Superquinn’s proposed sale to Musgrave Group is set to proceed after a petition seeking to have the company put in examinership was withdrawn, the Irish Times reported. This morning, the High Court was informed the application by Superquinn for examinership was being withdrawn as a result of Musgrave, which intends to acquire the chain, announcing a €10 million fund is to be established to reimburse certain creditors of the company. The scheme is dependant on the sale of Superquinn to fellow retailers Musgrave going ahead.

Swedish car maker Saab Automobile AB must pay its workers within 14 days to avoid bankruptcy, the general counsel at labor union Unionen said Wednesday after the cash-starved company failed to pay employees on time. The union, which represents 1,000 of Saab Automobile's approximately 1,600 white-collar employees, has started gathering members' pay slips that haven't been honored to prepare requests for payment that will be sent to Saab Automobile. When Saab Automobile receives the requests, likely sometime next week, it will have seven days to pay the claims.

Britain's recovery appears to have slowed recently and there is a risk the economy could tip back into recession, Bank of England policymaker David Miles said on Wednesday, Reuters reported. In a speech focussed on the impact of tighter bank regulation, Miles challenged the conventional notion that higher capital requirements would necessarily stifle growth, and he argued that the cost of deleveraging was much smaller than some have feared.

Spain and Italy paid a high price to sell short-term debt on Tuesday, compounding investors' concern that last week's bailout package for Greece left the euro zone's debt crisis unresolved, Reuters reported. Spain's short-term cost of borrowing hit three-year highs and demand fell at its Treasury bills auction while yields at a sale of six-month Italian paper hit their highest since November 2008.

It’s largely an issue of accounting, but we anticipate that Greek debt could end up higher at the end of 2011 than previously forecast–even if the entire debt-reducing discount bond-buyback program and most of the discount bond-exchange program happen this year, The Wall Street Journal Brussels Beat blog reported. Why’s that? The problem is the bond exchange. As we’ve previously laid out, the bond exchange will swap €135 billion of old Greek debt for €121.5 billion in new debt, cutting the total debt stock by €13.5 billion. Eventually.

A €10 million fund is to be established to reimburse certain creditors of Superquinn, the supermarket chain which went into receivership last week, the Irish Times reported. The joint receivers of the company are expected to announce details of the scheme today. Only suppliers who are not covered by credit insurance will be covered by it. The scheme will be funded by Musgrave and indirectly through the banks, using money generated during the course of the receivership, and is contingent upon Musgrave’s purchase of Superquinn.

Russian cardboard mogul Boris G. Zingarevich has purchased the electric-car manufacturer Think Global AS, marking yet another financial revival for a company that’s faced demise several times throughout its 20-year existence, The Wall Street Journal Bankruptcy Beat blog reported. Previously owned by Norwegian investors who picked it up from Ford Motor Co., the Think brand will now be marketed by the newly created Electric Mobility Solutions AS, and production of the eye-catching two-door cars is set to begin in the first quarter of 2012. Terms of the deal weren’t released.

Bank of Ireland has been saved from possible government control by a group of overseas institutional investors that has agreed to buy up to €1.12bn ($1.6bn) of the troubled lender’s shares, the Financial Times reported. Wilbur Ross, the US billionaire, a large Canadian firm and a number of US fund managers are thought to be among the investors that have committed to buy a stake of up to 37.3 per cent in the bank. The agreement came a day before the planned completion of a €1.9bn rights issue that could have pushed the government’s 36 per cent stake up to almost 70 per cent.

Financial regulator Matthew Elderfield has repeated his call for further measures to be put in place to ensure bank balance sheets reflect underlying risks more accurately, the Irish Times reported. Speaking at the MacGill Summer School in Glenties, Co Donegal, this afternoon, Mr Elderfield said his office would require banks to ensure any potential impairment from future disposals "is recognised as fully and as early as possible". The regulator also backed continuing support for struggling mortgage holders and reform of bankruptcy laws.

The number of British retailers falling into administration rose 8 percent in the second quarter on a year ago and will continue climbing as consumers are squeezed by rising prices and government cut backs, consultants Deloitte said, Reuters reported. Some 43 retailers, including wine chain Oddbins, home improvements group Focus DIY and fashion chain Jane Norman, entered administration -- a form of protection from creditors -- in the March-June quarter, Deloitte said on Monday.