Spyker NV, the owner of Swedish car maker Saab Automobile AB before its financial collapse late last year, Monday said it has filed a $3 billion lawsuit against General Motors Co. claiming the U.S. car giant drove the Swedish company into bankruptcy, The Wall Street Journal reported. Spyker filed the claim in the U.S. District Court of the Eastern District of Michigan. Saab Automobile declared itself bankrupt last December, ending a long struggle for survival by the auto maker after attempts by Spyker to revive and then sell the company failed.

Dewey & LeBoeuf LLP’s U.K. administrators proposed liquidating the defunct law firm’s British assets last week a day after the German operations were put in insolvency proceedings by a Frankfurt court, Bloomberg reported. The U.K. partnership, which includes the London and Paris offices, should be moved into liquidation, administrators at BDO LLP said in a July 27 regulatory filing. White & Case LLP attorney Andreas Kleinschmidt was appointed preliminary administrator July 26 in Germany, according to the country’s online insolvency registry. Dewey’s U.S.

The Senate Judiciary Committee yesterday held an hour-long hearing on President Barack Obama’s nomination of William J. Baer to be Assistant Attorney General in charge of the Department of Justice’s Antitrust Division (“DOJ”).

MF Global's European administrator KPMG has won the backing of the British High Court to return 54 million pounds ($84 million) of client assets next month in an early victory for creditors seeking over 1 billion pounds of assets, Reuters reported. KPMG, made special administrator when the broker collapsed in October last year, said on Wednesday the High Court had approved its distribution plan, meaning the administrator can start returning the assets on Aug. 1.

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.

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.

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.

Helicopter equipment and repair company Northstar Aerospace Inc. is filing for creditor protection in both Canada and the United States while it arranges the sale of its business for more than US$70 million, the Winnipeg Free Press reported. The troubled Chicago-area concern said Thursday that its U.S. subsidiaries, Northstar Aerospace (USA) Inc., Northstar Aerospace (Chicago) Inc., Derlan USA Inc. and D-Velco Manufacturing of Arizona Inc. have filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. Meanwhile, Northstar Aerospace (Canada) Inc.