Headlines

The cinema chain has announced that it will no longer be selling its U.K., Irish and U.S. locations despite filing for bankruptcy protection last year, the (U.K.) Gazette and Herald reported. The global company operates brands like Cinema City, Picturehouse, Regal and Planet with 750 locations around the world. On Monday, April 3, it announced that it has now terminated the planned sale after struggling to find an acceptable offer. Instead, the chain will go under financial restructuring of its approximately £4 billion debt pile.

A business tycoon long sought by the government of China, and known for cultivating ties to Trump administration figures including Steve Bannon, was arrested Wednesday in New York on charges that he oversaw a $1 billion fraud conspiracy, the Associated Press reported. Guo Wengui, 54, was accused along with his financier and chief of staff of various crimes, including wire and securities fraud. He was charged in court papers under the name Ho Wan Kwok. U.S.

Pakistan's central bank raised its key interest rate to a record 21% on Tuesday as the cash-strapped country bid to curb crippling food inflation and maintain the confidence of foreign creditors, Reuters reported. The 100 basis-point (bp) increase by the State Bank of Pakistan (SBP) was less than the 200 forecast by a Reuters poll of analysts as the country grapples with record annual consumer inflation of over 35%. Global factors have compounded consumer inflation already buoyed by Pakistan's weakening currency, energy tariff increases and hikes in food prices due to Ramadan.

Bankruptcies across Belgium increased by more than 9% in the first quarter of this year compared to the same period in 2022, with Flanders registering a record number of companies declaring themselves insolvent, the Brussels Times reported. According to a study published on Monday by market analysis firm Graydon Creditsafe, which was reported on by l'Echo, a total of 2,669 Belgian businesses declared themselves bankrupt in the first quarter of 2023 — 9.43% more than over the same period in 2022. Among these businesses, a disproportionate number were based in Flanders.

Lenders of debt-ridden Reliance Capital have postponed the second auction to April 11 for which three suitors have expressed interest to participate, the Indian Express reported. Earlier, banks had fixed the second auction date as April 4. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd. of Hinduja Group, Torrent Investment and Singapore-based Oaktree.

According to court documents analyzed, Statkraft, the largest renewable energy company in Europe, is on track to become the first multinational corporation to acquire an Indian power company through the insolvency and bankruptcy code (IBC) process after the national company law tribunal (NCLT) approved its Rs 1.80 billion offer for Lanco Mandakini Hydro Energy, Construction World reported.

Credit Suisse shareholders on Tuesday upbraided the Swiss bank’s leaders for years of mismanagement, scandal and obfuscation that sent its stock price into the gutter, while executives apologized and insisted that the only way forward for the once-venerable lender was a government-engineered takeover by rival UBS, the Associated Press reported.

European planemaker Airbus is negotiating a new round of plane orders with China, coinciding with a visit by French President Emmanuel Macron to the economic superpower later this week, government and industry sources said, Reuters reported. The potential deal for dozens of jets comes amid worsening relations between Washington and Beijing, which have seen China's usually balanced airplane imports tilt towards Airbus in recent years.

Solar car maker Lightyear from Helmond is making a restart in a slimmed-down form, the NL Times reported. The bankruptcy administrator will be selling some of the stocks of the previously bankrupt company in the near future. That includes some (demo) vehicles of the first Lightyear 0 model. This month, there is a special online auction to raise money for paying the company’s creditors. On a viewing day on Wednesday, April 19, interested parties can come and see the cars in person, bankruptcy administrator Reinoud van Oeijen said.

Former Liverpool star and current Burnley assistant manager Craig Bellamy has declared bankruptcy after a series of failed investments, Liverpool World reported. The Welshman played for Liverpool 79 times across two turbulent one-year stays at Anfield. Bellamy first joined Liverpool in June 2006 when the Merseyside club paid £6 million for his services from West Ham.