A unit of offshore driller Seadrill Ltd yesterday filed a fast-tracked reorganization plan in Houston bankruptcy court, where it expects to seek approval of the proposal today, Reuters reported. The case comes just a few months after its parent entity emerged from its own bankruptcy proceeding. That reorganization plan is scheduled to go into effect early this year. Seadrill New Finance Ltd’s chapter 11 case is intended to be the “final component” of the entire Seadrill Group’s restructuring efforts, according to a declaration from financial controller Tyson de Souza.
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The U.S. Centers for Disease Control and Prevention warned people on December 30 not to go on cruises, regardless of their vaccination status, because of onboard outbreaks fueled by the omicron variant, the Associated Press reported. The CDC said that it has more than 90 cruise ships under investigation or observation as a result of COVID-19 cases. The agency did not disclose the number of infections.
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A U.S. bankruptcy court has confirmed the chapter 11 plan to liquidate entities of troubled Eagle Hospitality Trust (EHT), following a confirmation hearing held on Dec 20, 2021, Business Times reported. The DBS Trustee said it does not expect unit-holders will receive any distributions on account of liquidating trust interests at this time. Under the plan, the stapled securityholders will only be entitled to a distribution only if there is value available at EH-Reit and only if holders of claims against EH-Reit have been paid in full.
Canada’s national pension fund struck its first partnership to build and rent out single-family homes in the U.S., joining a rush to capitalize on a housing shortage, Bloomberg News reported. Canada Pension Plan Investment Board will join with Greystar Real Estate Partners LLC, the largest property manager in the U.S., to build and acquire communities of single-family rental properties there, according to a statement Wednesday. CPPIB will own 95% of the $840 million joint venture and Greystar 5%. The surging price of homeownership in the U.S.
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President Biden warned Russian President Vladimir Putin that the U.S. and its allies would meet a military escalation into Ukraine with a series of actions, including strong economic measures, bolstering Ukrainian defenses and fortifying support for Eastern European nations, as allies work together to prevent renewed conflict in Eastern Europe, the Wall Street Journal reported. For more than two hours on Tuesday, the leaders held a secure video call to address what the U.S. has described as large and unusual troop movement near Russia’s border with Ukraine in recent weeks. The U.S.
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The European Union has experienced a "breakthrough year" with the United States even if not all trade irritants are gone and now wants to work with its transatlantic ally to start forging trade rules for the future, the EU trade chief said, Reuters reported. A year on from Joe Biden's defeat of Donald Trump in the U.S. presidential election, the two sides have suspended their disputes over aircraft subsidies and steel and aluminium tariffs and launched an alliance to cooperate on future technologies. "One can say that this year was indeed a breakthrough year for EU-U.S.
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Canadians who have spent less than 72 hours in another country will no longer need a Covid-19 test to return to Canada, making it easier and cheaper for residents near the 5,500-mile border to make quick trips to the U.S. to pick up groceries, fill gas tanks or go holiday shopping, the Wall Street Journal reported. U.S. businesses along the Canadian border say they are anticipating a boost in cross-border shopping and tourism after nearly 20 months of suffering from Washington’s decision to ban tourists from entering the U.S. via northern land-border crossings.
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Grupo Aeroméxico SA B de CV is roiling some of its creditors with a restructuring plan that sets aside an ownership stake for its partner and part-owner Delta Air Lines Inc. while paying a fraction of some of its debts, WSJ Pro Bankruptcy reported.
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The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent those in China in pursuit of the latest fashion trends, according to a study released Thursday by the Bain consultancy, the Associated Press reported. Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is forecast to spike by 29% this year, to 283 billion euros ($325 billion).
Airlines started flying thousands of Europeans and others to the U.S. after Washington reopened its borders to citizens of 33 countries who had been barred by Covid-19 restrictions for more than 18 months, the Wall Street Journal reported. As of Monday, vaccinated non-American citizens from previously restricted countries—predominantly in Europe—are allowed to travel to the U.S. if they have proof of vaccination and a negative Covid-19 test taken within the prior three days. The countries formerly on the banned list accounted for 53% of all overseas visitors to the U.S.
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