Texas power company Energy Future Holdings, formerly known as TXU Corp, has proposed a prepackaged bankruptcy that would restructure $32 billion of debt, but no deal has been reached, writes Reuters. The company is trying to restructure more than $30 billion in debt it was saddled with after the buyout by a consortium including KKR & Co, TPG Capital Management and Goldman Sachs Group Inc‘s private equity arm, writes Reuters.

Struggling Chinese solar panel maker Suntech Power Holdings could offload its solar power generation assets in Italy, writes Reuters. The former green tech poster child, with a New York Stock Exchange listing and a market value of $16 billion at its peak, last month defaulted on $541 million of its dollar-denominated bonds and said its biggest subsidiary was bankrupt, writes Reuters.

Hybrid automaker Fisker Automotive has hired law firm Kirkland & Ellis to advise it on a possible bankruptcy filing, a source said on Thursday, while executives continue their search for a strategic investor. The company, founded in 2007, has raised more than $1 billion in venture capital, including $103.67 million last September 2012 from Advanced Equities Inc., Kleiner Perkins Caufield & Byers and New Enterprise Associates.

Energy Future Holdings Corp, the power company that went private in a $45 billion buyout but last month said it could go bankrupt, is facing a new headache as a unit’s creditors have filed a $725 million lawsuit to recover unpaid interest, writes Reuters. Affiliates of the hedge fund Aurelius Capital Management LP sued seven current and former Energy Future Competitive Holdings Ltd directors, saying they improperly let the parent once known as TXU Corp be repaid billions of dollars of fraudulent intra-company loans without ensuring full payment to creditors, writes Reuters.

Dean Metropoulos has teamed up with longtime partner Apollo Global Management to buy some snack cake brands from bankrupt Hostess Brands Inc, writes Reuters. Hostess said on Monday that their $410 million bid was unrivaled, paving the way for the sale of Twinkies, Ding Dongs and Cupcakes once a U.S. bankruptcy court approves.

Kodak has reached an agreement to amend the terms for the previously-announced interim and exit financing package. The amendments provide Kodak with additional flexibility to successfully execute its reorganization objectives and emerge from Chapter 11 in mid-2013.

Solyndra, the failed solar panel maker, received court approval on Monday for its plan to repay creditors after a bankruptcy judge overruled objections by the US government, writes Reuters. The government, which said it may appeal the ruling, had said the plan improperly provided $341 million in tax breaks to venture capital investors Argonaut Private Equity and Madrone Capital Partners.

Imaging3™, a developer of a medical imaging device company, has filed for bankruptcy. The company has developed a device that produces 3D medical diagnostic images of the human body in real-time.

Digital Domain Media Group, which won Academy Awards for visual effects in films including Titanic, has filed for bankruptcy protection and said its production business would be sold, writes Reuters. The company said it had agreed to sell its production business – the bulk of the company – for $15 million to private equity fund [...]

Salus Capital Partners will provide a $24 million senior secured working capital facility to famed lingerie retailer Frederick’s of Hollywood Group Inc. The Massachusetts-based investor does consumer lending and DIP loans. PRESS RELEASE: BOSTON, June 2012 – Salus Capital Partners, LLC announced it has provided a $24 million Senior-Secured Working Capital Facility to Frederick’s of [...]