International

MF Global Holdings Ltd. has struck a deal with J.P. Morgan Chase & Co. that calls for the bank to pay MF Global a portion of what the bank recovers in the case, a settlement that MF Global’s administrator says avoids “years of costly and complex litigation.” Read the Daily Bankruptcy Review article here.

The federal judge handling the nation’s largest municipal-bankruptcy case ruled Wednesday that the city of Detroit is entitled to protection from state lawsuits challenging its bankruptcy filing. Read the Daily Bankruptcy Review article via The Wall Steet Journal.

Poised to break pension promises to more than 23,500 retired city workers, cops and firefighters, Detroit’s bankruptcy attorneys said that those retirees deserve an official committee to speak for them as the 686,000-resident city struggles to unload labor costs in order to survive. Read the Daily Bankruptcy Review article here.

The city of Detroit filed for Chapter 9 protection in the biggest municipal bankruptcy case in U.S. history, The Wall Street Journal reports.

Waste processor Synagro Technologies Inc. Thursday won court approval to poll creditors on its plan to bail out of financial trouble through a sale to Sweden’s EQT Partners. Read the Daily Bankruptcy Review article here.

A U.S. appellate court on Monday upheld a lower court’s decision to dismiss a lawsuit by retirees of Lehman Brothers Holdings Inc. that sought to hold the company’s directors, including former Chief Executive Dick Fuld, accountable for squandering their retirement savings on stock that was rendered worthless when the investment bank collapsed into bankruptcy. Read the Daily Bankruptcy Review article here.