Headlines

Premier Greg Selinger declined to respond to a charge Friday the province reneged on approving a condo development that could have kept the Radisson Hecla out of receivership, the Winnipeg Free Press reported. Selinger said because the case is now in court, he's blocked from discussing a claim by Joe Paletta, president of The Paletta Group, the province stood in the way of the redevelopment of the resort in Grindstone Provincial Park. "Obviously, it's a concern when a Manitoba family has made a major investment like that.

Union Bank of Nigeria Plc has initiated a legal action before the Federal High Court in Lagos against four firms and their alter ego (promoter), Mr. Jimoh Ibrahim, following the bank‘s claim that the defendants are owing it N22.55bn, Punch reported. The four firms are NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Reinsurance Corporation Plc, NICON Insurance Limited and Union Registrars Limited. The bank also joined the Corporate Affairs Commission as co-defendants to the suit. In an ex-parte application filed by its lawyer, Mr.

Family-owned fashion retailer Boutique Jacob Inc. has applied to Quebec Superior Court for an order providing protection from creditors under the Companies Creditors Arrangement Act, The Montreal Gazette reported. "We need time to restructure our activities in an orderly manner in the best long-term interest of the company itself, its 2,000 employees, suppliers, creditors, customers and other partners," Joey Basmaji, president of the Montreal-based national chain, said in a statement. He said the company will operate normally and all Jacob stores across the country will remain open.

Ireland finally sought tens of billions in bailout money from the European Union and the International Monetary Fund after weeks of bickering that has exposed the limits of Europe's attempt to restore financial markets' confidence in the stability of its single currency, The Wall Street Journal reported. The deal between Ireland and the EU took shape Sunday as EU finance ministers backed Ireland's request for a three-year package of loans totaling roughly €80 billion ($110 billion), according to people familiar with the matter.

Andrew Krukziener’s date with creditors has arrived. The Auckland developer, $47 million in debt, is expected to give evidence at the High Court at Auckland as he seeks to avert bankruptcy, The National Business Review reported. The hearing began yesterday when the court heard details of his proposal to repay creditors $350,000 in instalments over four-and-a-half years. The IRD, which claims it is owed $6.67 million by Krukziener, is opposing the proposal and wants to press ahead to have him declared bankrupt. Eighteen other creditors have accepted the proposal.

Mr Justice Clarke of the High Court has appointed an interim examiner to the Four Star Pizza takeaway chain after it was heard that the company is insolvent and unable to pay its debts, InsolvencyJournal.ie reported. The Company has a debt to National Irish Bank of €4.9 million and its other creditors include an ingredients supply firm, a printing firm and the Revenue Commissioners. The appointment comes as Courts grow increasingly reluctant to grant Examinerships to struggling firms.

The International Monetary Fund warned Thursday it sees increasing risks of a property bubble in Hong Kong due to continued liquidity inflows and rock-bottom interest rates coupled with tight housing supply, and it urged the city's government to take further measures to rein in the booming real-estate market if asset-price inflation continues, The Wall Street Journal reported.

Nortel Networks Corp said Genband Inc was looking to "drastically and improperly" reduce its offer price for a Nortel business unit which it agreed to buy in December 2009, Reuters reported. Nortel has also sued Nokia Siemens Networks for failing to pay for certain trial equipment, according to court papers filed on Thursday.

As Dublin moves begrudgingly toward accepting a European Union bailout, attention is rapidly shifting to Portugal, the country perceived to be as weak a link in the euro zone as Ireland, though for different reasons, the International Herald Tribune reported. While Portugal’s leaders, like Ireland’s, insist that they have enough money for now and are making brave and necessary cuts to government spending, in fact the Portuguese government is both divided and stalemated.

Top Irish government officials acknowledged for the first time Thursday that the country is grudgingly edging toward a massive international bailout, The Wall Street Journal reported. Patrick Honohan, the head of Ireland's central bank, said he expects the country will receive "tens of billions" in international loans. "It will be a large loan because the purpose…is to show Ireland has sufficient firepower to deal with any concerns of the market," he said in a radio interview. Finance Minister Brian Lenihan added: "It's clear we will need some form of external assistance. ...