BLC/DLC-(Bug/defect/thread life cycle) :

Bug Status [new/open] (TE) → [Assign](lead) → [fixed] (developer) → [Re-Test] (TE) as well as test the impacted area (regression in BLC) → if pass then [close] else if fail then [re-open] and again go to assign.
As soon as we get a bug we should prepare the bug report (status will be new/open) and assign it to the concerned person. The bug will be fixed by developers and send back to the TE for re-testing. The TE will retest the bug and if it is fixed properly he will change the status of bug to close or else if the bug is not fixed the TE will re-open the bug and assign it back to the concerned person.
Source: http://selenium-makeiteasy.blogspot.com