U.S.-based Glas Trust is not part of a key panel overseeing the insolvency proceedings of Indian education-technology giant Byju's, and will need to substantiate the $1 billion claim of lenders it represents, according to documents and three sources, Reuters reported. Byju's was once a darling of global investors and valued at $22 billion in 2022, but is now facing insolvency due to its dispute with U.S. lenders. The company became popular by offering online training courses during the COVID-19 pandemic. Its insolvency officer, Pankaj Srivastava, told Glas in a Sept.
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Brazilian real estate firm HBR Realty said on Tuesday it has filed an eviction action against WeWork due to lack of payment, although the flexible workspace provider denied knowing about such a notice, Reuters reported. The eviction action followed a "breach of the lease agreement" signed between WeWork and SPE HBR1, a unit of HBR, for the rental of the HBR Corporate Faria Lima building in Sao Paulo, HBR said in a securities filing. HBR did not detail how much WeWork owed it but said it had sent notices to the company requesting immediate payment of overdue rent.
After a two-year-long bankruptcy process, Scandinavia’s flagship airline SAS AB is now under the ownership of Air France-KLM and private equity firm Castlelake LP, with former Novo Nordisk A/S executive Kare Schultz at the helm of its new board, Bloomberg News reported. The move comes amid much overdue airline consolidation in Europe in the wake of the Covid-19 pandemic, and a recent slowing in travel demand. It will also shore up Air France-KLM’s position in the Nordics, a reliable source of active travelers.
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Elliott Investment Management is the leading bidder in a U.S. court-ordered auction of the parent company of Venezuelan-owned refiner Citgo Petroleum Corp., Bloomberg News reported. Elliott was competing against bidders including independent refiner Vitol Group and Canadian miner Gold Reserve Inc., which was working on a joint bid with billionaire Carl Icahn’s CVR Energy. Elliott has now been granted exclusivity to negotiate a deal. The auction process has been long and winding, and Elliott’s emergence as the top contender doesn’t necessarily mean it will end up with the asset.
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Yuzhou Group Holdings Co. filed for Chapter 15 bankruptcy Thursday in New York, a move by the defaulted property developer to seek US court recognition for its offshore debt restructuring and ward off litigation, Bloomberg News reported. The Chinese builder, which failed to pay $2.9 billion of dollar notes with interest as of the end of 2023, is undergoing restructuring in Hong Kong and Cayman Islands.
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Destiny Pharma Plc, a British biotech company chaired by City veteran Nigel Rudd, has appointed insolvency practitioners after failing to secure a rescue deal, Bloomberg News reported. Destiny Pharma, which earlier this month delisted from the London Stock Exchange’s Alternative Investment Market, had been unable to secure a licensing partner to fund clinical trials for its most hopeful antibiotic product. It lodged an application to appoint administrators in the High Court, a form of insolvency, on Wednesday.
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PwC China has informed its clients it expects a six-month business ban by Chinese authorities as early as September as part of punishment for its audit of collapsed property developer Evergrande, the Financial Times reported. The ban would prevent it from signing off on financial results and initial public offerings and from conducting other regulated activities, the report stated, citing multiple clients. PwC has been under scrutiny for its role in auditing Evergrande since the troubled property developer was accused in March of a $78-billion fraud, leading to an exodus of clients.
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More than 6,400 Fisker Ocean SUVs had been delivered as of April, but if – as seems increasingly likely – Fisker goes out of business and its assets are liquidated to pay off creditors, all those vehicles and their owners could essentially be left out in the cold, the Globe and Mail reported. Fisker began delivering the Ocean SUV to Canadian customers at the end of 2023. The company hasn’t disclosed how many were sold here, but they’re a rare sight on the roads. There were issues related to customer service and vehicle reliability.
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China’s central bank said a meeting in Shanghai produced an agreement with the U.S. Treasury to appoint contact people to deal with any future “financial stress events,” Bloomberg News reported. The two sides also “exchanged lists of financial stability contacts” during the fifth meeting of the so-called Financial Working Group that was set up following Treasury Secretary Janet Yellen’s visit to China last year.
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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.