United States

Apollo Global Management Inc. and other investors are seeking to raise as much as $500 million in an initial public offering of Grupo Aeromexico SAB, the Mexican carrier that emerged from bankruptcy protection more than two years ago. The alternative asset manager, which owns about 22% of Aeromexico, and other selling shareholders are aiming to raise about $400 million to $500 million in the Mexico City-based carrier’s listing, said the people, who asked not to be identified discussing confidential information.

Legislation seeking to block holdout bond investors from using New York courts to sue defaulted foreign governments stalled in the state assembly, Bloomberg News reported. New York lawmakers ended the legislative session early Saturday without voting on the so-called champerty doctrine. The bill would have prohibited “litigious holdout investors” from purchasing emerging-market government bonds governed under New York laws for the sole purpose of bringing defaulted nations to court.

A former Allianz fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses, Reuters reported. Gregoire Tournant admitted to two counts of investment adviser fraud at a hearing before Chief Judge Laura Taylor Swain of the federal court in Manhattan. He faces up to 10 years in prison at his Oct. 16 sentencing. Tournant also agreed to give up $17.5 million in ill-gotten gains, including bonuses that were inflated by his fraud.

Venezuela’s opposition is ramping up lobbying efforts in Washington, trying to persuade the Biden administration to intervene in the court-ordered sale of Citgo Petroleum Corp.’s parent company in the U.S., Bloomberg News reported. The company is the South American nation’s most important foreign asset and its shares are due to be auctioned by July 15. The opposition fears Nicolas Maduro could blame them for Citgo’s loss ahead of crucial presidential elections set for the end of next month.

A group of investors in Credit Suisse Group AG bonds that got wiped out when UBS Group AG rescued the bank in a Swiss government-brokered deal are suing the European country in a U.S. court, Bloomberg News reported. The lawsuit, filed Thursday in federal court in New York, seeks more than $82 million plus interest and is the latest legal fight taking place in the US and Europe related to the bond write-down. Holders of Credit Suisse’s additional tier 1 bonds effectively saw about $17 billion of their notes written down to zero after the sale.

An Ontario judge issued an order on Tuesday that recognizes and enforces Red Lobster’s U.S. bankruptcy protection proceedings in Canada, the Canadian Press reported. The order from Judge Michael Penny was requested by lawyers for the beleaguered seafood restaurant chain's Canadian business, who told a virtual court their client is working to steady its operations. "Everything we are trying to do today is to stabilize the business," said Linc Rogers, a lawyer representing Red Lobster Canada, Inc.

Venezuela’s opposition is weighing a move that would slow the sale of oil assets under its control by having Citgo Petroleum Corp.’s holding company file for bankruptcy in the U.S., Bloomberg News reported. Opposition-appointed Petroleos de Venezuela executives are seeking to retain control of their most important overseas asset, which is up for auction, and are mulling using a U.S. chapter 11 filing to block finalization of its sale, said the people, who asked not to be identified because they weren’t authorized to speak publicly about the tactic.

The trial of exiled Chinese billionaire Guo Wengui began this week in New York, where he’s accused of swindling more than $1 billion from investors in a complex fraud scheme that netted him luxuries including a $26 million New Jersey mansion and a $37 million yacht, Bloomberg News reported. Opening arguments could start this week, once a jury is selected.

Bidders in a U.S. court auction of shares that will decide the ownership of Venezuela-owned U.S. oil refiner Citgo Petroleum can be required to say if their binding offers cover claims by Venezuela bondholders in a separate court action, a U.S. District Court judge ruled on Friday, Reuters reported. The decision lets bidders seeking to place multi-billion dollar offers for a Citgo parent's shares to be asked if they plan to set aside cash or consider how they may accommodate Venezuela 2020 note holders seeking payment of $3 billion in principal debt.

A Belgian court ruled Thursday that all assets in the country belonging to American investment group 777 Partners can be seized, in the latest legal setback for the embattled company that owns Standard Liège and several other soccer clubs, the Associated Press reported. The decision by a court in Liege came after Standard's former owner Bruno Venanzi and shareholders of the company holding the club’s stadium requested the move, saying 777 had defaulted on a payment.