Headlines

The string of travel agencies that collapse and leave stranded travelers in their wake continues, TheStreet reported. Between the high cost of jet fuel and the ease with which customers can book their own airfare and hotel without an intermediary, a number of travel agencies that had previously been operating for decades ended up closing down shop in 2026. Some recently shut names include Trav Expert, Groupia, Salamander Voyages and Sky Yodl in the U.K., AVG Travels in Australia, Go Play Tour Sports in Boston and Vegas Vacations and North America Destinations in Canada.

The debt of the Sofia heating utility, Toplofikatsiya, to public gas supplier Bulgargaz and the Bulgarian Energy Holding, which exceeds EUR 1.2 billion, is pushing the state-owned gas supplier toward insolvency, Energy Minister Iva Petrova said in an interview with Nova TV on Friday, Bulgarian News Agency reported. She called on the Sofia Municipality, which owns the district heating company, to propose a solution, as the company's liabilities continue to grow.

Russia is facing a potential wave of mass bankruptcies among independent entrepreneurs who sell goods via the Wildberries marketplace, following a sustained campaign of Ukrainian drone strikes that has dismantled the company’s logistics network, the Kyiv Post reported. According to Reuters, hundreds of billions of rubles are needed to compensate sellers for inventory destroyed in the burning warehouses, but the state lacks the resources to cover the losses. “No one has that kind of money to support the sellers.

Ontario's top court has rejected an application by a group of U.S. bondholders to appeal a decision last year on how Nortel Networks Corp.'s remaining US$7.3 billion in assets should be divided, CTV News reported. A panel of three judges from the Ontario Court of Appeal said Tuesday the reasons put forth by the group contained "no merit" and will be dismissed. The panel said it did not agree with the U.S.

Corporate bankruptcies in Japan exceeded 1,000 in July for the second consecutive month, as labour shortages and rising costs continued to put pressure on smaller businesses, The Nation reported. A total of 1,028 companies went bankrupt during the month, up 6.9% from a year earlier, according to Xinhua, citing a Kyodo News report based on data from Japanese credit research firm Tokyo Shoko Research.

The UAE has activated emergency bankruptcy protections for businesses financially impacted by the Iran war, temporarily preventing creditors from forcing affected companies into insolvency and giving debtors more time to restructure, Arabian Gulf Business Insight reported. The resolution is in relation to businesses whose financial problems can be directly linked to the Iran war and which apply for court protection after February 28, when hostilities escalated.

The company running the West Island deli joint Chenoys has gone bankrupt, with liabilities exceeding $1 million after years of losses and unpaid bills, court records show, The (Montréal) Gazette reported. A notice seen posted on the doors of the restaurant in Dollard-des-Ormeaux warned property cannot be removed without the bankruptcy trustee’s written permission. Chenoys goes back to 1936. The original delicatessen opened on St-Laurent Blvd. The Dollard-des-Ormeaux restaurant opened in 1974, and became known for its smoked meat sandwiches, red booths and round-the-clock hours.

The Moscow Arbitration Court has extended the deadline for the insolvency proceedings and liquidation of the Russian airline Transaero Airlines until September 13, 2026, Aviation Direct reported. According to court documents and reports from the Ria Novosti news agency, external insolvency administrator Alexey Belokopyt is continuing to work on identifying and realizing the remaining assets in order to at least partially cover the company's immense liabilities.

Braskem’s bondholders continue to press state-controlled oil giant Petrobras to inject fresh capital into the struggling petrochemical producer as time runs short to avoid filing for bankruptcy protection in an election year, according to people familiar with the matter, Bloomberg reported.

Ironhill India has invested about $7m (£5.5m) in the Pennsylvania-based craft beer business, including $4m earmarked to revive and reopen five outlets, The Drinks Business reported. The deal also sees Ironhill India acquire the U.S. brewery, which was founded in 1996, out of bankruptcy. The combined group plans to expand to about 43 outlets by 2030, with 27 in India and 16 in the U.S. The integration gives Ironhill India access to the Ironhill global trademark, as well as established brewing expertise and operational systems in the U.S. market. “Joining forces with Ironhill U.S.