A judge Friday approved a lower-priced sale of Innkeepers USA Trust's hotels to private-equity firm Cerberus Capital Management LP, putting the hotelier's bankruptcy exit back on track after nearly two months of hiccups. Read the Daily Bankruptcy Review article here.

The federal watchdog assigned to the bankruptcy case of Friendly Ice Cream Corp. is speaking out against the restaurant chain's sale plans. Click here to read the article in DBR Small Cap.

(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)

Troubled Swiss car maker Saab Automobile AB won't find a rescuer in the Chinese company that purchased Volvo Car last year, The Wall Street Journal reports.

Chrysler workers are voting to support a new contract, bringing the United Auto Workers Union "days away" from completing labor talks with Detroit's three auto manufacturers, according to The Wall Street Journal.

In Harrisburg, Pa., the Grinch didn't steal Christmas-the town's financial distress did. The Pittsburgh Post-Gazette reports that the bankrupt city's annual holiday parade will be canceled because of a lack of funding.

Bloomberg previews an upcoming hearing in the Los Angeles Dodgers' bankruptcy that could force a hard look at the nearly two-decade reign of Bud Selig as Major League Baseball's commissioner.

Elizabeth Warren-Harvard bankruptcy-law professor, TARP watchdog and advocate for a consumer financial-protection bureau-is turning to her humble Midwest beginnings to boost her bid for a U.S. Senate seat, the Boston Globe reports.