VENTURE CAPITAL POST

Sources told Bloomberg that pizza restaurant chain Sbarro is preparing for a bankruptcy filing which could take place any time in the next few weeks.

After shuttering its operations this week, Tokyo-based Bitcoin exchange Mt. Gox told reporters that it will be seeking bankruptcy protection, The Wall Street Journal reported.

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.

Investors seemed to be positive with regard to news from former Brazilian billionaire Eike Batista about Oleo & Gas Participacoes SA's creditors agreeing to convert $5.8 billion worth of company debt into equity stakes.

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.

Three of the four largest claims against the US estate of bankrupt telecoms company Nortel Networks Inc has been resolved, reducing the bills the estate needs to settle by by $5.14 billion, said a Reuters report.

Outgoing chief executive officer of General Motors Co Dan Akerson has said that US taxpayers actually netted a gain despite the US government losing $10.5 billion stemming from a bailout package it extended to the carmaker in 2009, according to an Associated Press report.

A US Bankruptcy Court gave its approval to Savient Pharmaceuticals to sell all substantially all its assets to Crealta Pharmaceuticals, a firm backed by private equity company GTCR.

Auction house Christie's said the value of the 2,781 works collection fully and partially-owned by the Detroit Institute of Arts (DIA) was around the USD452 million to USD866 million range.

After more than two years since it filed for bankruptcy due to lack of cash and halting production, Swedish car automaker Saab AB via its parent company National Electric Vehicle Sweden (NEV) AB started making cars today.

Fisker Automotive Inc filed for bankruptcy and plans for its assets to be acquired by Hybrid Technology. The group included Richard Li, the son of Hong Kong's richest man.

According to a lawsuit filed by wireless communications firm LightSquared Inc, Dish Network Corp and its chairman, Charles Ergen had schemed to ensure that the latter would be able to obtain the former's broadband spectrum.

Fee examiner Richard Stern recommended to Judge Allan Gropper that USD 240 million in fees and expenses be paid to Eastman Kodak Co's lawyers and advisers.

A new CEO was recently installed for billionaire Eike Batista's OSX as it prepares itself for bankruptcy and other legal processes, according to its lawyers.

Advantage Rent a Car was hived off by Hertz to comply with regulatory authorities.