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STEINHOFF INT’L: Faces More Than EUR9 Billion in Legal Claims

Emma Rumney at Reuters reports that Steinhoff International, battling the fallout from a massive accounting fraud, faces legal claims amounting to more than EUR9 billion (US$10.10 billion), the South African retailer’s annual report showed on July 1. According to Reuters, the report for the year ended September 2019 listed numerous court cases with claimants seeking…

IFLIX LTD: Tencent Buys Assets of Struggling Streaming Platform

Shirley Zhao, Yoolim Lee, and Zheping Huang at Bloomberg News report that Chinese internet giant Tencent Holdings Ltd. is buying certain assets of iFlix Ltd., a struggling streaming platform with about 25 million users focused in South and Southeast Asia. Tencent will acquire iFlix’s content, technology and resources, expanding its geographic reach in a key…

RELIANCE NAVAL: Put Up for Sale Under Insolvency Process

BloombergQuint reports that lenders of Reliance Naval and Engineering Ltd., part of Anil Ambani’s Reliance Group, have sought expressions of interest from buyers for the sale of the private shipbuilder under the Insolvency and Bankruptcy Code. The company is currently facing insolvency proceedings at the Ahmedabad bench of the National Company Law Tribunal. The last…

SWISSPORT BELGIUM: To File for Bankruptcy After Rescue Efforts Fail

Michael Shields at Reuters reports that Swissport Belgium SA/NV, a loss-making unit of Swissport International AG which provides ground services at Brussels airport, will file for bankruptcy after attempts to turn around the business failed. Swissport said in a statement its Belgian cleaning business will also file for bankruptcy, but the group’s separate cargo business…

LUCKIN COFFEE: Boss to Face Criminal Charges for Financial Fraud

Caixin Global reports that Lu Zhengyao, chairman of scandal-ridden Luckin Coffee Inc., is likely to face criminal charges in China after authorities discovered emails in which he instructed colleagues to commit fraud, a source close to domestic regulators said. China’s top market watchdog and Ministry of Finance have found evidence that Luckin, which is listed…

THAI AIRWAYS: Government Panel Steps Up to Help Carrier

Bangkok Post reports that a government panel is stepping up to help debt-ridden Thai Airways International Plc (THAI) pass any regulatory and contractual hurdles ahead of the national carrier’s planned debt rehabilitation, according to Prapas Kong-Ied, director-general of the State Enterprise Policy Office (Sepo). A state-appointed committee following up on the airline’s rehabilitation, headed by…