Spyker NV, the owner of Swedish car maker Saab Automobile AB before its financial collapse late last year, Monday said it has filed a $3 billion lawsuit against General Motors Co. claiming the U.S. car giant drove the Swedish company into bankruptcy, The Wall Street Journal reported. Spyker filed the claim in the U.S. District Court of the Eastern District of Michigan. Saab Automobile declared itself bankrupt last December, ending a long struggle for survival by the auto maker after attempts by Spyker to revive and then sell the company failed.

The Canadian economy churned out an impressive number of new jobs over the first half of the year, but is not likely to repeat the feat in the second half, The Globe and Mail reported. The odds of the unemployment rate falling much below its current 7.2 per cent over the next five months are looking increasingly dim, as economists trim their expectations for Canada’s economic growth to below 2 per cent for the rest of 2012. Signs of the sluggish economy are expected to crop up in Statistics Canada’s employment figures for July, set to be released Friday.

Dewey & LeBoeuf LLP’s U.K. administrators proposed liquidating the defunct law firm’s British assets last week a day after the German operations were put in insolvency proceedings by a Frankfurt court, Bloomberg reported. The U.K. partnership, which includes the London and Paris offices, should be moved into liquidation, administrators at BDO LLP said in a July 27 regulatory filing. White & Case LLP attorney Andreas Kleinschmidt was appointed preliminary administrator July 26 in Germany, according to the country’s online insolvency registry. Dewey’s U.S.

Embattled timber company Sino-Forest Corp., which is in bankruptcy protection, says it is owed half a billion dollars from companies that have been deregistered in China, thestar.com reported. Sino-Forest, which filed for bankruptcy protection under the Companies’ Creditors Arrangement Act in March, said in a new release Tuesday that it intends “to take all steps necessary” to collect receivables owing to it. It added that it believes the deregistrations, which have the effect of terminating the existence of the entities, were improper under Chinese law.

The Senate Judiciary Committee yesterday held an hour-long hearing on President Barack Obama’s nomination of William J. Baer to be Assistant Attorney General in charge of the Department of Justice’s Antitrust Division (“DOJ”).

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.

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.

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.

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.