Headlines

The global head of intellectual property at Canada's largest generic-drug maker has pondered bringing all his company's legal work in-house. In a time when efficiency reigns, Apotex Inc.'s Shashank Upadhye calls it “the Holy Grail” of cost savings. “It's direct, its impactful, it's measurable and it's the most magnificent cost-savings you can have,” Upadhye said.

A British company has won its bid to buy a Chicago-based clothier that made inaugural and election night suits for President Barack Obama, The Associated Press reported. U.S. Bankruptcy Court in Chicago on Friday approved the sale of Hartmarx Corp. to Britain-based Emerisque Brands and SKNL North America BV for $119 million. Hartmarx creditor Wells Fargo & Co. had previously rejected an $83 million offer. Hartmarx was forced into bankruptcy protection in January after lenders cut it off. Wells Fargo had pushed for a liquidation because Hartmarx couldn't repay $114 million.

General Motors Corp. and the Chinese firm that has agreed to acquire the bankrupt automaker's Hummer unit are both denying earlier news reports that China will move to block the deal over pollution concerns, Bankruptcy Law360 reported. Read more. (Subscription required.)

A standoff at moribund SUV maker Ssangyong Motor is getting worse as an occupation of the Pyeongtaek plant by the union members goes into its 40th day Monday, The Chosun Ilbo reported. Ssangyong management want to lay off 36 percent of the workforce in April in a desperate bid for survival, but deteriorating labor relations make for a gloomy outlook. Ssangyong went into court receivership in February and needs to submit its restructuring plan to the court and shareholders by mid-July. The court will make the final decision whether to disband or keep it alive on Sept.

Mizuho Financial Group Inc. will likely begin procedures to raise up to Y600 billion through a new share issuance, a person familiar with the situation said Monday, making it the latest Japanese bank to take steps to strengthen its capital base, Dow Jones reported. While Mizuho announced plans for a common share issuance of that amount in May, it didn't specify when it would do so. Starting procedures would suggest to investors that the issuance will take place in the near future.

Porsche has rejected Volkswagen AG's bid to take a 49 percent stake in the sports car maker, a company spokesman said Monday. Porsche Automobil Holding SE spokesman Albrecht Bamler said the offer by VW "is not a viable option," the Los Angeles Times reported on an AP story. Debt-laden Porsche, based in Stuttgart, has been holding talks with a Qatar state investment fund on a possible investment. Porsche confirmed earlier this month that it is in exclusive talks with the Qatar Investment Authority — the primary investment vehicle of the small, energy-rich state.

Spain's government approved a long-awaited €9 billion ($12.66 billion) bailout fund to shore up banks weakened by a deep economic recession and get them lending again, The Wall Street Journal reported. Spanish Finance Minister Elena Salgado said the country's systemically important institutions are healthy, but some smaller banks could have "problems" as the downturn deepens.

Australian start-up Strategic Airlines has bought Australian charter carrier OzJet, which went into voluntary administration in May, Flightglobal reported.

The Addington Palace Hotel is in fixed charge receivership after concerns it could not pay its creditors. The famous hotel is owned by Addington Palace Limited, part of the Westmead Group. Its mortgagee, the Hanley Economic Building Society, appointed Bob Young as a Fixed Charge receiver after it was worried about the repayment of its loan. The building society had already submitted a petition to wind up against Addington Palace Limited on March 26, meaning it believed the company was unable to pay its debts.

Grant Forest Products Inc., a closely held Canadian maker of oriented strand board used in residential construction, sought protection from creditors in Ontario after a General Electric Co. unit tried to force the company into bankruptcy, Bloomberg reported. Ontario Superior Court Judge Frank Newbould granted Grant’s request today following a closed-door hearing in his chambers in Toronto. His order, issued under the Companies’ Creditors Arrangement Act, or CCAA, lets Grant keep operating while protecting it from lawsuits and creditors.