Distressed investors and bankruptcy professionals say they see more corporate wreckage and investing opportunities on the horizon despite a nascent economic recovery that comes on the heels of some of the biggest business failures on record. Read the Daily Bankruptcy Review story here.

The U.S. government’s investment in General Motors Co. is now worth between $40 billion and $45 billion, former U.S. Treasury lead auto adviser Steven Rattner said Wednesday, Dow Jones Newswires reports.

Billionaire Len Blavatnik, who led the 2007 leveraged buyout that created LyondellBasell Industries, will seek a stake of up to 15% in the reorganized chemical company when it exits bankruptcy protection, according to Reuters.

Lehman Brothers Holdings Inc. asked a bankruptcy judge to help “streamline” its $5 billion lawsuit against Barclays Plc, Bloomberg reports.

A new report says the U.S. government’s bailout of auto finance giant GMAC Inc. could cost taxpayers $6.3 billion, according to the Associated Press.

A federal judge ruled on Wednesday that New York City owns the name Tavern on the Green, according to the New York Times.

Goldman Sachs has asked an appeals court to stop the sale of Canwest Global Communications’ television assets to cable operator Shaw Communications, the Canadian Press reports.