A U.S. bankruptcy-court judge postponed his ruling Wednesday on an application seeking to make the controversial Canadian restructuring plan for C$32 billion in toxic asset-backed commercial paper enforceable in the U.S., Dow Jones reported. Ernst & Young, which was appointed monitor by an Ontario court in March, petitioned the U.S. Bankruptcy Court for the southern district of New York to import, in its entirety, the restructuring plan under chapter 15 of the U.S. bankruptcy code. U.S.

Foreign investors were a major force in New York’s real estate boom of the last decade, with families and companies from Dubai to Australia swallowing weekend apartments and Midtown office towers. In 2007, the roster of international investors came to include a British firm, Dawnay Day, whose executives had a splashy reputation for spending millions on fine art and yachts, The New York Times reported. The efforts [to regentrify East Harlem neighborhoods], though, didn’t get far before the recession spread across the globe and Dawnay Day went bust.

GE Energy Financial Services and Vancouver-based Plutonic Power Corporation have paid CAD $52.2 million ($48.9 million) to the financially troubled EarthFirst Canada Inc for the 300-megawatt Dokie Wind Project in British Columbia, CleanTech Brief reported. EarthFirst has been under court-ordered protection from creditors under the Companies' Creditors Arrangement Act. GE and Plutonic have formed a partnership through which they will construct and operate the project’s first 144-megawatt phase which is expected to enter commercial operation by early 2011.

New Zealand-listed Hamilton Securities Ltd will make an off-market takeover bid for the debentures of the Timbercorp Orchard Trust, The Sydney Morning Herald reported on an AAP story. Hamilton Securities, which was founded in October 2009, will offer 30 A-class shares in Hamilton Securities for each debenture, of which there are 567,737 on issue, each with a face value of $100.

The International Banking Corp., a Bahrain-based provider of commercial loans, filed a Chapter 15 bankruptcy petition, seeking protection from U.S. creditors, The China Post reported. TIBC had assets of US$4 billion and liabilities of US$2.6 billion as of July 31, according to documents filed in Manhattan court Monday. TIBC is under administration proceedings in Bahrain, with Trowers & Hamlins Services Ltd. acting as administrator, and Zolfo Cooper hired for restructuring work.

A four-year bankruptcy battle for control of Asarco finally ended Wednesday when the Tucson-based mining company emerged from Chapter 11 and into the arms of its long lost parent, Grupo Mexico, The AmLaw Daily reported. It was the largest environmental claims settlement in bankruptcy history--and probably worth more than $200 million in billable hours to legions of lawyers. The matter entered its final stage last month in the border city of Brownsville, Texas, when U.S. district court judge Andrew Hanen approved a $2 billion plan by Grupo Mexico to reacquire Asarco out of bankruptcy.

Grupo Mexico SAB de CV said on Wednesday it completed its deal to regain control of U.S. copper miner Asarco LLC, bringing to an end Asarco's four-year bankruptcy, Reuters reported. Asarco, based in Tucson, Arizona, filed for bankruptcy protection in 2005 amid a strike and more than $1 billion of asbestos and environmental claims. Last month, a U.S. federal judge approved a more than $2 billion plan by the Mexican miner to take control of Asarco. Grupo Mexico first acquired Asarco in a leveraged buyout in 1999, but lost board control of the subsidiary due to the bankruptcy.

Ciena Corp was cleared to acquire a unit of bankrupt Nortel Networks Inc. for $769 million after fighting off a legal challenge by Nokia Siemens Networks, Reuters reported. Network equipment maker Ciena trumped an offer by Nokia Siemens and its financial partner, One Equity Partners, with an auction-winning bid of $530 million in cash and $239 million in convertible securities for Nortel's optical networking and carrier Ethernet business.

The battle over Nortel Network's optical network division may not be over, The Ottawa Citizen reported. Nokia Siemens Networks said in a U.S. bankruptcy court filing Tuesday that it, not Ciena Corp., was the top bidder in the auction that ended a week ago. It is also ready to increase its offer to $810 million U.S. in cash, or $41 million more than the Ciena cash-and-debt offer that won the fight. The question now is how U.S. and Canadian courts handle the latest twist in the complicated business of selling off Nortel assets.

Newfoundland and Labrador Refining Corp., the Canadian company planning to build a C$4 billion ($3.8 billion) oil refinery on the country’s east coast, won a judge’s approval to exit bankruptcy and find a buyer or a partner for the project within two years, Bloomberg reported. Newfoundland Supreme Court Judge Robert Hall dismissed objections from BAE Newplan Group Ltd., a unit of SNC-Lavalin Group Inc., and Japan Steel Works Ltd., Kobe Steel Works Ltd. and IPS Services Inc., who had sought to have the Canadian company declared bankrupt.