Headlines

Essar Steel Algoma Inc. will have sufficient liquidity to complete capital improvements and buy enough raw materials to get it through the winter after the Ontario Superior Court of Justice approved its restructuring plan, The Globe and Mail reported. “This plan provides for a comprehensive capital infusion, a substantial deleveraging of our balance sheet and the refinancing of all of Algoma’s senior secured debt,” Kalyan Ghosh, chief executive officer of the Sault Ste. Marie, Ont.-based company said in a statement.

German property group IVG Immobilien has emerged from insolvency following a sweeping restructuring and a debt-for-equity swap and is now considering options for a merger or stock market listing, the company said on Tuesday, Reuters reported. A local German court declared the insolvency proceeding completed, the company said in a statement, after the co-owner of London's landmark "Gherkin" tower began proceedings in 2013. IVG later delisted its shares. "Following the complete financial and operating restructuring, the company is solid again and ready for the capital markets ...

Dozens of countries with the most advanced economies have agreed on principles for concrete action to prevent corporations from gaming the international tax system, the Organization for Economic Cooperation and Development said in a report on Tuesday, the International New York Times reported.

The proposed changes to Jamaica’s bankruptcy and insolvency law has been overhauled after several deficiencies were pointed out by stakeholders, The Gleaner reported. The bill, which seeks to repeal the existing bankruptcy law and to create new provisions to govern the regulation of bankruptcy and insolvency in Jamaica, has been criticised by stakeholders, and Justice Minister Mark Golding told the Senate last Friday that given the large number of amendments proposed in the 113-page report, it was decided to prepare a new bill.

The world's second-largest economy is faring worse than previously thought, with government stimulus measures proving too short-lived to counter China's sharp real-estate downturn or to prop up flagging factory output, The Wall Street Journal reported. The latest indicator of China's deceleration came over the weekend with a sharper-than-expected drop-off in industrial production for August to 6.9% year-over-year, the slowest pace since 2009, during the global financial crisis.

John Caudwell, the outspoken founder of Phones 4U, has called for the markets regulator to investigate whether the “bully boy” mobile phone industry acted in collusion to cause the demise of the high street retailer on Monday, the Financial Times reported. Phones 4U’s collapse into administration has put the jobs of almost 6,000 people and the future of 550 UK stores at risk – making it the largest retail failure on Britain’s high streets since the demise of Comet in 2012.

The prospect that Irish banks could offload some of their problematic mortgage debts as part of the European Central Bank’s asset-backed security-purchase programme receded this weekend as ECB vice- president Vitor Constancio said the bank would need state guarantees in order to buy lower-ranking debt, the Irish Times reported. At the end of two days of finance ministers meeting, the ECB’s second-in-command said the bank would need some kind of guarantee if it was to buy the riskier debt held by European banks. “We will buy the senior tranches of ABS [asset-backed securities].

The Bank of Portugal has appointed a new leader to run the ‘‘good’’ bank created after the bailout of the Portuguese lender Banco Espírito Santo, after the unexpected resignation on Saturday of its top management, the International New York Times DealBook blog reported. Portugal’s central bank chose Eduardo Stock da Cunha on Sunday to take over as chief executive of Novo Banco from Vítor Bento, who stepped down on Saturday along with his two main lieutenants. Mr.

The European Central Bank should begin large-scale bond buying to ensure that weak price pressures do not further undermine demand in the eurozone, the Organization for Economic Cooperation and Development said on Monday, as it cut its forecast for growth in the developed world, the International New York Times reported. “A moderate expansion is underway in most major advanced and emerging economies, but growth remains weak in the euro area, which runs the risk of prolonged stagnation if further steps are not taken to boost demand,” the O.E.C.D. said in a report.

Receivers have taken control of the HCJV, a property company linked to the Caulfield McCarthy retail group, one of the State’s biggest SuperValu franchisees with stores and shopping centres in eight locations, the Irish Times reported. Irish Bank Resolution Corporation (IBRC) has appointed Sean McNamara of Smith & Williamson accountants to take control of seven of the properties on foot of unpaid loans totalling more than €80 million, owed by HCJV and several of its subsidiaries, which are also in receivership.