Scandinavian airline SAS said on Saturday it entered into an agreement with Apollo Global Management to raise $700 million of fresh financing it needs to see it through bankruptcy, Reuters reported. The airline filed for bankruptcy protection in the United States in early July to help cut debt after the collapse of wage talks between the airline and its pilots, triggering a 15-day strike that added to travel chaos across Europe. SAS said in a statement it expects to complete the Chapter 11 restructuring process in nine to 12 months.
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Germany plans to give the transportation of materials and equipment essential for energy production priority on the country's rail networks should water levels on the Rhine fall further and hamper shipping by river, a draft decree shows, Reuters reported. DB Netz, the rail network arm of railway operator Deutsche Bahn, has already rejigged usage conditions to give preference to trains carrying mineral oil products and hard coal for power generators as Germany tackles an energy crisis.
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Thousands of Ukrainians are picking up shattered lives and trying to start over, many creating small businesses that they hope will bring them and their new communities fresh purpose, the New York Times reported. Others are working jobs that are a step down from positions lost because of war, grasping lifelines to keep their families afloat. “The Russian invasion has spurred a lot of people to pull up and start building new businesses,” said Andriy Sadovyi, the mayor of Lviv, which has become a locus for people fleeing the war-torn east.

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Annual inflation in Denmark came at 8.7% last month — rising at the fastest pace since 1983 — while the figure in neighboring Norway reached 6.8%, authorities said Wednesday, the Associated Press reported. Statistics Denmark said the price of goods has increased by an average of 13.2% in the past year, the highest annual increase since February 1982, when the annual increase was the same. Within the goods category, it is to a very large extent price increases on food, electricity, fuel and gas.

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Estonia is suffering the worst inflation in the euro area, with consumer prices rising at an annual rate of nearly 22 percent, the Washington Post reported. This tiny Baltic nation, and its neighbors, Latvia and Lithuania, represent extreme examples of the price pressures sweeping Europe and confronting policymakers, executives and consumers with a challenge unseen for 40 years. Some Estonian employers must raise salaries several times each year. Others are retooling their operations to use less energy.

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Credit Suisse Group AG has applied to the English High Court to initiate formal legal proceedings against Japan's SoftBank Group Corp. over a $440 million dispute, one source familiar with the matter said on Thursday, Reuters reported. Switzerland's second-largest bank is trying to recover funds that Greensill Capital, a defunct finance firm, had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy last year.

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Ukraine's overseas creditors have backed its request for a two-year freeze on payments on almost $20 billion in international bonds, according to a regulatory filing on Wednesday, a move that will allow the war-torn country to avoid a debt default, Reuters reported. With no sign of peace or a ceasefire on the horizon nearly six months after Russia's invasion began on Feb. 24, bondholders have agreed to postpone sovereign interest and capital payments for 13 Ukrainian sovereign bonds maturing between 2022 and 2033.
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Cryptocurrency exchange Nuri GmbH has filed for insolvency in Berlin, according to a court filing, CoinDesk.com reported. The platform, previously called Bitwala, was founded in 2015. Nuri said the sell-off in the crypto market coupled with the collapse of Celsius Network ultimately led to the decision. The price of bitcoin (BTC) has fallen from $69,000 to as low as $17,000 over the past nine months, with several key companies in the industry struggling to keep afloat. Bitcoin was recently trading around $23,000.
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Endo International PLC, a pharmaceutical manufacturer facing thousands of lawsuits alleging it fueled the opioid addiction crisis, said Tuesday that it is likely to file for bankruptcy imminently, the Wall Street Journal reported. The company said that it is in negotiations with a group of senior lenders that it expects will result in an agreement for a chapter 11 filing. Endo also said that it is in discussions with opioid litigants as well as other creditors but didn’t say that it has reached a proposed deal with them.
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The economic situation is deteriorating and the outlook is fragile in Germany, Europe's largest economy, its finance minister said on Wednesday, defending his plans to raise income tax thresholds in response to soaring inflation, Reuters reported. The German economy stagnated in the second quarter, with the war in Ukraine, soaring energy prices, the pandemic and supply disruptions bringing it to the edge of a downturn. Inflation is running at 8.5%.
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