International

Four hedge funds accused of insider trading in Washington Mutual Inc.’s bankruptcy case are appealing a ruling that denied confirmation of the company’s Chapter 11 plan and found they could be held to account to shareholders for alleged improper behavior. Read the Daily Bankruptcy Review article here.

A maker of sweet treats for Scots may face a sour fate.

Confectioner New McCowans Ltd., which makes Highland Toffee bars, Wham chew bars and Bonbons chewy candies, has gone into administration, according to the BBC.

The federal appeals court in San Francisco sided with Lehman Brothers Holdings Inc., finding that California real-estate developer SunCal can’t push the failed investment bank’s debt below that of other creditors without the permission of the judge overseeing Lehman’s Chapter 11 case. Read the Daily Bankruptcy Review story here.

The European unit of Tokio Marine Holdings Inc., Japan’s biggest nonlife insurer, sought creditor protection in the U.S. to complete the wind-down of its London reinsurance business. Read the Daily Bankruptcy Review story here.

A judge on Wednesday gave Borders Group Inc. the go-ahead on an aggressive schedule that the bookseller hopes will result in a bidder for its remaining assets emerging by July 1 and a transaction closing by the end of July, as the bookseller looks to keep at least some of its remaining locations in business. Read the Daily Bankruptcy Review story here.