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Brazilian airline GOL Linhas Aéreas Inteligentes S.A. on Friday said that it had secured binding commitments totaling $1.9 billion in exit debt financing as part of its ongoing chapter 11 restructuring process in the U.S. Bankruptcy Court for the Southern District of New York, RTTNews.com reported. Over the past six months, GOL pursued a broad market outreach to finalize the financing. Following court approval of its backstop agreement with Castlelake, L.P.
The European arm of Bajaj Auto Ltd. has obtained a EUR 566 million (USD 632 million) unsecured one-year loan from JP Morgan Chase & Co., DBS Bank Ltd., and Citigroup Inc. to fund investments related to its motorcycle business, according to a regulatory filing with the Bombay Stock Exchange, BusinessWorld.In reported. The financing comes just days ahead of the 23 May deadline for KTM AG, the Austrian motorcycle maker, to deposit EUR 544 million with its insolvency administrator and pay out 30 per cent to creditors as part of a restructuring agreement.
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The state cargo railway company CFR Marfa, which entered insolvency in April after five years of pre-insolvency status, plans to diminish its dues by 32% to RON 3.1 billion (EUR 620 million) during this year by the transfer of RON 1.5 billion (EUR 300 million) of assets to the newly set up company Carpatica Feroviar, according to the budget of the company inked by the Transport Ministry and quoted by News.ro.
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The Irish High Court has confirmed the appointment of an examiner to Workman’s Club Ltd, part of the former Press Up hospitality and entertainment group founded by Patrick McKillen jnr and Matthew Ryan, the Irish Times reported. Ms Justice Eileen Roberts said on Monday she was satisfied to appoint Declan McDonald of PwC as examiner to the company. The confirmation of Mr McDonald as examiner follows a petition for court protection brought on behalf of the company by Kelley Smith SC, instructed by Gavin Simons, partner in AMOSS solicitors, earlier this month.
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Britain and the European Union signed a deal to ease trade and bolster security cooperation, taking the biggest step to improve their relationship since the U.K. quit the bloc five years ago, the Wall Street Journal reported. EU leaders gathered in London alongside British Prime Minister Keir Starmer on Monday to unveil the deal, which doesn’t undo Brexit but shows both sides have buried the hatchet after years of painful wrangling.
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The rapid de-escalation in the U.S.-China trade war after the Geneva talks has helped Beijing avoid a nightmare scenario: mass job losses that could have endangered social stability - what the ruling Communist Party sees as its top-most priority, Reuters reported. But this year's U.S. tariff hikes of 145% left lasting economic damage and even after the Geneva talks remain high enough to continue to hurt the job market and slow Chinese growth, say economists and policy advisers.
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Japan's economy shrank for the first time in a year and at a faster pace than expected, data for the March quarter showed on Friday, underscoring the fragile nature of its recovery now under threat from U.S. President Donald Trump's trade policies, Reuters reported. The data highlights the challenge policymakers face as steep U.S. tariffs cloud the outlook for the export-heavy economy, particularly for the mainstay automobiles sector.
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When asked what their city would be without auto-parts makers, Pauline Ridley and Colleen Barrette, two union officials, quickly replied, “A ghost town,” the New York Times reported. President Trump’s tariff war against Canada has unleashed widespread anxiety in Windsor, Ontario, the country’s auto-making capital. Much of it has focused on the fate of large vehicle assembly plants. But the concern is just as high, or higher, throughout the roughly 100 smaller auto-parts plants in Windsor and the surrounding county that employ some 9,000 workers.
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Finance leaders from the Group of Seven democracies will strive for a show of unity when they meet this week on topics other than U.S. President Donald Trump's tariffs, including economic security, Ukraine and artificial intelligence cooperation, Reuters reported. But mostly, they'll want to keep the powerful Western policy alliance from fracturing, even if it means less-specific language and agreed actions, according to G7 officials and economic diplomacy experts. U.S.
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EU antitrust regulators have extended their decision deadline on Italian bank UniCredit's takeover bid for its smaller rival Banco BPM after a national watchdog asked to take over the review, a European Commission filing showed, Reuters reported. The EU competition enforcer's website showed a national agency had submitted a request on May 14 but did not name the country. It said that it was now assessing the request.