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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Ekati Diamond Mine is getting a $115 million loan from the Canadian government to continue operations at the mine and protect jobs, its owner announced Thursday, CBC.ca reported. Jeremy King, CEO of Australia-based Burgundy Diamond Mines, which owns Ekati, said his company was working in the background with the government of the Northwest Territories and came close to shutting the mine down "weeks ago." "We were in a very bleak, or stark, scenario," he said. "It was either this line or we were looking at bankruptcy and shutting the mine down," he said.
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The UK Government is unlikely to see most of the £148m it is owed by a faulty PPE supplier linked to Baroness Michelle Mone after the company was wound up, BBC.com reported. PPE Medpro, a consortium run by Mone's husband Douglas Barrowman, was placed into liquidation at the Insolvency and Companies Court on Thursday. It follows a High Court ruling in October, which found that the firm breached a contract to supply 25 million surgical gowns during the Covid pandemic. PPE Medpro filed for administration in September, a day before the order to pay.
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The Bank of England cut its key interest rate Thursday while the European Central Bank held steady, as a period of more stable borrowing costs sets in across the continent, the Wall Street Journal reported. The U.K.’s central bank reduced its key rate to a near three-year low of 3.75% from 4%, resuming a series of cuts that stretch back to August 2024 after a pause in November. The BOE indicated that borrowing costs are likely to fall over coming months, but are approaching their low. “We still think rates are on a gradual path downward,” said BOE Gov. Andrew Bailey.
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Thames Water has blocked a £2.5m bonus payout for nearly two dozen executives after a political backlash, The Telegraph reported. The utility, which is struggling under £21bn of debt, has decided to defer the payment scheme until further notice after MPs labelled the plan an “outrage”. Under the proposal, Thames would have paid 21 senior executives an average of £117,000 each this month as part of a scheme to retain managers who may have quit because of the financial turmoil.
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