Indian tech firm Think & Learn Pvt must freeze $533 million in order to protect the money for disgruntled lenders who claim the cash should only be used to pay them, a U.S. judge said yesterday, Bloomberg News reported. The decision by US Bankruptcy Judge John Dorsey was a mixed victory for lenders. They earlier demanded the money be placed under the control of the federal court to prevent the cash from being spent by the Indian education-tech firm, which operates under the name Byju’s.

The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, Reuters reported. A federal court in Delaware is auctioning the shares of a parent of Venezuela's foreign crown jewel, Houston-based Citgo, that it found liable for the South American country's debt defaults and expropriations. Creditors have flocked to Delaware to press claims totaling $21.3 billion in a case first brought nearly seven years ago by miner Crystallex.

SaltWire Network, the largest newspaper business in Atlantic Canada, has filed for creditor protection, the Globe and Mail reported. Documents filed in the Supreme Court of Nova Scotia on Monday say the company, which runs 23 titles including its 150-year-old flagship newspaper, the Halifax Chronicle Herald, is more than $94-million in debt. Private debt firm Fiera, SaltWire’s largest creditor, also filed an application in court Monday, saying the media company owes it more than $32-million.

Bank of Mexico Deputy Governor Omar Mejia argued in a podcast published on Wednesday that it is not premature to consider lowering the bank's benchmark interest rate, though he cautioned that any future cuts should remain restrictive, Reuters reported. The bank's interest rate currently stands at a historic high of 11.25%, and the monetary authority is set to meet later this month.

Canadian Overseas Petroleum Ltd. has filed bankruptcy in its home country and the U.S. and said that it intends to restructure, Bloomberg News reported. The Calgary-based oil and gas production company said its existing lenders have offered to provide as much as US$11 million in financing to fund its proposed restructuring. COPL said it has requested the immediate suspension on trading of its shares on both the London Stock Exchange and the Canadian Securities Exchange. COPL has sought a form of chapter 11 protection in Canada and filed for bankruptcy in Delaware to protect its U.S.

Deutsche Bank's chief executive officer said on Tuesday that he expects the current crisis in commercial real estate to continue in 2024 and that provisions for loan losses will be at the upper end of its projected range, Reuters reported. There won't be "overall big relief" to the challenges facing commercial real estate in 2024, CEO Christian Sewing said. Deutsche Bank is Germany's largest lender and also has the most in outstanding loans to the commercial real-state sector among its domestic competitors, data show.

Canadian business insolvencies will likely remain elevated throughout 2024, experts said, as the economy plays catch-up after historically low levels during the pandemic, the Canadian Press reported. “We did have ... so many years of artificially low filings. We've got a fair bit of catch-up to do,” said Natasha MacParland, a partner at Davies Ward Phillips & Vineberg LLP. The pandemic saw a historically low level of insolvency filings — which include bankruptcy and restructuring procedures — as government supports kicked in but in 2023 things started to normalize, said MacParland.

Canada’s labor market continues to run slightly hotter than expected, with another solid month of hiring buoyed by rapid population growth and signs still-high wage growth has begun to cool, the Wall Street Journal reported. Employers added 40,700 jobs last month, though that wasn’t enough to prevent the unemployment rate from ticking up 0.1 percentage point to 5.8%, Statistics Canada reported Friday. The pace of hiring was the strongest in five months and beat market expectations for the addition of a modest 20,000 jobs.

Canada’s labor market surged past expectations with the biggest job gains since September, but a rising unemployment rate and slowing wage growth still point to easing inflation pressures ahead, Bloomberg News reported. The country added 41,000 jobs in February, while the unemployment rate rose to 5.8%, Statistics Canada reported Friday in Ottawa. The employment figure more than doubled expectations and the jobless rate matched the median estimate in a Bloomberg survey of economists.

The Bank of Canada held its policy rate steady for a fifth consecutive meeting, acknowledging progress on inflation while reiterating that it’s still “too early” to consider rate cuts, Bloomberg News reported. Policymakers led by Governor Tiff Macklem left the benchmark overnight rate unchanged at 5% on Wednesday. The pause was expected by markets and by economists in a Bloomberg survey.