouting around for parties potentially interested in buying or investing in the world's second biggest printing machinery maker, a German daily said on Tuesday, Reuters reported. "There are other candidates who are better but there are not many of them," administrator Werner Schneider said in a prereleased version of Frankfurter Allgemeine Zeitung's Wednesday edition. Schneider said he had therefore mandated investment bank Lazard to assist in the search for potential candidates.

Senior European officials said on Tuesday that it could be difficult to convert last week's summit accord for tougher budget discipline among euro-zone governments into a watertight legal pact, emphasizing the agreement's path to fruition could be tough, The Wall Street Journal reported. As the reassessment continued of the results of last week's summit of European Union leaders, the euro sank further against the dollar, following Monday's sharp declines.

Unite, the union representing cabin crew at Thomas Cook Group's U.K.-based airline, said Tuesday that it struck an agreement with the company over pay and job cuts late last month to avoid putting the troubled travel group's future in jeopardy, Dow Jones DBR Small Cap reported. The agreement, which neither Unite or Thomas Cook had disclosed until now, preceded an emergency-financing deal in late November in which Thomas Cook's bankers agreed to an extended GBP200 million ($310.7 million) loan facility and relaxed financial covenants on existing loans.

It would be Europe’s worst nightmare: after weeks of rumors, the Greek prime minister announces late on a Saturday night that the country will abandon the euro currency and return to the drachma, the International Herald Tribune reported. Instead of business as usual on Monday morning, lines of angry Greeks form at the shuttered doors of the country’s banks, trying to get at their frozen deposits. The drachma’s value plummets more than 60 percent against the euro, and prices soar at the few shops willing to open.

U.K. Prime Minister David Cameron's decision last week to veto a new European Union treaty aimed at solving the euro-zone debt crisis puts a spotlight on the slew of pending legislation in Brussels aimed at the EU-wide financial-services sector—and the stakes for London's financial sector if it isn't able to influence it, The Wall Street Journal reported. The freshly chilled relations between the U.K. and the EU resulting from Mr.

Singapore-based majority shareholder in Eircom, ST Telemedia (STT), has made a balance sheet restructuring proposal to the independent directors of the debt-riddled company, the Irish Times reported. Earlier this month STT surprised many observers of Eircom’s fortunes when it said it would not be submitting a proposal “owing to the continuing macro-economic uncertainty in the euro zone”. The announcement by the Singapore fund came as Eircom’s syndicate of first-lien lenders were to meet to discuss their co-ordinating committee’s proposal to take over the heavily indebted business.

U.S. hedge fund Elliott Advisers LP is suing Vietnamese state-run shipbuilder Vinashin in the U.K. High Court, according to a filing seen by The Wall Street Journal. Vinashin defaulted on a $600 million syndicated loan last December, when the first repayment of $60 million was due. Other investors in the loan, which was arranged by Credit Suisse AG in 2007, include Dublin-based Depfa Bank PLC and Malayan Banking Bhd., as well as Credit Suisse.

State assets agency Nama and Lloyds Bank are likely to seek a buyer for Battersea Power Station after a court yesterday gave them and another creditor control of the landmark London site, the Irish Times reported. The British high court yesterday appointed accountants Ernst Young as administrator to subsidiaries of Battersea Power Station Shareholder Vehicle, which own the site, at the request of Nama and Lloyds, who were supported by a third creditor, Oriental Holdings.

Inspectors for Greece's international lenders and private creditors kick off a round of meetings with the government on Monday to prepare for a new 130-billion euro (£111 billion) bailout plan and bond swap scheme to keep the country afloat, Reuters reported. Greece narrowly averted bankruptcy this month after foreign lenders agreed to release an 8-billion euro tranche of aid, but remains at risk of ending the year with a deeper-than-expected hole in its finances as a recession hits targeted tax revenue.

Europe's leaders crafted a new "fiscal compact" to repair flaws in their currency union, but the deal lacked bold strokes investors have been urging and it could be insufficient to halt the region's debt crisis, The Wall Street Journal reported. Markets reacted with tepid optimism Friday. U.S. stocks rose. European stocks were also generally higher, and the euro rose slightly. But the crucial government bond markets were mostly flat. The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself.