Headlines

Another creditor of e-commerce delivery firm Dunzo has filed for insolvency proceedings against the company under the Insolvency and Bankruptcy Code (IBC), CNBCTV18.com reported. This time it is Invoice Discounters, which provided services such as asset management, hiring delivery staff, background checks, and merchandise, as outlined in a platform subscription agreement and master service agreement to Dunzo. The creditor claims Dunzo failed to pay them in full for these services, leading to the insolvency application.

Byju Raveendran has moved a fresh writ petition in the Karnataka high court, seeking suspension of the National Company Law Tribunal’s (NCLT) order which allowed the initiation of insolvency proceedings against Byju’s, the edtech startup he founded more than a decade back, the Times of India reported. This is the second plea Raveendran has moved in the court against the tribunal’s order.

TMON started offering belated refunds to customers, Friday, after more than a thousand enraged consumers flocked to the headquarters of the cash-strapped e-commerce platform, the Korea Times reported. This came shortly after WeMakePrice, another online shopping platform mired in a similar liquidity crisis, initiated refunds the day before. Early this week, concerns about the potential insolvency of both firms emerged when their sellers abandoned the platforms due to delayed payments.

Consulting firm Falkensteg has been commissioned to carry out an international sales process of insolvent German microinverter manufacturer Solarnative, PV-Magazine.com reported. "Solarnative has developed a good market position. With the right investment, the company can fully exploit its potential and successfully open up the market for rooftop systems,” the Solarnative's provisional insolvency administrator Jan Markus Plathner from the law firm Brinkmann & Partner said. He sees the sales process as a good opportunity to restructure and continue the company's business.

Bordeaux have filed for bankruptcy just days after they were relegated to the third tier of French football after Liverpool soccer club’s owner withdrew from takeover talks, the former Ligue 1 club said on Thursday, Reuters reported. Earlier this month the six-times French champions were demoted from Ligue 2 by the National Directorate of Management Control due to financial concerns. Once Liverpool’s owner, Fenway Sports Group, pulled out from takeover talks, it effectively ended the club's survival hopes.

A group of Thames Water’s creditors including BlackRock Inc. and Elliott Investment Management LP formed a coordination committee as talks kicked off with the struggling utility over options to restructure its debt load, Bloomberg News reported. The committee formed last week is part of a larger group of creditors who are being advised by investment bank Jefferies and law firm Akin Gump, said the people, who asked not to be named discussing private information. The broader group holds about £8.5 billion ($10.9 billion) of Thames Water debt.

Postmedia Network Inc. has announced plans to buy “certain businesses” belonging to SaltWire Network Inc. and The Halifax Herald Ltd., the two insolvent media companies behind Atlantic Canada’s largest newspaper chain, the Canadian Press reported. The Toronto-based company, which owns the National Post, Vancouver Sun, Calgary Herald, Ottawa Citizen and dozens of other publications, issued a statement Friday saying the deal is subject to conditions, including approval from the Nova Scotia Supreme Court and “satisfactory outcomes” with unionized workers.

China's latest series of rate cuts show the central bank's monetary framework has changed, analysts said, with the short-term repo rate becoming the primary signal and a diminished role for its medium-term lending facility (MLF), Reuters reported. The People's Bank of China (PBOC) surprised markets this week by first cutting several key rates including loan prime rate (LPR) and reverse repo rate on Monday. It then conducted an unscheduled MLF lending operation on Thursday, at steeply lower rates.

Singapore’s central bank left its monetary policy settings unchanged for a fifth straight time as it tweaked its economic outlook, expecting cooler inflation and stronger growth, the Wall Street Journal reported. The Monetary Authority of Singapore (MAS) said that it would maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate policy band. There will be no change to the width and the level at which the S$NEER policy band is centered, the MAS said Friday.

Russia’s Central Bank on Friday raised its key lending rate to its highest level in more than two years to stem soaring inflation in an overheated economy hit by Western sanctions in response to Moscow's military action in Ukraine, the Associated Press reported. The bank raised the rate by 200 basis points to 18.00%, noting that inflation has accelerated and is developing “significantly above” its forecast. “Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services,” the bank said in a statement.