Dicobalt hexacarbonyl complexes of alkynyl imines were allowed to react with ketenes via Staudinger reaction. Sequential [2 + 2] cycloaddition/Pauson−Khand reaction led to structurally new fused-tricyclic β-lactams and fused-azabicyclic cyclopentenones. Chemoselectivity, scope, and limitation of the process were investigated.