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Lehman Brothers Holding Inc. has slashed billions of dollars of claims made by a former Swiss derivatives unit as details of the agreement were presented in a court filing, Reuters reported yesterday. Lehman Brothers emerged from bankruptcy a year ago but it is still working to resolve several outstanding legal battles. The agreement with Switzerland-based Lehman Brothers Finance AG was the last major dispute to be settled, according to Daniel Ehrmann, Lehman Brother Holding's international chief.

The creditors of MF Global Holdings Ltd. overwhelmingly approved the failed brokerage firm's liquidation plan, as the company moves closer to a judge's final approval of that proposal, Dow Jones Daily Bankruptcy Review reported today. MF Global said in a court filing on Monday that in all but two of the classes allowed to vote on the proposal, 100 percent said yes. The only two classes of voters that did not accept it at 100 percent ratified it at 99.97 and 86.92 percent, respectively.

Nortel Networks Inc., the bankrupt telecommunications company, won final court approval of a $66.9 million settlement over retiree benefits, Bloomberg News reported yesterday. Bankruptcy Judge Kevin Gross yesterday approved the agreement, negotiated with a committee representing retirees, that applies to Nortel's U.S. employees. Nortel, based in Mississauga, Ontario, filed for bankruptcy in Canada, the U.S., the U.K. and France in 2009. The case is Nortel Networks Inc., 09-10138, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Oil and gas producer GMX Resources Inc. filed for chapter 11 protection yesterday, hit by weak natural gas prices, Reuters reported yesterday. The company, with assets in the Williston Basin in North Dakota and Montana, the Denver Julesburg Basin in Wyoming and the East Texas Basin, said that it could not raise funds for long-term liquidity needs. Two GMX units—Diamond Blue Drilling Co. and Endeavor Pipeline Inc.—also filed for bankruptcy protection. GMX also has a 60 percent stake in Endeavor Gathering, which owns the natural gas gathering system and related equipment operated by Endeavor Pipeline. GMX did not include Endeavor Gathering in the filing. GMX said that it has obtained debtor-in-possession financing of up to $50 million from the bondholders. The case is In re: GMX Resources Inc., U.S. Bankruptcy Court, Western District of Oklahoma, No:13-11456.

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PE Creditor Trust announced that American Suzuki Motor closed the sale of its operating assets to Suzuki Motor of America, a newly-organized, wholly-owned subsidiary of Suzuki Motor Corporation, which will operate as the sole distributor of Suzuki products in the continental U.S., BankruptcyData.com reported today. A bankruptcy court confirmed American Suzuki Motor's Plan on February 28, and the reorganization plan became effective on March 31, when the company closed its assets sale and commenced paying the claims in full of all consensually settling automotive dealers and trade creditors through the PE Creditor Trust established by the reorganization plan.

The parent of American Airlines yesterday said that it had settled the last of a trio of disputes with some of its largest ticket sellers, the Wall Street Journal reported today. AMR Corp. and online travel agent Orbitz Worldwide Inc. said that they had reached a deal to settle all litigation following years of disputes between the carrier and companies that distribute its flights and services, culminating in a series of suits and countersuits related to alleged antitrust violations and breach of contract. American had already clinched deals with two of the largest intermediaries—Travelport Ltd., which owns 48 percent of Orbitz, and Sabre Holdings Corp.—which paves the way for the carrier to offer more services direct to travel agents via an online system. Airlines have for years been trying to force changes in the way that the intermediaries operate, pushing for more flexibility to sell tickets and so-called ancillary products through their own websites. The intermediaries had pushed to have access to all airline products.

Patriot Coal Corp. is objecting to a request from shareholders to form an official committee in the coal miner's bankruptcy case, arguing that there is no reason for the holders to receive the special representation, Dow Jones Daily Bankruptcy Review reported today. Shareholders, including investment firm Compass Point Partners, made a request with the court last August to appoint a special committee to protect their interests in Patriot's chapter 11 case, pointing to the "serious decline" in the value of the shares they hold. If the request is granted, Patriot would also be required to cover up to $250,000 in legal bills for the shareholders.

Visual-effects company Rhythm & Hues Inc. received approval from a bankruptcy judge to sell itself to a buyer with ties to Los Angeles competitor Prana Studios Inc. that promised to fund the struggling studio while the firm looks for more work from Hollywood, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Neil Bason on Friday signed off on the purchase offer from a Prana-related entity that offered to pay $1.2 million in cash and to cover what was spent on Rhythm & Hues' $17 million bankruptcy loan.

Bankruptcy Judge Stuart Bernstein has granted final approval for the sale of the Journal Register Co.'s (JRC) assets to 21st CMH Acquisition Corp., an affiliate of its current owner, the New Haven Register reported on Friday. The approval of the deal by Judge Bernstein clears the way for the deal to close on April 2, Digital First Media announced Thursday. The deal previously had been set to close on or about April 17. The deal includes $114 million in debt and at least $6 million in cash. Judge Bernstein's approval of JRC's sale out of chapter 11 protection comes a week after he dismissed objections made by the Newspaper Guild, an affiliate of the Communications Workers of America, seeking to delay the sale. The objections were regarding existing and future union contracts the company had with workers at two Detroit-area JRC newspapers.

Fisker Automotive, the environmentally friendly-car company that has not built a car since July, has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing, Reuters reported yesterday. Kirkland's Anup Sathy, a bankruptcy lawyer who handled the chapter 11 filings of General Growth Properties and Innkeepers USA Trust, is advising the U.S. automaker. Fisker, which furloughed its more than 200 U.S. workers this week to conserve cash, has been exploring bankruptcy as an option while it continues to look for a strategic partner.