Mexican satellite company Satelites Mexicanos SA de C.V. filed for Chapter 11 bankruptcy protection Wednesday after reaching a deal on a restructuring plan with most of its noteholders, Dow Jones Daily Bankruptcy Review reported. The company, which emerged from an earlier Chapter 11 restructuring in 2006, sought protection from creditors in the U.S. Bankruptcy Court in Wilmington, Del., listing assets of $441.6 million and liabilities of $531.6 million.

Google Inc. has been selected as the stalking-horse bidder for the entire patent portfolio of former telecommunications giant Nortel Networks Corp., administrators for the insolvent Canadian company said Monday, the Financial Post reported. Mountain View, California-based Google has entered a bid of US$900-million for a portfolio of more than 6,000 patents that cover device and network technologies. Google’s stalking-horse offer is designed to attract higher bids from other interested groups, which could include BlackBerry maker Research In Motion Ltd. An auction is slated for June.

Priszm Income Fund, which owns more than 231 KFC, Pizza Hut, and Taco Bell restaurants in B.C. and Ontario, is under bankruptcy protection following an order from the Ontario Superior Court of Justice, The Vancouver Sun reported. Priszm said in a news release issued this morning that the court filing was made to further its delayed deal to sell its B.C. and Ontario restaurants to a European franchisee of parent comany Yum! Brands. Prizm said the restaurants continue to operate as usual.

A new group of noteholders has signed on to support a prepackaged bankruptcy plan for Mexican satellite company Satelites Mexicanos S.A. de C.V., which emerged from an earlier Chapter 11 restructuring in 2006, Dow Jones Daily Bankruptcy Review reported. The company, known as Satmex, said more than 66% of the holders of its first priority senior secured notes due 2011 executed a restructuring support agreement with the company, under which they agree to back the company's prepackaged Chapter 11 plan.

Bernard Callebaut launched his newest enterprise with chocolate and moulds "stolen" from his former business, a move the current owners believe should be punished with a $100,000 fine, the Calgary Herald reported. But while those now in charge of Chocolaterie Bernard Callebaut, the company bought out of receivership last fall, believe Callebaut used their property to start a competing business, Callebaut himself sees the current court proceedings as a way to thwart his efforts to start again.

Canadian drug maker Angiotech Pharmaceuticals Inc. says a "large consortium" of its creditors is backing the reorganization strategy it proposed in its home country, and it's asking a U.S. bankruptcy judge to sign off on the restructuring plan that it will put before a Canadian court on April 6, Dow Jones Daily Bankruptcy Review reported. In papers filed Friday with the U.S.

The world’s most powerful central banks joined forces to sell billions of dollars worth of yen, battling speculators – described as “sneaky thieves” by one Japanese official – who have driven the currency to record highs, the Irish Times reported. The intervention by banks including the Federal Reserve, European Central Bank, Bank of Japan and Bank of England began early yesterday, after ministers from the Group of Seven most industrialised nations approved the first such co-ordinated action in more than a decade.

Mexican mortgage lender Hipotecaria Su Casita said Thursday it expects soon to conduct a swap and restructuring of around 7.4 billion ($612 million) in debt which includes transferring up to 50% of its equity to creditors, Dow Jones reported. The company fell into default last year as a result of the 2008-2009 global financial crisis. Su Casita, Mexico's largest nonbank mortgage lender which is 40% owned by Spanish bank Caja Madrid, said it's offering to exchange existing peso-denominated notes for MXN2.5 billion in new seven-year guaranteed notes and shares for up to 38.4% of its equity.

The multi-million West Vancouver property with links to the Olympic Village is now up for sale, a company appointed as receiver said Tuesday, The Province reported. The receiver, the Vancouver-based Bowra Group, was appointed after a developer of the lands north of Park Royal defaulted on the $72 million mortgage. In December, B.C. Supreme Court Madam Justice Laura Gerow ordered that the property go into receivership effective Tuesday. The order had been sealed but was lifted Tuesday. David Bowra, president of the Bowra Group, said his task now is essentially to sell the property.

Ipico Inc said its creditors approved its plan to reorganize its debt and capital structure and an Ontario court sanctioned an interim loan facility from Brookfield Asset Management, possibly saving it from going bankrupt, Reuters reported. Ipico, which makes smart tags and other Radio-frequency identification (RFID) products, had said last month it would become bankrupt and go under receivership if the loan facility did not materialize or if its reorganization plan is not approved by creditors and the court.