Arcapita, a private equity and investment company based in Bahrain, has emerged from bankruptcy protection in the U.S. this week, concluding a reorganization that analysts say may represent the first true post-financial-crisis debt restructuring by an Arab Gulf company, The Wall Street Journal Middle East Real Time blog reported. The bankruptcy plan approved by a U.S. court envisions Arcapita selling down its portfolio of assets over five years to repay creditors, and then effectively going out of business.

The National Asset Management Agency (Nama) was granted permission by a US court to take control of 67 acres of land at Celbridge, Co Kildare, owned by bankrupt property developer Seán Dunne, the Irish Times reported. The State loans agency sought relief from the automatic stay granting Mr Dunne court protection from his creditors to take control of the land, which is now worth just €812,000 but is securing Nama debt of €65 million.

Two so-called vulture funds in the United States, which hold $75 million of subordinated bonds issued by the former Anglo Irish Bank, are threatening to scupper an attempt by the bank’s liquidators to protect $1 billion of its US assets from seizure by its creditors. The Irish Times understands that the funds, Burlington Alpha and Burlington Beta, are linked to Elliott Management, the giant hedge fund controlled by US billionaire Paul Singer. Mr Singer is one of the US Republican Party’s biggest contributors.

The adoption of cross-border protocols by judges in Canada and the U.S. on Wednesday will allow the Montreal, Maine and Atlantic Railway bankruptcy to move forward so that the victims of the Lac-Megantic train disaster may receive compensation as quickly as possible, the trustee assigned to oversee the case said, Bangor Daily News reported. “The U.S. case and the Canadian case are being administered primarily for the victims,” Robert Keach, a Portland lawyer who was appointed Aug. 22 to serve as trustee during the bankruptcy proceeding, said after a hearing in Bangor.

Aston Metals Ltd., a mining exploration company owned by Nathan Tinkler, was placed in receivership as the latest piece of the former billionaire’s empire in Australia to be offered for sale to repay creditors, Bloomberg reported. John Park and Quentin Olde of FTI Consulting Inc. were appointed as receivers in Australia, according to a statement from the West Palm Beach, Florida-based company. Madison Pacific Trust Ltd., representing funds that hold Aston notes, named Park and Olde, according to an e-mail from FTI.

The liquidation vehicle for Ireland's failed Anglo Irish Bank has filed for bankruptcy protection in the United States, it said on Tuesday, Reuters reported. The Irish Bank Resolution Corporation's (IBRC) liquidators said they filed an application under Chapter 15 of the U.S. bankruptcy code in the district of Delaware on Monday. Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country. "These assets form part of the liquidation process currently underway," the liquidators said in a statement.

A U.S. court has approved a multimillion-dollar settlement in a securities fraud class-action lawsuit against a bankrupt energy exploration company for which embattled Sen. Pamela Wallin was a director, The Globe and Mail reported. Between June 2007 and December 2011, Wallin was a paid member of the board of Oilsands Quest Inc., a Calgary-based exploration company. As a director, the Saskatchewan senator was named in the lawsuit along with fellow board members, TD Securities and Calgary consulting firm McDaniel and Associates.

The Finnish paper company Stora Enso Oyj agreed to pay $8 million to end a nearly nine-year-old antitrust lawsuit accusing a former unit of conspiring to fix prices for purchasers of coated paper used in magazines and catalogs, Reuters reported. According to a filing on Monday with the U.S. District Court in Bridgeport, Connecticut, the settlement resolves claims against Stora Enso and the former Stora Enso North America Corp unit, which was sold in 2007 and is now known as NewPage Wisconsin System Inc after going through bankruptcy.

Lone Pine Resources Inc. failed to make a US$10.1-million, semi-annual interest payment on its senior secured notes Thursday, setting the clock ticking on a possible default the could force the natural gas and light oil developer to seek protection from creditors, Stockhouse reported. The company, incorporated in Delaware but headquartered in Calgary, said failure by Lone Pine Resources Canada Ltd. to make the payment will result in default on the 10.375 per cent senior notes maturing in 2017 unless remedied within 30 days.

The U.S.-based company whose train derailed in Lac-Mégantic, Que., last month announced Wednesday that it has filed for bankruptcy protection in both Canada and the United States, The Globe and Mail reported. Montreal, Maine & Atlantic Railway issued a statement Wednesday afternoon saying it has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Maine. The Canadian division of the company also filed a petition under the Companies’ Creditors Arrangement Act with the Superior Court of Quebec in Montreal, according to the statement.