Headlines

LATAM Airlines Group and the Union of LATAM Pilots (SPL) in Chile reached an agreement on Wednesday, cooling off the possibility of a strike which was set to begin on Thursday, the Union said in a statement, Simple Flying reported. Having recently emerged from its chapter 11 bankruptcy process, LATAM quickly faced a new challenge, the possibility of an industrial action taken by its team of pilots. On Nov. 2, with a 99% overwhelming majority, the pilots in the company voted in favor of a strike.

For two hours in a parliamentary committee room, the Reserve Bank on Thursday came face to face with the reality created by the economic and political turmoil of the past two years, the Sydney Morning Herald reported. The RBA is central to the economic turmoil – soaring prices, interest rates climbing at their fastest rate in a generation, falling house values – that is vexing central banks around the world. But the political turmoil, driven in part by the nation’s economic backdrop, is a little alien to the monetary policy mandarins of Martin Place.

The Companies (Amendment) Act 2021 (the "Amendment") introduces, with effect from 31 August 2022, a welcome update to the Cayman Islands restructuring regime as is contained in Part V of the Cayman Islands Companies Act (2022 Revision) (the "Act"), Mondaq reported. The amendment introduces the concept of a Company Restructuring Officer (CRO), whose mandate is to oversee and implement a restructuring of the company's debts under the supervision of the Grand Court of the Cayman Islands.

Malta's Pre-Insolvency Bill (‘the Bill’) is at its second reading in Parliament, Lexology reported. The Bill is being proposed as an Act to partially transpose EU Directive 2019/1023 (‘the Directive’) on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt. In short, new legal tools are being provided in a bid to rescue viable businesses in distress from entering into a state of insolvency.

Companies led by Asia's richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries have entered the fray to acquire India's debt-laden Future Retail Ltd., Reuters reported. April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail. Future Retail's court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment.

Vodafone Idea (Vi), the third-largest telecom company in India, is in a tough spot financially: The company is trying to pay off the financial institutions first before doing anything else, as it is trying to avoid bankruptcy, TelecomTalk reported. The telco had recently paid Rs 2700 crore to the State Bank of India (SBI) before even the due date of the said payment. Because of the financial woes, Vi might find it difficult to expand network services, introduce new products in the market and also at the same time be able to pay back the financial creditors.

On Friday, Oct. 7, 2022, the Russian government moved forward by presidential decree to disenfranchise the owners of the Sakhalin-1 energy project, including the foreign nationals of several countries that the Russian government designated as "unfriendly countries," Mondaq reported. Russia has applied the "unfriendly country" designation to any country, including the U.S., that has joined in international sanctions against Russia.

Latam Airlines and its main pilots’ union in Chile have reached an agreement staving off a threatened strike, the union said in a statement on Wednesday, Reuters reported. The Union of Latam Pilots (SPL), which says it represents 313 of the airline's nearly 500 pilots, voted almost unanimously last week to begin a strike, leaving a window for a mediation process mandated by Chilean law.

Life doesn’t get much easier for troubled EV maker Arrival: Shares in the Nasdaq-listed, but UK-based, company have continued to slide – falling from $0.42 to $0.38, following a worrying third quarter trading update from the company, capital.com reported. Arrival revealed a loss for the period of $310.3m, compared to a loss of $30.6m in the third quarter of 2021. This Q3 loss in 2022 included non-cash impairment charges and write-offs of $232m. Adjusted EBITDA loss for the period was $73.3m, compared to an adjusted EBITDA loss of $45.9m in third quarter of 2021.

Japanese Prime Minister Fumio Kishida said Tuesday he will speed up the drafting and passage of a law to regulate the collection of donations by religious groups and protect families of believers after he met with victims of the Unification Church and was heartbroken by their “horrendous experiences,” the Associated Press reported.