An ocean of red ink has sunk a company that owns several wineries, vineyards and orchards in the south Okanagan, Global Saskatoon reported. The Lang, Soaring Eagle and Stonehill Estate wineries in Naramata, all owned by Holman Lang Vineyards, are now in receivership and are for sale. The company expanded rapidly during the wine industry boom from 2000 to 2007 and was struggling under a crushing $15 million bank debt. A Vancouver accounting firm has been appointed to sell the properties and estimates the company’s assets at approximately $23 million.

Former Anglo Irish Bank Chief Executive David Drumm will have to testify about his assets and conduct running the fallen Irish financial giant, under a deal his attorneys struck in bankruptcy court in Boston on Thursday, Reuters reported. The testimony could paint a much fuller picture of the life that Drumm has been living in Massachusetts after stepping down from the helm of Anglo-Irish at the end of 2008, just before the government nationalized the bank. The collapse of the bank was among the factors leading the country to seek an emergency international aid package last month.

A bankruptcy judge cleared Lehman Brothers Holdings Inc. to sell its Brazil investment business, Libro Companhia Securitizadora de Creditos Financeiros, for nearly $15.9 million, Dow Jones Daily Bankruptcy Review reported. Judge James Peck of the U.S. Bankruptcy Court in Manhattan, approved of the sale Wednesday to a firm called Jive Investments Holding Ltd. In his order, Peck said that Jive's offer was the "highest and best" available and that the sale was in the best interest of Lehman and its creditors.

Canada’s $4-billion infrastructure stimulus program was launched with a single focus in mind: jobs. Now, after surveying those who actually received the federal cash, Parliamentary Budget Officer Kevin Page gives the program poor marks on that goal, The Globe and Mail reported. The survey reinvigorates an unresolved debate that has long pitted the free-market disciples of classic liberal economic thinking against the post-Great Depression view popularized by British economist John Maynard Keynes that government intervention and deficits in hard times work.

Vitro SAB responded to creditors attempting to push 15 of its U.S. units into bankruptcy, saying the four investment funds are attempting to "hijack" a reorganization process in Mexico that is already underway, Dow Jones Daily Bankruptcy Review reported. The Mexican glass maker's statement, filed Monday with the U.S. Bankruptcy Court in Fort Worth, Texas, comes nearly two weeks after the funds, which list claims of $75.6 million against Vitro, filed an involuntary Chapter 11 petition against the company in that court.

Nortel Networks Corp, the fallen Canadian telecom giant, said it will sell nearly all assets of its Chinese joint venture to Ericsson's China unit for $50 million in cash, Reuters reported. The joint venture -- Guangdong Nortel Telecommunication Equipment -- is a research, development and manufacturing firm in which Nortel's units, Nortel Networks Ltd and Nortel China, own 62 percent. GDNT became a supplier to Ericsson after the Swedish mobile network equipment maker bought Nortel's CDMA and GSM businesses.

A committee of Canada's Senate on Thursday killed a proposed law aimed at preventing long-term disabled workers from being treated as unsecured creditors in bankruptcy proceedings, Dow Jones Daily Bankruptcy Review reported. Bill S-216, as it is known, which moves the disabled up the queue to preferred creditor status, is meant to help disabled Nortel Networks Corp. employees who will lose their benefits at year's end because of a court-approved former employees' settlement earlier this year.

A Mexican court has approved the $1.54 billion pre-packaged debt restructuring of retailer Comercial Mexicana, which had the approval of 98% of creditors, the company said Wednesday, Dow Jones reported. Comercial Mexicana said in a press release that the ruling brings an end to its filing under the local equivalent of Chapter 11, and that it will proceed to carry out the agreements reached with creditors.

The Supreme Court of Canada said Thursday it will hear Newfoundland and Labrador's appeal of a lower-court mill clean-up ruling, The Montreal Gazette reported. Newfoundland and Labrador had asked the Supreme Court to rule on certain issues relating to the creditor protection process, especially whether AbitibiBowater's statutory duty to remove environmental contamination is invalidated by the Companies' Creditors Arrangement Act. AbitibiBowater gained court protection from creditors in Canada and the U.S. 20 months ago and plans to exit next month after the Canadian and U.S.

A committee of Canada's Senate on Thursday killed a proposed law aimed at preventing long-term disabled workers from being treated as unsecured creditors in bankruptcy proceedings, Dow Jones reported. Bill S-216, as it is known, which moves the disabled up the queue to preferred creditor status, is meant to help disabled Nortel Networks Corp. employees who will lose their benefits at year's end because of a court-approved former employees' settlement earlier this year.