An exclusive resort in the Turks and Caicos Islands that catered to celebrities and offered personal butlers and a pillow menu has closed after less than two years of operation, The Associated Press reported. The owner of Nikki Beach Resort & Spa — Leeward Resort Ltd. — has been placed into receivership, General Manager Jonathan Steers said. The resort, which the Travel Channel rated No. 2 on its list of the "21 Hottest Caribbean Escapes" this year, is the latest one in the region to close amid the global economic crisis.

Ford Motor Co.'s Canadian division and the Canadian Auto Workers union began labor talks on Tuesday after the union made substantial concessions to both General Motors and Chrysler earlier this year, The Associated Press reported. Ford asked the CAW to reopen its current labor contract, which doesn't expire until 2011. The GM and Chrysler concessions were part of a restructuring process that saw both automakers file for U.S. bankruptcy protection and receive billions of dollars from governments in both Canada and the United States.

U.S. and Canadian authorities set a Nov. 13 deadline for creditor claims against AbitibiBowater, the newsprint maker said Friday. The Quebec Superior Court in Canada and the U.S. Bankruptcy Court for the District of Delaware also established procedural rules for filing the creditor claims, The Associated Press reported. "Launching the claims process at this juncture demonstrates continued progress in AbitibiBowater's restructuring efforts," said AbitibiBowater CEO David J. Paterson.

Satelites Mexicanos SA, the Mexican satellite operator that emerged from bankruptcy in 2006, aims to reach a restructuring agreement with bondholders by the end of the year to ensure it can update an aging satellite fleet, Bloomberg reported. Satmex needs to restructure its debt to make the business “sustainable,” Chief Financial Officer Luis Stein said. Mexico City-based Satmex is seeking funding to replace a satellite launched in 1994 with a newer one that could expand the services it offers.

Grupo Mexico SAB should be allowed to regain control of its bankrupt U.S. copper mining unit, Asarco LLC, by giving creditors almost $2.5 billion, a judge said, rejecting an offer from Sterlite Industries (India) Ltd., Bloomberg reported. U.S. Bankruptcy Judge Richard Schmidt today sent his recommendation to a district court judge who will make the final decision about what will happen to Asarco, more than five years after the company filed bankruptcy.

The U.S. tax authorities have thrown a huge curve ball at Nortel creditors by submitting a $3-billion U.S. claim for back taxes, interest and other penalties, The Ottawa Citizen reported. If U.S. bankruptcy judge Kevin Gross accepts all or most of the claim as valid, "it will deplete whatever is available to other creditors," says Tony Marsh, the spokesman for Nortel retirees. "That's a pretty scary number." If Nortel completes the sale of its global assets as planned, it is expected to have little more than $5 billion (all figures U.S.) in cash to distribute.

A U.S. federal judge is expected to decide on Monday whether Grupo Mexico or India's Sterlite Industries will control Asarco LLC, bringing the U.S. copper miner a step closer to leaving bankruptcy after four years, Reuters reported. At stake are Asarco's copper mines in Arizona and $7.5 billion in damages related to a piece of Peruvian miner Southern Copper Corp that had been owned by Asarco. Grupo Mexico, the largest copper miner in Mexico, bought Asarco in 1999 but lacks control because of the bankruptcy. A U.S.

Mexican miner Grupo Mexico SAB de CV said on Thursday it has offered to extend for two years the collective bargaining agreement of workers at Asarco LLC, who have supported a rival's bid for control of the bankrupt U.S. copper miner, Reuters reported. Grupo Mexico, which owns but does not control Asarco, has been engaged in a battle with India's Sterlite Industries for over a year for Asarco, which is seeking to emerge from Chapter 11 bankruptcy protection after four years.

The long battle for Asarco LLC may be nearing its conclusion, as the two groups vying for control of the bankrupt U.S. copper miner started their final arguments on Tuesday following a two-week hearing in federal court in Texas, Reuters reported. Mexican miner Grupo Mexico SAB de CV, which owns Asarco but does not control it because of the bankruptcy, and India's Sterlite Industries have been engaged for over a year in a bidding war for Asarco, which is seeking to emerge from Chapter 11 protection after four years.

Canadian companies facing bankruptcy are being given access to a new $1-billion lifeline from Ottawa and major financial firms to provide breathing space to restructure operations and return to solvency, Export Development Canada said yesterday. The EDC said it has agreed to become the top contributor to a new fund that would act as the bank of last resort to struggling companies who are unable to obtain credit through normal channels, The London Free Press reported on a Canadian Press story.