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.

Grounded airline Mexicana de Aviacion, whose emergence from bankruptcy protection was dealt a setback last week, says it's in talks with potential new investors and hopes to return to the skies by the Easter holiday week, Dow Jones Daily Bankruptcy Review reported. But fuel prices, which have risen sharply as political tensions in the Middle East and North Africa threaten oil production, add to the uncertainty surrounding the airline's chances at making a comeback.

U.S. private-equity fund TPG Capital and Japanese consumer lender J-Trust are the likely contenders to take over failed consumer lender Takefuji, in a decision to be announced as early as the end of this month, according to sources familiar with the situation, The Wall Street Journal reported. TPG Capital, Cerberus Capital Management, J Trust, Tokyo Star Bank and Korea's A&P Financial are the five finalists for the final round of bidding, the people said.

A C$750 million (US$771 million) lawsuit by a group of former General Motors of Canada Ltd. dealers against the car maker has been granted class-action status by an Ontario court, according to the law firm representing the plaintiffs, Dow Jones Daily Bankruptcy Review reported. As reported, the group includes more than 200 former car dealers who alleged that GM Canada, a unit of General Motors Co., breached provincial franchise laws when it eliminated their dealerships in the wake of the 2009 auto bailout.

A Canadian judge has ruled that more than 200 former General Motors dealers who businesses were eliminated in a 2009 restructuring can sue the company as a group, the Associated Press reported. Ontario Superior Court Justice G.R. Strathy on Tuesday granted class action status to the lawsuit filed by more than 200 GM dealers whose franchises were eliminated during GM's financial crisis in 2009, according to a statement from two Toronto law firms representing the dealers.

The planned return to the air of carrier Mexicana de Aviacion suffered another setback Tuesday when the private-equity group that had secured agreements for a restructuring failed to come up with the capital to buy the shares from the current owners, Dow Jones Daily Bankruptcy Review reported. PC Capital said in a press release late Tuesday that the transfer of funds to buy Mexicana's holding company Nuevo Grupo Aeronautico, or NGA, wasn't made by the deadline set by current owner Tenedora K.