Headlines

The bankruptcy regulator has proposed to reduce the compliance burden on insolvency professionals, who oversee the resolution of stressed assets, without compromising on the accuracy and the comprehensiveness of the information required for decision-making, the Economic Times of India reported. It seeks to reduce the amount of information and data that insolvency professionals are currently required to submit, according to a discussion paper floated by the Insolvency and Bankruptcy Board of India (IBBI).

U.S. hedge fund manager Elliott Investment Management has offered support to troubled Canadian miner Nevada Copper Corp. after the company filed for chapter 11 protection, Bloomberg News reported. Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one, Chief Financial Officer Gregory J. Martin said in a court filing. To help pay for the chapter 11 restructuring case, the company agreed to borrow as much as $60 million from Elliott affiliates.

China's central bank on Wednesday held a meeting to promote its financial support for affordable housing in a bid to accelerate sales of unsold housing stock, as a property crisis threatens growth in the world's second-largest economy, Reuters reported. The central bank last month set up a 300 billion yuan ($41.4 billion) relending loan facility for affordable housing, and Wednesday's virtual meeting hosted from the city of Jinan in eastern Shandong province is the latest effort to promote the facility among local governments and banks.

The European Union will apply additional duties of up to 38% on imported Chinese electric vehicles from July in a latest effort to protect home-grown manufacturers, Reuters reported. It has also launched several probes into whether Chinese clean tech producers are dumping subsidised goods on EU markets and whether Chinese-owned companies unfairly benefit from subsidies while operating inside the European Union. The European Commission, which is carrying out the investigations, says its aim is to prevent unfair competition and market distortion.

China Evergrande New Energy Vehicle’s shares fell sharply after Chinese authorities ordered the company to repay government subsidies due to its failure to meet contractual obligations, adding to its woes, the Wall Street Journal reported. Shares of the electric-vehicle unit of property developer China Evergrande Group slid 21% to 34 Hong Kong cents (4 U.S. cents) on Wednesday morning, on track for their largest one-day loss in almost a year.

Moody’s Ratings downgraded Allied Properties Real Estate to junk status on Tuesday, citing the Canadian office landlord’s high debt levels, as well as weakening occupancy rates that will weigh on its ability to meet its obligations, Bloomberg News reported. The bond grader cut the company’s senior unsecured rating to Ba1, the highest junk rating, from Baa3, the lowest investment-grade level. The outlook remains negative. Allied Properties is a real estate investment trust that specializes in turning old downtown industrial and warehouse space into offices for industries including technology.

Apollo Global Management Inc. and other investors are seeking to raise as much as $500 million in an initial public offering of Grupo Aeromexico SAB, the Mexican carrier that emerged from bankruptcy protection more than two years ago. The alternative asset manager, which owns about 22% of Aeromexico, and other selling shareholders are aiming to raise about $400 million to $500 million in the Mexico City-based carrier’s listing, said the people, who asked not to be identified discussing confidential information.

Life insurers in Taiwan are issuing an unprecedented amount of bonds that pose more risks to investors, as they rush to improve their finances before a deadline to shore up capital, Bloomberg News reported. Already in 2024, Taiwan’s seven major insurance firms have sold $2.4 billion of subordinated notes that put investors behind other debt holders for claims on assets in the event of any bankruptcy. That’s a record for the first half of a year, according to data compiled by Bloomberg.

Ghana reached a deal with creditors formalizing debt treatment plans agreed in January, opening the the way for the disbursement of aid from the International Monetary Fund, the finance ministry said Wednesday, Bloomberg News reported. “The financial terms of the agreement remain unchanged,” the ministry said in a statement.

The number of corporate bankruptcies in Japan surged 42.9% from a year earlier to 1,009 in May, credit research firm Tokyo Shoko Research said on Monday, the Japan Times reported. The monthly number exceeded 1,000 for the first time since July 2013, when it reflected the impact of the end of funding support measures for small businesses introduced after the 2008 global financial crisis. The latest result came as many companies struggle with rising prices, as well as labor shortages mainly in the service sector.