Singapore

Singapore-based majority shareholder in Eircom, ST Telemedia (STT), has made a balance sheet restructuring proposal to the independent directors of the debt-riddled company, the Irish Times reported. Earlier this month STT surprised many observers of Eircom’s fortunes when it said it would not be submitting a proposal “owing to the continuing macro-economic uncertainty in the euro zone”. The announcement by the Singapore fund came as Eircom’s syndicate of first-lien lenders were to meet to discuss their co-ordinating committee’s proposal to take over the heavily indebted business.

Last week, the Government of Singapore's investment arm filed a plan in court to pay $1.48 billion for control of five luxury resorts that went into bankruptcy at the start of the month, an aggressive move that would wipe out the owners, an investor group led by Paulson & Co. and Winthrop Realty Trust, Dow Jones Daily Bankruptcy Review reported. It seems those owners don't think much of Singapore's offer. In a phone interview Wednesday, Michael Ashner, chairman of Winthrop, ridiculed the action, suggested the bid was not a serious one.

Singapore’s bankruptcy applications last year fell to the lowest level since 1996 as the city- state’s economy rebounded, posting the world’s fastest growth after Qatar, Bloomberg reported. The number of bankruptcy filings dropped 20 percent to 2,202 in 2010 from a year earlier, according to data on the Ministry of Law’s website. Bankruptcy applications last year were less than half of the 5,404 cases at the peak in 2003. Singapore’s economic growth reached 14.7 percent last year as manufacturing surged, capping the biggest annual increase in output since independence in 1965.

Irish software firm First Derivatives has bought Cognotec Holdings Ltd in a deal worth up to $4.7 million (€3.5 million). Cognotec was placed into receivership on January 22nd, The Irish Times reported. The terms of the purchase comprise a cash payment of $4.7 million, $500,000 of which will be held in escrow pending delivery of certain agreements by the receiver following completion. The purchase will be paid for in cash from the company’s existing banking facilities. Cognotec has operations in Dublin, London, New York, Singapore and Tokyo.

Las Vegas Sands Chairman Sheldon Adelson said the opening of the company's $5.5 billion Singapore casino and resort has been delayed again, and now expects it to begin operations in April, The Associated Press reported. The Marina Bay Sands, one of two casinos being built in Singapore, was initially scheduled to open this month. Then Adelson said in July it would open by February. Heavy rains and the bankruptcy of some of the project's sub-contractors further pushed back the opening, Adelson said.

Iain Pero, the brother of Mike Pero Mortgages founder Mike, has confirmed he is the new owner of flight simulator business Flight Experience, The New Zealand Herald reported. Pero and one of Flight Experience's founders, Russell Hubber, have joined forces to buy the business out of receivership. However, the original shareholders, including Mike Pero, will be left out of pocket. The receivers of Flight Experience Group say there will still be a "significant shortfall" in funds after the sale. The company was put into receivership this month by ASB Bank, which is owed $4 million.

Iain Pero, the brother of Mike Pero Mortgages founder Mike, is in the running to pick up the assets of failed flight simulator business Flight Experience Group, The New Zealand Herald reported. Flight Experience was put in receivership last week by its bankers, owed $4 million. The Christchurch startup manufactures and sells flight simulators for pilot training and entertainment. It has six outlets around the country plus sites in Australia, Singapore and Hong Kong. The company was placed in voluntary administration by its owners last month.

ING Groep NV is seeking buyers for its private-banking business in Europe and Asia, according to people familiar with the situation, in the latest step by the financial-services firm to slim down after it turned to the Dutch government for aid last year, The Wall Street Journal reported. The sale process is at an early stage and any deal is likely several months away, the people said.

Court-appointed administrators overseeing Lehman Brothers Holdings Inc.'s global bankruptcy proceedings have signed a multilateral agreement allowing them to share information and coordinate the insolvency process as the financial services firm wends its way through more than 75 distinct bankruptcy filings, Bankruptcy Law360 reported.

The holding company for Norwegian-based tape storage company Tandberg Data filed for bankruptcy in its home country court on April 24 after it could not cover a loan payment to New York City-based Cyrus Capital, eWeek reported. Tandberg, a major OEM for both IBM and Hewlett-Packard, becomes the first major storage supplier to file for bankruptcy protection since the recession began last summer. As a result of the legal action, Cyrus Capital will acquire the assets of the company and become majority owner. The new operational HQ for the company will be in Dortmund, Germany.