U.S. hedge fund Elliott Advisers LP is suing Vietnamese state-run shipbuilder Vinashin in the U.K. High Court, according to a filing seen by The Wall Street Journal. Vinashin defaulted on a $600 million syndicated loan last December, when the first repayment of $60 million was due. Other investors in the loan, which was arranged by Credit Suisse AG in 2007, include Dublin-based Depfa Bank PLC and Malayan Banking Bhd., as well as Credit Suisse.

A fight between Vitro SAB and its creditors is heating up, as a New York judge ruled that the Mexican glass maker must honor more than $1 billion in debt obligations to a group of disgruntled bondholders, Dow Jones Daily Bankruptcy Review reported. The decision by New York Supreme Court Judge Bernard J. Fried, signed Monday, came one day before Vitro announced that creditors holding 74% of its debt have signed off on its restructuring plan in Mexico.

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.

Mexican mining and railroad company Grupo Mexico SA said it has dropped a plan to merge its U.S. unit Asarco with Southern Copper Corp., the subsidiary that runs its Mexican and Peruvian mining operations, Dow Jones Daily Bankruptcy Review reported. In its third-quarter earnings report, released Sunday, Grupo Mexico said Americas Mining Corporation, the holding company of its mining division, will explore strategic alternatives which could include securities offerings in capital markets.

Two Congressmen from opposite sides of the aisle are calling on the Mexican government to take action in Vitro S.A.B.'s restructuring, which they say could set a "dangerous precedent" that will hurt investors in the Mexican glass company and future cross-border investment, Dow Jones Daily Bankruptcy Review reported. Rep. Jared Polis (D., Colo.) and Rep. Patrick Meehan (R., Pa.) sent a letter last week to the Mexican Embassy in Washington, D.C., warning about the danger of allowing Vitro's pending restructuring to proceed.

India mining giant Ashapura Minechem Ltd. filed for Chapter 15 bankruptcy protection Tuesday in U.S. Bankruptcy Court in Manhattan in a move to block foreign shipping companies that won a $125 million legal judgment against it from raiding the company's U.S. bank accounts, Dow Jones Daily Bankruptcy Review reported. The Mumbai-based company, a mineral miner and processor with debts topping $223.4 million, argued that the seizure of its U.S.-based assets would jeopardize the financial overhaul underway in its home country.

Russian conglomerates Kaskol and RU-COM will increase their energy holdings by together acquiring Composite Technology Corp.'s assets out of its U.S. bankruptcy proceeding in a deal valued at more than $11 million, Dow Jones Daily Bankruptcy Review reported. The Russian companies' joint venture, called CTC Acquisition Corp., will pay $1 million in cash and take on the responsibility for at least $10.5 million of Composite Technology's liabilities, according to a purchase agreement filed Tuesday with the U.S. Bankruptcy Court in Santa Ana., Calif.

Lehman Brothers Holdings Inc. said it settled $20 billion of intercompany claims with liquidators for Lehman Hong Kong and won the affiliate’s support for its liquidation plan, Bloomberg reported. Details of the agreement, which is subject to court approval in the U.S. and Hong Kong, weren’t provided in Lehman’s statement today. Edward Middleton, a partner at KPMG China and one of the Hong Kong liquidators, said in the statement that the settlement will benefit creditors by speeding liquidations.

Bankruptcy work may have slowed for restructuring firms in the U.S., but London is calling. And so is Paris, Frankfurt and Reykjavik, Dow Jones Daily Bankruptcy Review reported. Read more.

Britain's Supreme Court Wednesday dismissed an appeal by units of Lehman Brothers Holdings Inc. and Bank of New York Mellon, a win for investors in a high-stakes legal dispute involving complex derivatives transactions that has divided courts on both sides of the Atlantic, Dow Jones Daily Bankruptcy Review reported. The U.K.'s Supreme Court, the nation's highest, unanimously ruled in favor of investors represented by Australia's Belmont Park Investments PTY Ltd.