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Chinese conglomerate HNA Group Co. must pay its former business partner SL Green Realty Corp. about $185 million in a dispute over a bankrupt Manhattan skyscraper, an arbitrator said, WSJ Pro Bankruptcy reported. The arbitrator, former judge L. Priscilla Hall, found that real-estate investment trust SL Green was entitled to a $184.6 million payment over an investment that it made in HNA Group’s 245 Park Ave., according to documents made public in a New York state court on Friday. SL Green should also be reimbursed for $856,000 in fees, she said.
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Before Bill Hwang sent a slate of stocks on a manic climb last year, he had already started bleeding billions of dollars on a bearish bet after seeking Morgan Stanley’s help, Bloomberg News reported. It’s an untold chapter that played out just before Hwang’s famously bullish trades came tumbling down in early 2021, wiping out his Archegos Capital Management and leading to criminal charges.
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LATAM Airlines Group SA, the largest air transport group in Latin America, said on Wednesday that it garnered support from almost all of its creditors for a reorganization plan that the company is taking before a U.S. court, Reuters reported. The airline said that the agreement was presented to a Manhattan bankruptcy court that is handling its Chapter 11 bankruptcy case, which it filed for in May 2020 due to the impact of the COVID-19 pandemic on its operations.
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As Russia faces another round of payments on its sovereign debt, Biden administration officials are weighing whether forcing Moscow into default for its invasion of Ukraine would really be the best outcome, Bloomberg News reported. Treasury Secretary Janet Yellen said Tuesday that the matter is being “actively examined” before a crucial deadline in two weeks, and a decision will be made shortly.
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Junior creditors of LATAM Airlines Group SA are challenging its proposed reorganization plan, saying it improperly benefits the carrier's existing shareholders, such as Delta Air Lines, at their expense, Reuters reported. Objections were filed on Monday in Manhattan bankruptcy court ahead of a May 17 hearing at which LATAM’s lawyers will ask U.S. Bankruptcy Judge James Garrity to approve the proposal. The airline is seeking to raise $5.4 billion through its plan to exit chapter 11, which it filed two years ago as world travel halted amid the COVID-19 pandemic.
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The U.S. Department of Justice on Monday announced the indictment of two Europeans for allegedly conspiring with a recently sentenced American cryptocurrency researcher to help North Korea evade U.S. sanctions, Reuters reported. Alejandro Cao de Benos of Spain, who founded a pro-Pyongyang affinity organization, and Christopher Emms of Britain, a cryptocurrency businessman, were accused of recruiting the researcher Virgil Griffith to illegally provide cryptocurrency and blockchain technology services to North Korea. Both defendants are at large.
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The U.S. rolled out new sanctions on Wednesday against more than 40 individuals and entities accused of evading the ongoing wave of penalties imposed on Russia as punishment for invading Ukraine, the Associated Press reported. The sanctions include the first set of penalties against cryptocurrency mining firms in relation to the war. The Treasury Department’s sanctions arm designated the commercial bank Transkapitalbank, which has operations in China and the Middle East. Transkapitalbank is a Russian privately owned commercial bank which the U.S.
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The U.S. Securities and Exchange commission (SEC) says it has charged 16 defendants with participating in multiyear penny stock schemes that generated more than $194 million in illicit proceeds, Reuters reported. The defendants, which include 15 individuals and one company, are located in the Bahamas, the British Virgin Islands, Bulgaria, Canada, the Cayman Islands, Monaco, Spain, Turkey and the United Kingdom, the SEC said in a statement.
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The U.S. Internal Revenue Service has lifted its objection to Limerick-based aircraft lessor Nordic Aviation Capital’s bankruptcy plan, the Independent reported. Nordic Aviation Capital (NAC) has been seeking to get out from under $6.3bn (€5.8bn) of debt by handing it to lenders. The IRS said in a filing on April 15 that it was withdrawing its objection to the bankruptcy plan on the condition that the lenders pay any administrative claims without the IRS having to file a request for them. The IRS had raised a last-minute objection to the plan last week on technical grounds.
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Texas will halt some vehicle inspections at the U.S.-Mexico border after Governor Greg Abbott’s crackdown provoked protests that halted some crucial food and equipment shipments, Bloomberg News reported. Abbott said Wednesday that the state government of Nuevo Leon in northern Mexico agreed to conduct safety inspections before U.S.-bound trucks reach the border. The inspections will continue in other sectors of the U.S.-Mexico line. Abbott said he acted in response to what he called U.S. President Joe Biden’s failure to repel undocumented migration and drug smuggling.
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