Air Canada said on Thursday that Aveos, its former aircraft maintenance firm, which sought creditor protection earlier this year, has been unable to drum up bids for its engine maintenance and airframe maintenance businesses, Reuters reported. Aveos Fleet Performance Inc, once the airline's maintenance division, halted operations in March and laid off roughly 2,600 workers, most of whom were employed at maintenance centers in the cities of Montreal, Winnipeg and Vancouver.

It’s fish-in-a-barrel shooting season over at Nortel Networks Corp., with claims traders peppering ex-employees with offers to pay 70 cents, 80 cents or more for their bankruptcy claims, The Wall Street Journal reported on a Daily Bankruptcy Review story. That’s not to imply the liquidated telecommunications company’s discarded workers are easy targets. Nortel, generally speaking, hired bright people.

Yellow Media Inc. proposed handing 82.5 per cent of shares in the company to bondholders and lenders in exchange for writing down $1.8 billion debt to $850 million, TheStar.com reported. Under the plan, which has the support of holders representing 23.7 per cent of senior debt, existing shareholders will get 17.5 per cent of new common shares and warrants, the Montreal-based phone directories publisher said in a statement. The company needs 66.6 per cent approval from senior lenders and bondholders to complete the swap, officials said today on a conference call with analysts and journalists.

Massive mortgage debt is top of mind for Bank of Canada Governor Mark Carney, but in his quest to curtail Canadians’ borrowing, he might want to start thinking about the vehicles sitting in their driveways and garages, too, The Globe and Mail reported. The use of long-term loans to purchase new vehicles is skyrocketing, as car buyers look for ways to cut or hold steady a key component of a family’s spending – the monthly car payment.

MF Global's European administrator KPMG has won the backing of the British High Court to return 54 million pounds ($84 million) of client assets next month in an early victory for creditors seeking over 1 billion pounds of assets, Reuters reported. KPMG, made special administrator when the broker collapsed in October last year, said on Wednesday the High Court had approved its distribution plan, meaning the administrator can start returning the assets on Aug. 1.

Sino-Forest Corp said on Tuesday it terminated a proposed asset sale, in favor of a plan that will result in the company's creditors acquiring all of its forestry assets, Reuters reported. The Chinese forestry company's shares plummeted in June 2011 after a short-seller accused it of exaggerating the size of its forestry assets. The company's stock has since been de-listed by the Toronto Stock Exchange and one of Canada's main securities regulators - the Ontario Securities Commission, recently charged the company and some of its former executives with fraud.

Sanko Steamship Co., the Japanese operator of 185 ships, asked a court to protect its U.S. assets after the company filed for bankruptcy protection in Japan, Bloomberg reported. Sanko listed assets and debt of more than $500 million in a Chapter 15 petition filed in U.S. Bankruptcy Court in Manhattan. Companies use Chapter 15 of the U.S. Bankruptcy Code to protect their U.S. assets while they reorganize operations under the jurisdiction of a foreign bankruptcy court. Sanko said yesterday that the Tokyo District Court granted the closely held company permission to keep operating.

Micron Technology Inc. agreed to acquire troubled Japanese rival Elpida Memory Inc. for about $2.5 billion, as the U.S. memory maker bulks up to compete against rivals in South Korea and Taiwan, The Wall Street Journal reported. The deal would make Micron No. 2 in the market for memory chips, second only to Samsung Electronics Co. Micron, based in Boise, Idaho, currently ranks third, behind SK Hynix Inc., another Korean company that until earlier this year was called Hynix Semiconductor Inc.

Aveos's airframe division will be broken up and sold to six different buyers for C$10.8 million ($10.53 million) after a court-appointed monitor was unable to find a purchaser willing to buy the unit of the bankrupt aircraft maintenance company as a going concern, Reuters reported. Aveos Fleet Performance Inc, once Air Canada's maintenance division, halted operations in March and laid off roughly 2,600 workers, most of whom were employed at maintenance centers in Montreal, Winnipeg and Vancouver. Aveos is seeking to sell its engine, component and airframe segments independently.

Mexican glassmaker Vitro SAB is heading to a U.S. appeals court to save its restructuring at home from an assault by U.S. creditors in a case that could transport the U.S. bankruptcy code beyond that nation's borders, Reuters reported. The case pits one of Monterrey, Mexico's powerful and politically connected "Group of 10" businesses against U.S. hedge funds, which Latin American critics have reviled as "vultures" for their battle against Argentina's sovereign debt restructuring. Hanging in the balance is the use of Chapter 15. Foreign companies have used this 7-year-old piece of the U.S.