Satellite operator Intelsat SA said on Friday it has filed a restructuring plan backed by some of its creditors, in a bid to reduce debt and emerge from bankruptcy in the second half of the year, Reuters reported. The plan aims to reduce debt by more than half to $7 billion and has the support of holders of about $3.8 billion of its debt, the company said. It has sought a hearing on Mar. 17 for a court approval to solicit votes on the plan.

Mexico’s second-largest movie theater chain, Grupo Cinemex SA, is closing its cinemas indefinitely and is working with banks to restructure at least $230 million in debt, Bloomberg News reported. Cinemex, owned by the family that controls copper miner Grupo Mexico, is closing in on a deal with banks including Banco Bilbao Vizcaya Argentaria SA, HSBC Holdings Plc, Banco Santander SA and Bank of Nova Scotia.

Mexico’s central bank unanimously voted to cut its key interest rate to the lowest point since mid-2016, leading economists to forecast more easing ahead as the country desperately needs stimulus, Bloomberg News reported. Banco de Mexico, led by Governor Alejandro Diaz de Leon, chopped borrowing costs by a quarter point to 4% on Thursday, after core inflation remained stable in January, despite overall price increases accelerating above expectations. The cut was predicted by 16 of 22 economists surveyed by Bloomberg. The remaining six expected a hold.

Offshore drilling rig contractor Seadrill has filed for bankruptcy protection at a U.S. court, it said on Wednesday, the second time in four years the company has entered into a chapter 11 restructuring, Reuters reported. The Oslo-listed group controlled by Norwegian-born billionaire John Fredriksen returned to court along with several subsidiaries after failing to win consent from bank lenders to postpone payments on $5.7 billion of debts. Its total debts and liabilities stood at $7.3 billion at the end of the third quarter of 2020.

Ontario's post-secondary minister says an investigator probing the financial problems at Laurentian University will issue a final report in six to eight weeks, the CBC reported. The northern Ontario school filed for creditor protection earlier this month amid what it called "unprecedented" challenges after a decade of financial strain. The Sault Ste. Marie MPP and Minister of Training, Colleges and Universities, Ross Romano, says the report will help the government decide next steps when it comes to the university.

Seadrill Ltd, the rig operator controlled by billionaire John Fredriksen, filed for bankruptcy protection for its Asian units after the economic downturn triggered by the coronavirus pandemic worsened a crisis in offshore oil drilling, Bloomberg News reported. The filing in U.S. Bankruptcy Court in the Southern District of Texas is the second within four years by the driller that was once the industry’s largest by market value. The filing covers Seadrill GCC Operations, Asia Offshore Drilling Ltd., Asia Offshore Rig 1 Ltd., Asia Offshore Rig 2 Ltd.

Canadian insolvency filings hit a 20-year low last year as government financial support offset the shock and economic uncertainty caused by Covid-19, Advisor's Edge reported. The Office of the Superintendent of Bankruptcy said on Friday that there were 99,244 consumer bankruptcies and proposals along with business bankruptcies in 2020, down 30% from the prior year.