Vitro SAB, the Mexican glassmaker that defaulted on $1 billion of bonds last year, will delay making a second debt-restructuring offer until it receives proof that a group of creditors owns a quarter of the securities, said investor relations chief Adrian Meouchi, Bloomberg reported. A bondholder group that requested Vitro accelerate payments earlier this month failed to provide documentation showing it held at least 25 percent of the defaulted debt, Meouchi said in Jan. 25 telephone interview from Mexico City.

The Canadian Automobile Dealers Association did not fight for more than 200 members told to close by General Motors last year because its interests lay with surviving retailers in the firm's restructuring, a class-action lawsuit says. Although the lawsuit on behalf of affected dealers does not name the association as a defendant, the statement of claim says the umbrella group rejected all pleas for help about their futures, The Toronto Star reported. Trillium Motor World of Toronto sued General Motors of Canada Ltd.

Ericsson said it would cut 1,500 jobs as part of its broad restructuring plan. In addition, the vendor's profit plunged 92 percent in the fourth quarter, hit by higher restructuring costs and weaker sales, FierceWireless reported. The Swedish company reported net profit of $43.4 million in the quarter, down from $539.4 million in the year-ago quarter. Sales slumped 13 percent to $8.08 billion, down from $9.29 billion in the fourth quarter last year. Networks sales fell 16 percent in the quarter and professional services sales were flat year-over-year.

A Toronto car dealership has launched a $750-million class-action suit on behalf of more than 200 General Motors of Canada Ltd. dealers that seeks compensation for how GM handled the termination of their outlets last year, The Globe and Mail reported. The suit names the auto maker, law firm Cassels Brock & Blackwell LLP and two of the firm's lawyers.

Canadian bankruptcies rose 2.4 percent in November from a year earlier as consumers struggled to repay debts, but business bankruptcies were down sharply, suggesting the worst may be over for corporate insolvency, Reuters reported. The number of consumer bankruptcies in November rose 3.9 percent from November 2008 to 8,482, while business bankruptcies fell 21.7 percent to 396, the Office of the Superintendent of Bankruptcy Canada said in a report.

When it comes to rescuing banks, the Swedes are earning a reputation as trendsetters. First they set a standard for recovering from disaster; now they want to export their idea for how to pay for it, The New York Times reported. The country went through its own crippling banking crisis during the early 1990s, after the bursting of a domestic credit bubble. It rebounded relatively smoothly through an aggressive bailout policy built around nationalization and carving the troubled assets of banks off into a so-called bad bank.

A competing bidder has emerged for newspapers being sold by Canwest Global Communications Corp., but it is only interested in the cream of the crop, TheDeal.com reported. A trio of media executives is planning a bid for the Ottawa Citizen, Montreal Gazette and National Post, three of the leading daily newspapers owned by the bankrupt Canadian media company, according to press reports. Their selectivity may prove a problem because CanWest and its creditors have made clear that the court-monitored auction is for all or substantially all of the newspaper assets.

Corus Entertainment Inc. is possibly interested in buying some specialty channels from Canwest Global Communications Ltd., but not other parts of its media business, Corus CEO John Cassaday said Wednesday. Corus operates a broad array specialty cable channels, including YTV, Treehouse, W Network, and Cosmopolitan TV, as well as Movie Central and HBO Canada in western Canada, The Canadian Press reported.

When Nortel Networks Corp. sought court protection from its creditors last January, its chief executive officer, Mike Zafirovski, promised creditors and employees that the telecommunications company would stanch its debt wounds and re-emerge in fighting form, The Globe and Mail reported in an analysis. But the pledge, like Mr. Zafirovski, was gone by summer.

Swiss drug industry supplier Lonza Group said on Tuesday it was closing three chemical sites to cut costs as it grapples with a challenging economic environment, Reuters reported. Lonza will close its sites at Riverside in the United States, Shawinigan in Canada and Wokingham in Britain and will cut 175 employees, aiming to cut fixed costs by between 60 million Swiss francs ($59.1 million) and 80 million in the next 18 to 24 months, it said in a statement. The group will face total restructuring cost of approximately 140 million francs, booked into 2009.