Vitro SAB, the Mexican glassmaker seeking to salvage its restructuring, urged an appeals court to enforce its bankruptcy plan in the U.S. over opposition from hedge fund Elliott Management Corp. and other creditors, Bloomberg reported. Vitro is facing “legal chaos” with a bankruptcy plan that’s valid in Mexico and unenforceable in the U.S., Vitro attorney Andrew Leblanc told the U.S. Court of Appeals in New Orleans today. “Vitro would be crippled in the United States” if a bankruptcy judge’s decision that denied enforcement of the plan in the U.S. is upheld, Leblanc said.

General Motors Co on Friday dismissed claims made in a $3 billion lawsuit filed by Saab's parent that the U.S. automaker deliberately bankrupted the Swedish company by blocking a deal with a Chinese investor, Reuters reported. GM, in a response filed in the U.S. District Court for the Eastern District of Michigan, said the automaker had the legal right to approve Saab's transaction with China's Zhejiang Youngman Lotus Automobile Co. "The nub of plaintiffs' complaint is that GM declined to approve the transaction plaintiffs proposed to enter into with Youngman," GM said in the filings.

The US hedge funds Apollo and Oaktree, investment bank Goldman Sachs and Nine Entertainment begin talks on Monday and Tuesday that will decide whether the television group gets new owners quickly or slides into the purgatory of receivership, The Sydney Morning Herald reported. Nine convened the meeting to try and resolve a stand-off between the hedge funds, which own most of Nine's $2.7 billion senior debt, and Goldman, which manages investment funds that own about 80 per cent of Nine's lower-ranking $1.1 billion tranche of mezzanine debt.

Frustrated by Japanese chipmaker Elpida Memory Inc's plan to sell itself out of bankruptcy in Tokyo for a perceived pittance, the company's U.S. bondholders are bringing the fight back home, turning to a Delaware court in hopes of wresting control of the case, Reuters reported. Holders of some of Elpida's $5.6 billion in bonds will argue at a hearing on Monday in U.S. Bankruptcy Court in Wilmington, Del., that Elpida's plan to sell itself to U.S. rival Micron Technology Inc for about $2.5 billion drastically undervalues the company.

China Medical Technologies Inc., a maker of diagnostic products, filed for Chapter 15 foreign-firm bankruptcy protection in New York, listing as much as $500 million in assets and debts, Bloomberg Businessweek reported. China Medical, which makes products to monitor various diseases including cancer, also listed foreign bankruptcy proceedings pending in the Cayman Islands, according to a petition posted in U.S. Bankruptcy Court in Manhattan. Chapter 15 helps shield overseas companies from U.S. lawsuits and creditor claims while a company continues the process abroad.

Gerova Financial Group Ltd., a Bermuda-based financial-services company, sought U.S. bankruptcy court protection listing debt of as much as $500 million, Bloomberg reported. The Hamilton-based firm, formerly known as Asia Special Situations Acquisition Corp., filed a Chapter 15 petition in Manhattan today to protect its U.S. assets from creditors. Assets were valued at more than $50 million, Gerova said. Gerova began liquidation proceedings July 20 in Bermuda. Chapter 15 shields foreign companies from U.S. lawsuits and creditor claims while a company continues the process abroad.

Failed Japanese chipmaker Elpida Memory Inc, which has agreed to be bought by U.S. rival Micron Technology Inc, said on Tuesday it had submitted a restructuring plan to the Tokyo District Court, the next step in efforts to ensure the survival of some of its operations, Reuters reported. Micron agreed in early July to buy Elpida for about $750 million in cash and pay creditors a total of $1.75 billion in annual instalments through 2019. A group of Elpida bondholders said Micron is offering too little for the chipmaker. Elpida did not elaborate the content of the plan.

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”).