Delaware Chancery Court ruled in favor of Carl Icahn’s challenge of a $1.1 billion debt deal proposed by Realogy Corp., a real estate broker bought last year by Apollo Management.Chrysler said that it would shut down all of its manufacturing operations for at least a month. Cerberus Capital Management holds a majority stake in Chrysler.

EZ Lube LLC, an operator of quick oil change facilities in California and Arizona, has filed for Chapter 11 bankruptcy protection. The company had been acquired in 2005 by Bruckmann, Rosser, Sherrill & Co., but said in court papers that it has agreed to sell most of its assets to existing lenders GSO Capital Partners and an affiliate of Goldman Sachs. EZ Lube has asked a bankruptcy court to name GSO and Goldman as a “stalking horse” bidder.

Moody’s Investors Service has cut CCS Medical Inc.’s corporate family rating from Caa1 from B3. It also has downgraded the company’s first lien senior secured credit facilities to B2 from B1, but affirmed the Caa2 rating on the second lien term loan. CCS Medical is a Clearwater, Fla.-based portfolio company of Warburg Pincus.

PAI Partners is in talks to renegotiate loans for portfolio companies Monier and Kaufman & Broad, according to The Financial Times. The firm has hired Goldman Sachs to advise on Monier, and hired Rothschild to advise on Kaufman & Broad.

Simmons Bedding, a mattress company owned by Thomas H. Lee Partners, has extended a forbearance agreement due to expire until March, and is required to restructure its debt by then. The firm purchased Simmons in 2003 for $1.1 billion.

Special Devices Inc., a portfolio company of J.F. Lehman & Co., has filed for Chapter 11 bankruptcy protection. The Moorpark, Calif.-based company makes initiators for auto airbags, detonators for mining companies and pyrotechnic devices used by aerospace and defense companies.

The Arena Football League has chosen to suspend its 2009 season. The league reportedly had been in talks with Platinum Equity about a $100 million investment in exchange for a 40 percent ownership stake.