Talks to divide $9 billion raised from the sale of businesses of Nortel Networks, the telecoms equipment maker that went bankrupt in 2009, ended without agreement, and the mediator said on Thursday further discussions were no longer worthwhile, Reuters reported. The failure of nearly two weeks of talks in Toronto raises the prospect that disputes among various creditors and retirees around the world could lead to years of litigation over how to divide the cash.

A mediator overseeing creditor negotiations in Nortel Networks' bankruptcy said on Tuesday he is extending talks over how to distribute about $9 billion in cash at the fallen telecom, Reuters reported. Ontario Chief Justice Warren Winkler said in a statement the mediation, scheduled to end at noon on Tuesday, had been extended, but did not say for how long. A spokesman for the mediator declined to give detail on the length of the extension.

Video game company Atari SA said it filed for bankruptcy protection in Paris and New York on Monday after it failed to find a successor to main shareholder and sole lender BlueBay as it wrestles with tough market conditions, Reuters reported. The U.S. operations plan, in addition, to separate from their French parent to seek independent capital to grow in digital and mobile games, Atari Inc said in a statement. The U.S.

The Cayman Islands are poised to break with decades of secrecy by opening thousands of companies and hedge funds domiciled on the offshore Caribbean territory to greater scrutiny. The British overseas territory, which wants to shed its reputation for clandestine financial activity, is introducing sweeping reforms that will make public the names of thousands of previously hidden companies and their directors.

The former chief executive of bankrupt Nortel Networks and two former senior executives were found not guilty Monday of falsifying financial reports in what prosecutors said was a scheme to report profits and gain bonuses, the Associated Press reported. Ontario Superior Court Justice Frank Marrocco dismissed all charges against former chief executive Frank Dunn, chief financial officer Douglas Beatty and corporate controller Michael Gollogly. The verdicts come four years to the day after Nortel sought bankruptcy protection and began liquidating.

Nortel Networks was once the largest telecommunication equipment company in North America, but since it filed for bankruptcy in 2009 it has earned a new label: one of the world's most complicated legal proceedings, Reuters reported. Bondholders, suppliers, governments and former employees from around the globe hold $20 billion in claims based on different insolvency laws and are competing for Nortel's last remaining asset - $9 billion in cash.

Axtel SAB plunged the most in three weeks after a creditor group said it would reject the company’s restructuring offer. The stock of Mexico’s second-largest land-line phone carrier fell 3.9 percent to 3.19 pesos at 1:59 p.m. in Mexico City Friday. Bondholders controlling 40 percent of Axtel’s dollar notes will reject the Mexican phone company’s restructuring offer, Bloomberg News reported yesterday, citing a letter obtained from two investors in a creditor group.

Global regulators gave banks four more years and greater flexibility on Sunday to build up cash buffers so they can use some of their reserves to help struggling economies grow. The pull-back from a draconian earlier draft of new global bank liquidity rule to help prevent another financial crisis went further than banks had expected by allowing them a broader range of eligible assets.

Mexican glassmaker Vitro said on Monday it had begun a legal process to recover up to $1.59 billion in damages from hedge funds who sued the company in Mexico but lost on appeal, Reuters reported. Vitro went through a $3.4 billion bankruptcy reorganization in Mexico, but some creditors strenuously opposed that plan, and they have been fighting in U.S. courts. Vitro said in a statement that it could collect damages from a trust that has been holding new bonds and payments that correspond to investors who opposed the Mexican restructuring.

PT Berlian Laju Tanker Tbk creditors, with a combined total of about $125.5 million in claims, filed an involuntary Chapter 11 petition against the Indonesian ship operator, Bloomberg reported. Gramercy Distressed Opportunity Fund II, Gramercy Distressed Opportunity Fund, and Gramercy Emerging Markets Fund, all located in Greenwich, Connecticut, filed today in U.S. Bankruptcy Court in Manhattan, according to court papers.