AbitibiBowater Inc. is seeking the green light from a U.S. bankruptcy judge to rework its accounts-receivable securitization facility to take advantage of improving business conditions, a move the company says will save it millions of dollars in the coming months, Dow Jones Daily Bankruptcy Review reported. The Canadian paper maker, which sought bankruptcy protection more than a year ago to restructure its crushing debt load, says it can save $4 million over the next five months by reworking the securitization program with a group of banks led Citigroup Inc. and Barclays Capital Inc.

Sea Launch's plans to emerge from bankruptcy under majority Russian ownership are still subject to court and regulatory approval, but company leaders say they expect to resume commercial missions early next year, Spaceflight Now reported. The besieged launch firm filed a plan of reorganization in a Delaware bankruptcy court this week, kicking off several months of behind-the-scenes negotiations between the Sea Launch's new owners and unsecured creditors.

Political leaders and central bankers on both sides of the Atlantic struggled over the weekend to persuade jittery investors that Europe would pull through its sovereign debt crisis, saying that it would be helped by a stronger-than-expected economic recovery in the United States, The New York Times reported.

Greek Prime Minister George Papandreou declared he is not ruling out taking legal action against U.S. investment banks for their role in creating the spiraling Greek debt crisis. Both the Greek government and its citizens have blamed international banks for fanning the flames of the debt crisis with comments about Greece's likely default, actions that are causing the country's borrowing costs to soar, The Associated Press reported. "I wouldn't rule out that (legal action) might be a recourse.

U.S. navigation device maker Garmin said it would raise its bid for debt-laden Raymarine by more than 16 percent, topping a third-party offer, if the British marine navigation supplier were to enter into administration, Reuters reported. Garmin said it would pay more than 17.5 pence for each share in Raymarine, representing a premium of at least 21 percent to Raymarine's Thursday close. Earlier on Friday, Raymarine said an unnamed third party had walked away from a potential deal but remained willing to reconsider a transaction if Raymarine placed itself with administrators.

A committee overseeing the remains of Icelandic lender Glitnir Banki Hf has sued several former bank officials and affiliated investors in the United States to recover more than $2 billion, Reuters reported.

Terra Firma Capital Partners Ltd. has succeeded in its quest to raise GBP105 million ($156 million) to stave off a bank foreclosure on EMI Group, people familiar with the situation said, giving the private-equity firm leverage in its battle with lender Citigroup Inc. over the fate of the legendary music company, Dow Jones Daily Bankruptcy Review reported. EMI has until Friday to inform Citi that it has come up with the cash necessary to stave off default in mid-June.

Computer chip maker Qimonda North America Corp. is suing its German parent in Delaware bankruptcy court over the parent's bid to recoup more than $1.5 billion in intercompany debts from its North American affiliates, Dow Jones Daily Bankruptcy Review reported. In a lawsuit filed Wednesday, Qimonda North America said that its corporate parent, Qimonda AG, stripped its North American unit of cash and assets in exchange of "near worthless" notes while loading up its struggling Virginia-based subsidiary with hundreds of millions of dollars in loans it knew it wouldn't repay.

Barclays Plc, in the midst of a bitter fight with Lehman Brothers Holdings Inc. over claims it received a secret multibillion dollar windfall when it purchased some of the investment bank's assets, is suing a group of Lehman's former private-equity real-estate funds now controlled by a real-estate investment firm, Dow Jones Daily Bankruptcy Review reported. In a lawsuit filed Wednesday in Lehman's bankruptcy case, Barclays says PCCP Mezzanine Recovery Partners II owes its wealth management business $16 million in unpaid management fees.

Canadian pulp-and-paper company AbitibiBowater Inc. has filed a Chapter 11 plan of reorganization that proposes to pay its secured debt in full and would hand equity to its unsecured creditors, Dow Jones Daily Bankruptcy Review reported. In a press release, AbitibiBowater said it filed the plan Tuesday with both the U.S. Bankruptcy Court in Wilmington, Del., and the Quebec Superior Court in Canada, where the company's U.S. and Canadian units have each sought protection from their creditors.