The largest single shareholder of Onco Petroleum is trying to pry the troubled company’s affairs out the hands of a court-appointed receiver, The London Free Press reported. Terri Ramage, wife of Onco founder and former president Robert Vanier, said Onco officials and the receiver are acting without the consent of Onco’s 1,441 shareholders. She wants the receivership halted and a shareholder meeting convened. “Shareholders will suffer irreparable harm if the annulments are not granted,” she said Thursday in Windsor court.

Insolvent Nortel Networks Corp. has a preliminary agreement to sell its Multi Service Switch business for US$39 million in cash, The Canadian Press reported. The former Canadian technology giant, which is being dismantled and sold under court protection, said the bid was submitted by PSP Holding LLC, an entity formed by Ottawa-based Samnite Technologies Inc. and Marlin Equity Partners. The Multi Service Switch business provides non-optical equipment and as of last fall employed about 300 people. Nortel did not provide current employee numbers in its announcement.

AbitibiBowater Inc., the world’s biggest newsprint maker by capacity, won court approval to borrow as much as $1.35 billion to help fund its exit from bankruptcy, Bloomberg reported. U.S. Bankruptcy Judge Kevin J. Carey gave the company permission to obtain the funds after no objection to the financing proposals was filed, according to court documents filed yesterday in Wilmington, Delaware. Units of JPMorgan Chase & Co., Barclays Plc and Citigroup Inc. will be the agents for a $600 million asset-based loan and each will contribute $100 million, court papers show.

Mexican auto-parts company Sanluis Corporacion SAB said Wednesday that its unit Sanluis Co-Inter has filed for bankruptcy protection as it seeks to restructure its debt, Dow Jones reported. At the end of June, Sanluis Co-Inter defaulted on $88.1 million in notes that were issued in 2002 under a debt refinancing, prompting holders of around $132 million in mandatorily convertible debentures due June 2011 to accelerate payment, demanding cash. The default of the June 2010 notes came after Sanluis rescheduled $146 million in bank debt, to which the Co-Inter notes are subordinate.

Mexico's Labor Minister, Javier Lozano, said he isn't optimistic about the prospects of a group of investors for saving airline company Mexicana from bankruptcy and rejected a proposal by the new owners to lay off three-quarters of the carrier's flight attendants, Dow Jones Daily Bankruptcy Review reported.

Canada agreed Tuesday to pay newsprint maker AbitibiBowater more than $100 million to settle the company's claim over what it said was an illegal seizure of its assets, the Associated Press reported. The forestry giant had sought $500 million under the provisions of the North American Free Trade Agreement after Canada's Atlantic-coast province of Newfoundland expropriated some of its assets.

A potential "white knight" offer has emerged for Tagish Lake Gold Corp., which has been fending off a takeover by New Pacific Metals Corp, The Canadian Press reported. Tagish Lake said Monday it has been approached by YS Mining Company Inc. and its two shareholders, Yukon-Nevada Gold Corp. and Northwest Nonferrous International Investment Company Ltd. They are proposing the formation of a new company to own Tagish's Mt. Kukum property and YNG's Ketza River gold property.

Lehman Brothers Holdings Inc.'s multibillion-dollar lawsuit against Barclays PLC gets underway again this week when Barclays will call its first witnesses in the trial Monday, Dow Jones Daily Bankruptcy Review reported. Lehman sued Barclays in New York bankruptcy court over the British bank's purchase of Lehman's brokerage in September 2008, shortly after Lehman collapsed. Lehman is trying to recover more than $11 billion that it says Barclays unfairly pocketed in the deal by failing to disclose discounts it was receiving on the assets it was buying.

Nuevo Grupo Aeronautico SA, the holding company for airline Compania Mexicana de Aviacion, was purchased yesterday by a group of Mexican investors and the country’s pilots’ union, according to a member of the investment group and a union leader, Bloomberg reported. Tenedora K, which was formed in order to purchase Mexicana, bought 95 percent of the airline’s shares, union secretary general Fernando Perfecto said yesterday. The pilots’ union owns 5 percent of the company, said Perfecto, who was involved in the negotiations.

A bankruptcy judge issued a preliminary injunction shielding Compania Mexicana de Aviacion from creditors seeking to seize its U.S. assets, Dow Jones Daily Bankruptcy Review reported. Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan ruled in the Chapter 15 bankruptcy case of airline Mexicana's main unit for international flights. The case is a companion of the unit's main bankruptcy proceeding in Mexico.