Airline Avianca Holdings will move its domicile to the United Kingdom and its stock will no longer be traded on the Colombian stock exchange, the company said on Wednesday, a day after a U.S. court's approval of the company's restructuring plan, Reuters reported. Colombia's flag carrier had filed for chapter 11 protection at a U.S. court in New York in 2020 amid the coronavirus pandemic. It now expects to exit the measure by the end 2021, after receiving around $2 billion in new financing under a debt-for-equity deal.

Inmarsat’s private equity owners are considering an exit from their investment in the U.K. satellite communications group, Bloomberg News reported. Apax Partners and Warburg Pincus have held early discussions about a possible sale of the business after receiving approaches from potential suitors, the people said, asking not to be identified discussing confidential information. An exit from Inmarsat would mark a quick turnaround for its owners, which took the company private in 2019.

U.K. Chancellor of the Exchequer Rishi Sunak has given a personal guarantee that, short of a crisis, debt will shrink as a share of the economy from 2024 onwards, Bloomberg News reported. In his budget last week, the finance minister set a rolling three-year target to bring down the pandemic-bloated debt burden. But he has faced criticism that the rule would never bite because it moved forward every year.

The U.K labor market may be “alarmingly tight” and could stoke wage pressures, Office for Budget Responsibility member Charlie Bean told lawmakers, Bloomberg News reported. In testimony to the House of Commons Treasury Committee, Bean said the Bank of England would have little choice but to raise interest rates if the end of the furlough scheme does not bring more workers into the jobs market. Bean is a former deputy governor and chief economist of the U.K. central bank. The BOE will release its verdict on the labor market on Thursday, when it announces its interest-rate decision.

A troubling post-Brexit fishing spat between Britain and France showed few signs of abating Monday, a day before a threatened French blockade of British boats and trucks, the Associated Press reported. British Foreign Secretary Liz Truss warned France that the U.K. will “not roll over” in the face of what she termed “unreasonable” threats from Paris. French fishing crews stood their ground, demanding a political solution to a local dispute that has become the latest battleground between Britain and the European Union.

England and Wales have seen a surge in company directors winding up businesses that are unable to pay their debts, taking so-called voluntary liquidations to their highest level since 2009 in the depths of the global financial crisis, Reuters reported. Total company insolvencies in England and Wales jumped in the three months to the end of September to their highest since the start of the COVID-19 pandemic at 3,765, up 43% on a year earlier, government data showed on Friday.

The U.K. Insolvency Service says that creditors of Pazhar Zvezdy Ltd, previously known as ASA UK Development Limited, may not be aware that the company is now in compulsory liquidation, the Construction Index reported. Pazhar Zvezdy Ltd traded as a residential and commercial construction company. Following complaints it was investigated by the Insolvency Service. It was finally wound up in the public interest in the High Court on 7th September 2021 and the official receiver, Catherine Hudson, was appointed as the liquidator.

A U.K. energy supplier to tens of thousands of small businesses is on the brink of becoming the 14th provider to collapse in the last three months, further underlining the scale of the crisis gripping the sector, Sky News reported. CNG Energy's retail arm - which only supplies commercial customers - is close to falling into the Supplier of Last Resort (SOLR) system operated by Ofgem, the industry regulator.

Britain’s top finance official laid out a vision for the country’s post-pandemic economy on Wednesday as he announced plans to spend on education, the National Health Service and job skills. But his plans risk being overshadowed by the recent rise in inflation and supply chain disruptions that are weighing on the pandemic recovery, the New York Times reported. “Today’s budget does not draw a line under Covid; we have challenging months ahead,” Rishi Sunak, the chancellor of the Exchequer, told lawmakers in Parliament on Wednesday.

Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy, Reuters reported. Offshore driller Seadrill Ltd yesterday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will also raise $350 million in new financing.