Headlines

Mexican steelmaker Altos Hornos de México (Ahmsa) announced that it will enter bankruptcy after failing to reach an agreement with creditors, although it continues to work to attract investors to capitalize the company, Bnamericas reported. A second 90-day extension period to negotiate with creditors to end the bankruptcy proceedings came to an end on August 4 without sufficient agreements being hammered out on the sums owed by the firm.

In a story that reads like the script of a Hollywood film, one of the world’s most famous musicians, Canadian rapper Drake, emerged as the unlikely hero for an Italian club on the brink of financial collapse, World Soccer Talk reported. Venezia, a club steeped in history but battling financial turmoil, found an unexpected lifeline in Drake. His intervention was crucial in saving the club from bankruptcy and ensuring its survival. The Winged Lions, based in the iconic city of Venice, experienced a rollercoaster ride in recent years.

Glas Trust Company has filed the plea challenging the NCLAT order which quashed the bankruptcy proceedings against BYJU in the Supreme Court, LegalWorld.com reported. The matter will be heard on August 12. The NCLAT quashed the bankruptcy proceedings against BYJU after a settlement was reached between Board of Control for Cricket in India (BCCI) and BYJU, wherein the ed-tech agreed to pay off its dues of INR 158 Cr. Glass Trust opposed the settlement on the grounds on possibly jeopardizing of their financial interest while settling the BCCI debt.

The owners of consumer delivery companies are worried about going bankrupt and falling into more debt due to the ill-considered decisions of some government agencies and the false information that some officials provide to the concerned ministers, the Arab Times Online reported. In a meeting held Saturday, the owners called for a thorough review of the decisions and circulars issued recently, which have negatively affected their commercial activity.

An investor has filed a petition in a Chinese court to liquidate a major onshore unit of heavily indebted property developer China Evergrande, a stock filing by the petitioner showed on Wednesday, Reuters reported. Vanward, a Shenzhen-listed electric appliance manufacturer, cited a dispute with Evergrande unit Guangzhou Kailong Real Estate over an investment worth 200 million yuan ($27.9 million). A court in the southern Chinese city of Guangzhou is reviewing Vanward's case, the filing said.

The number of bankruptcies in the Netherlands rose again in July, the NL Times reported. According to Statistics Netherlands (CBS), 24 more companies were declared bankrupt last month than in June, an increase of 6 percent. CBS says the trend in the number of bankruptcies has been rising for more than two years. In the first seven months of 2024, approximately 43 percent more companies went bankrupt than in the same period a year earlier. The number of bankruptcies was also higher than in the three years before the coronavirus pandemic.

The German economy has lost momentum, inevitably leading to the collapse of many businesses, the Daily Wrap reported. According to Deutsche Welle, in July, the number of bankruptcies declared by German companies reached its highest level in a decade. One sector has been particularly hard hit. According to data from the Halle Institute for Economic Research (IWH), the economic slowdown has contributed to an increase in the number of company bankruptcies in Germany, reaching the highest level in about ten years.

Sweden's Oscar Properties avoided bankruptcy on Monday after reaching a settlement over financial claims made by a housing association, a lawyer representing the creditor said, Reuters reported. The creditor, housing association Innovationen, owner of a residential tower in Stockholm that Oscar Properties developed, requested last month that the company be declared bankrupt over unpaid claims of around 15 million crowns ($1.4 million). "We recall the bankruptcy application after the parties reached an agreement," said Patrik Kalman, lawyer for the housing association.

Some overseas lenders to India's Byju's have appealed to the country's apex court opposing a verdict that had quashed insolvency proceedings against the embattled education startup, Reuters reported. U.S.-based Glas Trust, representing some lenders of a Byju's group company, on Aug. 7 filed an appeal before India's Supreme Court, challenging an appeals tribunal's verdict that allowed Byju's and the cricket control board of the country to settle a $19 million payment case. Glas, earlier this month, opposed the settlement at the Indian appeals tribunal, but was rejected.

Bharti Global has agreed to buy a major stake in BT Group Plc, a deal that will bolster the Indian company’s international expansion while giving the British carrier more investor stability, Bloomberg reported. Bharti, an affiliate of conglomerate Bharti Enterprises, is buying the 24.5% stake from shareholder Altice UK, part of Patrick Drahi’s troubled telecommunications empire. Drahi has been selling off assets to pay down debt and the BT stake is among his most valuable.