Spanish discount supermarket chain Dia is to acquire the Spanish and Portuguese arms of insolvent German drugstore chain Schlecker, it said on Friday, to diversify its product range and expand its presence in the two countries, Reuters reported. Dia has agreed to pay 70.5 million euros ($90.6 million) for Schlecker's 1,127 stores and three distribution centres in Spain and 41 stores and one distribution centre in Portugal. Schlecker filed for insolvency in January. The German company reported net sales of 318 million euros on the Iberian peninsula in 2011.

Sanicare, Germany's largest mail-order pharmacy, has filed for insolvency due to problems that have arisen following the recent death of its founder and head, the company said on Wednesday, Reuters reported. A statement said the insolvency was for the mail-order pharmacy activities of the company and would not affect the rest of Sanicare's businesses, which include the online unit. The mail-order business would be run by court-appointed administrator Ralph Buenning after the family of founder and former head Johannes Moenter filed for insolvency on Sept. 25 with the court in Osnabrueck city.

Three international banks that backed out of $10 billion debt restructuring talks with an investment company controlled by Dubai's ruler said Thursday they are now pursuing legal action against the firm, dashing hopes of a consensual deal, The Seattle Times reported on an Associated Press story. The move by Britain's Royal Bank of Scotland, Commerzbank of Germany and South African lender Standard Bank will likely further complicate Dubai Group's efforts to move beyond its debt troubles after more than a year and a half of negotiations with creditors.

German solar equipment maker Centrotherm has sold its subsidiary Michael Glatt Maschinenbau GmbH as it tries to claw its way out of insolvency, Reuters reported. The company, which filed for protection from creditors in July, said it sold Michael Glatt to Buechl Handels- und Beteiligungs-KG. It did not disclose a purchase price. Michael Glatt, which traces its roots to 1924, makes industrial products including reactors for chemicals and sterile tanks for the food industry. Read more.

Prime Minister Mariano Rajoy's eight months in power have been tumultuous from the start but September and October may be even tougher, with the Spanish leader assailed on all sides, Reuters reported. Internationally he is caught between diverging pressures from Germany and France, and at home he faces protests over spending cuts sought by the euro zone's big powers. France wants Rajoy to request an international bailout to prop up Spanish finances and stop the debt crisis deepening.

German shipbuilder P+S Werften has filed for insolvency, a court in Stralsund, northern Germany said on Wednesday, after P+S came away without a deal with some of its customers for advance payments to bridge a liquidity shortfall, Reuters reported. The company, which operates two of Germany's biggest shipyards, had last week approached Danish shipper DFDS , passenger ferry operator Scandlines and Greenland's Royal Arctic Line, to ask for advance payments as it worked on a rescue plan. P+S employs around 2,000 people.

Hanwha Group’s bid to buy the insolvent German manufacturer Q-Cells SE drew a competing approach from a Spanish power-plant builder that also wants to own what was once the biggest solar-cell maker, Bloomberg Businessweek reported. Isofoton SA was approved to bid for Q-Cells after Chief Executive Officer Angel Luis Serrano met with the German company’s insolvency administrator Henning Schorisch today, according to an e-mailed statement from Isofoton. Serrano will present the bid, to be made with a U.S. investor it didn’t identify, to Q-Cells’ creditors at an Aug. 29 meeting, it said.

Switzerland-based trader Gunvor said on Monday that operations had resumed at its German Ingolstadt refinery, acquired from insolvent refiner Petroplus earlier this year, Reuters reported. Gunvor, which is co-owned by a Russian tycoon and chief executive Torbjorn Tornqvist, bought the 100,000 barrels per day plant in May from the insolvent Petroplus to build on its presence in Europe. "We intend to build upon the good and enduring customer relationships, and enlarge our trading activities in Germany and the Alpine region," said Tornqvist in an emailed statement.

South Korea's Hanwha Corp intends to buy solar Group Q-Cells, the insolvent German group said in a statement on Sunday, Reuters reported. Hanwha and Q-Cells' insolvency administrator Henning Schorisch had signed a contract, which needs to be approved by a creditors' meeting to be held on Aug. 29. Q-Cells, once the world's largest maker of solar cells, said Hanwha would take on liabilities, which amount to "the low hundreds of millions." In addition it would pay a "medium double-digit million-euro range" in cash," Q-cells said in the statement.

Germany's Hahn airport needs government funding to avoid insolvency, a shareholder representative was quoted as saying on Wednesday, as falling passenger numbers exacerbate losses, Reuters reported. Jochen Riebel, a former local secretary of state who represents minority shareholder Hesse on the airport's board, said Hahn would use up all its cash within about six months without more finance.