Klöckner Pentaplast (kp), a German producer of rigid and flexible packaging and specialty films, has entered a Restructuring Support Agreement (RSA) with a majority of its financial shareholders to implement a broad financial restructuring plan, GlobalData.com reported. The plan is expected to trim approximately €1.3bn ($1.49bn) from the company’s funded debt, with the objective of reinforcing its balance sheet and increasing financial flexibility. Following the completion of the plan, ownership of the company will shift to certain financial partners.

Azul S.A. announced that the U.S. Bankruptcy Court for the Southern District of New York approved its disclosure statement, allowing the company to solicit votes on its chapter 11 reorganization plan, TipRanks.com reported. Additionally, the court approved Azul’s backstop commitment agreement, which secures $650 million to support the company’s planned capitalization. Read more.

Several German subsidiaries of First Brands Group have filed for insolvency, in a sign that the fallout from the US car parts supplier’s September bankruptcy is rippling through to its foreign operations, Bloomberg News reported. The insolvencies affected entities of automotive supplier Plastic Manufacturing Group, which is owned by First Brands, according to a statement from Schultze & Braun, whose lawyer has been appointed provisional administrator.

U.S. President Donald Trump said on Friday the United States and Canada will not restart trade talks but Canadian Prime Minister Mark Carney apologized to him for an Ontario political ad using former President Ronald Reagan saying that tariffs spell disaster, Reuters reported. "I like him a lot but what they did was wrong," he said. "He apologized for what they did with the commercial because it was a false commercial." Carney did not immediately respond to requests for comment.

U.S. President Donald Trump said on Thursday he had agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing, Reuters reported. Trump's face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of a whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.

New Fortress Energy, a U.S. liquid natural gas (LNG) infrastructure firm, is considering restructuring its $9 billion debt via a U.K. “scheme of arrangement” rather than filing for chapter 11 bankruptcy in the U.S., according to Bloomberg News. This court-supervised U.K. process could be cheaper and less disruptive to the company’s contracts than a typical U.S. bankruptcy proceeding.

One-time Irish property mogul Seán Dunne’s long-shot effort to delay distribution of more than $16 million in assets from his decade-plus bankruptcy case in the United States succeeded on Tuesday, the Irish Times reported. After hearing more than hour of argument from Mr. Dunne and lawyers for the U.S. bankruptcy trustee, Judge Julie Manning said that she would hold off on approving the final report and distribution of the funds until she reviews the record and rules on issues Mr. Dunne raised. Mr.

US President Donald Trump and South Korean President Lee Jae Myung finalized a trade deal Wednesday, capping months of negotiation over implementation of a framework agreement struck in July, Bloomberg News reported. The deal will see Seoul make $150 billion in shipbuilding investments, with an additional $200 billion earmarked for an investment pledge designed to look like a similar agreement with Japan, South Korea Policy Chief Kim Yong-beom said Wednesday. That suggests South Korea can use not only equity but loans and loan guarantees to fund the investment package, a key concession.

Swiss software company LzLabs GmbH sought US bankruptcy court recognition of its foreign insolvency case to halt patent infringement litigation brought by tech giant IBM and preserve its stateside intellectual property, Bloomberg Law reported. LzLabs faces severe financial distress following a 20 million pound ($26.7 million) UK judgment issued in IBM’s favor in March as well as IBM’s parallel US suit, the company said in a Chapter 15 bankruptcy petition filed on Oct.

Canadian artificial intelligence company 3MotionAI Inc. is seeking U.S. bankruptcy court recognition of its Ontario insolvency case and aims to halt a competitor’s noncompete litigation in Delaware, Bloomberg Law reported. 3MotionAI is looking to pause a suit brought by VelocityEHS Holdings Inc. as it prepares to sell its assets, according to a chapter 15 petition filed on Thursday in the U.S. Bankruptcy Court for the District of Delaware.