Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday, Reuters reported. Earlier this month, Virgin Orbit filed for chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January.

Credit Suisse has lodged a $440 million claim against Japan's SoftBank Group Corp in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm, Reuters reported. The Swiss lender is trying to recover client funds that Greensill had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy in 2021. SoftBank has vowed to vigorously fight the claim. The collapse of Greensill, along with a string of scandals, helped dent confidence in the 167-year-old Swiss bank.

Inflation drifted lower to the slowest pace in nearly two years, a reprieve for the Bank of Canada amid a jobs market and economy that continue to defy expectations for a stall, Bloomberg News reported. The consumer price index rose 4.3% in March from a year ago, the lowest headline number since August 2021, Statistics Canada reported Tuesday in Ottawa. That matched expectations in a Bloomberg survey of economists and was down from 5.2% in February. On a monthly basis, the index rose 0.5% in March, also matching economist forecasts.

Canadian Pacific Railway Ltd. has emerged as an unlikely target for a few distressed-debt investors. It wasn’t because of the railroad operator’s creditworthiness, but rather because rising interest rates pummeled the value of some of its bonds in recent months ahead of its roughly $30 billion acquisition of U.S. rival Kansas City Southern, according to a WSJ Pro Bankruptcy commentary. Canadian Pacific sold bonds in December 2021 to finance the acquisition, including $2.4 billion in notes due 2031 and 2041, with coupons of 2.45% and 3%, respectively.

Canada’s recent moves to impose stricter rules on crypto companies show that US regulators have allies in cracking down on the asset class after last year’s turmoil, Bloomberg News reported. Canadian securities regulators in February gave a 30-day deadline for unregistered crypto trading platforms operating in the country to commit to a so-called pre-registration undertaking. Firms are required to follow tougher regulations on segregating customer assets and prohibited from offering margin or leverage to users in Canada.

El Salvador has tapped a former International Monetary Fund official as an adviser as it seeks a deal with the multilateral lender, Bloomberg News reported. Alejandro Werner, who retired as head of the Western Hemisphere Department at the IMF in 2021, has been working with the Central American nation’s government this year. President Nayib Bukele’s government has struggled to secure an extended fund facility agreement with the IMF, which has warned repeatedly against the risks of using Bitcoin as legal tender.

SAS will not be using the second tranche of its $700 million debtor-in-possession (DIP) term loan in the second quarter of the year, due to stronger than expected development of the airline's liquidity, the airline said on Monday, Reuters reported. SAS may, depending on the development of its liquidity, continue discussions with Apollo regarding access to the second tranche of the DIP term loan at a later stage of the chapter 11 process.

The Bank of Mexico's governing board struck a more dovish tone at its March 29 monetary policy meeting, with board members discussing the possibility that the bank's rate-hiking cycle may have reached its end, minutes from the meeting showed Thursday, Reuters reported. Banxico, as the Mexican central bank is known, hiked its benchmark interest rate by 25 basis points to 11.25% at that meeting, moderating the pace of a tightening cycle that began in mid-2021.

Interest rates in Canada may have to stay restrictive for longer to ensure inflation declines to the Bank of Canada's 2% target, Governor Tiff Macklem said on Wednesday, Reuters reported. Macklem, speaking after the bank announced that it was holding its key rate at 4.50%, said the central bank's governing council had discussed whether rates had been raised enough. Macklem said that while the bank was encouraged inflation was dropping, the job of monetary policy was not done.

Zambian President Hakainde Hichilema said China and the U.S. have a responsibility to set aside their differences and help countries such as his get the debt relief they need to avoid further damage to their economies, WSJ Pro Bankruptcy reported. With finance officials from around the world gathering in Washington this week for the International Monetary Fund and World Bank biannual meetings, Mr. Hichilema’s country is emerging as a focal point of discussions on how to restructure poor nations’ debts. U.S.