Vitro SAB won U.S. recognition of its ongoing Mexican restructuring proceeding, a decision that shields U.S. assets from debt collection attempts by angry creditors, Dow Jones Daily Bankruptcy Review reported. Judge Harlin D. Hale of the U.S. Bankruptcy Court in Dallas signed off on the Mexican glass maker's Chapter 15 petition Thursday. Read more. (Subscription required.)

Vitro SAB bondholders say the Mexican glass maker lost something in translation of a Mexican court's recent ruling: a few key phrases that could weaken the company's position in a Texas bankruptcy court, Dow Jones Daily Bankruptcy Review reported. The bondholders said Vitro filed an inaccurate translation Wednesday of the ruling with the U.S. Bankruptcy in Dallas in an attempt to allow the company's general counsel and his assistant to serve as key representatives in U.S. courts.

The Canadian government ruled Tuesday its rules governing foreign investment don't apply in the $4.5 billion sale of patents belonging to Nortel Networks Corp, Dow Jones Daily Bankruptcy Review reported. In a statement, Industry Minister Christian Paradis said the acquisition of 6,000 patents by a consortium primarily of giant foreign technology companies led by Apple Inc. and Sweden's Telefon AB L.M. Ericsson didn't trigger a government review because the book value of the assets was less than the C$312 million ($325 million) threshold established under Canadian law.

Tokio Marine Europe Insurance Ltd, a part of the Tokio Marine Group, said it filed a petition for protection from creditors under Chapter 15 in U.S. bankruptcy court in Manhattan, London South East reported on a Reuters story. The company, which underwrites commercial property, casualty and marine insurance, in a court filing on Monday listed assets of more than $100 million and liabilities of more than $100 million.

A court has delayed a hearing that will decide whether Blockbuster Canada can legally use the brand name as it goes through receivership, The Canadian Press reported. The hearing had been scheduled for Wednesday, but has been bumped to July 26 in a New York City court. The new owner of Blockbuster USA, which did not buy Blockbuster Canada, says it does not want the Canadian retailer to use the name. The receiver in charge of selling Blockbuster Canada has argued that stripping the chain of that right would "devastate" business.

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.

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.