A group of senior Biden administration officials is traveling to Shanghai this week for a round of high-level meetings intended to keep the economic relationship between the U.S. and China on stable footing amid mounting trade tensions between the two countries, the New York Times reported. The talks will take place on Thursday and Friday and are being convened through the U.S.-China Financial Working Group, which was created last year.
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SG Investments, America, Inc., the U.S. subsidiary of German-based manufacturer Dürkopp Adler (DA), has acquired ICON Aircraft assets — the result of a chapter 11 § 363 sale in ICON’s chapter 11 case filed in the U.S. Bankruptcy Court for the District of Delaware, according to a Procopio press release. Procopio Restructuring and Bankruptcy Partner William Smelko represented DA in the transaction with the assistance of Procopio’s Asia Pacific team. Local Delaware Counsel Evan Miller of Saul, Ewing also assisted SG in acquiring the assets.
Glas Trust Company has filed the plea challenging the NCLAT order which quashed the bankruptcy proceedings against BYJU in the Supreme Court, LegalWorld.com reported. The matter will be heard on August 12. The NCLAT quashed the bankruptcy proceedings against BYJU after a settlement was reached between Board of Control for Cricket in India (BCCI) and BYJU, wherein the ed-tech agreed to pay off its dues of INR 158 Cr. Glass Trust opposed the settlement on the grounds on possibly jeopardizing of their financial interest while settling the BCCI debt.
Former Mozambican Finance Minister Manuel Chang was convicted Thursday in a financial conspiracy case that welled up from from his country's “ tuna bond ” scandal and swept into a U.S. court, the Associated Press reported. A federal jury in New York delivered the verdict. Chang was accused of accepting payoffs to put his African nation secretly on the hook for big loans to government-controlled companies for tuna fishing ships and other maritime projects.
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A U.S. judge refused to block a debt payment designed to free Byju’s from an insolvency case in India, telling American lenders to take their complaints about the transaction to a court in the home country of the educational tech firm, Bloomberg News reported. Bankruptcy Judge Brendan Shannon rejected a lender request to block Riju Ravindran, brother of Byju’s founder, from paying more than $19 million to India’s governing board for cricket. A deal to clear the debt enabled Byju’s to win dismissal of an insolvency case in front of a judicial tribunal in India.
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With an offer of $5 million, U.K.-based outdoor and sports gear retailer Mountain Warehouse has emerged as the stalking horse bidder for Eastern Mountain Sports’ intellectual property. The bankruptcy auction ends by Aug. 30, when the deal is scheduled to close, per court documents, RetailDive.com reported. After that date, EMS will close any inventoried stores until the deal is complete, and it would be up to Mountain Warehouse to reopen them. If EMS accepts a higher bid, Mountain Warehouse is entitled to a $150,000 break-up fee, according to court filings.
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A group of Latam Airlines Group SA shareholders raised $456 million in an initial public offering of American depositary shares, Bloomberg News reported. The shareholders in the Santiago-based airline sold 19 million ADS on Tuesday for $24 each, according to a statement. Each ADS represents 2,000 of Latam’s common shares, which trade on the Chilean Stock Exchange. The sellers are Sixth Street Partners, Strategic Value Partners, Olympus Peak, Monarch Funds, Värde Funds and Marathon Fund, the statement shows.
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U.S. lawyers for units of the troubled Indian tech firm Byju’s want to quit defending their clients in a bankruptcy dispute, blaming “an irreparable breakdown” with the companies and a board member accused of lying in court to help hide $533 million from disgruntled lenders, Bloomberg News reported. In an unusual move, two law firms representing Riju Ravindran, brother of Byju’s founder, filed papers Friday in federal court in Wilmington, Delaware, claiming their clients have failed to cooperate in their own defense. Lawyers representing Byju’s ally William C.
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A subsidiary of Spanish highway operator Abertis is considering borrowing $424 million to fund capital projects for four Puerto Rico toll roads, Bloomberg News reported. The Public Finance Authority, a Wisconsin-based issuer, approved the bond sale for Puerto Rico Toll Roads LLC, at a June 26th board meeting. PFA would loan the proceeds it borrows to Puerto Rico Toll Roads, which is part of Metropistas, an Abertis subsidiary that operates numerous toll roads and one bridge in Puerto Rico.
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A solar panel maker in Georgia that has booked $230 million in federal tax credits stands to collect hundreds of millions more as it pursues plans to create the first end-to-end solar manufacturing chain in the US, easing reliance on China and related concerns about the use of forced labor, Bloomberg News reported. But at least through the end of this year, the Qcells solar plant, which South Korea’s Hanwha Solutions Corp. opened in Dalton, Georgia, in 2019 and almost doubled in capacity last year, is making panels with base components from China.
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