The Daily Docket: Bitcoin Exchange Mt. Gox to Liquidate

Defunct bitcoin exchange Mt. Gox has given up its plan to rebuild under bankruptcy protection and said it has agreed with a Tokyo court on the first step toward liquidation. Read the Daily Bankruptcy Review article via The Wall Street Journal.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

The city of Detroit got closer to ending its municipal bankruptcy case, WSJ reports.

Five former Bernard Madoff staffers want guilty verdicts against them thrown out of a new trial, the New York Post reports.

The banks being sued by Lehman Brothers Holdings Inc. in a long-simmering derivatives fight say Lehman is seeking an “undue advantage” in the litigation by prohibiting the banks from seeking a dismissal without first receiving class-action status. Read the DBR article in WSJ.

Bloomberg reports that General Motors Co.’s chief executive, Mary Barra, said she’s organizing a team that will help with auto safety.

Energy Future Holdings Corp.’s restructuring efforts are slowly progressing, Reuters reports.

According to WSJ, LyondellBassell Industries shareholders approved a deal to rebuy another 10% of the company’s shares.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.