Ponderosa Golf and Country Club in Peachland has money woes, again. The original Ponderosa fell into receivership years ago and was revived by Ponderosa Peachland Development, The Daily Courier reported. The new Ponderosa calls for a $1 billion master-planned community with an 18-hole course designed by Greg Norman (already open) surrounded by 2,300 homes. Showhomes are open and construction was under way on other homes. But work has halted with the new Ponderosa reaching an impasse with Toronto-based Romspen Investment Corp. over the $34.4 million Ponderosa owes Romspen.

Holdout investors who rejected Argentina’s debt restructurings in the wake of its $95bn default have said they are prepared to give Buenos Aires extra time to settle, but only if the country negotiates in good faith, the Financial Times reported. Argentine officials met in New York on Monday with a mediator in the dispute. The country needs to reach a rapid deal with holdouts if it is to avoid a second default. Under a US court ruling, Argentina cannot service its restructured bonds unless it also settles with the holdouts in full.

Argentina will not make a formal offer to settle its dispute with holdout investors in its sovereign debt at its meeting on Monday with a court-appointed mediator, an Argentine daily wrote on Saturday, citing Economy Ministry sources. After a string of adverse U.S. court decisions, Argentina has until the end of July to settle with a group of creditors who refused to accept the terms of its restructurings following its 2002 default on $100 billion of debt.

Bank of New York Mellon Corp. must return a $539 million deposit from Argentina intended for restructured bondholders, a U.S. judge ruled, calling the transfer an “explosive action” that disrupted potential settlement talks with holders of defaulted debt, Bloomberg News reported. U.S. District Judge Thomas Griesa in New York has ruled that Argentina can’t pay holders of its restructured debt without also paying more than $1.5 billion to a group of defaulted bondholders, raising the possibility of a new default as the South American nation approaches a June 30 payment deadline.

Governments have a long history of borrowing abroad and not repaying their debts. The first recorded sovereign default was in the 4th century BC when ten Greek cities failed to honour loans from the temple of Delos. Yet there are still no clear rules governing what happens when sovereigns do not pay up, The Economist reported. The murkiness was highlighted this week when Argentina seemed to offer, under duress, to negotiate with the 8% of its bondholders who refused to accept any losses after a huge default in 2001.

A damning report by the monitor overseeing the League group of companies’ restructuring efforts cites inexperienced, inept management and the poorly executed Capital City Centre in Colwood as the reasons for the death of Victoria-based League, the Times Colonist reported. In his 120-page report, Mike Vermette, a vice-president at monitor PricewaterhouseCoopers, noted League will be winding down all operations, liquidating all assets and cease to exist after the first quarter of 2015. The blame for that appears to rest on the shoulders of League founders Adam Gant and Emanuel Arruda.

Mobilicity has received another extension of court protection from creditors, this time until Sept. 26, saying it has sufficient resources to maintain service to its wireless phone customers until at least that date, The Toronto Star reported.

A federal appeals court in Chicago said auditor Grant Thornton LLP must again face a lawsuit over its alleged role in the collapse of Italian dairy company Parmalat SpA, while lamenting that its decision puts the nearly 10-year-old case on the brink of starting anew, Reuters reported. Wednesday's decision by the 7th U.S. Circuit Court of Appeals overturned an April 2013 dismissal of the case by U.S. District Judge John Darrah in Chicago. The appeals court ordered that the case be moved to a state court in Cook County, which includes Chicago, where Grant Thornton is based.

Argentina is being pushed toward a new default after a U.S. Supreme Court decision favored holdout creditors seeking payment on bonds it defaulted on in 2001-2002, Economy Minister Axel Kicillof warned United Nations diplomats on Wednesday, Reuters reported. Referring to those creditors as "vulture funds," Kicillof said the June 16 decision by the top U.S. court to deny Argentina the chance to appeal a lower court ruling means it faces an insurmountable payment to all existing bondholders, given it has just $28.5 billion in foreign currency reserves.

The court-appointed official overseeing the US bankruptcy of Seán Dunne has asked an American court for permission to examine, in private, documents from Irish and Swiss family law proceedings in which the developer is involved, the Irish Times reported. Bankruptcy trustee Richard Coan has also asked to question the Co Carlow developer (59), now living in the US, on the records at a private hearing if required.