Cuba has reached a deal with its creditors where the county will pay $2.6 billion in arrears over an 18-year period while $4 billion of its debt will be forgiven, The Wall Street Journal reported. The deal comes after months of negotiations between the Communist nation and the Paris Club, an informal group of developed creditor nations. The talks stem from Cuba’s lingering $16 billion debt which it defaulted in 1986.

Offshore driller Vantage Drilling Co said it reached a support agreement with lenders and noteholders holding more than $1.6 billion in debt to reduce interest expense but one of its units will file for U.S. bankruptcy on Dec. 3. The agreement and bankruptcy will help its subsidiary Offshore Group Investment Ltd to ride out a downturn in the energy sector. The company said the deal with lenders calls for deleveraging the unit, which holds the contracts for some of its rigs.

Oilsands junior Laricina Energy Ltd. has settled debt obligations with the credit arm of the Canada Pension Plan Investment Board, with the result that its equity is now about 89 per cent owned by the board and its subsidiaries, it announced Tuesday, The Calgary Herald reported. The private company entered Companies’ Creditors Arrangement Act protection in March after it defaulted on a production covenant related to its CPP Credit Investments Inc. secured debt.

Abengoa SA, the Spanish renewable energy company that has filed for creditor protection, missed interest payments to noteholders in Mexico, Bloomberg News reported. Abengoa de Mexico SA investors were due 1.16 million pesos ($70,000) on Thursday, financial advisory Monex Casa de Bolsa SA said in two regulatory filings with BMV, the Latin American nation’s securities exchange. Monex represents holders of the notes, it said. Seville, Spain-based Abengoa filed for preliminary creditor protection with a court in its home city on Nov.

A meeting of creditors of Sir Anthony O’Reilly to see if a formal deal can be reached on the sale of his assets and the division of the proceeds is likely to follow Friday’s decision of the court in the Bahamas to declare him bankrupt. The judge in the case specifically mentioned that parties in the case could subsequently apply to the court to ratify such an agreement, the Irish Times reported.

RioCan Real Estate Investment Trust said Monday it had reached a settlement with Target Corp. over 18 leases the Minneapolis-based retail giant abandoned when it exited the Canadian market this year, The Wall Street Journal reported. RioCan, which owns and manages the largest portfolio of shopping centers in Canada, said Target paid 132 million Canadian dollars (US$99 million) as part of the settlement, including C$92 million to RioCan and the balance to various co-owners. Target in turn has been released from indemnity agreements covering those locations.

Sir Anthony O’Reilly has been declared bankupt in a court hearing in the Bahamas and is now to be allowed file for an insolvency arrangement, the Supreme Court in the Bahamas has ruled. This followed a lengthy hearing on Friday when AIB, one of Sir Anthony’s creditors, had held that there were procedural errors in the existing filing and also that the court had no jurisdiction in the matter, the Irish Times reported. The ruling was delivered by Justice Milton Evans on Friday evening, following a day of legal submissions.

Alberta lost 63,500 jobs in the first eight months of this year, according to government data, showing the toll weak oil prices have had on the western province, The Globe and Mail reported. The losses were the largest since the global economic crisis when the province shed 72,500 jobs over the same period in 2009. Combined with the slump in employment, the average weekly pay in Alberta fell 2.6 per cent to $1,129 in the 12 months ended in August, according to Statistics Canada’s survey of employment, payrolls and hours.

Essar Steel Algoma Inc., one of the largest steelmakers in Canada, is in talks with senior lenders over a deal to put the company into insolvency proceedings for the fourth time as its cash runs dry, according to a person with knowledge of the matter, Bloomberg News reported. The company is discussing a court filing within the next month, said the person, who asked not to be named because the talks are private. Essar Steel has sought interest from investors for a deal that would give it an immediate liquidity boost by selling receivables, another person said. The Sault Ste.

Bombardier Inc. rose after a Montreal newspaper reported that Quebec’s government will provide financial assistance to the embattled maker of the CSeries jetliner. The province will announce an unspecified aid package on Thursday, La Presse newspaper reported, without identifying the source of the information. The government had no immediate comment, while Bombardier spokeswoman Isabelle Rondeau, the spokeswoman, declined to comment via e-mail.