Canadian Overseas Petroleum Ltd. has filed bankruptcy in its home country and the U.S. and said that it intends to restructure, Bloomberg News reported. The Calgary-based oil and gas production company said its existing lenders have offered to provide as much as US$11 million in financing to fund its proposed restructuring. COPL said it has requested the immediate suspension on trading of its shares on both the London Stock Exchange and the Canadian Securities Exchange. COPL has sought a form of chapter 11 protection in Canada and filed for bankruptcy in Delaware to protect its U.S.

Deutsche Bank's chief executive officer said on Tuesday that he expects the current crisis in commercial real estate to continue in 2024 and that provisions for loan losses will be at the upper end of its projected range, Reuters reported. There won't be "overall big relief" to the challenges facing commercial real estate in 2024, CEO Christian Sewing said. Deutsche Bank is Germany's largest lender and also has the most in outstanding loans to the commercial real-state sector among its domestic competitors, data show.

New York state lawmakers are renewing the push to overhaul the protracted and painful process of solving sovereign debt crises, Bloomberg News reported. Senator Gustavo Rivera is sponsoring amended legislation that stands to ramp up oversight on how defaulted government debt is restructured with creditors. It could also potentially limit how much investors are allowed to recoup when countries restructure their debts — a concept that’s riled up Wall Street in the past.

A small Florida hedge fund that allegedly helped Indian tech firm Think & Learn Pvt hide $533 million must reveal where the money is located or face possible sanctions from a federal judge on Monday, Bloomberg News reported. Bankruptcy Judge John Dorsey in a Friday hearing dismissed an effort by the investment firm, Camshaft Capital Fund, to avoid answering questions about the cash. The missing money is at the heart of a fight between lenders owed $1.2 billion and Think & Learn, the education-tech startup founded by entrepreneur Byju Raveendran.

Chinese Vice President Han Zheng pledged on Friday to provide more opportunities for foreign companies in China as the government tries to restore confidence in the world's second largest economy, the Associated Press reported. Han told an audience of American business people in Beijing that the government would continue to open up more industries to foreign investment and create a market-oriented and law-based international business environment. “China’s development achievements have been made through opening up," he said at an American Chamber of Commerce in China banquet.

The National Company Law Tribunal (NCLT) on Wednesday told Byju’s to respond to two separate insolvency petitions filed against the troubled edtech firm by US lenders and the Board of Control for Cricket in India (BCCI), the Economic Times of India reported.

The Bank of England may sell all the U.K. government bonds bought under quantitative easing to better prepare for a future crisis, a move that would put it at odds with the U.S. Federal Reserve, Bloomberg News reported.

As fears about U.S. commercial real estate roiled German banks this month, their message was clear: don’t worry, the vast majority of our property exposure is domestic. That may not prove the comfort it seems, Bloomberg News reported. While the country has so far avoided the rapid market corrections that rattled the US, experts argue that reflects arcane accounting practices shielding its lenders and investors from taking immediate hits.

With most of Canada’s biggest banks exposed to the U.S. commercial-property market, the deteriorating quality of some real estate loans could lead to nasty surprises as lenders report fiscal first-quarter results this week, Bloomberg News reported. Commercial-property lending accounts for about 10% of the loan books on average at Canada’s five largest banks. With the sector under pressure amid elevated interest rates and plunging valuations, banks have been booking higher provisions for potential credit losses for several quarters now.