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Swiss company Meyer Burger has filed for voluntary chapter 11 bankruptcy relief in the United States, the solar panel manufacturer said in a court filing on Wednesday, Reuters reported. Meyer Burger's operations in both Europe and the United States have struggled to compete with cheaper products imported from Asia, piling pressure on the company. Late last month the firm announced it was shutting down its U.S. factory in Arizona due to financial difficulties, and soon afterwards filed for insolvency for its German subsidiaries. In its U.S.
Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.
Austrian anti-corruption and economic crime prosecutors have wrapped up their initial investigation into the collapse of the Signa property empire and filed a report so that a decision on potential prosecutions can be made, they said on Tuesday, Reuters reported. In a statement, they said there were four new strands, including an investigation into Signa founder Rene Benko and persons unknown on suspicion of favourable treatment to a creditor over a roughly 15 million euro ($17.4 million) repayment relating to a loan to Signa Prime at a time when that Signa unit was insolvent.
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The conflict in the Middle East increases the risk that businesses and households in the U.K. will expect the rate of inflation to remain high, and raise their prices and wage demands, a policymaker at the Bank of England said Tuesday, the Wall Street Journal reported. While U.S. President Trump announced a cease-fire on Monday evening, it is unclear whether the conflict between Israel, Iran and the U.S. will soon be resolved. While it continues, there is a risk that energy prices will surge again.
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Almost a third of the eurozone’s goods trade surplus with the U.S. is accounted for by sales of products manufactured by the affiliates of American businesses, which also account for most of the eurozone’s deficit in the trade in services, the European Central Bank said Friday, the Wall Street Journal reported. In its latest Economic Bulletin, economists at the central bank said that should the activities carried out by those affiliates be moved back to the U.S. in response to higher tariffs or changes to U.S.
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The Bulgarian Parliament adopted a bill on personal bankruptcy on second reading on Thursday, following nearly nine hours of debate, the Bulgarian News Agency reported. The law allows individuals who have been unable to meet one or more financial obligations exceeding ten minimum monthly wages for over 12 months to seek legal protection. Justice Minister Georgi Georgiev explained that the measure is not a debt amnesty, but rather a one-time opportunity for honest debtors to make a fresh start through a formal insolvency procedure.
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The number of companies going bust across the UK increased last month after firms swallowed increased costs, according to figures, PAMedia reported. Official data from the Insolvency Service showed there were 2,238 company insolvencies in England and Wales in May. This was 8% jump compared with April, and 15% higher than the same month last year. The increase was driven by 1,734 creditors’ voluntary liquidations, where company directors choose to shut a business down.
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Romanian furniture manufacturer Taparo, a key supplier to IKEA and major European retailers, is nearing bankruptcy after its judicial administrator formally requested the Maramureş Court to initiate bankruptcy proceedings, citing the full cessation of the company’s operations, Romania-Insider.com reported. The request, filed on May 29, was recorded in the Insolvency Proceedings Bulletin, Ziarul Financiar reported.
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French heart prosthesis company Carmat is in a critical financial situation and will be at risk of insolvency by the end of this month, it said in a statement on Friday, Reuters reported. Carmat needs 3.5 million euros ($4.04 million) to avoid insolvency by the end of June, it said. It said that it is actively exploring financing options and is launching a campaign seeking donations through an online platform.
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