German retailer Tengelmann expects to exit its holding in Great Atlantic & Pacific Tea (A&P) when the U.S. grocery store chain emerges from bankruptcy protection, Reuters reported. "We hope that A&P can be led out of its insolvency. But we do not believe that we will be significant shareholders after the process ends," Tengelmann Chief Executive Karl-Erivan Haub told reporters on Thursday. Tengelmann, which owns about 38 percent of A&P, said last year it expected the company to be combined with another retailer in the long term.

Oil-sands developer OPTI Canada Inc. on Wednesday sought creditor protection in Canada after its senior bondholders agreed to a debt-for-equity swap, as the company struggles to speed up its Long Lake development project, Dow Jones Daily Bankruptcy Review reported. OPTI, which would have had to pay $71 million in interest by Friday to avoid default on two bonds, said in a Wednesday release that holders of both its 8.25% and 7.875% second-lien bonds have agreed to convert all those bonds into equity in a reorganized OPTI.

Apple Inc., Microsoft Corp., and their bidding allies are due in court next week to close on a $4.5 billion win in the auction of Nortel Networks Corp.'s portfolio of technology patents, Dow Jones Daily Bankruptcy Review reported. Judges in the U.S. and Canada must sign off on the deal, the largest ever sale of intellectual property, and a transaction that will reverberate through courts around the world as the winners wield their Nortel prizes in infringement cases.

Nortel Networks and its subsidiaries sold 6,000 patents to a consortium consisting of Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony, Datacenter Dynamics reported. The winners emerged after a multi day auction with a cash bid of $4.5bn. In a statement the company said: ‘The sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, internet, service provider, semiconductors and other patents.

Mexican glass maker Vitro SAB said a Texas bankruptcy judge's ruling that lifts an injunction against creditors showed a "mistrust of the Mexican judicial system" and is likely to severely harm the company if bondholders are allowed to continue lawsuits against certain subsidiaries, Dow Jones Daily Bankruptcy Review reported. Vitro filed papers Wednesday with the U.S. Bankruptcy Court in Dallas appealing the ruling. The company is demanding that its subsidiaries, which are not part of ongoing reorganization cases in the U.S.

Hong Kong-based Grande Holdings Ltd., which owns such global consumer electronic brands as Nakamichi, Akai and Sansui, is seeking court protection from its U.S. creditors, Dow Jones Daily Bankruptcy Review reported. Grande reported assets and debts each in the range of $100 million to $500 million in the Chapter 15 bankruptcy petition it filed Tuesday with the U.S. Bankruptcy Court in Manhattan, court papers show.

Blockbuster Inc.'s Canadian subsidiary on Thursday got a 14-day extension to keep using the Blockbuster name through the middle of July, as the video-rental company sorts out issues on both sides of the border, Dow Jones Daily Bankruptcy Review reported. Without the agreement, Blockbuster Canada would have been forced by new Blockbuster owner Dish Network Corp. to stop using the Blockbuster name on June 30. After about two hours privately meeting with Judge Burton R. Lifland of the U.S.

Judges in the U.S. and Canada have pushed Nortel Networks Corp.'s warring units back into mediation, urging them to reach a deal over how to divide some $4 billion raised in the telecommunications company's global liquidation, Dow Jones Daily Bankruptcy Review reported. The prospect that Nortel's creditors around the world could wait a long time to find out how much of the cash they will get is "troublesome," Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., wrote. The wait is due to a dispute over whether Nortel should divide the cash in court, as Nortel U.S.

Try to talk about Mexican restructuring law for 15 seconds without saying the word Vitro. You can’t! And neither could the four participants in a New York panel discussion Monday on Mexico’s 11-year-old equivalent of a bankruptcy code, called Ley de Co Concurso Mercantiles, the Bankruptcy Beat blog reported. The panelists seem to agree that the prepackaged plan being pushed by Mexico’s largest glassmaker is the biggest challenge yet to the viability of Concurso. Vitro SAB and its bondholders have been fighting for months in both the U.S.

US car giant General Motors appears to be ready to sell its subsiary Opel once again, amid continuing losses at the German firm, SPIEGEL reported. When GM abandoned an effort to sell the firm, the decision caused deep-seated tensions between the American company and the government in Berlin. In 2009, United States car manufacturer General Motors put its German subsidiary Opel up for sale, because GM itself was faced with bankruptcy.