The mediation process related to the allocation of proceeds from the sale of Nortel Networks Corp.'s various assets has ended "without resolution," potentially delaying distributions to claimholders, Nortel said Wednesday, Dow Jones Daily Bankruptcy Review reported. The Canadian company, which filed for Chapter 11 protection in 2009 and has been shedding its assets in bankruptcy court, said delays in resolving allocation and intercompany claims matters "could be significant." The former telecommunications giant didn't elaborate on the latest developments in the mediation process.

The world's biggest economies hope to make progress this week on a plan to identify countries that put the global economy at risk, while China warned against any moves that would curb its red-hot growth, Reuters reported. The meeting of the Group of 20 rich and emerging-market nations comes at a time of conflicting economic signals. Just as signs of a strengthening recovery in some rich countries have pushed their central banks to begin to pull back on economic supports, world markets have been rocked by fears that high oil prices will put the brakes on global growth.

Mexican glass maker Vitro SAB said Monday that it won an appeal at a Mexican court and can continue with its prepackaged debt restructuring under the local equivalent of Chapter 11, Dow Jones Daily Bankruptcy Review reported. Vitro, which faces creditor opposition to its proposed restructuring, suffered a setback in January when a separate court ruled against the plan to vote $1.9 billion in intercompany debt as a way of securing sufficient creditor support for the pre-packaged restructuring proposal.

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.