After a year of complex negotiations, Quebecor World Inc. has worked out a deal on the key terms of a restructuring plan with its major creditors and anticipates emerging from bankruptcy protection by mid-July, The Globe and Mail reported. The agreement marks the end of a troubled chapter for what was once a key company in the media and printing empire of Pierre Karl Péladeau, and will usher in changes such as recapitalization and deleveraging of the company, which filed for protection 14 months ago.

The wholly owned Canadian subsidiary of Indalex Inc. has initiated bankruptcy proceedings due to the pervasive decline in the global economy and the slide in demand for extruded aluminum products. Indalex Canada filed for protection under the Companies' Creditors Arrangement Act (CCAA), which is similar to Chapter 11 bankruptcy proceedings in the United States. The case will be heard in the Ontario Superior Court of Justice. The company last month filed for Chapter 11 protection for its U.S. operations.

Chief Executive Sergio Marchionne is again in the United States for talks with potential partner Chrysler, a source close to the company said on Thursday. He may have a meeting with Chrysler executives in New York, where an auto show is currently underway, Reuters reported. Fiat and Chrysler are trying to finalize a partnership by the end of April which would help the U.S. car maker avoid bankruptcy. On Wednesday, Chrysler Vice Chairman Jim Press said his company was working around the clock to complete the deal.

Any bankruptcies among U.S. automakers could further batter Mexico's auto industry, push some parts suppliers to the breaking point and spur tens of thousands of layoffs, a Reuters analysis has found. Fears are mounting that General Motors Corp and Chrysler LLC could be lurching toward bankruptcy. A Chapter 11 filing by either automaker could upset Mexican assembly lines and disrupt the flow of cash to auto parts makers, possibly spurring bankruptcies among the smallest or those already facing liquidity problems, analysts say. Mexican subsidiaries of U.S.

Corporacion Durango SAB, the Mexican papermaker that filed for bankruptcy in October, rose to the highest in six months after saying it may present a debt restructuring plan at its shareholder meeting in two weeks, Bloomberg reported. A restructuring plan, which may include issuing new dollar-denominated debt, is scheduled for presentation at the April 23 shareholder meeting, Durango said today in a statement to the Mexico stock exchange. The Mexico City-based company may also propose issuing new shares.

The federal government says it wants to protect consumers and parts suppliers faced with a potential bankruptcy filing by General Motors of Canada or Chrysler Canada by backstopping their warranties on new car sales and bolstering support for the parts makers, The Globe and Mail reported. Worried that the companies' financial crisis will drive away customers and seal their fate, Industry Minister Tony Clement said Ottawa would insure the warranties of new GM and Chrysler vehicles sold between yesterday and the conclusion of their restructuring efforts.

Grupo Mexico SAB, Mexico’s largest mining company, was ordered by a U.S. judge to pay Asarco LLC about $6 billion in damages over a lawsuit related to Asarco’s bankruptcy case, Bloomberg reported. U.S. District Judge Andrew Hanen in Brownsville, Texas, yesterday ruled that Grupo Mexico must return Asarco’s 30 percent stake in Peruvian copper miner Southern Copper Corp. and pay $1.9 billion in related dividends and interest. Hanen found Aug. 30 that Grupo Mexico’s Americas Mining Corp. unit harmed Asarco creditors by stripping the company’s stake in Southern Copper.

There are many small tragedies within a global disaster like this, the Business Spectator reported, and one of them is Ventracor--for years one of Australia’s leading biotech prospects. Two weeks ago, Ventracor went into voluntary administration and is now, amazingly, facing complete closure. It has no debt and a technology that works: 400 people are walking around in the United States with its artificial heart whirring in their chests.

Honda Motor Co. said it will cut North American production further, reduce pay of its salaried employees in North America, and for the first time, force its hourly workers to take unpaid leave, as vehicle sales continue to plunge, The Wall Street Journal reported. The company will reduce output by 62,000 units over three months starting May 1, according to a Honda spokesman. Honda reduced cut production in North America by 204,000 units, bringing its unofficial total output 1.25 million in the fiscal year ending today.

Troubled retailer Comercial Mexicana is due to file a third restructuring plan this week in a fresh bid to keep creditors at bay as talks to restore its financial health drag on. A source close to the negotiations told Reuters on Tuesday that the company, known as Comerci, and its creditors are getting closer to finding a way to restructure its heavy debt load. Comerci defaulted in October after massive derivatives losses sent its debt soaring above $2 billion.