Headlines

A London court has dismissed charges against Barclays tied to the bank’s 2008 efforts to raise a $15 billion lifeline from Qatar and other investors, a legal victory for the British lender as it tries to turn its businesses around, the International New York Times reported. The decision is a blow to Britain’s regulators, who have pursued the case for years. The charges were the first in the country against a bank for actions during the global financial crisis.

Cambridge Analytica, the UK business at the centre of an international privacy scandal, has revealed information about its financial condition for the first time after it and a related company, SCL USA, filed for bankruptcy in the US, the Financial Times reported. The documents show that a web of companies related to the now-defunct Cambridge Analytica — including its parent SCL Group — have filed for bankruptcy or “similar proceedings” after they were engulfed in controversy over the use of Facebook user information in political campaigns.

Toys ‘R’ Us in Australia has lost its battle for survival with directors today putting the 44-store chain into administration. The move threatens up to 2700 jobs, including 700 full-time positions. Insolvency firm McGrathNicol said partners Jason Preston, Keith Crawford and Barry Kogan were put into Toys ‘R’ Us (Australia) and Babies ‘R’ Us (Australia) after the withdrawal of the final bidder looking over the struggling businesses, The West Australian reported. The stores, including four in Perth.

India’s Tata Steel Ltd said on Friday it had completed the acquisition of a 72.7 percent stake in Bhushan Steel Ltd, which was in bankruptcy court over unpaid loans, Reuters reported. As part of the deal, a unit of Tata Steel is paying 352.33 billion rupees ($5.18 billion) to Bhushan Steel’s creditor banks. It will also pay Bhushan Steel’s operational creditors, such as vendors, another 12 billion rupees over 12 months. The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.

In a related story, Bloomberg Quint reported that state-owned Bank of India would be able to realise around Rs 1993 crore from the first successful resolution by the National Company Law Tribunal concerning Tata Steel and Bhushan Steel, an official said. The amount would not include haircuts, BoI Managing Director and Chief Executive Officer D Mohapatra said. The realisation of the amount would lead to non-performing asset reduction and increase profitability of the bank, he said. “The first successful NCLT resolution involving Tata Steel and Bhushan Steel will help in realise Rs 1,993 crore.

Kingtec Steel Corporation, based in China’s far northwestern region of Xinjiang, is preparing to apply for bankruptcy as a result of spiraling debt, the company said in a statement on Friday. Kingtec said it would be unable to pay all of its debts, including a 550 million yuan ($86.26 million) bond issued in 2013, Reuters reported. It blamed its problems on the poor steel business environment in Xinjiang as well as a “gradual deterioration” in its own operating conditions. It has ceased production.

CEFC Europe, a Czech-based division of troubled conglomerate CEFC China Energy, said it would contest a takeover of shareholder rights by creditor J&T Private Investments (JTPI), arguing it had funds to pay a debt at the centre of the dispute, Reuters reported. Czech-based JTPI said on Thursday it had taken over the rights and installed crisis management because CEFC Europe had not covered its debt, totalling 450 million euros according to CEFC, in time.

Reliance Communications said it was in advanced talks with Ericsson to resolve “commercial issues”, after two sources indicated it was currently uncertain if the firms’ discussions over dues would lead to an out-of-court settlement, Reuters reported. Earlier this week, India’s bankruptcy court admitted a plea by the Swedish telecom gearmaker seeking insolvency resolution against debt-laden Reliance Communications (RCom) over unpaid service dues, potentially derailing the company’s plans to sell assets to larger rival Reliance Jio.

The Supreme Court on Wednesday stayed liquidation proceedings against beleaguered developer Jaypee Infratech Ltd., keeping homebuyers’ hopes alive of getting their properties, Bloomberg Quint reported. The apex court asked for status quo to continue in the insolvency resolution till june 15. Till this date, resolution professional Anuj Jain will continue to manage the company’s affairs. Within this timeframe, Jaiprakash Associates Ltd, the promoterfor Jaypee Infratech has been asked to deposit Rs 1,000 crore as a security against the claims of home buyers.

The International Monetary Fund moved on Friday to formally begin negotiations on a bailout of Argentina, without any objection from the Trump administration, The Wall Street Journal reported. The crisis in Argentina has prompted the U.S. to once again embrace the type of multilateral and global institutions that have often come under heavy criticism from the Trump White House. IMF Managing Director Christine Lagarde presented the program Friday in Washington to the IMF’s executive board, where the U.S.