U.S. investors participating in credit-default-swap auctions are allowed to buy Russian sovereign debt, according to new guidance from the U.S. Treasury Department, potentially reducing losses for some investors who sold protection against a Russian default in the years leading up to the war in Ukraine, WSJ Pro Bankruptcy reported.
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The U.S. government has forced Mexico into negotiations over what Washington considers unfair practices that are effectively excluding U.S. and other foreign companies from the Mexican energy sector in violation of the free trade agreement they signed with Canada, the Associated Press reported. Mexico says it has received a similar notice from Canada related to its electricity law. The U.S.
Two U.S. congresswomen made a bipartisan call for companies to take action to comply with a newly operative U.S. law intended to block the import of goods made with Uyghur forced labor, the Wall Street Journal reported. The remarks underscored congressional concern over enforcement of a law that presumes that goods with ties to Xinjiang, the home region of China’s Uyghur minority, have been made with forced labor. The law, which went into effect last month, gives U.S. Customs and Border Protection the power to stop their import. Reps.
A federal bankruptcy court has frozen the assets of Three Arrows Capital, the once-prominent crypto hedge fund that managed as much as $10 billion in assets until it fell into liquidation last month, the Washington Post reported. In an emergency hearing Tuesday, Judge Martin Glenn of the Southern District of New York granted a motion allowing liquidators to “transfer, encumber, or otherwise dispose” of any Three Arrows Capital assets located in the United States. In addition, the court authorized subpoenas for the founders, whose whereabouts are unknown.
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U.S. Treasury Secretary Janet Yellen and Japanese Finance Minister Shunichi Suzuki agreed on Tuesday to work together to tackle rising prices of food and energy, as well as volatility in currency markets, exacerbated by Russia's war in Ukraine, Reuters reported. They said that the war had raised exchange rate volatility, which could pose adverse implications for economic and financial stability, and pledged to cooperate "as appropriate" on currency issues.
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Hundreds of SAS flights were canceled on Thursday as the airline wrestled with a strike by pilots at its main SAS Scandinavia arm, overshadowing a traffic surge during June, Reuters reported. Talks between the airline and pilots over a new collective bargaining agreement collapsed on Monday, prompting a strike which adds to travel chaos in Europe and deepens the financial crisis at SAS, which estimated it would ground half its flights. The troubled airline, whose biggest owners are the Swedish and the Danish states, filed for chapter 11 bankruptcy protection in the United States on Tuesday.
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A day after its pilots went on strike, SAS, the Scandinavian airline, said on Tuesday that it had filed for chapter 11 bankruptcy protection in the United States, the latest reverberation in a summer of turmoil for European airlines, the New York Times reported. SAS described the filing, made in the U.S. Bankruptcy Court for the Southern District of New York, as the “next step” in a reorganization that would address the money-losing airline’s financial difficulties, including cost reductions of more than $700 million.
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Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield U.S. assets, according to a court filing on Friday, Reuters reported. Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday. Representatives for 3AC filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Friday, according to court documents.
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Hong Kong's financial watchdog is tightening oversight on derivatives markets after the collapse of Archegos Capital Management, a senior official at the city's Securities and Futures Commission (SFC) said on Tuesday, Reuters reported. Archegos, a U.S.-based family office of investor Bill Hwang which had $36 billion in assets, blew up last year when it was caught short on highly leveraged trades and left global banks with $10 billion in losses.
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A judge declined to end exiled Chinese businessman Guo Wengui’s personal bankruptcy, siding with the Justice Department and some of his creditors who asked that a neutral party be brought in to take charge of his finances, WSJ Pro Bankruptcy reported. Judge Julie Manning of the U.S. Bankruptcy Court in Bridgeport, Conn., yesterday ordered that an independent trustee be appointed to take over Mr. Guo’s chapter 11 case and work with his creditors on a plan to pay his debts and potentially resolve civil lawsuits against him. The ruling is a blow to Mr.
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