A judge is hearing submissions at the Irish High Court on whether it is the appropriate court to hear an application by a company whose shareholders include rugby star Ronan O'Gara and businessman Michael O'Flynn relating to the Personal Insolvency Arrangement made in favour of fellow shareholder John O'Driscoll, the Irish Examiner reported. The company Ezeon Entertainment Ltd now want the High Court to set aside its order made in July 2022 where an appeal brought by businessman Michael O’Flynn against a Circuit Court order approving Mr O’Driscoll’s PIA was dismissed.

The funding squeeze gripping Sweden’s leveraged property sector worsened on Monday after one of the country’s biggest commercial landlords saw its credit rating cut to junk with a warning that a further downgrade is possible, Bloomberg News reported. SBB — as Samhallsbyggnadsbolaget i Norden AB is more commonly known — was lowered to BB+ and placed on negative outlook by S&P Global Ratings. The rating firm said it no longer believed the landlord could meet its thresholds for investment-grade debt metrics.

An aircraft lessor, Aircastle, has filed insolvency resolution proceedings against cash-strapped SpiceJet, the Economic Times of India reported. The National Company Law Tribunal (NCLT) will hear this case next week. The NCLT website shows that two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and infra company Acres Buildwell on February 4.

A potential dispute over the wipeout of Credit Suisse Group AG’s riskiest bonds in Asia has drawn the attention of several funds experienced in financing lawsuits for retail investors, Bloomberg News reported. Burford Capital Ltd., which says it is the world’s biggest provider of commercial legal finance, is tracking the development as law firms rally aggrieved bondholders. Last week, a group of more than 60 holders in Asia filed a claim against Switzerland’s banking regulator over the decision to write down about 16 billion Swiss francs ($18.1 billion) of additional tier-one notes.

Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) through one or more share sales on the market, three people briefed on the matter told Reuters. Such an option, however, would only be considered if financially advantageous and as long as any significant new investor would manage the holding in line with the national interest.

India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, Reuters reported. This would be a major setback for Indian importers of cheap oil and coal from Russia who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs.

Six weeks since the deal to rescue Credit Suisse Group AG was rushed through, at least 120 claims have been filed against the Swiss banking watchdog’s decision to wipe out about $18 billion worth of its high-risk bonds as part of the deal, Bloomberg News reported. As of May 2, the claims represent around 1,300 individual bondholders, according to a spokesman for the Swiss Federal Administrative Court. Claimants focused on a notional deadline to file of May 3.

The European Central Bank delivered the smallest interest-rate increase yet in its battle with persistently strong inflation but insisted that the move won’t be the last, Bloomberg News reported. Officials raised the deposit rate by a quarter-point to 3.25%, following three steps of double that size. The announcement matches the expectations of traders and most economists, leaving the rate at its highest level since 2008. The Governing Council said future decisions will remain data-dependent as they bring rates to levels sufficiently restrictive to return inflation to the 2% target.

European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently live without, Reuters reported. The trend emerged as some of the region's biggest lenders outlined a profitable start to the year in results that also offered a glimpse of a phenomenon dubbed a "bank walk" - a slow but notable outflow of customer cash.

U.S. asset manager Apollo Global Management Inc. plans to apply for approval from Swedish and Danish regulators to take a majority stake in SAS AB as part of the Scandinavian airline's rescue plan, Reuters reported. The news of interest from the U.S. asset manager sent the embattled carrier's shares up as much as 14% in Wednesday morning trading. At 1011 GMT, they were up 5.9%. SAS has lost almost 60% of its value since it filed for chapter 11 bankruptcy protection last July, seeking to slash costs and debt after wage talks with pilots collapsed. A deal with the U.S.