Aeromexico has formally completed its chapter 11 bankruptcy filing in the U.S., Simple Flying reported. Last week, the U.S. Bankruptcy Court for the Southern District of New York issued a final decree, closing the chapter 11 cases of the company and its subsidiaries. Although Aeromexico had successfully emerged from the chapter 11 process in March 2022, the case was still open. On Dec. 22, 2022, the court closed the case, considering, among other things, that Aeromexico’s plan of reorganization “has been substantially consummated,” the airline announced in a statement.

ExxonMobil is suing the EU in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy, the Irish Times reported. The lawsuit is the most significant response yet against the tax from the oil industry, which has been targeted by western governments amid a surge in energy prices following Russia’s invasion of Ukraine.

Calgary-based Swimco has returned to physical retail locations with an eye towards expanding to more stores in the future, CBC reported. It comes more than two years after the company went bankrupt, closing all of its locations across Canada after 45 years in business. At its peak, Swimco had 25 stores across Canada. Two stores opened on Boxing Day this year — one in Calgary and one in Edmonton — something the swimwear company's owner Dave Bacon said brought him "joy and relief….

An unusual number of cannabis companies have used a Canadian corporate insolvency law called the Companies’ Creditors Arrangement Act (CCAA) in 2022, a trend that demonstrates both the marijuana industry’s financial challenges and one possible solution to keep businesses from slipping completely underwater, MJBizDaily reported. Fourteen of the 35 CCAA filings in Canada – or 40% – between Jan. 1 and Dec. 22 have involved companies operating in the cannabis space in one way or another.

Employees who work overseas for U.S.-based companies are not protected by a federal law prohibiting retaliation against whistleblowers who raise concerns about violations of securities laws, a U.S. appeals court ruled on Friday, Reuters reported. A unanimous three-judge panel of the U.S. Court of Appeals for the D.C. Circuit rejected a bid by Christopher Garvey, a former top Asia-based lawyer for Morgan Stanley, to revive claims that he was forced to resign in 2016 after reporting alleged illegal activities that predominantly occurred outside the U.S.

To facilitate the ongoing process to sell its businesses, DCL Corporation (DCL or the Company), a leading manufacturer and reseller of color pigments, announced that on Dec. 20, its U.S.-based subsidiaries filed voluntary petitions for a court-supervised reorganization under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, according to a press release. Contemporaneously, the company and its Canadian subsidiaries have also commenced court-supervised restructuring proceedings in Canada under the Companies' Creditors Arrangement Act, R.S.C. 1985, c.

Now that the Cirque du Soleil has rebounded from its near-death experience during the pandemic, Duncan Fisher can wax philosophical about the wild roller-coaster ride the Montreal-based circus company went through over the past few years, the Montréal Gazette reported. “It was the worst, then it developed into the best time of my business career,” Fisher said in an interview Wednesday. The vice president of operations and general manager of the touring show division of the Cirque du Soleil paraphrased Charles Dickens, saying it was both the best of times and the worst of times.