A U.S. bankruptcy court is set to hear a dispute involving Brazilian telecoms company Oi SA and major shareholder Bratel Brasil SA, Bratel said on Wednesday, as investor discontent with Oi’s bankruptcy reorganization process shows no signs of abating, Reuters reported. On Friday, Bratel, a subsidiary of Portugal’s Pharol SGPS SA, which owns almost 28 percent of Oi’s common shares, said it had filed a legal complaint in the United States.

Toshiba’s biggest creditors are split over its future strategy as pressure mounts for a swift Chapter 11 bankruptcy protection filing by Westinghouse, the troubled Japanese conglomerate’s US nuclear subsidiary, the Financial Times reported. People briefed on the situation said talks between Toshiba, its main lenders and other stakeholders are focused on whether it is possible or even desirable for Westinghouse to be placed under bankruptcy protection before the end of the Japanese group’s financial year on March 31.

Nortel Networks Corp. won approval to start distributing $7.3 billion to creditors, a major step in the long-running demise of the telecommunications company, The Wall Street Journal reported. Judges in Canada and the U.S. on Tuesday cleared Nortel to open up the lockbox containing $7.3 billion raised by selling its businesses and patents in bankruptcy. While most Canadian creditors will collect less than half of what they are owed under the plan, bondholders with claims against both Nortel in Canada and its U.S. unit expect to recover 95% or more of what they’re owed.

Judges in Canada and the U.S. on Thursday approved materials explaining Nortel Networks Corp.’s creditor-repayment plan, inaugurating the beginning of the end of one of the priciest bankruptcies on record, The Wall Street Journal reported. Thursday’s court hearings launched the formal process of polling creditors on the bankruptcy plans that will end Nortel’s corporate life after eight years in bankruptcy, and divide the $7.3 billion in proceeds from its global going-out-of-business sale.

A Chapter 11 bankruptcy exit plan by Abengoa SA's main U.S. subsidiary, Abeinsa Holding Inc, violates the law by shielding the Spanish renewable energy parent from lawsuits, according to the U.S. government's bankruptcy watchdog, Reuters reported. The objection by the U.S. Trustee, which typically oversees the administration of bankruptcy cases and polices them for conflicts, threatens to derail Abengoa's high-stakes debt restructuring plan to avoid its own bankruptcy in Spain.

Spanish renewable energy and engineering firm Abengoa SA has asked a U.S. bankruptcy court to enjoin legal action and future claims by creditors who are unsatisfied with a high-stakes plan to restructure $10 billion of debt, Reuters reported. Abengoa, a Sevilla-based company with a global renewable energy footprint, put its U.S. subsidiaries in Chapter 11 protection this year and filed for Chapter 15 protection from creditors of non-U.S. businesses while it thrashed out a refinancing deal to avoid becoming Spain's largest-ever corporate failure.

Key stakeholders of Essar Steel Algoma Inc. are pursuing a multi-pronged effort to block the purchase of the steel maker by a New York-based private equity fund and a group of lenders, The Globe and Mail reported. Holders of Essar Algoma’s junior and senior notes, the United Steelworkers (USW) union and the port of Algoma are urging the Ontario Superior Court to halt a bid by KPS Capital Partners LP, which is seeking approval by the same court of a purchase agreement it has signed with the Sault Ste. Marie, Ont.-based company.

Kaisa Group Holdings Ltd., which last year became the first Chinese real estate developer to default on dollar bonds, is seeking to use U.S. bankruptcy law to help its debt reorganization in a Hong Kong court, Bloomberg News reported. The Shenzhen, China-based company filed a Chapter 15 petition in Manhattan court Thursday. Companies use that provision of U.S. bankruptcy law to deal with U.S. creditors or lawsuits when reorganizing in another country.

Abengoa SA has filed for bankruptcy protection in the U.S. as the Spanish energy company continues talks with its banks and bondholders to agree on its plan to restructure billions of dollars in debt, The Wall Street Journal reported. The renewable energy company, which operates around the world, on Monday night filed for chapter 15 protection, the section of the U.S. bankruptcy code dealing with cross-border insolvencies, in U.S. Bankruptcy Court in Wilmington, Del. The bankruptcy filing comes after Abengoa struck a deal with key creditors that gives it more time—through Oct.

Baha Mar Ltd. has filed a plan outlining the way the $3.5 billion stalled resort project in the Bahamas hopes to restructure in chapter 11 ahead of a hearing Friday to dismiss its U.S. bankruptcy case, The Wall Street Journal reported. The structure of the proposed plan swaps the ownership of Baha Mar for new financing, meaning whoever finances the project will end up owning the Bahamian resort, a key driver of the island nation’s economy. The plan also issues replacement debt to the resort’s current lender and unsecured creditors.