General Motors Co said on Tuesday it would not support a proposed ownership structure for Saab that included a Chinese bank, moving the Swedish auto company closer to liquidation, Reuters reported. "We have reviewed Saab's proposed changes regarding the sale of the company," GM spokesman James Cain said in a statement. "Nothing in the proposal changes GM's position. We are unable to support the transaction." GM has said it would be difficult to support a sale of Saab that hurts GM's competitive position in China and other key markets.

The Supreme Court of Canada will weigh into the high-stakes debate about whether pension plan members have a claim on an insolvent company’s assets to cover shortfalls in their plan, The Globe and Mail reported. The court announced Thursday it has agreed to hear an appeal of a landmark Ontario court ruling that reversed the traditional pecking order for distributing corporate assets when a company goes bankrupt. The April decision by the Ontario Court of Appeal concluded former employees of aluminum processor Indalex Ltd.

The world's major central banks acted jointly on Wednesday to provide cheaper dollar funding to European banks facing a credit crunch as the euro zone's debt crisis drove EU ministers to urge more IMF help to avert financial disaster, Reuters reported. The emergency move by the U.S. Federal Reserve, the European Central Bank, and the central banks of Japan, Britain, Canada and Switzerland recalled coordinated action to stabilise global markets in the 2008 financial crisis after the collapse of Lehman Brothers.

Oilsands Quest Inc. filed for protection from creditors under Canadian law after an unidentified buyer backed out of an agreement to acquire some of its assets, Bloomberg Businessweek reported. The court granted protection under Canada’s Companies’ Creditors Arrangement Act until Dec. 21 to allow the company to reorganize its financial affairs while continuing operations, Calgary-based Oilsands Quest said in a statement.

Vitro SAB, the Mexican glassmaker that defaulted on $1.5 billion of bonds, probably won’t conclude its debt restructuring by year-end as the company anticipates, the court-appointed arbitrator in the proceedings said, Bloomberg reported. External creditors, who oppose Vitro’s restructuring proposal, will raise more legal challenges with the judge in the case, arbitrator Javier Navarro-Velasco said by telephone from Monterrey, Mexico. He will present the proposal to the judge by Dec.

General Maritime Corp., the second-largest U.S. owner of oil tankers, can draw $30 million of a $75 million loan that will require it to file a plan of reorganization in 75 days or sell all its assets, Bloomberg reported Friday. U.S. Bankruptcy Judge Martin Glenn in Manhattan court today approved the company’s request to borrow funds from Nordea Bank Finland Plc and other lenders. The company, which operates in over 230 ports of call in over 70 countries, filed for bankruptcy yesterday after falling oil demand and a surplus of ships led to two years of losses.

Back in 2003, an investment in Calgary-based Birch Mountain Resources Ltd. seemed like a sure thing. The junior resource company was sitting on a massive limestone deposit in the middle of Alberta’s booming oil sands, where it used for roads and concrete. Despite its promise, by 2007 Birch Mountain had run into trouble as oil sands development slowed, The Globe and Mail reported. The company sought bridge financing (ultimately about $50-million, mostly in debentures that could be converted into shares) from subsidiaries of Brookfield Asset Management Inc.

The bankruptcy trustee for the Canadian arm of MF Global has filed a motion to move client accounts from the failed futures broker to a unit of Royal Bank of Canada, Reuters reported. MF Global fired all 1,066 of its brokerage employees on Friday, triggering anger and resentment about the firm's collapse after bad bets on European debt under former CEO Jon Corzine's leadership. KPMG said on Saturday it filed the motion with the Ontario Superior Court of Justice, seeking authority to transfer certain MF Global Canada Co customer accounts to RBC Dominion Securities Inc.

Fortress Energy Inc. said Friday it has won a challenge against a tax reassessment that would have left it on the hook for $24 million, CanadianBusiness.com reported on a Canadian Press story. The Calgary-based energy company filed a notice of objection to the Canada Revenue Agency, which said Fortress owed $18 million in federal taxes and $6.2 million in provincial taxes. On Friday, Fortress said the CRA had decided in its favour at the federal level, and that a similar decision should come soon at the provincial level.

A major creditor is panning Aviawest’s proposal to restructure its finances, saying the high-profile British Columbia resort owner’s properties are “hopelessly insolvent” and the company should be forced into receivership, The Globe and Mail reported. The British Columbia Investment Management Corp. is owed about $20-million from the resort owner as a secured creditor, but estimates the company has little-to-no prospect of generating enough money under any restructuring plan to begin servicing its many debts.