Mexican glass maker Vitro SAB said Monday it has launched two offers--a proposed swap and partial buyback--of three series of defaulted notes for $1.22 billion as it seeks to restructure its debt, Dow Jones reported.In a filing with the Mexican stock exchange, Vitro said the offers are aimed as a step toward achieving a debt restructuring which would be carried out under the Mexican equivalent of Chapter 11. Vitro, which has seen several previous restructuring offers rejected by creditors, said its largest single creditor, Fintech Advisory Ltd., has agreed to support the latest proposal.

The London-based administrator for Bahrain's Awal Bank BSC said it needs more time to talk with creditors before determining whether to continue the Chapter 11 case it filed last month with the U.S. Bankruptcy Court in Manhattan, Dow Jones Daily Bankruptcy Review reported. In court papers filed in New York Thursday, Awal asked Judge Allan L. Gropper for an extension to file financial statements required under the U.S. bankruptcy law. The bank has so far been hesitant to publicly disclose specifics on its finances.

ECB President Jean-Claude Trichet declined to inject new stimulus into the euro zone despite signs of fragility in the currency bloc, further distancing the European Central Bank from other big central banks such as the Federal Reserve that are taking aggressive action to safeguard growth, The Wall Street Journal reported. Mr. Trichet provided some verbal support to European trouble spots—such as Ireland, Greece and Portugal—that face crippling borrowing costs, saying that despite three weeks without purchases, the ECB's government-bond buying program remains active.

Affiliates of Credit Suisse Group and Willowridge Partners are buying Nortel Networks Corp.'s stakes in 20 venture-capital funds, according to a court filing Thursday, Dow Jones Daily Bankruptcy Review reported. Affiliates of Credit Suisse's alternative-investments group and Willowridge won the bidding for Nortel's venture-capital investments with an offer of nearly $23 million, court papers say. Because the venture-capital interests were already exposed to a competitive sale process, Nortel is asking the U.S.

The Swiss bank that leads a lender group owed $300 million by Tamarack Resort says liquidating the central Idaho vacation getaway is the best way to recoup a fraction of their investment, the Associated Press reported. Credit Suisse Group asked U.S. Bankruptcy Judge Terry Myers this week to set the stage for the final sale of Tamarack assets, either under a U.S. trustee or a state court judge's supervision. Tamarack owner Jean-Pierre Boespflug, trying desperately to arrange a sale, said Wednesday he plans to oppose the motion.

The number of companies globally at risk of defaulting on debt jumped in October for the third consecutive month, indicating deteriorating credit quality worldwide, risk management firm Kamakura Corp said on Monday, Reuters reported. The proportion of them at risk of defaulting on their debt leaped by 1.17 percentage points in October to 11.10 percent of the more than 29,000 companies Kamakura rates. The index has deteriorated for the last three months after generally seeing improvement for more than a year.

Canada's Davie Yards reports that it has obtained an order from the Quebec Superior Court extending the stay of proceedings ordered by the court under the Companies' Creditors Arrangement Act to January 21, 2011, MarineLog reported. The shipbuilder says the extension will allow it to continue discussions with potential industrial investors, to pursue its efforts to qualify for the National Shipbuilding Procurement Strategy , and to develop and eventually submit a plan of arrangement to its creditors under the CCAA.

Vitro SAB offered to buy back or swap $1.2 billion in debt from bondholders as the company prepares to seek bankruptcy protection before the end of the year. The bonds jumped and shares climbed to the highest in more than two years, Bloomberg reported. Mexico’s largest glassmaker will file for bankruptcy in Mexico and under Chapter 15 in the U.S. within the next two months, Chief Restructuring Officer Claudio del Valle said in a conference call with reporters today. Debt holders may get as much as 73 cents on the dollar under the terms proposed today, the Monterrey-based company said.

The government debt burden shouldered by employees in the rich world will more than double between 2007 and 2015 as an ageing population puts rising strain on welfare and health systems in advanced economies. In new calculations for the Financial Times, Eswar Prasad, a former International Monetary Fund official now at the Brookings Institution and Cornell University, finds that the rich economies will owe a rapidly rising share of public debt worldwide, while contributing relatively less to global growth.

In the spacious quarters once occupied by CanWest scion Leonard Asper sits affable executive Paul Robertson, finally ready to begin his duties at the helm of Shaw Media, The Globe and Mail reported. It’s the final culmination of a process that started just over a year ago, when CanWest’s TV assets entered restructuring under the Companies’ Creditors Arrangement Act, unable to overcome a crushing debt load. On Wednesday, the broadcasting business emerged from creditor protection under new owners Shaw Communications.