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A civil court in Turin, Italy, has ruled admissible a class action suit against Stellantis concerning potentially faulty airbags made by Japanese automotive parts company Takata, Stellantis and two consumer groups behind the legal action said on Monday, Reuters reported. Affected vehicle owners have 150 days to join the class action, the two consumer groups Codacons and Altroconsumo said in two separate statements. They added that a court hearing on the case had been adjourned to November 21. Similar legal actions against Stellantis have already been launched in France.
Telefónica has sold its Peruvian subsidiary, Telefónica del Perú, to Argentine company Integra Tec International for approximately US$ 992,000, marking its exit from the Andean country after three decades, MercoPress reported. The sale, part of Telefónica's strategy to reduce Latin American exposure, follows divestments in Argentina and Colombia. Telefónica del Perú, holding 99.3% of shares, faced a financial crisis, entering bankruptcy proceedings in February.
Montenegro's shipping company Crnogorska Plovidba will lease out two ships to local peer Barska Plovidba to raise cash for a delayed loan repayment and avoid imminent bankruptcy, said the Montenegrin government, which controls both companies, SeeNews.com reported. A detailed analysis of the maritime affairs ministry has found that Crnogorska Plovidba is "over-indebted and illiquid and unable to service its liabilities," with current dues to the government alone totalling 36.2 million euro ($41.1 million), the government said in a statement on Friday.
The deputy leader of Lancashire County Council has defended the authority’s debt levels after Nigel Farage claimed it was on the brink of “bankruptcy,” the Lancashire Post reported. Alan Vincent said the borrowed money was being used to fund key projects and assets that benefit residents – and insisted County Hall’s finances were sound. The Reform UK leader made the allegation during a campaign visit to West Lancashire on Wednesday, ahead of next month’s local elections. He said that it was costing the county council £135,000 a day in interest to service its borrowing needs.
Croatian shipyard 3. Maj Brodogradiliste said it has filed for bankruptcy, SeeNews.com reported. On April 1, the company, as debtor, submitted a proposal to initiate bankruptcy proceedings to the commercial court in Rijeka, according to a filing to the Zagreb bourse on Friday. The company's shipbuilding business had earlier been transferred to its subsidiary 3. Maj Rijeka 1905, which became state-owned following a debt-for-equity swap worth 10.3 million euro ($11.7 million). Read more.
The municipality of Costa Serina, located in the heart of the Bergamo Orobie, is facing an unprecedented financial crisis, Notizie.it reported. With less than a thousand inhabitants, the municipality has invested huge sums in the renovation of a school, using funds from the National Recovery and Resilience Plan (Pnrr). However, the situation became more complicated when the Treasury paid out only 1,5 million euros out of the 5 million foreseen by the tender. This delay in payments brought the municipal finances to their knees, forcing the municipality to face the risk of financial ruin.
A massive bankruptcy auction is underway for Northvolt Ett Expansion, offering a unique opportunity for buyers to acquire unused, high-tech equipment worth approximately 300 million euros, The EV Report reported. The auction, managed by TBAuctions and its brands, including PS Auction and Troostwijk Auctions, is one of the largest in Europe and features cutting-edge technology for battery manufacturing. The auction is being conducted by PS Auction, part of the TBAuctions group, on behalf of the bankruptcy trustee, Jonas Premfors of DLA Piper.
A GP practice manager who failed to pay more than £75,000 into the pension funds of staff at her surgery now faces seven years of bankruptcy restrictions, The (U.K.) Insolvency Service reported. Sonia Simkins, 54, of Foxglove Way, Dudley, ran Hawes Lane Surgery in Rowley Regis as a sole trader.
Bally's Corp. considered waiting for Star Entertainment to enter voluntary administration before investing but feared the Australian casino group would have been too hard to rescue, said the U.S gaming firm's chairman, Soo Kim, Reuters reported. Rhode Island-based Bally's and the Mathieson family - Star's largest investor - engineered a A$300 million ($188 million) rescue package, handing over the first A$100 million last week. The initial funds will keep Star afloat for 15 months while seeking regulatory approval for the full investment, Kim said.