Debt-ridden airline Mexicana de Aviacion needs a cash injection of at least $100 million to keep flying, the company's chief executive said on Tuesday, Reuters reported. "What we are looking for is between $100 million and $150 million," Chief Executive Manuel Borja said in an interview with Radio Formula. Time is ticking for troubled Mexicana, which has ceased flying more than a dozen international routes and stopped selling tickets after requesting creditor protection last week under Mexico's insolvency law, or concurso mercantil. The company has yet to be declared bankrupt.

The McCormick Macnaughton Caterpillar dealership in the Republic has been taken over by Canadian firm Finning, but the group’s rental businesses have ceased trading, The Irish Times reported. Assets belonging to three rental-related companies in the McCormick Macnaughton group, including three premises, will be sold off at an auction scheduled for September 4th. Management at Finning, the world’s largest Caterpillar dealer, took over the running of the dealership in west Dublin on Monday.

The main unit of Mexicana on Monday said that it was cutting flights "to a minimum" amid falling sales and cash reserves following last week's bankruptcy filing, Dow Jones reported. Compania Mexicana de Aviacion also said its problems had spread to regional and low-cost units, MexicanaClick and MexicanaLink, which did not file for creditor protection but are suffering "serious repercussions" on sales. Mexicana said it was suspending flights starting Monday to 13 destinations, including long-haul services from Mexico City to Madrid, London, Buenos Aires and Sao Paulo.

AbitibiBowater Inc. is seeking to quickly strike a deal in connection with a proposed bankruptcy-exit financing package of up to $750 million, Dow Jones Daily Bankruptcy Review reported. The pulp-and-paper company is asking the U.S. Bankruptcy Court in Wilmington, Del., to schedule an Aug. 25 hearing at which it would consider allowing AbitibiBowater to enter into agreements with Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., which have agreed to manage a $750 million notes offering.

Bankruptcy decisions made by US courts could be enforceable in England and Wales after an important court ruling that lawyers say could have implications for former UK clients of collapsed bank Lehman Brothers and those of the fraudster Bernard Madoff, the Financial Times reported. The Court of Appeal recently ruled in the case of a trust created by Eurofinance SA that English courts could recognise overseas insolvency proceedings made by US courts. Previously US bankruptcy judgments were not enforceable in the UK unless a separate UK action had been started on the same grounds.

A U.S. federal magistrate has shielded Nortel Networks Corp. from action by U.K. pension regulators who fear the troubled company will walk away from obligations to 40,000 retirees, leaving a $3.4 billion funding shortfall, Dow Jones Daily Bankruptcy Review reported. Recommendations issued Thursday by U.S. Magistrate Judge Mary Pat Thynge relieve the company of worry that the U.K.'s Pension Regulator will intrude as Nortel negotiates a bankruptcy exit plan, at least until a federal district judge reviews and acts on Thynge's recommendations.

The trial of a lawsuit by Lyondell Chemical Co. creditors against billionaire Len Blavatnik that claims a 2007 merger drove the company into bankruptcy is set to begin in New York next month, Bloomberg reported. Summonses were filed yesterday in U.S. Bankruptcy Court in Manhattan listing Blavatnik and 41 other people and companies that allegedly played a role in Lyondell’s takeover by Luxembourg-based Basell AF SCA. A pretrial conference is set for Sept. 13.

Companies that leased planes and equipment to Compania Mexicana de Aviacion are asking a U.S. bankruptcy judge to lift a restraining order barring them from taking their property back from Mexico's largest airline, Dow Jones Daily Bankruptcy Review reported. Lawyers for Wells Fargo & Co. and two other Mexicana creditors said in a court filing that they have the contractual right under New York law to immediately take the planes and equipment back. Once the airline terminated the leases, the creditors say, Mexicana forfeited its rights under the lease terms. Judge Martin Glenn of the U.S.

Mexican bank Banorte said it has only limited exposure to the financial woes of Mexicana de Aviacion, the Mexican airline that filed for credit protection in Mexico and the United States this week, Reuters reported. The bank said in a statement on Wednesday that it was not a direct creditor of the struggling airline but was owed money by Mexicana's holding company. The bank said the group's credit commitments to Banorte totaled 1.576 billion pesos ($125 million) and would expire in 2014.

Debt-ridden Mexicana de Aviacion, which filed for creditor protection in Mexico and the United States this week, suspended ticket sales on Wednesday as its operating troubles deepened. Company spokesman Adolfo Crespo told Radio Formula that the airline will continue operating flights that have been already sold. A spokesman for the pilots' union told Reuters that they were expected to meet with Mexico's labor minister on Thursday in a bid to strike a deal with the company's management. The flight attendants union was not immediately available for comment.