Chapter 9

The city of Detroit presented creditors with a debt-cutting plan, The Wall Street Journal reports.

U.K. yellow-pages company Hibu PLC on Tuesday put six U.S. subsidiaries into Chapter 15 bankruptcy protection in the U.S. as the company tries to restructure overseas. Read the Daily Bankruptcy Review article here.

The trustee winding down Lehman Brothers Holdings Inc.’s brokerage business has reached an agreement with Lehman Brothers Japan Inc. and several other of its Japanese subsidiaries that settles hundreds of millions of dollars in claims. Read the Daily Bankruptcy Review article here.

The team winding down the remnants of Lehman Brothers Holdings Inc. has reached a far-ranging settlement resolving Fannie Mae’s $18.9 billion claim stemming from mortgage loans and mortgage-backed securities the failed investment bank sold to Fannie Mae before the financial crisis.

A Fortress Investment Group LLC affiliate won the bidding at Tuesday’s auction of the Montreal, Maine & Atlantic Railway Ltd., which was involved in a deadly crash this past summer. Read the Daily Bankruptcy Review article via The Wall Street Journal.