The Swiss bank that leads a lender group owed $300 million by Tamarack Resort says liquidating the central Idaho vacation getaway is the best way to recoup a fraction of their investment, the Associated Press reported. Credit Suisse Group asked U.S. Bankruptcy Judge Terry Myers this week to set the stage for the final sale of Tamarack assets, either under a U.S. trustee or a state court judge's supervision. Tamarack owner Jean-Pierre Boespflug, trying desperately to arrange a sale, said Wednesday he plans to oppose the motion.

Spanish jobless claims continued to spiral higher in October, highlighting a weak recovery for an economy suffering from the collapse of a decade-long construction boom and government efforts to slash a towering budget deficit, The Wall Street Journal reported. The Spanish Labor Ministry said Wednesday that registered jobless claims rose by 68,213, or 1.7%, to nearly 4.09 million in October from September. The ministry doesn't provide unemployment rates. The Spanish Statistics Institute said last week that the average jobless rate was 19.8% in the third quarter.

Aer Arann’s future was secured yesterday after Ms Justice Mary Finlay Geoghegan agreed in principle to approve a modified scheme of arrangement put forward by the airline’s examiner, The Irish Times reported. This followed an 11th-hour deal between the Revenue Commissioners and Stobart, a British transport and logistics group that proposes to inject €2.5 million into Aer Arann. The Revenue Commissioners will now receive €436,000 that it is owed as a super-preferential creditor within 19 months.

Nama loaned an extra €47 million to developers earlier this year, even though many were not repaying debts they already owed the asset management agency, The Irish Times reported. In the first six months of this year, Nama paid five Irish banks a total of €8.4 billion to acquire property loans with a nominal value of €16.4 billion. Figures for the second quarter, released yesterday, show of the 1,190 debts it acquired, 887 were “non-performing”, meaning the developers who originally borrowed the money were not meeting interest or principal repayments.

The cost of insuring Irish government debt against the risk of default hit a record as investors continued to fret about the cost of bailing out the country's banks, Dow Jones Daily Bankruptcy Review reported. Insurance costs for other highly indebted euro-zone debt also rose amid ongoing worries about government finances. Insurance on $10 million of Irish debt, as measured by five-year credit default swaps, rose $27,000 to $525,000 a year, according to data provider Markit. One trader said Allied Irish Banks PLC's statement that the disposal of its U.K.

The number of companies globally at risk of defaulting on debt jumped in October for the third consecutive month, indicating deteriorating credit quality worldwide, risk management firm Kamakura Corp said on Monday, Reuters reported. The proportion of them at risk of defaulting on their debt leaped by 1.17 percentage points in October to 11.10 percent of the more than 29,000 companies Kamakura rates. The index has deteriorated for the last three months after generally seeing improvement for more than a year.

Greek deputy Prime Minster Theodoros Pangalos said on Sunday that in theory debt restructuring should not be completely disregarded for the heavily indebted nation but that deficits need to be dealt with first, Dow Jones reported. In an interview with local newspaper To Vima, later confirmed by the government, Pangalos said: "Before we reach the stage of a debt restructuring we have to finish with the deficit. But demonizing debt restructuring is wrong. Debt exists to be restructured.

Property investor Paddy McKillen has lost his Commercial Court action to prevent the transfer of some €2.1 billion of his loans to the National Asset Management Agency (Nama), The Irish Times reported. Nama had argued the size of the loan portfolio represented a “systemic risk” to the Irish financial system, justifying acquisition in the national interest. The case represented the first major challenge to the manner in which Nama operates.

Halliwells' former partners are set to face multiple claims after the firm's joint administrators at BDO sent out details of potential proceedings, Legal Week reported. BDO administrator Dermot Power sent a letter last week (26 October), warning the ex-partners that they face proceedings relating to a number of claims including repayment of overdrawings, unpaid capital contributions, and breach of duty.

The government debt burden shouldered by employees in the rich world will more than double between 2007 and 2015 as an ageing population puts rising strain on welfare and health systems in advanced economies. In new calculations for the Financial Times, Eswar Prasad, a former International Monetary Fund official now at the Brookings Institution and Cornell University, finds that the rich economies will owe a rapidly rising share of public debt worldwide, while contributing relatively less to global growth.