VENTURE CAPITAL POST

Brussels, Belgium-based chemical firm Solvay SA offered to buy Pennsylvania, US-based conductive polymer maker Plextronics Inc in a $32.6-million deal amid a Chapter 11 filing by the latter.

Sources told The Wall Street Journal that private equity-owned discount retailer Dots LLC is readying itself to file for bankruptcy as the company struggles from the competition given by flash sites.

After struggling with increased book sales from online rival Amazon and others, German Catholic Church-owned publishing house Wetbild filed for insolvency and placed 6,000 jobs on the line, the Financial Times reported.

Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.

Some of LightSquared's lenders, including US Bank and MAST Capital Management,are against its decision to seek a new financing arrangement with Fortress Investment Group as part of its bankruptcy exit plan.

Fisker Automotive, the bankrupt maker of plug-in hybrid sports cars, seeks a bankruptcy court ruling rejecting the company's sale to Chinese auto parts company Wanxiang Group. Fisker blames Wanxiang for its bankruptcy.

Oleo e Gas Participacoes, controlled by Brazilian investor Eike Batista, promised to repay its $31.2 million debt in two oil fields located south of Rio de Janeiro. Oleo e Gas could lose its 40% stake in the said oil fields if it fails to repay its joint venture partners.

Codere, a Spanish gaming group with €1.27 billion of debt as of last September, is seeking creditor protection and beginning talks to avoid insolvency. Codere may be unable to pay a €127 million loan due on January 5 if it fails to reach an agreement with its lenders.

Cargo airline Evergreen International Airlines Inc. on December 31 filed for bankruptcy protection in the US Bankruptcy Court in Wilmington, Delaware. Seven other Evergreen affiliates also sought Chapter 7 protection.

Detroit pension funds, the General Retirement System and Police and Fire Retirement System, submitted an expedited appeal with the US 6th Circuit Court of Appeals on a judge's ruling about Detroit's bankruptcy.

LightSquared is proposing a new bankruptcy exit plan with financing from Fortress Investment Group and other backers, as the U.S. wireless communications company seeks to avoid a sale to highest bidder Dish Network Corp.

Caesars Entertainment has confirmed its acquisition Atlantic Club's non-gaming assets in a bankruptcy auction, with the deal set to be completed after the club closes on January 13 next year.

A US Bankruptcy Court allowed honey supplier Groeb Farms Inc to proceed with its restructuring plan, allowing the Michigan company to come out of Chapter 11 protection.

Eagle Merchant Partners, the firm managing the legacy portfolio firms of its former parent bank Arcapita, said it will not be selling Arcapita's assets for cents on the dollar, The Wall Street Journal reported.

Constar International Holdings, which lost its contract with PepsiCo last year, filed for its third bankruptcy since 2008. Constar filed for Chapter 11 protection as it hopes to nail down its sale to Amcor Rigid Plastics USA.