Headlines

A Beijing court has ordered the liquidation of Zhongzhi Enterprise Group and more than 300 related ​entities, in a major step towards resolving one ‌of China's biggest shadow banking collapses and managing systemic financial risks, Reuters reported. Creditors have until June 10 to file their claims with the ​administrator, Beijing Dacheng Law Offices, according to a ​court statement dated on Friday evening.

The insolvency of Swedish battery maker Northvolt will cost German taxpayers less than previously estimated, after parts of public funding were recovered, officials said on Friday, DPAInternational.com reported. As part of US firm Lyten’s planned acquisition of Northvolt's German subsidiary, the Northvolt Drei gigafactory project, the federal government and the northern state of Schleswig-Holstein have recovered €153 million ($179.2 million) in public funds. The money has already been repaid, the German Economy Ministry confirmed to dpa.

The National Company Law Appellate Tribunal has reaffirmed that insolvency proceedings initiated by homebuyers against realty firms must remain confined to the specific project where default has occurred and cannot extend to other projects of the corporate debtor, the Economic Times of India reported. The appellate tribunal highlighted that putting all other projects of the realty firms, which are unrelated to the default, is not in the interest of homebuyers and other stakeholders of other projects.

Shapoorji Pallonji Group, the Indian conglomerate behind the nation's biggest-ever private credit deal, is trying to delay paying a separate debt, underscoring mounting strains amid volatile markets, Bloomberg News reported. The company, controlled by billionaire Shapoor Mistry, has asked investors to let it repay 143 billion rupees ($1.5 billion) of zero-coupon notes at its unit Goswami Infratech Pvt. at the end of June instead of the current April 30 deadline. Goswami Infratech is looking to refinance its existing bond through a planned dollar bond sale which has a more complex structure.

Reliance Logistics’ restructuring effort fell apart in its final weeks as cash flow dried up, a key customer disappeared, and lenders began pulling back equipment, TruckNews.com reported. Court filings show the B.C.-based carrier entered creditor protection on Jan. 2 but was deemed bankrupt on March 19 after failing to file a proposal. A report from the proposal trustee shows the company missed its cash flow projections by about $885,000 — roughly 90% of expected collections — leaving it with about $200 in cash and unable to meet basic obligations.

Nacon, the French gaming publisher, has postponed its highly anticipated Nacon Connect showcase until later in May, citing financial troubles stemming from a missed loan repayment by its majority shareholder, Bigben Interactive. The company has filed for insolvency and is now focused on restructuring its debt and securing its long-term viability, NationalToday.com reported. Nacon's financial woes have raised concerns among gaming enthusiasts and industry observers about the company's future.

Bank of Japan (BOJ) monetary policy could be an option to tame rising prices by boosting the yen, Japan’s trade minister said yesterday, as the central bank weighs raising interest rates this month to counter inflation spurred by the Iran war, Reuters reported. Ryosei Akazawa, Japan’s top trade negotiator and Minister of Economy, Trade and Industry, was responding to an economist’s suggestion on a television talk show that a stronger yen would help offset higher crude-oil import costs.

For more than a month, the war with Iran has choked off one of the world’s most critical sources of jet fuel, triggering a swift and dramatic shortage across the aviation world, the Wall Street Journal reported. Airlines, airports and fuel suppliers are warning that Tuesday’s cease-fire deal—even if it holds—won’t solve the jet fuel crisis any time soon. China, a refining powerhouse, has stopped exporting jet fuel so it can meet its own needs, and airports across Asia, including in Vietnam and Myanmar, are already running out of supply.

OPEC on Monday lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer ‌group's monthly oil report showed in its first public assessment of the Iran war's ‌impact on the market, Reuters reported. OPEC sees a smaller hit to oil demand from the war this year than some other ​forecasters, such as the U.S. government's Energy Information Administration nL6N40Q0XR. OPEC also made no change to its full-year outlook as it sees consumption rebounding in later months.

Businessman Paddy McKillen jnr’s bid to set aside a bankruptcy summons issued against him over an alleged €2.1 million debt will be heard by the High Court in May, the Irish Times reported. When the matter was mentioned before Judge Liam Kennedy on Monday, he set a hearing date for May 11th. The judge was told by barrister Keith Farry, for McKillen jnr, of Torquay Road, Foxrock, Dublin, the necessary legal documents had been exchanged between the sides.