Headlines

The Justice Department's bankruptcy trustee is protesting Bahrain's Awal Bank BSC's request to withhold from public view amounts owed to creditors and other financial details typically exposed in Chapter 11 bankruptcy cases, Dow Jones Daily Bankruptcy Review reported. The objection filed Wednesday puts the bankruptcy trustee at odds with the foreign administrator that Bahraini authorities have appointed to manage Awal's insolvency proceedings around the globe. That administrator has said that withholding specific creditor details is in line with procedures followed in Bahrain.

Residential property prices in the U.K. plunged in the wake of the global financial crisis, but an unexpected side effect may be drawing investors into the rental housing market, The Wall Street Journal reported. Traditionally, the British have been predominantly home owners. Early in their careers, people would save just enough to make a down payment on their first home. Similar to the pattern in the United States, home ownership increased as mortgages became easier to get. But that all changed when U.K. banks, stung by deep losses tied to U.S.

Kuwait's Investment Dar, owner of half of luxury carmaker Aston Martin, proposed asset sales of about $1.69 billion over three years to creditors to restructure its debt pile, banking sources said Wednesday, Reuters reported. Dar, as part of a $3.58 billion restructuring plan, will sell its stakes in Kuwait's Boubyan Bank and Bahrain Islamic Bank. The 20 percent Boubyan stake, whose ownership is under dispute, is valued at $752 million while its 40 percent Bahrain Islamic stake is worth around $155 million, based on current market capitalization.

Boxes of bulk chocolate, molds to shape chocolates, sculptures and computers worth almost $90,000 were removed from Chocolaterie Bernard Callebaut when the company was placed in receivership last year, which landed its namesake back in court Wednesday, The Calgary Herald reported. In the latest twist in the Callebaut saga, receiver Deloitte & Touche is asking that Bernard Callebaut and his wife Francesca be found in contempt of its receivership order.

Violent clashes between protesters and the police broke out here in the capital on Wednesday, as the two main labor unions staged the first general strike of the year against the government’s austerity drive, paralyzing public services and disrupting transportation, the International Herald Tribune reported. Demonstrators estimated that 20,000 to 30,000 protesters turned out at two rallies that converged outside Parliament in the early afternoon. The strike on Wednesday shut down schools and hospitals and all government offices.

Holders of Eircom’s senior debt have appointed restructuring experts Houlihan Lokey as advisers as they prepare to negotiate with the troubled telecommunications company about billions of euro of outstanding debt, the Irish Times reported. The mounting pressure on Eircom to find a solution to its debt crisis comes as crunch talks on the future of the former State company take place in Dublin this week.

The court-appointed trustee overseeing the liquidation of Lehman Brothers Holdings Inc.'s broker-dealer business is in line for more than $4 billion in a little noticed portion part of a bankruptcy judge's ruling turning aside Lehman's bid to revisit the sale of the business to Barclays PLC, Dow Jones Daily Bankruptcy Review reported. In U.S.

The Sunday Tribune, the Irish quality newspaper partly owned by Independent Newspapers, has closed, less than a month after a receiver was appointed, The Guardian reported. Jim Luby, the receiver, wrote to the 43 staff on Tuesday telling them they would be made redundant at the end of the month. It brings to an end a chequered 31-year history for a paper that attempted to inject new life into a newspaper sector dominated by two traditional Irish papers, the Sunday Independent and the Sunday Press.

The outgoing German Bundesbank President Axel Weber said on Monday that debt-burdened nations may yet have to face the “most painful passage” while calling on governments to include private state-debt holders in any future bailouts, Finfacts reported. The economist said that the European Union mustn't become a transfer union. Weber warned against measures that buy time in the short term but which encourage moral hazard in the longer term by creating false incentives for states.

British marketing group Aegis said it expects to take a one-off charge of 25 million pounds ($40.4 million) this year to cover the risk that a struggling Spanish client will not be able to settle its bills, Reuters reported. The provision will have no effect on Aegis' underlying results, which will be in line with analysts' current expectations, the company said in a statement on Tuesday. Aegis shares were down 3.1 percent at 141.9 pence by 1456 GMT having earlier fallen as low as 141.2 pence, underperforming the FTSE 250 share index, which was 0.7 percent lower.