Anglo Irish Bank’s former chief executive David Drumm has until Friday next to file a statement of his assets and liabilities in his bankruptcy proceedings in the US, the Commercial Court in Dublin heard yesterday, The Irish Times reported. Mr Justice Peter Kelly adjourned Anglo’s actions against Mr Drumm and his wife as a result of Mr Drumm’s unexpected decision earlier this month to file for voluntary bankruptcy in the US.

Honsel AG, a car-industry supplier based in the central German city of Meschede, filed Monday for insolvency, court officials in the nearby town of Arnsberg said, Monsters and Critics reported. Honsel casts aluminium alloy engine blocks, engine heads, gearbox cases and body parts for big car manufacturers. According to its website, it also owns factories in France, Spain, Brazil and Mexico. No immediate comment could be obtained from the company itself. The website said it had a global workforce of 3,800 and annual sales of 540 million euros (760 million dollars).

Spain's banks are selling valuable branches and seeking government help to find renters for foreclosed homes as they try to prop up their bottom lines amid continuing trauma in their deteriorating loan portfolios and other problems, The Wall Street Journal reported. With profit margins tumbling, Spanish banks of all sizes—from big Banco Bilbao Vizcaya Argentaria SA to smaller regional savings banks known as cajas—are taking such steps as they feel a squeeze from high funding costs and other ills.

Anglo Irish Bank’s offer to swap its subordinated debt for new bonds is “tantamount to a default” because of the penalties inflicted on investors who refuse to take part, according to the Canadian credit ratings agency, DBRS, The Irish Times reported. The bank’s non-senior ratings will be reduced by one notch step to D for “Default” after Anglo completes the exchange, the Toronto-based agency said. The nationalised bank is offering investors 20 cents on the euro in new bonds on dated subordinated debt and 1 cent for every €1,000 face amount for those declining to take part.

English club Portsmouth has exited bankruptcy protection and was bought Sunday by three businessmen, including former owner Balram Chainrai, the Canadian Press reported. The League Championship club had said it was on the verge of liquidation. However, a day after resolving a claim for 2.2 million pounds (C$3.54 million) by former owner Sacha Gaydamak, Portsmouth announced that its immediate future is secure.

The development of a 52-story tower at One Blackfriars Road, London, was placed in administration by Royal Bank of Scotland Group PLC, which is reorganizing its real-estate portfolio, Dow Jones Daily Bankruptcy Review reported. RBS and a group of other banks lent a total of GBP63 million for the development, according to a person familiar with the situation. The developer defaulted on the loan after negotiations for a restructuring in June. A sale of the site is the most likely outcome, the person added. If the project comes to the market, it could fetch as much as GBP150 million.

Anglo Irish Bank announced Thursday it will make its junior bondholders absorb heavy losses on their euro3.5 billion ($4.9 billion) investments - the first loan defaults in Ireland since the nation's banking crisis began two years ago, the Associated Press reported. The nationalized Dublin lender, the most debt-crippled bank from Ireland's burst property bubble, said the two lowest tiers of bondholders would be offered payouts equivalent to 20 percent and 5 percent of their original investments, respectively.

The Republic faces an interest bill of about €7 billion on its national debt next year, a senior Department of Finance official confirmed yesterday, The Irish Times reported. Speaking to the Dáil’s Committee on Public Accounts yesterday, the department’s secretary general, Kevin Cardiff, agreed under questioning that an estimate of €7.5 billion was “about right” for the interest bill faced by taxpayers on the national debt.

The British economist John Maynard Keynes may live on in popular legend as the world’s most influential economist.

The International Monetary Fund agrees with Greece's government that the costs of restructuring Athens' public debt load would outweigh any benefits, a top IMF official said on Wednesday, Reuters reported. "We agree with the Greek authorities and their European partners that the cost of debt restructuring far outweighs the benefits," IMF European Department Acting Director Ajai Chopra told a news conference. Chopra added that Greece's fiscal consolidation was on track but needed more work. Read more.