A derivatives committee ruled on Monday that a bankruptcy credit event had not occurred in relation to Credit Suisse, quashing investors' efforts to trigger a payout on credit insurance linked to the Swiss lender, Reuters reported. The ruling was in response to an investor question about $17 billion in senior and subordinated bonds issued by Credit Suisse, whose holders were wiped out when the Swiss bank was taken over by UBS in March in a state-assisted deal. The ruling upended a long-established practice of giving bondholders priority over shareholders in a debt recovery.

Venator, the Huntsman spinoff that holds the family-owned business’s former titanium dioxide activities, has filed for protection from creditors under U.S. Chapter 11, Chemanager Online reported. The company, which is U.K.-registered but managed from the U.S. state of Texas, said it hopes to exit chapter 11 within approximately two months. CEO Simon Turner said Venator has reached agreement with the “overwhelming majority” of its lenders and noteholders on the terms of a comprehensive recapitalization plan that would equitize nearly all of its funded debt and strengthen its balance sheet.

The Bankruptcy and Diligence (Scotland) Bill proposes to introduce measures designed to help those in financial difficulty and suffering with mental health problems to get some much needed "breathing space,” Loxology.com reported. The week of 15-21 May 2023 is mental health awareness week in the U.K., and the theme this year is “anxiety.” The Bankruptcy and Diligence (Scotland) Bill ("the Bill") was introduced to the Scottish Parliament in April. It's no surprise that there is a correlation between financial pressures and mental health.

Mediobanca on Monday said it has agreed to sell its bad loan acquisition unit for 100 million euros ($110 million), as Italy's leading investment bank focuses on capital-light businesses ahead of unveiling a new three-year strategy, Reuters reported. Banca IFIS agreed to buy Revalea, a unit Mediobanca set up last year by separating purchasing from management of bad debts. Mediobanca will continue to operate the latter through its MBCredit Solutions unit. It was the second deal announced by Mediobanca in days as it prepares to present a new business plan through 2026 on Wednesday.

It may not pay to fly nice, or to be so trusting — at least, it appears so given the tragic case of Niceair’s bankruptcy due to losing access to its sole aircraft less than a year after its initial flight on May 30, 2022, Simple Flying reported. Niceair — a small virtual airline intended to directly connect European cities like Copenhagen and Tenerife to northern Iceland’s Akureyri — used a single Airbus A319-100 in 9H-XFW operated by Hi Fly Malta, and Hi Fly Malta operated the 150-seat A319 on Niceair’s behalf with aircrew wearing Niceair uniforms.

Wasps, one of England’s most storied rugby teams and a two-time European champion, must begin rebuilding from the bottom of the country’s league pyramid after having a license to play in the second-tier Championship revoked on Thursday, the Associated Press reported. The club was expelled from the top-flight Premiership after falling into administration — a form of bankruptcy protection — in October amid debts totaling 95 million pounds ($118 million).