The International Monetary Fund said on Monday it has completed its eighth review of Ukraine's $15.5 billion four-year support program, paving the way for a disbursement of an additional $500 million to the war-torn country, Reuters reported. That will bring total disbursements to $10.6 billion, the IMF said in a statement, following its board's approval of the review of Ukraine's Extended Fund Facility. It warned of ongoing and "exceptionally high" risks to the country's outlook. “Russia’s war continues to take a devastating social and economic toll on Ukraine.
In a dramatic twist emblematic of Europe’s telecom turbulence, Altice France SA, the country’s second-largest telecom provider, has filed for chapter 15 bankruptcy protection in New York, seeking U.S. court recognition of its French insolvency proceedings as it buckles under €19.2 billion ($22 billion) in debt, USA Herald reported.
South Korea’s headline inflation cooled to a five-month low in May and stayed below the central bank’s 2.0% annual target, justifying its resumed easing of policy to support economic growth, the Wall Street Journal reported. The benchmark consumer-price index rose 1.9% from a year earlier, following a 2.1% increase in April, the country’s statistics office said Wednesday. Price growth was largely kept in check by lower prices of oil products, fruits and vegetables, despite gains in the prices of some other agricultural and livestock goods, according to the statistics office.
Yurtel, based in Corsham, Wiltshire, has revealed that it has gone bankrupt, meaning that all bookings will not be fulfilled after it ceased trading on May 8, the County Gazette reported. Yurtel have previously supplied accommodation for people who visit Glastonbury Festival since 2005, prices for hospitality tickets and accommodation packages from the Yurtel company ranged from £10,000 up to £16,500 for this year's festival.
The state cargo railway company CFR Marfa, which entered insolvency in April after five years of pre-insolvency status, plans to diminish its dues by 32% to RON 3.1 billion (EUR 620 million) during this year by the transfer of RON 1.5 billion (EUR 300 million) of assets to the newly set up company Carpatica Feroviar, according to the budget of the company inked by the Transport Ministry and quoted by News.ro.
Finance leaders from the Group of Seven democracies will strive for a show of unity when they meet this week on topics other than U.S. President Donald Trump's tariffs, including economic security, Ukraine and artificial intelligence cooperation, Reuters reported. But mostly, they'll want to keep the powerful Western policy alliance from fracturing, even if it means less-specific language and agreed actions, according to G7 officials and economic diplomacy experts. U.S.
Toronto-based lithium battery recycling firm Li-Cycle said on Wednesday that it has filed for bankruptcy protection in Canada and expects to start a formal sale for its business or assets, Reuters reported. The firm's U.S. units have also commenced proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Li-Cycle has entered into a $10.5 million debtor-in-possession financing and a stalking-horse credit bid for at least $40 million with London-listed Glencore, its largest secured creditor.
Asbestos Corporation Limited (ACL) announced on Wednesday that an order from the Superior Court of Québec granting ACL protection under the Companies' Creditors Arrangement Act (the "CCAA") has been granted, according to a company press release. Raymond Chabot Inc. has been appointed pursuant to the Initial Order as monitor of ACL in order to assist the company with its restructuring efforts and to report to the Court. The application was filed by third parties and the Company became a co-applicant. ACL also filed a petition under Chapter 15 of the U.S.
An ad hoc group (AHG) of noteholders has successfully converted Dutch scheme of arrangement arbitration (WHOA) proceedings launched by Brazilian cement maker InterCement’s finance-raising arm in Amsterdam into bankruptcy proceedings, two weeks after the group secured chapter 15 recognition of its Brazilian recuperação judicial (RJ) plan, Latin Lawyer reported. Read more.
Thailand transferred about US$890 million to its senior citizens on Monday (Jan 27), part of a government programme to tackle the high cost of living and stimulate the nations’ sluggish economy, Bloomberg News reported. More than 3 million senior citizens were given 10,000 baht each (S$399), and the dole out will boost the country’s US$500 billion economy, Prime Minister Paetongtarn Shinawatra said. The government will continue the cash stimulus programme, she said without elaborating.