U.S. managed services and cloud connectivity provider GTT, formerly called Global Telecom and Technology, has emerged from its Chapter 11 bankruptcy cases after more than two years of corporate and financial restructuring, BNAmericas.com reported. The company, which maintains ethernet and IP sites in São Paulo, Rio de Janeiro and Mexico City, first filed for bankruptcy protection in October 2021. "Over the past two years, we have concentrated relentlessly on transforming our business into a customer-focused, managed services provider with a culture of continuous improvement.
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Declining world supply chain pressures are being challenged by new disruptions in China tied to the coronavirus pandemic, the New York Federal Reserve reported on Friday, Reuters reported. The regional Fed bank's December Global Supply Chain Pressure Index ticked down to 1.18 from November's revised 1.23 reading. According to the report, supply chain pressures have been easing notably since the spring of last year and bottomed in September, and have since then been bouncing around in a tight range.
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The United States and Japan on Friday launched a new task force to promote human rights and international labor standards in supply chains and said they would invite other governments to join the initiative, Reuters reported. U.S. Trade Representative Katherine Tai signed a memorandum on the initiative in Washington with Japan's Minister of Economy, Trade and Industry Yasutoshi Nishimura.
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Cineworld, the British cinema operator in bankruptcy proceedings, said today that it would not sell any of its assets individually, and that it had not held discussions with AMC Entertainment about the sale of any of its theaters, Reuters reported. The British company said it would focus on selling the group as a whole rather than disposing of individual assets, along with its restructuring efforts, and was expecting to start reaching out to potential parties for a sale later this month.
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FTX on Friday disputed claims by the Securities Commission of the Bahamas (SCB) that the regulator was holding $3.5 billion of the bankrupt cryptocurrency exchange's assets, Reuters reported. When the Commission seized the digital assets of FTX in November, they were worth just $296 million, FTX said in a statement. FTX urged the commission to "clear up any confusion" about the assets it holds and their value. The regulator began liquidation proceedings against FTX Digital Markets Ltd., the company's Bahamas-based unit, in November.
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ExxonMobil is suing the EU in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy, the Irish Times reported. The lawsuit is the most significant response yet against the tax from the oil industry, which has been targeted by western governments amid a surge in energy prices following Russia’s invasion of Ukraine.
Employees who work overseas for U.S.-based companies are not protected by a federal law prohibiting retaliation against whistleblowers who raise concerns about violations of securities laws, a U.S. appeals court ruled on Friday, Reuters reported. A unanimous three-judge panel of the U.S. Court of Appeals for the D.C. Circuit rejected a bid by Christopher Garvey, a former top Asia-based lawyer for Morgan Stanley, to revive claims that he was forced to resign in 2016 after reporting alleged illegal activities that predominantly occurred outside the U.S.
To facilitate the ongoing process to sell its businesses, DCL Corporation (DCL or the Company), a leading manufacturer and reseller of color pigments, announced that on Dec. 20, its U.S.-based subsidiaries filed voluntary petitions for a court-supervised reorganization under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, according to a press release. Contemporaneously, the company and its Canadian subsidiaries have also commenced court-supervised restructuring proceedings in Canada under the Companies' Creditors Arrangement Act, R.S.C. 1985, c.
FTX’s U.S. managers are negotiating with Bahamian authorities to resolve a dispute over access to the failed crypto exchange’s electronic records, lawyers said in a court hearing Friday, following weeks of publicly criticizing each other over the handling of FTX’s collapse, WSJ Pro Bankruptcy reported. FTX Chief Executive John J.
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A dual citizen of Sweden and the United Kingdom pleaded guilty to U.S. fraud and money laundering charges on Friday for selling a fake cryptocurrency alongside one of the United States' most-wanted fugitives, a woman referred to as the 'Cryptoqueen,' Reuters reported. Karl Greenwood, 45, was arrested in Thailand and extradited to the United States in 2018 for his role in selling the purported cryptocurrency OneCoin, which federal prosecutors in Manhattan call a pyramid scheme that defrauded investors out of $4 billion. He has been detained since his arrest.
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