Yuzhou Group Holdings Co. filed for Chapter 15 bankruptcy Thursday in New York, a move by the defaulted property developer to seek US court recognition for its offshore debt restructuring and ward off litigation, Bloomberg News reported. The Chinese builder, which failed to pay $2.9 billion of dollar notes with interest as of the end of 2023, is undergoing restructuring in Hong Kong and Cayman Islands. Read more.

Synlait Milk said on Tuesday it aims to raise NZ$217.8 million ($133.34 million) from its top two investors in a bid to reduce its debt, a failure of which could lead to the New Zealand-based dairy producer's insolvency, Reuters reported. Synlait will issue shares worth NZ$185 million to Bright Dairy & Food Co at NZ$0.6 apiece, raising the Chinese company's stake in Synlait to 65.25% from 39.01%.

A mainland Chinese court accepted a liquidation application filed against a China Evergrande Group unit earlier this month, triggering a formal legal process that ratchets up the pressure on the defaulted developer to either restructure or face liquidation in its main base of operations under a worst-case scenario, Bloomberg News reported. The Intermediate People’s Court of Guangzhou City, where Evergrande is based, accepted the application filed against Guangzhou Kailong Real Estate as of Aug. 9, according to a Hong Kong stock exchange filing late Monday.

Thousands of ticket holders have been left empty handed after W-Festival was cancelled just two weeks before it was set to take place at the Ostend beach. But the chances of refunds being issued are slim as the organising company has filed for bankruptcy, the Brussels Times reported. On 8 August, W-Festival was cancelled after a sudden bankruptcy announcement of the company behind the music event, Wave to Synth, which cited ongoing financial hardships and disappointing ticket sales.

China Vanke Co.’s sales slump extended in July, adding to liquidity pressure at the developer that’s become the latest focal point of the nation’s property crisis, Bloomberg News reported. Contracted sales for the month slumped 13% from a year earlier to 19.2 billion yuan ($2.7 billion), following a 29.3% slide in June, corporate filings show. The total was 24% lower on month. The protracted sales slump is escalating investor concern over its liquidity.

Kenya’s central bank surprised financial markets by cutting its benchmark interest rate for the first time since early 2020, providing some respite to consumers who have become increasingly frustrated by the high cost of living, Bloomberg News reported. The monetary policy committee lowered the key rate to 12.75% from 13%, Governor Kamau Thugge said in an emailed statement Tuesday. Only one of nine economists in a Bloomberg survey predicted the move. Yields on government bonds due 2031 eased 4 basis points to 11.55% by 6:51 pm in Nairobi, the first drop after three consecutive days of gains.

Credit default swaps tied to the UK’s largest pub operator have plunged in value as investors fear the company’s recent debt refinancing has left the contracts worthless, meaning bondholders have no way to hedge, Bloomberg News reported. The contracts have fallen in value since Stonegate Pubs — owner of the Slug & Lettuce and Be At One chains — closed on a refinancing last week, selling more than £2 billion ($2.54 billion) of bonds at double-digit yields.

China Evergrande Group is seeking to recover $6 billion from its founder and others amid the former property giant’s continuing liquidation, the Wall Street Journal reported. The heavily indebted Chinese developer said late Monday that it is seeking to claw back the money from seven individuals, including founder Hui Ka Yan, his ex-wife, a former chief executive and a former chief financial officer.

Retail sales unexpectedly fell in June in the eurozone as a consumption-led recovery continued to prove elusive, the Wall Street Journal reported. Total retail trade was 0.3% lower than in May, figures from the EU statistics agency showed Tuesday, bucking economists’ expectations for a continued rise in sales. Indeed, the eurozone has failed to book two consecutive months of higher retail sales so far this year despite a steady increase in real incomes as inflation eases and wages rise. Spending both on food and other goods declined compared with May, while fuel sales increased.

Inflation unexpectedly heated up in the eurozone this month, presenting a fresh challenge to policymakers looking for signs that eurozone price rises are easing sustainably, the Wall Street Journal reported. Consumer prices were 2.6% higher on year in July, picking up pace from in June, according to EU figures released Wednesday. That defied economists’ expectations for a slight decrease in inflation over the month, and leaves the rate further from the European Central Bank’s elusive 2% target.