Headlines

U.S. Bankruptcy Court Judge Robert J. Faris has ordered Imperial Pacific International to show cause why its chapter 11 bankruptcy case should not be dismissed or converted to chapter 7, Marianas Variety reported. Judge Faris wants IPI to provide proof that it has renewed or replaced its recently expired liability insurance policy by June 19. If not, he said the court will enter an order dismissing IPI’s case without further notice or hearing. IPI operated a casino on Saipan for four years until the COVID-19 pandemic forced its closure in March 2020.

On 10 June, the Moscow Exchange began calculating and publishing a new index — Bitcoin — and the calculation will take place daily at 12.30, Realnoe Vremya reported. The index is calculated as a weighted average of prices taking into account the weighting factors of the selected trading platforms. The weighting factors of the crypto exchanges are calculated based on the trading volumes of the instruments being monitored and will be revised quarterly. In the future, the indicator may become the underlying asset for financial instruments, experts note.

Thailand has reached a major aviation milestone as Thai Airways International triumphantly exits its court-supervised debt restructuring program after four challenging years, following official approval from the Central Bankruptcy Court in Bangkok, Travel and Tour News reported. This crucial court decision not only restores the national carrier’s financial stability but also paves the way for the resumption of trading on the stock market, renewed investor confidence, and Thailand’s strengthened position in the global aviation industry.

Hozon New Energy Automobile, the owner of the Neta electric vehicle brand, has officially entered the bankruptcy review process, according to a notice posted on China’s centralized information platform on bankruptcy cases, YiCai Global reported. The National Enterprise Bankruptcy Information Disclosure Platform updated its information about Hozon Auto on June 13, adding Zhejiang Zicheng Law Firm as the administrator, the main person in charge of the administrator, and other data.

The head of French carmarker Renault, Luca de Meo, is to quit "to take on new challenges outside the automobile sector,” the company said on Sunday, BSS News reported. "After five years leading Renault Group, Luca de Meo has announced his decision to leave his position," said a company statement, adding that his departure would take effect on July 15. According to Le Figaro newspaper, de Meo will become the new chief executive of French luxury group Kering, owner of Gucci, Yves Saint-Laurent, Balenciaga and other premium brands.

Gaucho Group Holdings has successfully emerged from chapter 11 bankruptcy after a seven-month restructuring period, maintaining its core assets focused on fine wines, luxury real estate, and leather goods in Argentina, Stock Titan reported. The company's emergence coincides with significant improvements in Argentina's macroeconomic landscape, including the lowest inflation rates in five years and renewed access to long-term mortgage financing.

The recent bankruptcy of Marelli, a supplier of automotive components, has sent shockwaves through the global automotive industry, MSN.com reported. This event marks one of the first major corporate failures triggered by the new tariffs imposed by Donald Trump's administration. Marelli's collapse directly impacts Stellantis and its renowned brands, including Jeep, Chrysler and Dodge. Marelli, known for its expertise in vehicle lighting and electronic components, had been grappling with financial difficulties for years.

Insolvency-related activity in Scotland hit a 29-month high in May 2025, according to new research from R3, the U.K.’s insolvency and restructuring trade body, Credit-Connect reported. R3’s analysis of data provided by Creditsafe shows there were 141 cases of insolvency-related activity in Scotland in May — the highest number on record since December 2022’s figure of 142.

The Pakistan Tehreek-e-Insaf (PTI) has launched a scathing critique of the government's economic management, attributing severe decline in GDP growth from over 6% to negative figures, to the leadership of Prime Minister Shehbaz Sharif, Devdiscourse reported. PTI Central Information Secretary Sheikh Waqqas Akram has highlighted a concerning reduction in average Pakistanis' purchasing power by 58% since the current administration took office.

A U.S. court-organized auction of shares in the parent company of Venezuela-owned Citgo Petroleum has entered its final stages, with bidders submitting improved offers for the U.S. refiner and creditors hoping to recover a portion of the proceeds, Reuters reported. The auction stems from an eight-year-old case that Canadian miner Crystallex initiated in Delaware against Venezuela. The court found Citgo's parent, PDV Holding, liable for Venezuela's debts and expropriations, paving the way for over a dozen other creditors to pursue compensation of nearly $19 billion.