Bernard Callebaut has found an investor to make a bid for his chocolate company, which was placed in receivership in August, The Calgary Herald reported. His wife Francesca said they are "working with a company here in the city" and will put in a proposal Tuesday. Earlier in the week, Callebaut said he was seeking investors and if that option didn't work, he had developed a plan that would see him making chocolates under a new brand identity.

Nortel Networks Corp. and its creditors have tapped former federal judge Layn R. Phillips to help divide nearly $3.2 billion raised in a series of bankruptcy sales, Dow Jones Daily Bankruptcy Review reported. Phillips is being called in to serve as a mediator as the former telecommunications giant completes the dismantling of its global equipment and service business, according to documents filed Wednesday in the U.S. Bankruptcy Court in Wilmington, Del. Mediation sessions have been scheduled to start Nov. 11 and run through Nov. 16, court documents say. Creditors in Canada, the U.S.

Adesto Technologies Inc., a developer of low-power memory chips for consumer electronics, says it has acquired intellectual property and patents from German semiconductor company Qimonda AG, Dow Jones Daily Bankruptcy Review reported. Adesto bought Qimonda intellectual property and patents related to Conductive Bridging Random Access Memory, or CBRAM, technology. The agreement includes the purchase of 30 CBRAM patent families and the licensing of additional undisclosed patents. Terms of the deal were not disclosed.

Mexican banking concern Ixe Grupo Financiero SAB said Tuesday that it may participate "with a very small stake" in grounded airline Grupo Mexicana if negotiations to bring the carrier out of bankruptcy proceedings are successful, Dow Jones Daily Bankruptcy Review reported.

Bernard Callebaut is making a final bid to save his company which went into receivership in early August, The Calgary Herald reported. In a new release issued today, Callebaut said: "These have been very trying times, and strengthened by the love of my family and the support from Calgarians, I am sourcing investors who share my vision for quality." He said he was still considering offers from investors willing to join him in the bid process prior to the Wednesday deadline. Callebaut opened its first in Calgary in 1983.

Hipotecaria Su Casita SA, the private issuer of mortgage-backed debt that failed to sell itself to BBVA Bancomer SA, plans to present a restructuring plan to debt holders today, Bloomberg reported. The proposal includes offering short- and long-term debt holders equity in the company, new debt and cash payments, Su Casita said today in an e-mailed statement to Mexico’s stock exchange. Su Casita said Sept. 10 that it was evaluating “other alternatives” after a deal to sell part of its assets to the Mexican unit of Banco Bilboa Vizcaya Argentaria SA fell through.

Two years after investment bank Lehman Brothers collapsed and the financial system faltered, world leaders are deadlocked over key proposals for ensuring that such a crisis doesn't happen again, and concern is spreading that the chance for common action has waned, The Washington Post reported. Officials at agencies such as the International Monetary Fund and World Bank say they're worried about the loss of momentum, and private analysts are warning that narrow national interests could undermine further reform.

A bankruptcy judge on Thursday approved the $65 million sale of Nortel Networks Corp.'s multiservice switch business to Swedish telecom equipment vendor L.M. Ericsson Telephone Co., Dow Jones Daily Bankruptcy Review reported. Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., signed off on the sale less than a week after Ericsson won an auction for the business. Ericsson beat out PSP Holding LLC, a special-purpose entity funded by Marlin Equity Partners and Canada's Samnite Technologies, which kicked off the Sept. 24 auction with a $39 million bid.

Boeing Co. is looking for new customers for the 717 planes previously flown by the low-cost arm of arm of Grupo Mexicana, which have been grounded for a month after the company filed for bankruptcy protection, Dow Jones Daily Bankruptcy Review reported. MexicanaLink operated 20 Boeing 717s leased from Boeing Capital, according to consultancy Ascend Worldwide. Owners and lessors have repossessed a handful of the 109 planes flown by the group and are working to recover and remarket the remainder, despite faint hopes that a slimmed-down Mexicana could restart later this year.

Aerospace giant Airbus says it’s confused as to why Mexicana continues to order replacement parts even though the Mexican airline hasn’t operated flights for the past month, The Wall Street Journal Bankruptcy Beat blog reported. Airbus is asking the U.S. Bankruptcy Court in Manhattan for vendor protections, such as assurance that it will be paid within seven days of delivering parts, after it received several unexpected orders from Mexicana in the past two weeks.