Mexican airline Interjet hopes to strike a deal with creditors within a year so it can re-start operations after it shut down during the coronavirus pandemic in December, the firm representing it in the debt talks said, Reuters reported. Shareholders of the carrier owned by ABC Aerolineas reached an agreement in April for Interjet to seek commercial bankruptcy to allow it to restructure $1.25 billion in liabilities. Interjet had also been struggling before the pandemic.
Read more
Resources Per Country
- Anguilla
- Bahamas
- Barbados
- Belize
- Bermuda
- British Virgin Islands
- Canada
- Cayman Islands
- Costa Rica
- Cuba
- Dominica
- Dominican Republic
- El Salvador
- Grenada
- Guadeloupe
- Guatemala
- Haiti
- Honduras
- Jamaica
- Mexico
- Montserrat
- Netherlands Antilles
- Nicaragua
- Panama
- Puerto Rico
- Saint Kitts and Nevis
- Saint Lucia
- Trinidad and Tobago
- Turks and Caicos Islands
- United States
- United States Virgin Islands
The president and vice-chancellor of Laurentian University said that he did reach out to both the provincial and federal governments and was transparent about the university's financial difficulties prior to seeking creditor protection on February 1st, CBC News reported. Robert Haché made that comment during an appearance at the Standing Committee on Official Languages on Thursday. Haché was questioned by both Sudbury MP Paul Lefebvre and Timmins-James Bay MP Charlie Angus.
Read more
Sudbury MP Paul Lefebvre says more could have been done to help Laurentian University before it declared itself financially insolvent, but a lack of communication stymied the process, CBC News reported. Laurentian's restructuring under the insolvency process allows it to stay operating while dealing with its financial situation, but dozens of programs and staff have been cut. Lefebvre said that when he met with Laurentian officials in December 2020, there was no mention of cutting 100 professors and another 80 staff. The university announced it had entered insolvency proceedings on Feb. 1.
Authorities in Brazil are investigating senior employees at Connecticut-based trading house Freepoint Commodities for their alleged role in a bribery scheme involving state-run oil company Petrobras, Reuters has learned. Federal police here suspect Freepoint, through an intermediary, routed bribes to Petrobras employees for a roughly seven-year period ending in 2018. Reuters pieced together the purported kickback operation from three people close to the investigation, and hundreds of pages of previously unreported court documents filed by Brazilian investigators.
Read more
Canada’s Centerra Gold Inc. on Monday said that Kyrgyzstan units Kumtor Gold Co. and Kumtor Operating Co. have commenced bankruptcy proceedings in a U.S. court following nationalization of the miner’s Kumtor gold mine by the former Soviet republic, Reuters reported. Centerra said that the chapter 11 filing would have no financial or operational impact on it or any other areas of its business, including the Mount Milligan mine in Canada, the Oksut Mine in Turkey and its molybdenum business in North America. Kumtor, Kyrgyzstan’s largest foreign investment project, was operated by Centerra.
Read more
Laurentian University is working through its insolvency process, preparing a way to deal with claims against it, including ones before it declared bankruptcy and after, CTVNews.com reported. In its fourth report, the accounting firm Ernst & Young outlined a process for handling financial claims from such parties as the banks, smaller creditors, its unions and former staff. The firm, which is the monitor for the process under the Companies' Creditor Arrangement Act, is seeking court approval of its proposals. With a few exceptions, there would be a deadline of July 30 to make a claim.
Read more
Argentine power-plant owner Stoneway Capital Ltd. is discussing borrowing money from the senior bondholders challenging the company’s U.S. bankruptcy filing and pushing to relocate the restructuring to Canada, WSJ Pro Bankruptcy reported. Stoneway, seeking to finance its stay in bankruptcy, is discussing potential loan terms with senior bondholders and junior creditors, as well as potential outside lenders, the company’s lead lawyer, Fred Sosnick, said at a virtual hearing on Friday in the U.S. Bankruptcy Court in New York. The bondholders, including BlackRock Inc.
Read more
Board members of the Government Employees’ Retirement System, shortly after convening their regularly scheduled monthly meeting online Thursday, went into executive session. Hours later, members still had not re-emerged online, and it wasn’t clear whether they experienced technical difficulties, the Virgin Islands Daily News reported. GERS Administrator Austin Nibbs could not be reached after the meeting on whether the board reported any information out of the executive session.
Read more
The U.S. banned imports of tuna, swordfish and other seafood from a Chinese fishery company, citing evidence of forced labor on its distant-water vessels, the Wall Street Journal reported. U.S. Customs and Border Protection agents will detain shipments containing seafood harvested by China’s Dalian Ocean Fishing Co., officials said, in the latest example of Washington confronting Beijing over human-rights issues.
Read more
The U.S. Department of Justice is investigating the market-rattling meltdown of Bill Hwang’s Archegos Capital Management in March, a debacle that left big banks in Europe, Asia and the U.S. nursing more than $10 billion in losses, Bloomberg News reported. Federal prosecutors in Manhattan sent requests for information to at least some of the banks that dealt with the firm. It’s unclear what potential violations or entities authorities are examining.
Read more