Bankrupt units of a Mexican and Colombian payroll lender have secured court approval to access part of a $45 million loan to fund operations during their chapter 11 case after agreeing to install a chief restructuring officer, Reuters reported. During a virtual hearing on Wednesday, U.S. Bankruptcy Judge Kate Stickles in Wilmington, Del., signed off on Alpha Latam Management LLC's request to tap $17.5 million of the full loan. A hearing on the rest of the loan will be held at a later date. ALM is an affiliate of Mexico’s Alpha Holding SA de CV, which is not part of the chapter 11 case.

Creditors of indebted Ocho Rios attraction Mystic Mountain are scheduled to meet today in a bid to change the trustee in bankruptcy named last month by Mystic Mountain Limited, MML, as part of a proposal to settle nearly US$14 million, or approximately $2.1 billion in debt, should the company be declared bankrupt, the Jamaica Gleaner reported.

Container shipping rates from China to the United States have scaled fresh highs above $20,000 per 40-foot box as rising retailer orders ahead of the peak U.S. shopping season add strain to global supply chains, Reuters reported. The acceleration in Delta-variant COVID-19 outbreaks in several counties has slowed global container turnaround rates. Typhoons off China's busy southern coast in late July and this week have also contributed to the crisis gripping the world's most important method for moving everything from gym equipment and furniture to car parts and electronics.

Shareholders in Mallinckrodt, the Dublin-based but U.S.-run drugmaker in the middle of a bankruptcy reorganization, are being urged by a leading corporate advisory firm to vote against some directors as a parting rebuke over its handling of the U.S. opioid crisis and executive pay, the Irish Times reported. Mallinckrodt filed for bankruptcy in Delaware last October as the company was overwhelmed by lawsuits accusing it of deceptively marketing opioids. The company is pursuing a U.S.

A Calgary-based law firm, on behalf of all Canadian cities and municipalities, has filed an objection to Purdue Pharma L.P.'s multibillion-dollar bankruptcy proposal that would compensate U.S. cities, counties, states and Native American tribes for damages related to the opioid crisis while leaving out Canadian jurisdictions. The case will be heard in the U.S. Bankruptcy Court for the Southern District of New York on August 9.

Creditors said that Alpha defaulted earlier this year when the privately held nonbank lender disclosed accounting errors in its Mexican segment, sending its bond prices tumbling, WSJ Pro Bankruptcy reported. Alpha has $768.4 million in debt, mostly unsecured bonds, and has lined up $45 million in emergency financing to get through chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del. The Mexican segment didn’t file for bankruptcy.

The U.S. securities regulator will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering in their businesses, the agency said on Friday, confirming an exclusive report by Reuters. In a statement, Securities and Exchange Commission Chair Gary Gensler said he had also asked staff to "engage in targeted additional reviews of filings for companies with significant China-based operations." The development underscores U.S.

Canada’s economy sprang back to life at the end of the second quarter, as vaccine-led reopenings spurred a return to growth, Bloomberg News reported. Canada’s economy sprang back to life at the end of the second quarter, as vaccine-led reopenings spurred a return to growth. Last month, broad-based reopenings across the country allowed businesses to resume operations after months of shutdowns. As a result, high-contact sectors returned to growth, along with manufacturing, according to Statistics Canada. Canada’s currency was little changed, trading at C$1.2432 per U.S. dollar at 9:21 a.m.

Prime Minister Justin Trudeau is stepping in to aid a long-delayed, over-budget hydroelectric project in the province of Newfoundland and Labrador, Bloomberg News reported. The Canadian government will buy an equity stake in the Muskrat Falls project and provide debt guarantees as part of a “multi-billion dollar” financial restructuring agreement with the Atlantic province, the Canadian Broadcasting Corp. reported Tuesday evening, without providing specific amounts. Muskrat Falls’ estimated cost has soared to more than C$13 billion ($10.3 billion), nearly double the early projections.