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PAL Holdings on Wednesday addressed reports about a planned bankruptcy protection filing, saying it has "not approved any definite option," CNNPhilippines.com reported. In a disclosure to the local bourse, the operator of Philippine Airlines clarified a news report stating it eyes the filing by June 29, saying they are "not aware" of the date referred to.
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Mexican airline Grupo Aeromexico said on Tuesday the U.S. Bankruptcy Court for the Southern District of New York, presiding over its chapter 11 restructuring process, gave it 75 more days to present a reorganization plan, Reuters reported. “The court approved the extension because, among other reasons, of the good progress the company has made with its restructuring,” Aeromexico said.
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The owners of Suning.com plan to sell more shares held in the debt-ridden Chinese retail group, it was announced Wednesday, a sale that puts founder and Chairman Zhang Jindong's control over the company into question, Nikkei Asia reported. Zhang and entities under his control will sell a portion of their shares in Suning. The buyers and the percentage stake involved have not been disclosed. This move comes after Zhang and other shareholders decided in March to sell a 23% stake in Suning to a group of state-owned investors for 14.8 billion yuan ($2.28 billion at current rates).
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Kenya expects a review of an International Monetary Fund program to be concluded successfully, in order to allow the release of $410 million in new funding for the government, Bloomberg News reported. “We expect the review to be successful given the progress we have made towards the goals we had set for ourselves under the programme,” Kenya’s National Treasury Secretary Ukur Yatani said in a statement on Twitter on Wednesday. The government plans to narrow its budget deficit for the year starting July 1 to 7.5% of gross domestic product from an estimate of 8.6% in the current period.
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A representative for the owners and insurers of a giant cargo ship that blocked the Suez Canal in March on Wednesday said that an agreement in principle had been reached in a compensation dispute with the canal authority, Reuters reported. Work was under way to finalise a signed settlement agreement as soon as possible and arrangements for the release of the Ever Given vessel would be made after formalities had been dealt with, Faz Peermohamed of Stann Marine said in a statement.
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Thailand’s central bank held its benchmark rate unchanged on Wednesday, signaling a need to preserve policy space as the country grapples with its biggest wave of Covid cases and a weakening outlook for the tourism-reliant economy, Bloomberg News reported. The Bank of Thailand’s rate setting committee unanimously decided to hold rates at a record low of 0.5% for a ninth straight meeting, as expected by all 25 economists in a Bloomberg survey. The committee “stands ready to use limited policy space at the most-effective timing,” Bank of Thailand Assistant Governor Titanun Mallikamas said.
An Indian bankruptcy court ruled Jet Airways India Ltd. can resume operations under a new owner more than two years after it collapsed, according to Ashish Chhawchharia, the court-appointed professional running the carrier’s insolvency, Bloomberg News reported. Jet Airways, once India’s biggest private carrier, fell into bankruptcy in 2019 under mounting debts. Dubai-based businessman Murari Lal Jalan and Kalrock Capital Management Ltd.
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Three Vietnamese banks have pledged to lend 4 trillion dong ($173.8 million) to Vietnam Airlines to help the troubled flag carrier weather the impact of the pandemic and avoid bankruptcy, state media reported on Monday, according to Reuters. Vietnam Maritime Commercial Joint Stock Bank, Saigon - Hanoi Commercial Joint Stock Bank and SeABank would make the interest-free loans this month and early next month, the Lao Dong newspaper cited the central bank as saying.
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Aer Lingus needs a few hundred million euros in extra liquidity due to COVID-19 disruptions and does not expect the easing of Irish travel curbs next month to provide a significant near term bounce, its new chief executive said on Tuesday, Reuters reported. The Irish airline, which recently announced company-wide layoffs and the closure of one of its main domestic cabin crew bases, is losing more than 1 million euros ($1.19 million) a day, Lynne Embleton told an Irish parliamentary committee.
German lawmakers presenting a report Tuesday into the collapse of the payment processing company Wirecard accused the country's finance minister and auditors Ernst & Young of numerous oversight failings, the Associated Press reported. Wirecard filed for protection from creditors through insolvency proceedings last year after admitting that 1.9 billion euros ($2.3 billion) supposedly held in trust accounts in the Philippines probably didn’t exist. The company’s former chief executive, Markus Braun, is being investigated on suspicion of criminal fraud.
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