Thursday Papers: Banks take control as New Star delists -- bid news and gossip

* New Star Asset Management in proposed restructuring that will result in £240 million of its £260 million gross debt being converted into equity; bank syndicate will own 75% of New Star's enlarged fully diluted ordinary share capital and £94 million out of £100 million of new convertible redeemable preference shares to be issued by New Star; intends to de-list; current capital structure is no longer appropriate; New Star staff could net £10 million in rescue (Telegraph)

* A last-ditch challenge to Lloyds TSB's takeover of HBOS will be held next week by the Competition Appeal Tribunal

* Barratt Developments sells £109 million of assets as it attempts to raise cash to pay off bank debts

* William Morrison plans to buy 35 stores from the Co-Op -- Guardian

* Iberia gives BA a merger ultimatum

* BBC still talking to Woolworths on 2Entertain

* Lufthansa approves takeover of Austrian Airlines

* Goldman Liquidity Partners Fund declines in value endangering plans for expansion

* Investors reject restructuring at Centaurus fund

* Stanley Fink plans to raise $5 billion for 'eco funds'

* Irish government ponders sale of Aer Lingus holding

* Buy-out groups eye Irish banks

* Vincent Tchenguiz sells 50% stake in Chesterton estate agency

* Fortress suspends redemptions as investors seek to pull $3.5 billion

* EDF in £3 billion bid for Constellation Energy