Headlines

Mexican airline Magnicharters has initiated insolvency proceedings in an effort to maintain operations after suspending flights and facing prolonged financial strain, according to aviation authorities, MexicoBusiness.news reported. The filing follows a suspension and a subsequent regulatory review that identified liquidity risks and potential safety concerns.

Liquidators for Evergrande Group, the failed Chinese property giant, are ‌seeking 57 billion yuan ($8.4 billion) in damages from PwC, accusing it of being negligent in its auditing work, a Hong Kong court was told on Monday, Reuters reported. Potential damages would come on top of hefty fines imposed on the global auditing group by mainland ​Chinese and Hong Kong authorities after Evergrande collapsed with more than $300 billion of liabilities, becoming one of ​the biggest casualties of China's property sector crisis.

Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities -- Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) -- while setting aside an earlier NCLT order that had directed clubbing of the two cases, the Economic Times of India reported. Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution.

Russian company Monocrystal, which was one of the world's leading producers of synthetic sapphires used in the production of missiles and drones among other applications, is declaring bankruptcy, The Moscow Times reported. The manufacturer, which is part of the Energomera concern, notified creditors of its intention to file for bankruptcy with the Arbitration Court of Russia's Stavropol Krai.

Estonian e-bike manufacturer Ampler Bikes OÜ has filed for bankruptcy with Harju District Court, prompted by an unresolved legal dispute related to the lease agreement for its Berlin showroom, News.ERR.ee reported. The parent company's move followed the insolvency filing of its German subsidiary, while the Swiss unit is expected to face the same fate in the coming days, Delfi reports. Although the court has not yet officially declared bankruptcy, the company's management considers it inevitable.

A rush of foreign bids for U.K. companies has put Britain on track to outstrip all previous records for dealmaking in 2026, with M&A in the country more than tripling from this time last ​year to $192 billion so far, Reuters reported. Bids for Britain's Intertek, Schroders and Unilever's food unit are among the top ‌deals this year, as well as U.S.-listed Ingredion's offer for Tate & Lyle last Wednesday.

Four U.K. kitchen firms in particular have collapsed into administration or liquidation - with one closing its doors with immediate effect, The Mirror reported. These businesses have encountered challenges in recent years despite previous success, including one that ranked among Britain's largest independent wholesale distributors of kitchens and bathrooms. Others have led to over 100 job losses - or worse still - left owing staff and HMRC hundreds of thousands of pounds.

Developer Helen Chan Sun is the sole shareholder of a company that holds title to hundreds of millions of dollars worth of Lower Mainland real estate. But the multimillionaire will spend the next 40 days in a jail cell after repeatedly ignoring B.C. Supreme Court orders to come clean with a creditor about her finances, CBC.ca reported.

Top finance officials from the world’s wealthiest economies convened in Paris on Monday in hopes of devising a plan to contain the economic fallout from the war in Iran, which has sent global energy prices soaring and dragged down growth, the New York Times reported. The meetings come at a fraught moment for the world economy and for the United States. After more than a year of imposing tariffs on its Western allies and threatening more, the Trump administration now needs the assistance of its fellow members of the Group of 7 nations to stabilize an economic crisis of its own making.

China's growth lost momentum in April, with industrial output cooling and retail sales sinking to over three-year lows as the world's second-biggest economy wrestled with higher energy costs from the Iran war and persistently weak domestic demand, Reuters reported. Better-than-expected exports and China's domestic fuel-pricing controls have helped weather the energy shock, but ‌higher input costs threaten to squeeze already weak factory margins and further dampen consumer spending if the conflict drags on.