Lehman Brothers Holdings Inc. is seeking court approval to sell its Brazil investment business, Libro Companhia Securitizadora de Creditos Financeiros, to a firm called Jive Investments Holding Ltd., Dow Jones Daily Bankruptcy Review reported. Jive, which is based in the British Virgin Islands, will buy Lehman's equity stake and notes in Libro, which maintains portfolios of fixed income, distressed and loan assets. The sale price is nearly $15.9 million, after Jive outbid an unidentified competitor. Lehman is asking Judge James Peck of the U.S.

Most big Asian banks will be exempted from a global regulatory regime under the latest proposal for the industry from the world’s leading economies, which aims to prevent another financial crisis, the Financial Times reported. People briefed on the agenda for the G20 summit, which begins in Seoul on Thursday, said officials had concluded that global regulators should focus on big banks with global businesses, stripping out domestically focused institutions without the reach of the industry’s cross-border companies.

Compania Mexicana de Aviacion SA, Mexico’s biggest airline by passengers, won its request for bankruptcy protection from U.S. creditors, after disputes were resolved with a bank and a group of airports, Bloomberg reported. U.S. Bankruptcy Judge Martin Glenn in Manhattan court today approved Mexicana’s request for protection under Chapter 15 of the U.S. bankruptcy code. The ruling will help the 87-year-old company reorganize in its main bankruptcy in Mexico by giving it a legal shield from U.S. creditors.

The Group of 20 is beginning to look more like the G19 plus 1 as emerging and rich countries alike accuse the United States of breaking a vow of unity, Reuters reported. This week's G20 summit will require every bit of President Barack Obama's diplomacy skills after the Federal Reserve embarked on a new $600 billion bond-buying spree, sparking criticism from four continents that the U.S. central bank was ignoring the global repercussions.

Mexican glass maker Vitro SAB said Monday it has launched two offers--a proposed swap and partial buyback--of three series of defaulted notes for $1.22 billion as it seeks to restructure its debt, Dow Jones reported.In a filing with the Mexican stock exchange, Vitro said the offers are aimed as a step toward achieving a debt restructuring which would be carried out under the Mexican equivalent of Chapter 11. Vitro, which has seen several previous restructuring offers rejected by creditors, said its largest single creditor, Fintech Advisory Ltd., has agreed to support the latest proposal.

The London-based administrator for Bahrain's Awal Bank BSC said it needs more time to talk with creditors before determining whether to continue the Chapter 11 case it filed last month with the U.S. Bankruptcy Court in Manhattan, Dow Jones Daily Bankruptcy Review reported. In court papers filed in New York Thursday, Awal asked Judge Allan L. Gropper for an extension to file financial statements required under the U.S. bankruptcy law. The bank has so far been hesitant to publicly disclose specifics on its finances.

ECB President Jean-Claude Trichet declined to inject new stimulus into the euro zone despite signs of fragility in the currency bloc, further distancing the European Central Bank from other big central banks such as the Federal Reserve that are taking aggressive action to safeguard growth, The Wall Street Journal reported. Mr. Trichet provided some verbal support to European trouble spots—such as Ireland, Greece and Portugal—that face crippling borrowing costs, saying that despite three weeks without purchases, the ECB's government-bond buying program remains active.

Affiliates of Credit Suisse Group and Willowridge Partners are buying Nortel Networks Corp.'s stakes in 20 venture-capital funds, according to a court filing Thursday, Dow Jones Daily Bankruptcy Review reported. Affiliates of Credit Suisse's alternative-investments group and Willowridge won the bidding for Nortel's venture-capital investments with an offer of nearly $23 million, court papers say. Because the venture-capital interests were already exposed to a competitive sale process, Nortel is asking the U.S.

The Swiss bank that leads a lender group owed $300 million by Tamarack Resort says liquidating the central Idaho vacation getaway is the best way to recoup a fraction of their investment, the Associated Press reported. Credit Suisse Group asked U.S. Bankruptcy Judge Terry Myers this week to set the stage for the final sale of Tamarack assets, either under a U.S. trustee or a state court judge's supervision. Tamarack owner Jean-Pierre Boespflug, trying desperately to arrange a sale, said Wednesday he plans to oppose the motion.

The number of companies globally at risk of defaulting on debt jumped in October for the third consecutive month, indicating deteriorating credit quality worldwide, risk management firm Kamakura Corp said on Monday, Reuters reported. The proportion of them at risk of defaulting on their debt leaped by 1.17 percentage points in October to 11.10 percent of the more than 29,000 companies Kamakura rates. The index has deteriorated for the last three months after generally seeing improvement for more than a year.