Lenders are preparing to take control of retailer Vivarte from Charterhouse Capital Partners, in a rare French debt-for-equity swap worth more than €2 billion, the Financial News reported. Oaktree Capital Management, Alcentra and Hayfin Capital Management are among the lenders preparing to convert €2 billion of the company’s €2.8 billion debt package to equity and quasi-equity instruments as part of the restructuring, according to a statement from the company. Under the plan, Charterhouse would be likely to lose more than €500 million on its investment in the French retailer.

Amado Yáñez Osuna, who headed Oceanografía, the oil services company at the center of a $400 million fraud involving Citigroup’s Mexico subsidiary, has been arrested, according to Mexico’s attorney general’s office, the International New York Times DealBook blog reported. The announcement, made late Wednesday, suggests that prosecutors are close to building a case against Mr. Yáñez in the scheme, which forced Citi to reduce its 2013 earnings by $235 million. The arrest warrant was issued against Mr.

The head of Mexico's central bank said Tuesday that he supports the dramatic measures that central bankers in advanced economies have taken to stabilize their economies, but emerging markets must be mindful of the spillover effects these policies may have, The Wall Street Journal reported. "The unconventional monetary policies have…established the ground for a recovery in economic activity," said Agustin Carstens, governor of Mexico's central bank, at a conference in Portugal sponsored by the European Central Bank. "I'd rather have them than not," he said.

Former Anglo Irish Bank Corp. Chief Executive Officer David K. Drumm, sued by the defunct lender over an unpaid personal loan, conceded to a U.S. judge he made “a lot of errors” in his bankruptcy filing and wasn’t aware he needed to reveal $1.2 million in cash transfers to his wife, Bloomberg News reported. Drumm, 47, filed for personal bankruptcy protection from creditors in 2010 in Boston, two years after he began moving money to a new account set up for his wife. Anglo Irish argues Drumm can’t use U.S.

The clouds of the global financial crisis may have lifted, but six years later, the world economy is not creating nearly as many jobs as it was before 2008, a United Nations report on Wednesday concluded, nor is it expected to in the near term. That is a particularly worrisome fact at a time when more young people are entering the job market than ever before, the International New York Times reported. The economies of developed countries are likely to grow at 2 percent this year and 2.4 percent in 2015, a faster clip than in the two previous years, the report said.

Telus Corp. has served notice that it’s dropping a $350-million takeover bid for Mobilicity, ending a drawn-out effort to scoop up the struggling small player and its valuable wireless spectrum, The Globe and Mail reported. This turn of events leaves Mobilicity, now in bankruptcy protection, without a solid bidder to take over its business, recent reports from its bankruptcy monitor would suggest. It also leaves bondholders, who are owed hundreds of millions of dollars, at risk of significant losses.

The Barbados High Court has been asked to help settle an international legal battle over $5.2 million believed to be in a local commercial bank account. According to Daily Nation investigations, for the last few months Canadian real estate and investment company Homburg Invest Inc. (HII), represented by Barbadian law firm Elliott D. Mottley & Co., has been engaged in court action here after tracking what it called “diverted funds” that originated in Colorado, United States, were transferred to Nova Scotia, Canada, and ended up in Bridgetown, Barbados.

Chief Executive Officer of the Jamaica Public Service Company (JPS) Kelly Tomblin says that the pressure from stolen electricity across the island is driving the power company into insolvency, the Jamaica Observer reported. Tomblin, speaking at a press conference at JPS’s New Kingston headquarters Thursday, said that in the two-year period 2012/2013 the power company lost US$73 million to stolen electricity. “The ship is going to sink under this weight. If this continues it might mean insolvency,” Tomblin declared at the company’s Knutsford Boulevard headquarters.

A U.S. bankruptcy judge signed off on the sale of some €15 billion ($20.6 billion) of soured loans on the books of what was once one of Ireland's largest banks as the country digs out from the wreckage of its collapsed property market, The Wall Street Journal reported. Judge Christopher Sontchi on Tuesday approved Irish Bank Resolution Corp.'s sale of the loan portfolios at a hearing in U.S. Bankruptcy Court in Wilmington, Del.

The fugitive businessman who controlled Mexicana airlines before it went bankrupt and was recently charged with illegal use of the airline's funds has asked for asylum in the United States, a federal official said Wednesday, the Associated Press reported. Assistant Attorney General Mariana Benitez said that Gaston Azcarraga is in the United States and has applied for asylum following the expiration of his visa. U.S. officials notified Mexico that Azcarraga is in their country a few days ago, Benitez said. She added that Mexico requested that he be extradited but U.S.