A U.S. court is expected on June 11 to confirm the restructuring plan of Bahrain-based Arcapita , the company said, making it the first Gulf company to file for bankruptcy protection under Chapter 11 rules, Thomson Reuters News & Insight reported. Like most investment companies in the region, Arcapita was hit by the financial crisis as it struggled to exit its investments and its fee income from raising fresh funds in the Gulf Arab region collapsed.

Troubled German regional lender HSH said it had cut its exposure to bad shipping loans by persuading struggling debtors to transfer ownership of some vessels to U.S.-listed shipping company Navios, Reuters reported. The deal, unveiled on Monday, may provide a blueprint for the financing of ships that are insolvent and a way for the Hamburg-based lender to cut its 9 billion euro ($11.7 billion) portfolio of bad ship loans, which has already forced it to seek state aid.

Nortel Networks Corp.'s European units on Wednesday appealed a Delaware bankruptcy judge’s decision to forego arbitration and, instead, hold a cross-border trial in conjunction with a Canadian court to decide how to split $7.3 billion in cash between the company’s far-flung affiliates, Law360 reported. The appeal — lodged in Delaware district court — challenges U.S.

George Osborne is to go toe-to-toe with the International Monetary Fund next month in a battle over the credibility of his Plan A on austerity for the UK, amid signs that incoming Bank of England governor Mark Carney will be a key ally in his fight, the Financial Times reported. The chancellor is said by aides to be prepared to “aggressively” defend his policies when an IMF team arrives in London to make an annual assessment of the British economy, and is prepared to defy their recommendations if necessary.

When Wolfgang Schäuble, the German finance minister and war horse of European politics, celebrated his 70th birthday at a theater in Berlin last September, two of the most powerful women in the world offered warm words in his honor, the International Herald Tribune reported. One was Chancellor Angela Merkel. The other, delivering the keynote speech, was Christine Lagarde, the managing director of the International Monetary Fund. Ms. Lagarde’s presence reflected her close, longtime friendship with Mr. Schäuble. But it also was a confirmation of the enormous stature that Ms.

A federal appeals court has resolved a split among judges in U.S. Bankruptcy Court in Manhattan that could help determine when recognition as a foreign main proceeding should be granted in Chapter 15 bankruptcy petitions, Thomson Reuters News & Insight reported. The ruling by the 2nd U.S. Circuit Court of Appeals also helped clarify that liquidators of investment funds chartered offshore will not be precluded from U.S. courts under Chapter 15.

Calgary-based oil field services firm Poseidon Concepts Corp. filed for Chapter 15 bankruptcy protection Friday in Colorado bankruptcy court, three days after petitioning for creditor protection in Canadian court and nearly two months after announcing it would have to restate its earnings for three quarters of 2012, Law360 reported.

U.S. units of Canadian telemarketer iMarketing Solutions Group Inc. entered Chapter 15 in Delaware bankruptcy court Friday and sought immediate recognition of the insolvency proceedings commenced by its parent in a Toronto court earlier in the day, Law360 reported. Counsel for Xentel Inc. and seven other IMSG subsidiaries appeared in Wilmington hours after the Chapter 15 filing and asked the Delaware court to officially recognize the foreign proceedings as the company was “gravely concerned” that U.S.

Suntech Power Holdings Co., forced to put its Chinese solar unit into bankruptcy last month, began that slide into insolvency in 2009 when customers linked to the founder couldn’t pay their bills and the company booked the sales as revenue anyway, regulatory filings show, Bloomberg reported. Seven buyers backed by an investment firm funded by Suntech and its founder, Shi Zhengrong, accounted for 29 percent of Suntech’s uncollected bills as 2009 ended, according to correspondence between the solar company and the U.S. Securities and Exchange Commission.

Argentine officials say their plan for paying $1.4 billion in defaulted debt is fully within the spirit of U.S. court rulings, the Associated Press reported. But Wall Street analysts say the offer looks nothing like the letter of the law as the appellate court sees it. They say the mix of new bonds to be paid out over the next 25 years boils down to just one-sixth of what Argentina was told to hand over in cash.