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.

Struggling to figure out how to sell DVDs and CDs in a download-driven world, Toronto-based movie and music seller Cinram International Inc. has filed for bankruptcy protection while its executives move to sell its operations, Dow Jones DBR Small Cap reported. The company and several affiliates that it controls filed for Chapter 15 protection in U.S. Bankruptcy Court in Wilmington, Del., to block the consequences that it would face when its agreement with its biggest lenders expires on June 30.

Acknowledging his concern that Canada’s housing market is overheating, Finance Minister Jim Flaherty is clamping down with four changes to mortgage insurance rules, The Globe and Mail reported. At a news conference in Ottawa, Mr. Flaherty confirmed that Ottawa will reduce the maximum amortization period to 25 years from 30 years. Secondly, the maximum amount of equity homeowners can take out of their homes in a refinancing is being reduced to 80 per cent from 85 per cent.

Catalyst Paper has announced that it is getting another chance to settle with creditors, Canada.com reported on a story from The Citizen. The company, whose holdings include the Crofton mill, has received approval from the court for additional meetings of its secured and unsecured creditors to consider a further amended plan of arrangement under the Companies' Creditors Arrangement Act. These meetings are scheduled for June 25.

Several emerging-market countries Monday detailed their plans to boost the International Monetary Fund's coffers by more than $90 billion, to push the total new commitments to about $456 billion, The Wall Street Journal reported. China is pledging $43 billion, while India, Russia, Brazil and Mexico told Group of 20 officials they would commit around $10 billion each. Turkey committed $5 billion, and a handful of others offered about $1 billion.

A U.S. federal judge refused Wednesday to enforce Mexican glass maker Vitro SAB's controversial debt restructuring in a closely watched bankruptcy case that threatened to sever the cross-border business cooperation between the two nation's legal systems, The Wall Street Journal reported. Judge Harlin D. "Cooter" Hale of the U.S. Bankruptcy Court in Dallas sided with bondholders in rejecting Vitro's bid, in what has been called one of the most important cases decided under Chapter 15, the section of the U.S. Bankruptcy Code governing international insolvencies.