Freedom Communications Inc. on Tuesday won confirmation of a Chapter 11 plan that gives the company to banks and offers hope to former newspaper carriers whose wage law violation settlement was in danger of being wiped out in bankruptcy court. Read the Daily Bankruptcy Review story here.

According to The Wall Street Journal, key lawmakers in the Senate will charge the largest financial companies in the U.S. $50 billion to cover the costs for the collapse of financial firms.

Metro-Goldwyn-Mayer Inc. is formulating a backup plan in case bids for the studio come in too low, WSJ reports.

LyondellBasell Industries AF’s plan to exit bankruptcy is facing opposition from some lenders that are questioning whether the chemical giant is underestimating its value for the benefit of new investors and senior lenders. Read the DBR story here.

According to the Phoenix Business Journal, former Phoenix Coyotes owner Jerry Moyes will likely countersue the National Hockey League, which sued him last week for breaching an agreement with the league.

According to Fortune, Erin Callan, Lehman Brothers Holdings Inc.’s former chief financial officer, “simply vanished from the business world” after Lehman crashed into the biggest bankruptcy ever.

Bank of America attorneys will reimburse attorneys of Cabi Downtown LLC after it was criticized by a bankruptcy judge for trying to “score a litigation point” in a foreclosure dispute, WSJ reports.