Ryanair on Wednesday had another setback in its fight against state aid for rival airlines after Europe’s second-highest court again backed EU competition regulators’ approval of support for SAS and Finnair, Reuters reported. Europe’s biggest budget airline has filed 16 lawsuits against the European Commission for allowing state aid to individual airlines such as Lufthansa, KLM, Austrian Airlines and TAP, as well as national schemes that mainly benefit flag carriers.

Leaders from Britain’s aviation industry joined forces Wednesday to urge the British government to ensure that popular European destinations face the least onerous coronavirus travel restrictions when holidays are allowed again, the Associated Press reported. Under the government’s new traffic light system for England, travel to countries in the lowest green category could be opened up to quarantine-free travel from May 17. Arrivals would be required to take a pre-departure test as well as the gold standard PCR test on or before day two of their return to England.

The European Union set out its blueprint to raise nearly $1 trillion of debt over five years as it seeks to fund its recovery from the coronavirus pandemic, Bloomberg News reported. The bloc is aiming to issue the first debt under its NextGenerationEU stimulus as early as July and will use a “state of the art” platform to begin selling bonds and bills via a network of primary bank dealers by September, according to the bloc’s executive branch.

French Finance Minister Bruno Le Maire said on Wednesday he would make proposals to restructure the debts of companies struggling with loans taken on during the coronavirus crisis, Reuters reported. Many French companies are emerging from the pandemic with severely strained balance sheets after they borrowed massively under a state-guaranteed loan programme designed to help them through the crisis. While the programme helped depress bankruptcies last year to record low levels, economists expect a surge in filings as various state support schemes are wound down.

Switzerland’s top financial regulator said the collapse of Archegos Capital Management LP will have consequences for how banks deal with risk as one of the country’s biggest lenders counts its losses from exposure to the investment firm, Bloomberg News reported. “This will be meticulously examined and there will be lessons, maybe for regulators, maybe for the banks who were involved, maybe for supervisors,” Mark Branson, the head of Swiss regulator Finma, said Wednesday in Berlin.

BNP Paribas SA is seeking to sell its stake in a loan to GFG Alliance’s Dunkirk unit, a sale that could loosen Sanjeev Gupta’s grip over a key asset as other lenders consider seizing control of the aluminum smelter, Bloomberg News reported. The bank is offloading its $20 million portion of the loan raised by Gupta in 2018. Although a small amount, the sale could pave the way to actions by other lenders, led by Trafigura Group, to threaten Gupta’s control over the smelter.

A Polish dispute over the European Union’s 750 billion euro ($892 billion) pandemic stimulus escalated after the government unexpectedly canceled plans to discuss its ratification amid a split in the ruling coalition, Bloomberg News reported. Deputy Speaker Ryszard Terlecki said on Tuesday that parliament may have to gather for an extra sitting later in April to meet the deadline to ratify the program. With Poland in line to gain 58 billion euros from the stimulus deal, the divisions in the coalition are turning into a major challenge for Poland’s de facto leader, Jaroslaw Kaczynski.

Credit Suisse has made further progress in winding down funds connected with Greensill Capital and is able to distribute another $1.7 billion to investors, the bank said on Tuesday, Reuters reported. This takes the total distribution so far to $4.8 billion, the bank said, following an earlier payout of $3.1 billion. The bank said it has so far collected $2 billion from receivables redeemed when the four supply chain finance funds (SCFFs) were suspended on March 1.

The German shipyard Nobiskrug has filed for insolvency, according to reports by German news broadcasters, Super Yacht Times reported. During the filings and insolvency proceedings, which commenced on 12 April, Nobiskrug cited “critical developments” on yacht construction having had negative consequences on investment and potential profitability, as the main reasons.

Britain’s government has opened an independent investigation into failed finance company Greensill Capital after lobbying by former Prime Minister David Cameron raised questions over its access to ministers, Reuters reported. Australian banker Lex Greensill was brought in as an adviser to the government while Cameron was British prime minister from 2010 to 2016. After leaving office, Cameron in turn became an adviser to Greensill’s now-insolvent company.