Magna's board of directors is scheduled to approve next Tuesday a business plan for the acquisition of German carmaker Opel, two sources familiar with the matter said on Thursday.

Auto seating supplier Lear said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained $500 million in bankruptcy financing.

If General Motors wins court approval for its asset sale this week, a "New GM" could be ready to make an initial public offering in 2010, a U.S. Treasury official testified in U.S. bankruptcy court Wednesday. 

Crabtree & Evelyn, a specialty retailer known for its soaps and other personal care products, filed for Chapter 11 bankruptcy as the tough economy led to falling sales and rising losses.

Health insurance is supposed to offer protection — both medically and financially. But as it turns out, an estimated three-quarters of people who are pushed into personal bankruptcy by medical problems actually had insurance when they got sick or were injured.

A General Motors bankruptcy court hearing in which the company is seeking to sell its main assets to a "New GM" began Tuesday but moved to a recess almost immediately as the judge dealt with communication issues.

What Iceland has to do to save itself.

Belgium-based RHJ International is close to a deal to buy a stake in Opel after talks between parent General Motors and preferred bidder Magna International hit snags, the Financial Times reported.

General Motors needs to exit from bankruptcy quickly in order to avoid a "fatal" blow to many of its suppliers and the loss of thousands of jobs, Chief Executive Fritz Henderson said in a court filing Thursday.

Auto parts supplier Lear is preparing to file for bankruptcy as soon as next week, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

A bankruptcy judge ruled Thursday that General Motors can have access to its full $33.3 billion in bankruptcy financing.

Savvy consumers swarmed to London's Regent Park Thursday for the opening of Taste of London's four-day gourmet food festival. The event was teaming with cost-conscious foodies getting a chance to taste the wares of Michelin-starred chefs for a fraction of the price.

Eddie Bauer Holdings is expected to file for Chapter 11 bankruptcy protection Wednesday and announce a deal to be bought by CCMP Capital Advisors, according to The Wall Street Journal,which cited a person familiar with the situation.

A judicial body is urging Congress to authorize new bankruptcy judgeships to cope with a surge in bankruptcy filings that has tracked weakness in the U.S. economy.

General Motors Europe said on Tuesday a preliminary agreement has been reached to sell the company's loss-making Swedish unit Saab to local sportscar maker Koenigsegg.