Headlines

Bondholders of debt-laden Greek telecom company Wind Hellas will submit an offer in the next few days to help restructure the company's finances, major bond investor Aladdin Capital said on Tuesday. Competing restructuring offers are due shortly as Wind Hellas -- Greece's third-largest telecom company -- seeks to manage a €3.2 billion ($4.74 billion) debt load and see it past a looming interest payment deadline. A committee of bondholders, coordinated by Aladdin, plan to submit a proposal as part of the financial restructuring, Aladdin's Michael Hodges told Reuters.

A Cheshire shopping centre that was the centrepiece of a new town development has been put into receivership, the BBC reported. Directors at international real estate advisor Savills have been appointed as joint receivers of Halton Lea Shopping Centre in Runcorn. They said day-to-day trading of the centre, which was originally called Runcorn Shopping City and opened in 1972, would be unaffected. The centre has more than 60 retail units. Read more.

Lakeside Steel Inc. is interested in acquiring some or all of the assets of Barzel Industries Inc. through the Chapter 11 bankruptcy process, Ontario’s Welland Tribune reported. On Sept. 15, Barzel and its U.S. subsidiaries voluntarily petitioned for protection under Chapter 11 of the U.S. Bankruptcy Code and its Canadian subsidiaries filed an application in Canada seeking protection under the provisions of the Companies' Creditors Arrangement Act.

Arclin, a bankrupt maker of resins and other construction-related materials, said it filed a reorganization plan in a Delaware court, under which its debt will be reduced by $174 million to $60 million, Reuters reported. Under the plan, Arclin's lenders -- Black Diamond Capital Management LLC and Silver Point Capital LP -- will become the majority owners of the company through an exchange of debt for equity. The reorganization plan is yet to receive approval from U.S. and Canadian courts, the company said in a statement.

New Zealand emerged from its worst recession in three decades, unexpectedly expanding for the first time in six quarters on rising consumer spending and exports of logs and dairy products. The nation’s currency surged. Gross domestic product increased 0.1 percent in the three months to June 30 following a 0.8 percent drop in the first quarter, Statistics New Zealand said in Wellington today. The median estimate in a Bloomberg survey of 12 economists was for a 0.2 percent contraction. Read more.

Dutch securities trader Van der Moolen Holding NV said Tuesday the Court in Amsterdam has declared the last three entities of the company bankrupt, Dow Jones reported. This affects Van der Moolen Effectenspecialist BV, Curvalue II BV and Curvalue III. Van der Moolen said Sept. 17 it completed the transfer of its European securities position to Securities and Derivatives Trading B.V., a company which is owned by former employees of Van der Moolen and third-party investors. The court Sept. 9 approved Van der Moolen's request to be deemed insolvent, clearing the way for its liquidation.

Risanamento SpA, the Italian real estate developer facing bankruptcy, said Monday it was surprised by two Milan prosecutors' rejection of a restructuring plan already approved by the company's board and its creditor banks, Dow Jones reported. Prosecutors and lawyers of Risanamento and creditors are meeting Tuesday at a bankruptcy court in Milan. In a short statement, the Milan-based firm said it hopes the judge that will asses the case at a bankruptcy court Tuesday will approve the plan.

Global Gaming Factory, the company looking to acquire file-sharing hub The Pirate Bay, now faces a claim from a creditor that could force the company to declare bankruptcy, Sweden's The Local reported. Advatar Systems claimed in a court filing that it has been owed over $200,000 by Global Gaming since July 25. Global Gaming has faced a number of obstacles in its bid to acquire The Pirate Bay for $7.8 million and turn it into a legitimate site that pays artists and copyright holders. Trading in Global Gaming shares was halted on Aug.

Tasmanian timber company Gunns has joined the bidding for the forestry assets of the failed Timbercorp group, The Australian reported. Gunns, one of Australia's biggest tree farmers, has submitted a conditional proposal to Timbercorp's liquidator KordaMentha to acquire land, trees and a forestry operations business. It is believed the proposal is subject to gaining finance and a joint venture partner, as Gunns said that talks with potential lenders and a joint venture partner were continuing.

The dollar weakened for the first time in three days against the euro on speculation Group-of-20 leaders this week will call for gains in other currencies to help reduce global trade imbalances, Bloomberg reported. The greenback fell versus 14 of the 16 major currencies after a spokesman for Canadian Prime Minister Stephen Harper said the leaders meeting in Pittsburgh on Sept. 24-25 will discuss “a framework for balanced and sustainable growth,” including reform in deficit and surplus countries.