Mexican conglomerate Alfa will not provide any financial guarantees to its telecommunications unit Axtel during the subsidiary's spin-off process, Alfa's top financial officer said on Thursday, Reuters reported. Axtel is expected to reach $35 million cash flow this year, sufficient to carry out its operations, Alfa Chief Financial Officer Eduardo Escalante said during a call with analysts to discuss second-quarter results.

The U.S. government has forced Mexico into negotiations over what Washington considers unfair practices that are effectively excluding U.S. and other foreign companies from the Mexican energy sector in violation of the free trade agreement they signed with Canada, the Associated Press reported. Mexico says it has received a similar notice from Canada related to its electricity law. The U.S.

Trustees in bankruptcy are granted protection from civil claims for acts and omissions under the  Bankruptcy and Insolvency Act (BIA), as the statute requires that a plaintiff obtain leave of the court to pursue some types of claims, Mondaq reported. In Flight (Re), 2022 ONCA 526 (CanLII), the Ontario Court of Appeal determined that a motion judge erred in allowing a civil action for damages to be pursued against an individual representative of a trustee in bankruptcy without first obtaining leave to do so.

A creditor list of bankrupt crypto hedge fund Three Arrows Capital puts the interconnected nature of the industry on display, with lenders ranging from some of the biggest digital-asset firms to the wife of co-founder Kyle Davies, Bloomberg reported. At the top is Digital Currency Group Inc., the parent company of crypto brokerage Genesis, which filed a $1.2 billion claim against Three Arrows, according to people familiar with the matter who reviewed a court filing. Chen Kaili Kelly, the wife of Davies, also filed a claim of about $66 million, the filing shows.

The Supreme Court of Newfoundland and Labrador has approved the sale of 42 properties belonging to the Roman Catholic Episcopal Corporation of St. John's, including 12 churches, as dozens more church property sales loom across eastern Newfoundland, CBC reported. The move will reshape the landscape for Catholics in the St. John's area and beyond as the church — which has been held liable for sexual and physical abuse at the Mount Cashel orphanage — raises money to settle victim claims from the 1940s, '50s and '60s.

Two U.S. congresswomen made a bipartisan call for companies to take action to comply with a newly operative U.S. law intended to block the import of goods made with Uyghur forced labor, the Wall Street Journal reported. The remarks underscored congressional concern over enforcement of a law that presumes that goods with ties to Xinjiang, the home region of China’s Uyghur minority, have been made with forced labor. The law, which went into effect last month, gives U.S. Customs and Border Protection the power to stop their import. Reps.

A commercial court recognized the dissolution of Mexico's Credito Real and ordered its judicial liquidation, the troubled payroll lender said in a filing yesterday, Reuters reported. Credito Real, reeling from a bond default, said in June it was aiming for an orderly restructuring of its debt.

The liquidation process of Three Arrows Capital is going to move to Singapore next, if lawyers representing the British Virgin Islands (BVI)-based liquidators are successful, the Straits Times reported Friday.