Headlines

India’s top court struck down a bankruptcy tribunal’s order that allowed Byju’s to settle debts with a key creditor, pushing the online tutor back firmly into the insolvency process, Bloomberg News reported. The Supreme Court on Wednesday ruled that the National Company Law Appellate Tribunal didn’t follow due legal procedure when it allowed a debt settlement between Byju’s and India’s cricket regulator.

A ruling by a high court has set back a distressed takeover by Bunge Global SA of Vicentin SAIC, once the crown jewel of Argentina’s massive soybean-processing industry, Bloomberg News reported. Five of the six judges in the supreme court of Santa Fe province — where family-run Vicentin filed for bankruptcy protection nearly five years ago after a $1.5 billion default — ruled on Tuesday to take on a complaint by a hostile creditor.

FlyEgypt (FT) has suspended all flight operations after a failed attempt to file for bankruptcy due to substantial debt accumulation, AirwaysMag.com reported. Egypt's Civil Aviation Authority (ECAA) denied FT's request to close and liquidate the company, stating that the airline must first resolve all outstanding domestic and international obligations under national and international regulations. As a result, the ECAA denied the company's request to surrender its operating license and remove its aircraft from the national register.

Brazilian airline Azul is in talks with multiple parties to raise about $400 million in fresh capital via debt financing and an agreement may come as soon as this week, three sources close to the discussions told Reuters. Azul dominates Brazil's airline industry along with LATAM and Gol. It managed to avoid chapter 11 even as a number of Latin American carriers filed for bankruptcy after the COVID-19 pandemic, including its two main rivals.

Top financial regulators around the globe are voicing concern about private credit valuations, whether lenders are hiding troubled loans, and the deep entanglement between private markets and insurance money, Bloomberg News reported. “Valuation risks are where we see a core issue,” said Andrew Dean, the co-chief of the Division of Enforcement Asset Management at the U.S. Securities and Exchange Commission.

The Bank of England is hunting for better ways to keep a close eye on non-bank financial institutions as it looks to track escalating risks posed by the sector, Bloomberg News reported. The central bank has spent months probing how a bevy of investment banks, insurers, central counterparties, hedge funds and other asset managers can handle different forms of stress as part of its so-called system wide exploratory scenario. Still, Governor Andrew Bailey said regulators have already realized there’s a need for further tools to monitor these players.

The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years, and hailed signs the country has returned to an era of low inflation, Reuters reported. The central bank, which hiked rates to a 20-year high to fight soaring prices, has now cut four times in a row since June. Inflation in September sank to 1.6%, below the 2% target. "Canadians can breathe a sigh of relief. It's a good news story," Governor Tiff Macklem said during a press conference after the rate announcement.

A new luxury hotel near London’s Bond Street station is going up for sale after attempts to refinance the project so far have been unsuccessful, Bloomberg News reported. Jones Lang LaSalle Inc. has been appointed to market the five-star BoTree hotel on Marylebone Lane. The 199-room property, built on the site of a former car park, was developed by Shiva Hotels Group and cost £375 million ($487 million) to build. Place III has been attempting to refinance the hotel since it opened in September 2023.

Pakistan is getting a promising response from China over its request to lengthen maturities for Belt and Road Initiative loans, according to its finance minister, signaling potentially more breathing room for the nation that has been squeezed by costly borrowing in the past, Bloomberg News reported. The South Asian nation is looking to increase the maturities for debt taken to build power plants and “create enough space” to lower electricity prices, Muhammad Aurangzeb said in an interview in Washington.