Suntech Power Holdings Co., the Chinese maker of solar panels whose main unit is reorganizing in the Cayman Islands, told a Manhattan court that an involuntary bankruptcy petition against it in the U.S. could derail restructuring efforts, Bloomberg reported. The creditors seeking the U.S. bankruptcy are a “tiny minority,” holding only 0.27 percent of the company’s outstanding debt, Suntech said in papers filed yesterday seeking to have the case dismissed.

The Texas-based developers of a proposed liquefied natural-gas export terminal in Canada have sought a court-sanctioned reorganization to resolve disputes with other investors in the project, including a Chinese energy company, according to court documents reviewed by The Wall Street Journal. While the proposed Douglas Channel LNG project is much smaller than other LNG projects planned for the Pacific coast, the filing in Canada under the Companies' Creditors Arrangement Act—which is analogous to a Chapter 11 filing—by one of the project's key backers comes as western Canada aims to b

Anglo Irish Bank and its successor Irish Bank Resolution Corporation overcharged customers by an estimated $1.6 billion (€1.2 billion) and continued to overcharge since the Government liquidated the bank in February, a forensic banking specialist has claimed in a US court, the Irish Times reported. The expert witness made the claim in a legal challenge taken against IBRC’s application for bankruptcy protection in a court in Delaware by developer John Flynn and related parties who claim they were overcharged $11 million on loans of about $200 million with the bank.

The US Supreme Court on Monday refused to consider a landmark appeal by Argentina of a lower court's order to pay around $1.5 billion to two hedge funds, the Global Post reported on an Agence France-Presse story. But the decision did not end Argentina's avenues to challenge the 2012 ruling, supported in August on appeal, that it had to pay back all holders of its defaulted bonds, whether or not they took part in a restructuring of those bonds.

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.

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.

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.