Headlines

Elliott Investment Management and other U.S. investors have been named as the winning bidder in a court-ordered auction for control of Venezuela’s oil refiner Citgo Petroleum designed to pay down the bankrupt country’s debts, WSJ Pro Bankruptcy reported. A special master appointed to sell Venezuela’s shares in Citgo’s parent company is expected to designate a bid backed by Elliott as the best offer following a monthslong auction process overseen by a federal judge, they said.

The owner of the shipping yard that built the Titanic has appointed administrators from financial advisory firm Teneo, after collapsing for the second time in five years, Bloomberg News reported. Harland & Wolff Group Holdings Plc confirmed the decision to go into administration — a form of insolvency in the UK — after warning last week that it was inevitable. The move applies to the holding company, which said some of the 66 people it employs will lose their jobs.

Top Chinese cities Shanghai and Shenzhen are planning to lift key remaining restrictions on home purchases to attract potential buyers and shore up their flagging real estate markets, four sources with knowledge of the matter said, Reuters reported. Under the planned changes, potential buyers will no longer have to be vetted for eligibility and people from other places in China will be allowed to buy homes in the popular cities, which had been previously tightly controlled due to worries about excess speculation.

Proper Music Group, the Swiss company formerly known as Utopia Music, has been hit with bankruptcy proceedings in Swiss court after the group failed to attend a court hearing related to a debt of 23,000 Swiss Francs ($27,360), Digital Music News reported. The provisional announcement of bankruptcy was filed on Tuesday, September 24. “We are disappointed that bankruptcy proceedings have been triggered.

Germany's finance minister has conveyed to Italy's Treasury his concerns about any takeover of Commerzbank by Italian lender UniCredit, two people familiar with the matter said, as Berlin looks to halt a hostile deal, Reuters reported. Christian Lindner outlined his position to the Treasury — Italy's economy and finance ministry, led by Giancarlo Giorgetti — in tandem with German Chancellor Olaf Scholz's public criticism this week of UniCredit's move to become the biggest investor in its German rival.

It has not been a particularly good year for airlines that declare bankruptcy: Air Malta, Armenia's FlyArna, Britain's Flybe, Canada's Lynx Air and Jetlines — and Antigua and Barbuda's LIAT — are just some of the airlines that ceased operations entirely in 2024, The Street reported. A number of other names have also filed for bankruptcy protection while continuing to work with creditors on plans that would allow them to stay afloat. In June 2024, the United Caribbean Airlines B.V. and JetAir Caribbean B.V.

Councillors have voted in favour of calling for a public inquiry into how a local authority amassed £1.5bn in debt, the BBC reported. The motion brought to Thurrock Council, in Essex, passed almost unanimously and was backed by Labour and most Conservatives on Thursday evening. A previous inquiry request was rejected by the Conservative government in April, despite votes from 1,500 residents to call one. Labour council leader John Kent said the government had been "oblivious" to the borrowing Thurrock was making.

Stuart Preston and Julie Tait, the joint administrators of Signal Real Estate Opportunities Investco IX SARL, have applied to the Outer House for directions under Schedule B1 of the Insolvency Act 1986, Scottish Legal reported. While it was noted that concurrent insolvency proceedings in two jurisdictions were not uncommon, confusion arose as to the effect of the Luxembourg procedure in light of a potential co-operation agreement drafted by the noters and the receiver in bankruptcy. The note was considered by Lord Sandison, with DM Thomson KC and Boffey, advocate, appearing for the noters.

A court in Seoul suspended the rehabilitation process of the Korean Federation of Film Producers (KFA), the organization behind the Grand Bell Awards, South Korea’s oldest film awards ceremony, The Chosun Daily reported. This development raises uncertainty about whether the ceremony will take place later this year. The Seoul Bankruptcy Court decided to revoke the KFA’s court-ordered small business reorganization KFA’s on Sept. 26, according to sources familiar with the matter.

Liquidators of debt-laden China Evergrande are still in talks with a potential buyer to sell a stake in the electric vehicle arm of the company with a view to provide a new credit line to support production, Reuters reported. In its initial days, the electric vehicle (EV) maker aimed to take on Tesla and had a market valuation higher than Ford Motor, but it has since been mired in the debt crisis engulfing its property developer parent.