Byju’s U.S. Judge Rejects Effort to Stop Payment to India Cricket

A U.S. judge refused to block a debt payment designed to free Byju’s from an insolvency case in India, telling American lenders to take their complaints about the transaction to a court in the home country of the educational tech firm, Bloomberg News reported. Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju’s founder, from paying more than $19 million to India’s governing board for cricket. A deal to clear the debt enabled Byju’s to win dismissal of an insolvency case in front of a judicial tribunal in India.
India
United States
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U.K. Retailer Mountain Warehouse Offers $5M Stalking-Horse Bid for Eastern Mountain Sports

With an offer of $5 million, U.K.-based outdoor and sports gear retailer Mountain Warehouse has emerged as the stalking horse bidder for Eastern Mountain Sports’ intellectual property. The bankruptcy auction ends by Aug. 30, when the deal is scheduled to close, per court documents, RetailDive.com reported. After that date, EMS will close any inventoried stores until the deal is complete, and it would be up to Mountain Warehouse to reopen them. If EMS accepts a higher bid, Mountain Warehouse is entitled to a $150,000 break-up fee, according to court filings.
United Kingdom
United States
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Bank of Canada Focused on Perils of Cooling Labor Market in July Rate-Cut Decision: Minutes

Bank of Canada officials worried about the risk of a yearslong slump in consumer spending amid signs of labor-market weakness, according to a summary of their deliberations leading up to a July rate cut, the Wall Street Journal reported. The Bank of Canada delivered a second straight quarter-point cut in July, taking its policy rate to 4.5%, and signaled more reductions were in the offing given that economic slack, or spare capacity, has increased. Gov.
Canada
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More Than 300 Canadians Filing for Bankruptcy Each Day as Insolvency Filings Hit Four-Year High

Personal insolvencies are at a four-year high in Canada as consumers struggle with lingering inflation, high interest rates and debt they can no longer handle, the Toronto Star reported. The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) report for the second quarter shows a rise of 12.4 per cent in insolvencies compared to the year prior. And the numbers for business are even worse with insolvencies spiking 41.4 per cent year-over-year.
Canada
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Bank of Montreal Said to Sell Thames Water Debt at 30% Discount

Bank of Montreal has sold about £300 million ($383 million) of Thames Water’s senior debt at an almost 30% discount, Bloomberg News reported. The Canadian lender sold a mix of the utility firm’s senior debt, including bilateral loans and privately placed debt, split across Class A instruments with different maturities. The debt was sold for a little over 70% of its face value, following an auction process with a reserve price of 65%, which closed on Friday, according to a memo seen by Bloomberg News.
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Canada
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