Brazilian oil producer OGX Petróleo e Gas Participações SA is meeting with U.S. creditors in New York on Monday in a bid to jump-start rescue talks while banks scamper to arrange an emergency loan for the company if no deal is reached, sources with knowledge of the situation told Reuters. Creditors were set to meet with a new advisory team for controlling shareholder Eike Batista aimed at averting a bankruptcy filing that could come as soon as this month, the sources said. OGX said last week that management is considering all measures to protect assets and stay in business.

Bankrupt developer Seán Dunne has suffered a setback in the US courts after being ordered by a judge to attend court, answer questions and provide all information requested by the trustee managing his case in Connecticut, the Irish Times reported. In an order issued yesterday, bankruptcy judge Alan Shiff said Mr Dunne must “completely answer all questions posted by the trustee and turn over all documents requested by the trustee without limitation or qualification”.

Pawnbroker Albemarle & Bond (A&B) is in rescue talks with its banks after an attempted rights issue failed on Wednesday, The Guardian reported. Britain's second-biggest pawnbroker admitted that after four months of talks it had been unable to persuade its biggest shareholder, US pawnbroker EZ CORP, to underwrite the proposed £35m cash call. The company is now close to breaching its banking covenants and is "focusing its efforts on constructive discussions with the banks".

The receiver for an Abaco-based resort/marina development, recently appraised at $50 million, yesterday said he was “at the beginning of a long road” in trying to recover debts owed to a $27 billion US bank and other creditors, Tribune 242 reported. Paul ‘Andy’ Gomez, managing partner of Grant Thornton (Bahamas), told Tribune Business he was ultimately looking at selling the 203-acre Orchid Bay Marina and Resort, located on Great Guana Cay, to a new owner.

Tesco's US chain Fresh & Easy has filed for bankruptcy as the next step of the British supermarket's retreat from across the Atlantic, The Guardian reported. The retailer, which is due to reveal its half-year trading figures on Wednesday, has agreed to sell the majority of its US stores to billionaire Ron Burkle, lending his Yucaipa investment vehicle £80m to take on about 150 stores. A further 33 will close while another 20 remain under negotiation.

The U.S. Supreme Court on Tuesday took no action on an appeal by the government of Argentina in a closely watched sovereign-debt case, The Wall Street Journal reported. The high court added eight new cases to its docket Tuesday but made no mention of Argentina's appeal. The court could indicate as soon as next Monday what it plans to do with the case. At issue is Argentina's legal fight with holdout creditors that refused to accept the country's debt-restructuring offers after its historic default in 2001.

The U.S. company whose runaway oil tanker train exploded and killed 47 people in a small Quebec town in July can operate trains through Oct. 18, Canadian regulators said on Thursday in a ruling that prolongs a temporary extension by about two weeks, Reuters reported. But the Canadian Transportation Agency said it had not yet decided whether to grant a request from Montreal, Maine and Atlantic Railway and its Canadian subsidiary for permission to continue operations until Jan. 15, 2014. The company filed for bankruptcy protection in August, just weeks after the Lac-Megantic disaster.

The slew of objections filed this week in the US bankruptcy proceedings of Irish Bank Resolutions Corporation (IBRC) has delayed by several weeks its bid to protect up to $1 billion of its assets from potential seizure by creditors, the Irish Times reported. Kieran Wallace and Eamonn Richardson of KPMG, the special liquidators of IBRC, had originally sought an emergency hearing at a Delaware court yesterday for Chapter 15 protection. This would protect its US assets from a litany of lawsuits brought against it by US creditors, until the bank’s Irish wind-down was completed.

Belgian financial group Dexia has entered into exclusive talks with New York Life Investments to sell its asset management unit, it said late on Thursday. The group, which has to sell Dexia Asset Management as part of a deal with European regulators in exchange for state aid it received in recent years, did not say how much New York Life Investments planned to offer. Dexia had initially agreed to sell the asset management arm to Hong Kong-based GCS Capital for 380 million euros ($507 million), but that deal fell through in July.

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.